Bernanke: “You are all Dead Ducks”

[Lookout]

http://www.infowars.com/?p=303

So, let’s summarize. The banks are battered by their massive subprime liabilities. Housing is in the tank. Manufacturing is down. Food and energy are up. Unemployment is rising. And consumer spending has shriveled to the size of an acorn. All that’s missing is a trumpet blast and the arrival of the Four Horseman.

 

[indago]

Lookout wrote:

All that’s missing is a trumpet blast and the arrival of the Four Horseman.

The Four Horsemen of the Apocalypse

War

Famine

Pestilence

Death

 

[bush lover]

First of all, you greatly exaggerate the situation. There are plenty of jobs for people who want to work and get off their fat butts and government aid. But the main problem is the greedy unions who want more more more. We will have to outsource millions more jobs to China and India before the unions get the message. Then, in the end, we will have a more sensible wage scale for retarded work like call centers and screwing things together in a factory - say 10 bucks an hour. Why should these lazy unproductive union slobs be getting 50 grand a year for goofing off half the day? And they whine when their jobs disappear. I say good riddance. The Chinese and Hindus work harder and better for far less. It's called free enterprise.

 

[eots]

that might even contain a grain of truth if not for corporate tax breaks and corporate welfare and the exploitation and monoplys of resources owned by the American people

 

[Taomon]

Lookout wrote:

The Four Horsemen of the Apocalypse

War

Famine

Pestilence

Death

I wouldn't say that these 4 horsemen are exactly missing

 

[Larkinn]

http://www.infowars.com/?p=303

So, let’s summarize. The banks are battered by their massive subprime liabilities. Housing is in the tank. Manufacturing is down. Food and energy are up. Unemployment is rising. And consumer spending has shriveled to the size of an acorn. All that’s missing is a trumpet blast and the arrival of the Four Horseman.

omg u libz, why are u always fear-mongering?

 

[rayboyusmc]

Not to worry, Simple Simon says so:

WASHINGTON - President Bush said Thursday that the country is not headed into a recession and, despite expressing concern about slowing economic growth, rejected for now any additional stimulus efforts. "We've acted robustly," he said.


"We'll see the effects of this pro-growth package," Bush told reporters at a White House news conference, acknowledging that some lawmakers already are talking about a second stimulus package. "Why don't we let stimulus package one, which seemed like a good idea at the time, have a chance to kick in?"

Bush's view of the economy was decidedly rosier than that of many economists, who say the country is nearing recession territory or may already be there.

Bush Lemming, after your eloquent diatribe, what exaclty do you do to stimulate the eoncomy to make up for all those other lazy bastards?

 

[Zoomie1980]

http://www.infowars.com/?p=303

So, let’s summarize. The banks are battered by their massive subprime liabilities. Housing is in the tank. Manufacturing is down. Food and energy are up. Unemployment is rising. And consumer spending has shriveled to the size of an acorn. All that’s missing is a trumpet blast and the arrival of the Four Horseman.

The "subprime" market is only about 5% of the mortgage market. 93.5% of mortgage holders are still making their payments on time.

Overly aggressive lenders are simply getting their due and the buyer's who used those financing vehicles are doing nothing they haven't done before...defaulting...which is why most are subprime borrowers in the first place...

 

[Zoomie1980]

Not to worry, Simple Simon says so:



Bush Lemming, after your eloquent diatribe, what exaclty do you do to stimulate the eoncomy to make up for all those other lazy bastards?

Bush is just as big an idiot as Reid or Pellosi.

Recessions are a NORMAL part of the capitalistic economic cycle. They serve the very valuable purpose of weeding out and killing off the weak so the overall, long term economy and continue to grow and prosper as it has done for the past 200+ years.

 

[Diuretic]

Bush is just as big an idiot as Reid or Pellosi.

Recessions are a NORMAL part of the capitalistic economic cycle. They serve the very valuable purpose of weeding out and killing off the weak so the overall, long term economy and continue to grow and prosper as it has done for the past 200+ years.

Except no-one wants to be around when there's one happening

Good system that - so that it works it has to break now and again. Right. That's useful.

 

[Zoomie1980]

Except no-one wants to be around when there's one happening

Good system that - so that it works it has to break now and again. Right. That's useful.

Recession is not a "break". It is a NORMAL (as in "not broken") part of the US, European, Pacific Rim and global economic cycles. In fact the are an absolutely vital component of a long term healthy economy. They essentially are jerk back to economic equilibrium when things get too far out of balance. In the late 1990's it was an out of control tech market, this decade it was an out of control housing market.

N Korea and Zimbabwe are examples of "broken" economies....

 

[Diuretic]

Recession is not a "break". It is a NORMAL (as in "not broken") part of the US, European, Pacific Rim and global economic cycles. In fact the are an absolutely vital component of a long term healthy economy. They essentially are jerk back to economic equilibrium when things get too far out of balance. In the late 1990's it was an out of control tech market, this decade it was an out of control housing market.

N Korea and Zimbabwe are examples of "broken" economies....

I know it's a normal part of capitalism but what's great about an economic system that periodically has to create a great deal of misery for people living within it? You'd think they'd be able to fix it.

 

[eots]

Bush is just as big an idiot as Reid or Pellosi.

Recessions are a NORMAL part of the capitalistic economic cycle. They serve the very valuable purpose of weeding out and killing off the weak so the overall, long term economy and continue to grow and prosper as it has done for the past 200+ years.

the last 200 yrs! what a stupid statement i mean for one we didn't have the present economic system 200 years ago 200yrs is...nothing ..the blink of a eye a heart beat..americia is a new experiment in human history and it worked well..too well and for the last 50 years the the elitist we declared are independence from have been working toward taking it back...the price of wheat has tripled in one year 4$ a gallon gas..the dollars sinking like a stone

 

[jillian]

I know it's a normal part of capitalism but what's great about an economic system that periodically has to create a great deal of misery for people living within it? You'd think they'd be able to fix it.

It doesn't *have* to create a great deal of misery. That's subject to human control. It's that some people who *aren't* miserable themselves think its ok if others are and blame them for their own condition. The truth is that pure capitalism requires an underclass for cheap labor... no matter where tht labor comes from, so they rail against anything that can possibly lift people up.

 

[Diuretic]

It doesn't *have* to create a great deal of misery. That's subject to human control. It's that some people who *aren't* miserable themselves think its ok if others are and blame them for their own condition. The truth is that pure capitalism requires an underclass for cheap labor... no matter where tht labor comes from, so they rail against anything that can possibly lift people up.

Fair points. And just thinking of that, capitalism requires a fair amount of unemployment to work. One of the evils in an economy is inflation and while I realise inflation comes in various flavours, apparently a phenomenon called "capacity constraints" can contribute to it. One of the major capacity constraints is labour. If demand for labour is high then the cost of labour increases and off it goes. Apparently there has to be a fair amount of unemployed people to keep the price of labour down. Great eh? That works

Obviously I'm not an economist (and I have no doubt someone will be along shortly to endorse that view ) and in reality capitalism has, on balance, been pretty good. But as we stand on the precipice of a big problem for the economies of the world (except China and India and probably Russia) I can only think perhaps it's time for the boffins to come up with a revision. Perhaps Capitalism 1.1 which sees an iteration where people count and aren't see as units.

 

[jillian]

Fair points. And just thinking of that, capitalism requires a fair amount of unemployment to work. One of the evils in an economy is inflation and while I realise inflation comes in various flavours, apparently a phenomenon called "capacity constraints" can contribute to it. One of the major capacity constraints is labour. If demand for labour is high then the cost of labour increases and off it goes. Apparently there has to be a fair amount of unemployed people to keep the price of labour down. Great eh? That works

Obviously I'm not an economist (and I have no doubt someone will be along shortly to endorse that view ) and in reality capitalism has, on balance, been pretty good. But as we stand on the precipice of a big problem for the economies of the world (except China and India and probably Russia) I can only think perhaps it's time for the boffins to come up with a revision. Perhaps Capitalism 1.1 which sees an iteration where people count and aren't see as units.

Heh... well, I'm certainly not an economist either. But there are realities that are apparent. ;o)

It seems to me that since the New Deal, there has been a percentage of the population that has tried to rip apart its protections. I just find it odd that so many of the people who rail against it are people who AREN'T wealthy, aren't corporate, aren't top 1% of wageearners. I understand THOSE people objecting because its in their self-interest.

I think what it comes down to for me is that great and wealthy nations shouldn't allow an underclass of people. It isn't healthy for democracy... and it's morally wrong.

 

[Taomon]

Recession is not a "break". It is a NORMAL (as in "not broken") part of the US, European, Pacific Rim and global economic cycles. In fact the are an absolutely vital component of a long term healthy economy. They essentially are jerk back to economic equilibrium when things get too far out of balance. In the late 1990's it was an out of control tech market, this decade it was an out of control housing market.

N Korea and Zimbabwe are examples of "broken" economies....

Except for that Depression thing right? Or does that no longer count as historical evidence? Did the Ministry of Truth get to that yet?

 

[Toro]

Fair points. And just thinking of that, capitalism requires a fair amount of unemployment to work. One of the evils in an economy is inflation and while I realise inflation comes in various flavours, apparently a phenomenon called "capacity constraints" can contribute to it. One of the major capacity constraints is labour. If demand for labour is high then the cost of labour increases and off it goes. Apparently there has to be a fair amount of unemployed people to keep the price of labour down. Great eh? That works

Sorry, Duiretic, but this is simply not correct. High demand for labour is fine if wages are in line with the productive capacity of the economy. For example, if the clearing wage in the economy is $15 and the actual wage is $20, then there will be higher unemployment, regardless of the demand for labour. And if productivity growth is high, wages can rise very rapidly and not create any inflation at all.

 

[Toro]

the last 200 yrs! what a stupid statement i mean for one we didn't have the present economic system 200 years ago 200yrs is...nothing ..the blink of a eye a heart beat..americia is a new experiment in human history and it worked well..too well and for the last 50 years the the elitist we declared are independence from have been working toward taking it back...the price of wheat has tripled in one year 4$ a gallon gas..the dollars sinking like a stone

It is correct to reference the past 200 years when comparing socio-economic systems because the world has never seen the advancement in terms of economic progress as it has over the past 200 years.

In fact, recessions have been less common the past 25 years than at any other point in time. There have only been two since 1983 lasting for a grand total of less than two years. Up until then, they occurred every 4-5 years.

Now, I think we're going into another recession, and there are certainly problems, excesses and imbalances in the economy, including inflation for some goods, as you point out. But that does not invalidate the enormous advances in wealth creation this country has generated over the near and long term.

 

[Taomon]

Sorry, Duiretic, but this is simply not correct. High demand for labour is fine if wages are in line with the productive capacity of the economy. For example, if the clearing wage in the economy is $15 and the actual wage is $20, then there will be higher unemployment, regardless of the demand for labour. And if productivity growth is high, wages can rise very rapidly and not create any inflation at all.

But that is not the case here. We have higher unemployment because there are less constraints on companies to treat employees fairly so we see temporary workers driving wages down, guest workers driving wages down, prison labor driving wages down, under-employment driving wages down, and outsourcing driving wages down. Unionization has been demonized and gutted to a point that almost completely ratifies it.

Meanwhile the cost of living continues to rise.

The problem is not lowering wages, the problem is controlling the cost to the consumer.