U.S. Economy 2009!

GMZ

Ok so I think we can all agree that we are in a mess economically in this country. Post up anything having to do with it. Such as what caused it, how can we fix it, inflation vs deflation, collapse, Great Depression 2, recovery, etc. Ill go first...

Too much debt in the system, and a lot of it is going bad. But the govt is not allowing it to be defaulted on and cleared out. Trying to keep asset values unrealistically high wont work because there comes a point when no more debt can be carried. Its simple math really. Its like a balloon you can keep inflating it forever.

Discuss...

TX_370

One
Big
A$$
Mistake
America

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Pushing_Tin

Nothing like a well thought out intelligent reply.

Rampant deregulation of the banking system by the previous administration certainly did not help.

TX_370

Werd, I thought really hard about an answer and that was the easiest way to say it.

EDIT: P.S. Thanks to whoever on this forum has that in the sig

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Pushing_Tin

You do realize of course that the bailouts had already begun and the economy was in the shitter prior to Obama taking office right?

GMZ

Deregulation actually occurred in the final days of Clintons 2nd term ala the Gramm-Leach-Bliley Act which basically threw Glass-Steagall in the trash.

theDreamer

My biggest thing, saving companies, the whole "to big to fail." Sorry, that is complete BS.
I have plenty of other topics, but will save those for when I have more free time (basically not at work).

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TX_370

Do you realize that Obama SIGNED for all that bailout money and it did no good except break a record for national debt...

11 trillion dollars
U.S. National Debt Clock

Oh yeah im so excited for American the new Socialist country, different subject though.

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Pushing_Tin

Yes I am aware. My point was the economy was spiraling downward prior to January 20th and the Bush adminstration had already racked up a massive debt thanks to borrowing from the Chinese.

Or does Hannity/Rush not talk about those details?

GMZ

Obama, socialist that he is pisses me off less than CONgress, who should be listening to their constituents instead of lobbyists and being bullied around by the aforementioned socialist.

The deficit is really much larger than they are letting on because they dont factor in emergency supplementals and other unfunded liabilities, so this years deficit will likely top $2T in reality.

In actuality (imo) it never recovered from the dot com bust. The "real estate boom" was really just Tulip Mania

Pushing_Tin

True, but they really can't win. If they let the economy spiral down, job losses continue, foreclosures continue to accelerate the public at large would be outraged at the do nothing congress/president. IMO it's a no win situation for them.

GMZ

I think that the economy will do that anyway, it will just take longer while they try and prevent it. Itll be like some strange love child of the 30's and 70's

ETA: U6 is already peaked over 20%, were in a depression.

Pushing_Tin

I actually agree with you, the problem is that Americans demand instant results and are generally too stupid to understand anything about government or the economy.

kdo2milger

Chia Obama - Special Edition Chia from the maker of Chia Pets

CH- CH- CH- CHIEF

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dad

Socialism has been coming for many years.

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We can do without any article of luxury we have never had; but once obtained, it is not in human nature to surrender it voluntary.