Clueless about the economy
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Clueless about the economy
| Tue, 09-16-2008 - 7:37am |
Does John McCain really believe that our economy is fundamentally sound? Is this guy out of his freakin’ mind? He is either too old or too stupid to be president. Umployment is down. Wages are down. The price of everything is up. The deficit is up. The national debt is up. Yeah, sounds like the economy is in great shape, John. Perhaps it is time for another tax break for those who make over $250,000 a year. We could use some of that Reagan trickledown voodoo economics about now.
Perhaps when McCain is elected, his new treasury secretary Phil Gramm will straighten all of us whiners out?
The guys seem to be clueless about the economy.
Perhaps when McCain is elected, his new treasury secretary Phil Gramm will straighten all of us whiners out?
The guys seem to be clueless about the economy.

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How Elitist of you. lol.
Thanks for the compliment
Thanks for telling it like it is Chilly.
Yes, the economy IS fundamentally sound. This pretty accurately describes our economy, currently:
The economy of the United States is the world's largest national economy. Its gross domestic product (GDP) was estimated as $13.8 trillion in 2007. It is a mixed economy in that private firms make the majority of the microeconomic decisions while being regulated by the government. The U.S. economy maintains a high level of output per person (GDP per capita, $46,000 in 2007, ranked within the top ten highest by most sources). The U.S. economy has maintained a stable overall GDP growth rate, a low unemployment rate, and high levels of research and capital investment funded by both national and, because of decreasing saving rates, increasingly by foreign investors. Major economic concerns in the U.S. include national debt, external debt, entitlement liabilities for retiring baby boomers who have already begun withdrawing from their the Social Security accounts, corporate debt, mortgage debt, a low savings rate, falling house prices, a falling currency, and a large current account deficit. In 2008, seventy-two percent of the economic activity in the U.S. came from consumers.
(Wikipedia http://en.wikipedia.org/wiki/Economy_of_the_United_States)
What blows my mind is that Obama thinks this is the worst economic crisis the US has faced. Is his memory that short? He and I are about the same age ... doesn't he recall the economic situation in this country around the time he graduated from high school? Does the term "stagflation" ring a bell? Interest rates were very high (double digits to purchase a home), prime rate went as high as 20% in January 1981, productivity was very poor and even negative, and unemployment rose sharply. Our housing crisis today for responsible individuals is being impacted by irresponsible homeowners (or former homeowners) and greedy banks. All of the above should be held accountable, especially those that profited from it. How many of us know someone that bought another home when their 1st home hadn't sold, eyes greedy on the prize, and then let their 1st home fall into foreclosure when they couldn't sell, didn't care because they already had their new home (though these people aren't very smart -- the debt doesn't just disappear).
We are currently making sure we don't take on new debt and paying off what debt we do have except our house payment (which is also going on the faster track for repayment). Because we know if WE have a failure, our government will not bail us out.
I do not agree with the government bailing out these banks. It's total thievery what the CEOs have done and I hope someone has the courage to starting hanging some b@lls to the wall. The deregulation and steps have been in place to cause the lending "crisis" since 1992. Start working on it, people! If you can't hold one of your buddies that's scratched your back accountable, step aside and let someone else do it. I don't care which party the politician comes from, this is the kind of thing our Congress SHOULD be engaged in otherwise bring your fat rears back home and go back to work in the private sector. Oh, and Barney Frank should decline to head the banking committee any more. Obviously he's grossly imcompetent.
Edited 9/19/2008 9:58 am ET by luvchocolateinnv
Me/Leslie: 44 - 3 daughters, 1 son DH: 48 - 3 daughters, 1 son TTC #1 together
The democrats have always banked on thier followers having no clue about the real economy.
What an indepth analysis of a complex issue.
For a less frivilous but still not entirely indepth analysis, I simply do not trust Democrats or in particular today's Democrats to understand what's healthy for business. The socialist ideas have this mentality that businesses need to transfer wealth to individuals through force and there's a basic disdain for success in the first place together with entrenched racism that believes minorities simply cannot succeed on their own. Having been married to a black man (now divorced) and with children, I totally bought into this idea that Democrats were looking out for minorities until I woke up and realized how very racist a party it really is and I cannot imagine ever supporting a Democratic candidate for the presidency. This particular candidate is so extremely liberal he's not even an option and to think of him being CEO of this country under challenging time (what times AREN'T challenging, come to think of it)? Uh no.
He might make a good professor, sound bytes in a vacuum and that sort of thing, but it would be hell on our economy and every day life if we have a Democratically controlled Congress (already do) and a Democratic president. Talk about "more of the same"!
My company's board was planning an exit strategy at some point and escalated it and looked for a buyer a year ago for fear Obama would get in office and wreak havoc on capital gains. They found a buyer that took the company private so no longer listed on NASDAQ. My stock options were cashed out so I'll have a nice tax bite for 2008, but this sort of fear in business owners -- capital gains taxes -- is exactly the kind of reality that will hit with an Obama presidency. I work with a lot of small/medium sized businesses and don't have the disdain for their wealth like Obama does because I know how much they risk and work to have their business.
Edited 9/19/2008 12:23 pm ET by luvchocolateinnv
Edited 9/19/2008 12:23 pm ET by luvchocolateinnv
Me/Leslie: 44 - 3 daughters, 1 son DH: 48 - 3 daughters, 1 son TTC #1 together
As usual, you are posting "opinion" pieces.
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