Another Recession????

[BigFish]

Sunday morning news show reports we may be facing ANOTHER recession????? I could have sworn we were already smack dab in the middle of one????? Ahhhhh.....the media!!!

[striperman36]

The lost years, 2007 - 2027

[Nebe]

we are in a depression. Dont believe what anyone else says. Our politicians sold our backbone to China at the expense of the middle class American Manufacturer and to the gain of Corporate profits. With out our backbone, we are nothing more than a jellyfish laying on the beach at 4 AM.. it can still sting you, but it isnt going anywhere.. The only question is will the tide come in to save it before the rising sun cooks it.

[striperman36]

Originally Posted by Nebe

we are in a depression. Dont believe what anyone else says. Our politicians sold our backbone to China at the expense of the middle class American Manufacturer and to the gain of Corporate profits. With out our backbone, we are nothing more than a jellyfish laying on the beach at 4 AM.. it can still sting you, but it isnt going anywhere.. The only question is will the tide come in to save it before the rising sun cooks it.

nope we gave away our last bullet last week

[JohnR]

Originally Posted by MirrorNebe

we are in a depression. Dont believe what anyone else says. Our politicians sold your dollars for votes and lobbyists at the expense of the middle class American Small Business owner and to the gain of re-election With out our voice, we are nothing more than a jellyfish laying on the beach at 4 AM.. it can still sting you, but it isnt going anywhere.. The only question is will the tide come in to save it before the rising sun cooks it.

Nebe, now if you would dare step outside your left leaning carapace and join me in the middle (yes, I think I'm in the middle ) you can safely blame everyone from atop the high soapbox.

Corporate Greed
Politicians
Lobbyists
Congress
Welfare
Bureaucrats
Tax & Spend
Over Regulation
Nanny-State
The Switch from Question Authority to Reject Authority
Congress
Obama
China
Wall Street
Pelosi
Frank
Obama
Boehner
Bu#^&#^&#^&#^&ler
Congress
Jimmy Carter

[Nebe]

Actually, the biggest culprit is the american consumer. They chose to buy foreign products.

[striperman36]

yep, everyone supposedly who speaks for us,

[BigFish]

Originally Posted by Nebe

we are in a depression. Dont believe what anyone else says. Our politicians sold our backbone to China at the expense of the middle class American Manufacturer and to the gain of Corporate profits. With out our backbone, we are nothing more than a jellyfish laying on the beach at 4 AM.. it can still sting you, but it isnt going anywhere.. The only question is will the tide come in to save it before the rising sun cooks it.

I agree totally Eben! They won't use the "D" wprd but we have been in it for at least 4 years! I do not see it getting better anytime soon....though the Govt. and the media try on a daily basis to paint a rosey picture!!

[BigFish]

You can't help but buy foreign anything.......all big ticket items...cars, electronics....if not made totally foreign all the parts used in them were!!! Its time to start taking back what we have lost!!!

[JohnR]

Originally Posted by Nebe

Actually, the biggest culprit is the american consumer. They chose to buy foreign products.

How about the globalists that made it all possible?

The simple truth is we can always argue and counter argue from each side and rearrange the deck chairs while Rome burns (love mixing metaphors). Or we can recognize all of the problems and attack them.

But Politicians are so deep fellatiating their base (sounds worse than I meant ) that we miss what we really need to do:

Cut costs
Create Jobs
Raise Revenue

We're screwed because we CANNOT afford to spend like we've been spending, yet slashing the economy so much will possibly contract it further. On the other hand, if you took every last dime of every "Corporate Jet Owner" , you couldn't FIX the problem. If you took every last dime of those making over 1 million, you couldn't FIX the problem.

[Stewie]

The last forty years' prosperity has been based on Technology, a lot of it a by product of the Apollo Project. Have faith in your children. They'll come up with something for sure. This is America for Pete's sake.

[spence]

Originally Posted by JohnR

How about the globalists that made it all possible?

I don't think you can blame globalism, it's a mega trend that isn't stoppable. You can either fight it or make it work for you.

But Politicians are so deep fellatiating their base (sounds worse than I meant ) that we miss what we really need to do:

Cut costs
Create Jobs
Raise Revenue

Politicians don't create jobs

But it sounds like you advocate a balanced approach, like most pragmatic people.

We're screwed because we CANNOT afford to spend like we've been spending, yet slashing the economy so much will possibly contract it further. On the other hand, if you took every last dime of every "Corporate Jet Owner" , you couldn't FIX the problem. If you took every last dime of those making over 1 million, you couldn't FIX the problem.

That's why Alan Simpson said you have to hit every cow. Entitlements, pork, international aid, corporations, wealthy etc... make everyone feel a little pain and you can solve the problem.

Real issue is that corporate America runs Washington. Lord, now I sound like Ralph Nader

-spence

[GattaFish]

We are headed Down Down Down,,,,,,

[JohnnyD]

How is this a surprise to anyone? This country's credit rating should have been decreased years ago. Our debt situation is pathetic.

We are entering the double-dip that was discussed during the initial recovery.

[UserRemoved1]

anyone wanna buy a fishin lure? Better yet take the whole effin business

I'm moving to fiji

[likwid]

[JohnR]

Originally Posted by spence

I don't think you can blame globalism, it's a mega trend that isn't stoppable. You can either fight it or make it work for you.

But we sure handled it wrong, both from Politics and Corporate. We've also tied one hand behind our backs for most of the time.

Originally Posted by spence

Politicians don't create jobs

NO SHEET!!!! But they can create conditions for them or they can create conditions that scare them away which they have been VERY successful as of late. Job creation takes a product and/or service .... DAmn - must go to work

Originally Posted by spence

But it sounds like you advocate a balanced approach, like most pragmatic people.

.... DAmn - must go to work

Originally Posted by spence

That's why Alan Simpson said you have to hit every cow. Entitlements, pork, international aid, corporations, wealthy etc... make everyone feel a little pain and you can solve the problem.

.... DAmn - must go to work

Originally Posted by spence

Real issue is that corporate America runs Washington. Lord, now I sound like Ralph Nader

-spence

.... DAmn - must go to work

Originally Posted by likwid

Substance Teddy-poo, substance. Don't jab behine the near anarchist left - give me solutions, show me your smartabilityfactor instead of a drive by prettypleeze

[RIJIMMY]

Here is my account

Every single person I see, regardless of income, has a a smartphone. Dirt poor looking moms with 5 kids at there feet, are texting. How do they afford the monthly bill????

Every person I see has an ipod, ipad or i phone - who is it that apple is selling millions of products to? Rich people???????

90% of women I see have coach, lv, kate spade ,etc bags - sure, some are fake, but MOST are real. Why is it everyday people are carrying luxury bags for STATUS????

Malls are packed, outlets packed, restaurants packed....spend, spend, spend.

People are continuing to spend, period. They dont have the money to spend, right? We cant get out of the mess unless people spend, right?

[JohnR]

Originally Posted by RIJIMMY

Every single person I see, regardless of income, has a a smartphone. Dirt poor looking moms with 5 kids at there feet, are texting. How do they afford the monthly bill????

I thought I read somewhere / heard on radio in the past week that some program will be giving cell phones out to some welfare recipients for free with up to 200 min / month. I'll need to verify accuracy but later, after work.

[scottw]

that's true John...cell phones are now a human right...

I don't know what you guys are talking about...the bailouts worked, the stimulus worked..the economy is growing and while it is not as fast as Barry would like...it's pretty damn good given the disaster that he inherited...in fact, if it weren't for terrorist organizations like the Tea Party and S&P causing that minor blip yesterday and the dems to lose the house...we'd be sailing along in government funded utopia right now!!!!

[UserRemoved]

It's called safelink wireless. I got one for my son. 250 minutes for anything free everymmonth nyou have to qualify....is be on ma health etc. Must requalify every year. It's pAid for by the govt and all sPences taxes he enjoys paying. ThAnks spence
Posted from my iPhone/Mobile device

[JohnnyD]

Originally Posted by JohnR

I thought I read somewhere / heard on radio in the past week that some program will be giving cell phones out to some welfare recipients for free with up to 200 min / month. I'll need to verify accuracy but later, after work.

You heard correct. I read about it over the weekend... Just another scam by the government so that people can get something for free. You're welcome Scott.

Free cell phones for the needy drawing both cheers and jeers - Pittsburgh Tribune-Review

Sharron Walters could not afford one more monthly bill.

But without a phone, it would be difficult for Walters, who relies on a wheelchair, to secure rides to and from her daily errands. She also could not keep in touch with her son, who lives out of town.

Three months ago, Walters, 48, of Swissvale started using Assurance Wireless, a program of Sprint subsidiary Virgin Mobile that provides free cell phones and 250 monthly minutes to people receiving government support such as Medicaid or food stamps.

...

In Pennsylvania, two programs offer free cell service: Assurance Wireless and SafeLink from Tracfone Wireless, which specializes in "no-contract" cellular service. The federal Universal Service Fund, which all telecommunications providers support as required by federal law, pays for the programs.

[UserRemoved]

Just want to say this in case anyone gets the wrong idea. All my life I've paid my own way. With the economy I'm getting hammered and applied for ma health. Since I was able to qualify and figured it could help get us out of the poo we're in I went for it. This safelink thing is not perfect but it now let's us know where the kid is and everything is ok. I'm not one for handouts but this was a no brainer.
Posted from my iPhone/Mobile device

[UserRemoved]

HUH?


Obama renews call for tax cuts, jobless benefits - Washington Times
Is this guy split personality?
Posted from my iPhone/Mobile device

[justplugit]

Relax,calm down now, don't stress, take it easy.
We added 117,000 jobs in July. Of course 82% of them were Big G jobs.

And anyway, Obama still has 6 months to fufill his campaign promise
to cut the defecit in half within 3 years.

[RIJIMMY]

Im not talking about cell phones, I see bejeweled iphones.

[fishpoopoo]

Originally Posted by likwid

likwid's always good for a chuckle

[fishbones]

Originally Posted by RIJIMMY

Im not talking about cell phones, I see bejeweled iphones.

I want to bejewel my Evo. I think it will make Angry Birds more exciting.

[UserRemoved1]

And you aren't? Up your butt with a coconut

Originally Posted by fishpoopoo

likwid's always good for a chuckle

[fishpoopoo]

From everything I can gauge at this point, and this all could change, we are looking at a 1.5% - 2% ish growth rate for the second half of this year.

What this means is that by these standards, we're not going to be in a recession, but it will feel like one.

-1.5%-2% GDP growth is not enough to reduce unemployment meaningfully. Remember that we need to create 150,000 new jobs every month just to keep up with new labor force participants like high school and college grads. Note that the reported BLS job figures are not "real" job adds, they are estimates subject to a statistical confidence interval (plus or minus a hundred thousand or sojobs). The 117,000 reported job gains could have easily been in reality a net job loss.

-This economy is fragile and vulnerable to shocks. One example of a shock is a sharp drop in stock prices, which can erode consumer confidence and business investing (both consumers and businesses stop spending, thereby driving us into another recession). We have yet to see what the prior week's price action will do to consumer sentiment. The consumer is important ... accounting for 2/3 of our economy.

-Things to keep an eye on in the near term, as we have no control over these: Europe. Some European countries (like Greece) have borrowed too much money and can't pay it back. Why is this a problem for Americans? European banks have made loans to deadbeat countries like Greece. Americans are in turn invested in European banks. A good example of this is US Money Market funds. Because interest rates are so low here, US Money Market funds have to chase higher interest rates overseas, and this includes about $1.7 trillion of money tied up in European bank debt. Imagine your shock if you wake up one day and find out 50% of the money you parked in a money market fund, which you thought was "safe," goes "poof" because Greece goes belly up.

-Things to keep an eye on: oil. Oil prices are down sharply, which is good. Most folks are looking at NYMEX WTI (just under $82/bbl) but in reality our area of the country, heating oil and gasoline prices are tied to Brent Crude (right now $104/bbl). Oil is subject to seasonal swings, economic demand, currency swings, and geopolitical events (Mideast unrest that can affect supply). The good news is that oil has dropped a bit, but how long will it last? When the economy picks up, so does oil demand, and when oil prices go up to a certain level, this chokes off economic growth.

-Why is the economy otherwise so crappy right now? Because collectively we're up to our eyeballs in debt AND we're worried about our jobs. If we're busy paying off credit cards and mortgage bills from the zero percent APR borrow and spending binge of 2001-2006, combined with high fuel and food prices, we have that much less to spend on rubber dog$hit imported from China. We're less inclined to spend if we're uncertain about our future employment prospects. This deleveraging process is going to take years and will be a headwind to economic growth. Remember, you and I spending money on stuff is 2/3 of the economy.