the “financial industry has effectively captured our government

[Neubarth]

Economists Warn: Another Great Depression is Coming

It is being dubbed as the Great Depression 2 and all fingers are pointing toward Wall Street as the ultimate culprit of our impending total meltdown.

Former IMF chief economist, Simon Johnson said, the “financial industry has effectively captured our government and is blocking essential reform.”
He adds that if we cannot break its suffocating grip on Washington, we will not be able to stop the Great Depression 2.

Johnson is not alone in his prediction. Phrases like; "capitalism-without-morals” are being recited by other economic guru’s who are frustrated by what they see as imminent. Columbia University Professor and Nobel Prize economist, Joseph Stiglitz, is among them. Stiglitz said, "the financial sector will only try to circumvent whatever new regulations we put in place. We will simply have a short respite before the next crisis."


What we are experiencing now is only a small taste of what is on the horizon, and it is only the arrogance of the American attitude that prevents so many from seeing it.

Economists warn: Another great depression is likely

 

[Neubarth]

The Big Banks are helping Obama make all of his decisions. That is the reason why he is going along with them in hyping an imaginary Economic Recovery. With that hype they are encouraging more and more Americans to put their IRA's and 401K plans into the stock market again, as they want to believe in the recovery that government says is happening.

Those same BIG BANKS are planning to take all of that money when the market collapses and their derivative short positions pay off.

Poof the Trillions of dollars will be gone!

Poof the Big Banks will be Trillions of dollars richer!

Poof, retirement plans will be broken and the fools who believed in Obama's imaginary recovery will live in poverty in their retirement!

Gosh, if you have no moral conscience, it must be great to be a Big Banker.

 

[Toro]

I have heard Johnson speak before, and though I disagree with the assertion that this is the Great Depression 2.0, he is correct that the financial industry has captured the US government, and it does make it likely that a repeat of what we have gone through recently will be repeated in the future, and that the Great Depression 2.0 may yet come.

 

[Douger]

I have heard Johnson speak before, and though I disagree with the assertion that this is the Great Depression 2.0, he is correct that the financial industry has captured the US government, and it does make it likely that a repeat of what we have gone through recently will be repeated in the future, and that the Great Depression 2.0 may yet come.

How will you know ?
If you don't think it's there already you are seriously delusional.

 

[Big Fitz]

I unfortunately have to agree, we are in the start of the Next Great Depression. What I find even more disturbing is that this is going to be a W shaped recovery as we enter a sucker's rally this year as the party in power tries to buy the election. I don't think it will work, and after the mid-terms are over the slide will begin again and continue till the government is no longer to bail anyone out and it crashes to it's bottom. Only then will we begin to recover.

Unfortunately, this will not happen till 2012, unless for some reason Fiscal Conservatives, sworn to turn about all the economic policies enacted since... oh wow, the Department of Homeland Security was founded. Yes, we started going wrong that far back, and the foundations of this disaster reach all the way back to Carter, thanks to the Community Reinvestment act.

To stop this disaster, the next congress must do some to all of the following:

1. Repeal all new spending and programs created after 2006.
2. Have a 10 year spending freeze at 2004 levels requiring REAL cuts to services at the federal level across the board.
3. End all bailouts, incentives and subsidies for all programs that do not show a positive impact on the economy in real dollars.
4. Stop bailing out state and local municipalities. Force them to accept the brunt of their own failed policies as well.
5. Stop borrowing from foreign nations and force the balanced budget.
6. Cut all taxes that go after investment and encourage business by giving a tax moritorium for all new businesses for at least 4 years, creating a business friendly environment encouraging foreign investment and job growth.

We have to accept the pain of surgery to save our nation. The faster we do this the faster we can recover.

 

[Neubarth]

I have heard Johnson speak before, and though I disagree with the assertion that this is the Great Depression 2.0, he is correct that the financial industry has captured the US government, and it does make it likely that a repeat of what we have gone through recently will be repeated in the future, and that the Great Depression 2.0 may yet come.

How will you know ?
If you don't think it's there already you are seriously delusional.

Sadly, a lot of people like Toro have bought into the Government propaganda about an economic recovery. THERE IS NO RECOVERY, BUT THE FOOLS OUT THERE ARE STARTING TO PUT THEIR SAVINGS INTO THE MUTUAL FUNDS AGAIN, EVEN THOUGH EARNINGS ARE NOT COMING UP FOR OVER 90 PERCENT OF THE COMPANIES OUT THERE. As we all know, some companies can increase revenue and hopefully earnings even in a Depression. That happened in the 1930's, too.

I have posted the economic numbers that I have gathered from Yahoo about a hundred times over the years. At least ten times on this board. Those numbers do not show any hint of an economic recovery. The closest we can come to claiming improvement is in manufacturing where that small part of the economy has had a Big Fish Flop Up in the past three months. That Flip Flop Up was in excess of 3%. When you consider that manufacturing is about ten percent of the economy then that 3% increase in manufacturing translates to a 0.3 % upward impetus to the economy. The other indicators remove that so, at best, we have been even while resting on the bottom of a stepped collapse over the past three months. It looks to me that there are other steps downward in the very near future.

 

[Neubarth]

I unfortunately have to agree, we are in the start of the Next Great Depression. What I find even more disturbing is that this is going to be a W shaped recovery as we enter a sucker's rally this year as the party in power tries to buy the election. I don't think it will work, and after the mid-terms are over the slide will begin again and continue till the government is no longer to bail anyone out and it crashes to it's bottom. Only then will we begin to recover.

Unfortunately, this will not happen till 2012, unless for some reason Fiscal Conservatives, sworn to turn about all the economic policies enacted since... oh wow, the Department of Homeland Security was founded. Yes, we started going wrong that far back, and the foundations of this disaster reach all the way back to Carter, thanks to the Community Reinvestment act.

To stop this disaster, the next congress must do some to all of the following:

1. Repeal all new spending and programs created after 2006.
2. Have a 10 year spending freeze at 2004 levels requiring REAL cuts to services at the federal level across the board.
3. End all bailouts, incentives and subsidies for all programs that do not show a positive impact on the economy in real dollars.
4. Stop bailing out state and local municipalities. Force them to accept the brunt of their own failed policies as well.
5. Stop borrowing from foreign nations and force the balanced budget.
6. Cut all taxes that go after investment and encourage business by giving a tax moritorium for all new businesses for at least 4 years, creating a business friendly environment encouraging foreign investment and job growth.

We have to accept the pain of surgery to save our nation. The faster we do this the faster we can recover.

Big Fitz, Damn, Dude! Here we are in a cesspool up to our ears and you are suggesting that we blow bubbles!

Yuck!

Though I like your conservative approach, it is too late to ask for a balanced budget. Somehow the US government has to come up with an additional Trillion dollars of income a year. I say that the government go into the oil business and drill in the Arctic Ocean for oil. According to three Big Oil Friends of mine, there is more oil off of the north shore of Alaska than in the entire Middle East. If we drilled for it and sold it on the international marketplace, we could pay off the national debt in a decade. Unfortunately we signed one of those environmental treaties agreeing never to explore for oil in the Arctic Ocean. Of well, treaties were made to be broken.

 

[Sunni Man]

The banks and large financial institutions are owned by one particular group of people.

Their loyalities are not with the U.S. or the American people.

Their last names will answer who they are and what their agenda is.

 

[Neubarth]

The banks and large financial institutions are owned by one particular group of people.

Their loyalities are not with the U.S. or the American people.

Their last names will answer who they are and what their agenda is.

Are you talking about all those rich fucking Arabs with all of that oil money? Damn them to high holy hell anyway.

 

[Toro]

I have heard Johnson speak before, and though I disagree with the assertion that this is the Great Depression 2.0, he is correct that the financial industry has captured the US government, and it does make it likely that a repeat of what we have gone through recently will be repeated in the future, and that the Great Depression 2.0 may yet come.

How will you know ?
If you don't think it's there already you are seriously delusional.

This is not a depression. This is a severe recession. And it will have officially ended last summer.

You don't have economic growth in a depression. The economy grew 2.2% in the third quarter and will grow 3%-4% in the fourth.

During the Great Depression, real GDP declined 26%. In this recession, the economy has declined by a little more than 4%.

The comparisons to the Great Depression are specious.

 

[Sunni Man]

The banks and large financial institutions are owned by one particular group of people.

Their loyalities are not with the U.S. or the American people.

Their last names will answer who they are and what their agenda is.

Are you talking about all those rich fucking Arabs with all of that oil money? Damn them to high holy hell anyway.

Nope.

The people you and I both know have the real money are not arabs.

 

[Neubarth]

I have heard Johnson speak before, and though I disagree with the assertion that this is the Great Depression 2.0, he is correct that the financial industry has captured the US government, and it does make it likely that a repeat of what we have gone through recently will be repeated in the future, and that the Great Depression 2.0 may yet come.

How will you know ?
If you don't think it's there already you are seriously delusional.

This is not a depression. This is a severe recession. And it will have officially ended last summer.

You don't have economic growth in a depression. The economy grew 2.2% in the third quarter and will grow 3%-4% in the fourth.

During the Great Depression, real GDP declined 26%. In this recession, the economy has declined by a little more than 4%.

The comparisons to the Great Depression are specious.

Toro there was no real economic growth in the fourth quarter. That 2 percent growth you are talking about was all contrived with artificial government spending. The reality is that millions and millions lost their jobs during that time as the economy continued to collapse. You do not shed Nine Million Jobs and claim that the economy is improving. Only an insane lunatic would seriously maintain something that totally ludicrous.

The son of a slut knows that 98 percent of Americans have no understanding of the economy. That asshole also knows that most American believe whatever the government tells them. He is taking advantage of that to get the fools to invest in the stock market again so the Big Banks can take all of their money. That asshole is doing nothing about Goldman Sachs manipulating the market on a daily basis with their machine trading program, just like they did on Friday afternoon. Goldman has been driving the market up on light trading days so that people have the feeling that the economy is improving.

Meanwhile, millions and millions are being laid off as the economy continues to collapse.

Oh, and Toro, the Depression of the 1930's had many quarters of positive GDP. So, your statement is wrong as you can have positive GDP in the middle of a Depression. The ultimate determiner of the overall qualification of the term Depression is what happened during the entirety of the time period in question. During the 1930's it generally sucked, therefore the whole of the 1930's is considered to be the Great Depression, Just like the 2010's will be the Greatest Depression. It is all going to hell right before your eyes.

 

[Neubarth]

The banks and large financial institutions are owned by one particular group of people.

Their loyalities are not with the U.S. or the American people.

Their last names will answer who they are and what their agenda is.

Are you talking about all those rich fucking Arabs with all of that oil money? Damn them to high holy hell anyway.

Nope.

The people you and I both know have the real money are not arabs.

So you are trying to tell me that the stupid Arabs are giving their money away? Nobody is that dumb!

In the past forty years they have had something like 11 Trillion dollars in income. What have they done with it?

 

[Sunni Man]

Are you talking about all those rich fucking Arabs with all of that oil money? Damn them to high holy hell anyway.

Nope.

The people you and I both know have the real money are not arabs.

So you are trying to tell me that the Arabs are giving their money away? Nobody is that dumb!

In the past forty years they have had something like 11 Trillion dollars in income. What have they done with it?

I don't accept the 11 trillion figure for the arabs.

But reguardless, that is chump change to the amount of money the group I am refering to has and controls.

 

[Big Fitz]

Big Fitz, Damn, Dude! Here we are in a cesspool up to our ears and you are suggesting that we blow bubbles!

Yuck!

Though I like your conservative approach, it is too late to ask for a balanced budget. Somehow the US government has to come up with an additional Trillion dollars of income a year. I say that the government go into the oil business and drill in the Arctic Ocean for oil. According to three Big Oil Friends of mine, there is more oil off of the north shore of Alaska than in the entire Middle East. If we drilled for it and sold it on the international marketplace, we could pay off the national debt in a decade. Unfortunately we signed one of those environmental treaties agreeing never to explore for oil in the Arctic Ocean. Of well, treaties were made to be broken.
__________________

ROFL that was funny.

I agree with you. The Balanced budget is for future issues. To come up with the trillion dollars, yes, we need to revitalize business. I agree energy is the fastest way to deal with a multitude of ills. The problem is not a single damn politician outside of maybe Palin and Inhofe are close to realizing that.

We actually in that case need to split the difference, and get half from new energy industry and half from REAL spending cuts. Most assuredly in subsidies and corporate welfare. End some of the dead weight that's being carried. But even better would be in flat out taking the money borrowed to create TARP and the Job Act, and pay that money back ASAP. Get that monkey off our back too, and reduce payments that way.

 

[Neubarth]

Big Fitz is a good sport.

 

[Toro]

Oh, and Toro, the Depression of the 1930's had many quarters of positive GDP. So, your statement is wrong as you can have positive GDP in the middle of a Depression. The ultimate determiner of the overall qualification of the term Depression is what happened during the entirety of the time period in question. During the 1930's it generally sucked, therefore the whole of the 1930's is considered to be the Great Depression, Just like the 2010's will be the Greatest Depression. It is all going to hell right before your eyes.

From an economic perspective, the depression ended in 1933.

You can see the ended of the depression in 1933 here.

Business Cycle Expansions and Contractions

That is not the case from a cultural standpoint, as we refer to The Great Depression as the period of the 1930s. What we refer to as the "Great Depression" is the time period for which the economy remained under full capacity, of which full capacity did not occur until WWII.

We may refer to this time period as "The Great Recession" if we fall back into recession this or next year, as I think we might. We might remain below full capacity for some time.

But again, the comparisons are specious. Note the contraction during this period compared to the graph above.

Total economic contraction during the first six quarters of this recession has been -1%. During the first six quarters of the Great Depression, the economy declined 22%.

This is not the Great Depression 2.0. Its not even close.

 

[Big Fitz]

Big Fitz is a good sport.

LOL... You can't prove that! I want my lawyer! That, sir is defamatory!

 

[Neubarth]

Oh, and Toro, the Depression of the 1930's had many quarters of positive GDP. So, your statement is wrong as you can have positive GDP in the middle of a Depression. The ultimate determiner of the overall qualification of the term Depression is what happened during the entirety of the time period in question. During the 1930's it generally sucked, therefore the whole of the 1930's is considered to be the Great Depression, Just like the 2010's will be the Greatest Depression. It is all going to hell right before your eyes.

From an economic perspective, the depression ended in 1933.

You can see the ended of the depression in 1933 here.

Business Cycle Expansions and Contractions

That is not the case from a cultural standpoint, as we refer to The Great Depression as the period of the 1930s. What we refer to as the "Great Depression" is the time period for which the economy remained under full capacity, of which full capacity did not occur until WWII.

We may refer to this time period as "The Great Recession" if we fall back into recession this or next year, as I think we might. We might remain below full capacity for some time.

But again, the comparisons are specious. Note the contraction during this period compared to the graph above.

Total economic contraction during the first six quarters of this recession has been -1%. During the first six quarters of the Great Depression, the economy declined 22%.

This is not the Great Depression 2.0. Its not even close.

This Depression will be a lot worse. the Great Depression lasted from 1929 to 1939. This Depression will last until 2023 or 24. You ain't seen nuttin' yet.

 

[Big Fitz]

Oh, and Toro, the Depression of the 1930's had many quarters of positive GDP. So, your statement is wrong as you can have positive GDP in the middle of a Depression. The ultimate determiner of the overall qualification of the term Depression is what happened during the entirety of the time period in question. During the 1930's it generally sucked, therefore the whole of the 1930's is considered to be the Great Depression, Just like the 2010's will be the Greatest Depression. It is all going to hell right before your eyes.

From an economic perspective, the depression ended in 1933.

You can see the ended of the depression in 1933 here.

Business Cycle Expansions and Contractions

That is not the case from a cultural standpoint, as we refer to The Great Depression as the period of the 1930s. What we refer to as the "Great Depression" is the time period for which the economy remained under full capacity, of which full capacity did not occur until WWII.

We may refer to this time period as "The Great Recession" if we fall back into recession this or next year, as I think we might. We might remain below full capacity for some time.

But again, the comparisons are specious. Note the contraction during this period compared to the graph above.

Total economic contraction during the first six quarters of this recession has been -1%. During the first six quarters of the Great Depression, the economy declined 22%.

This is not the Great Depression 2.0. Its not even close.

This Depression will be a lot worse. the Great Depression lasted from 1929 to 1939. This Depression will last until 2023 or 24. You ain't seen nuttin' yet.

Hmmm... not convinced it'll last that long. A decade probably. Of course, if we get fiscal conservatives in office soon, then we may get lucky and finish it up in 6-8. If we get more socialists and fascists in power... we won't come out again for longer than that, and we'll be lucky to avoid a second dark age starting on our watch.