PCS Posted June 16, 2011 Share Posted June 16, 2011 http://www.time.com/time/nation/article/0,8599,2076568,00.html What U.S. Economic Recovery? Five Destructive MythsBy Rana Foroohar Wednesday, June 08, 2011 Double dip is not a term that a government keen to extricate itself from the economic-crisis-management business likes to hear. A couple of weeks ago, the Obama Administration was poised to switch to growth mode. Then the ugly data started pouring in like the overflowing Mississippi. First-quarter GDP numbers showed a measly 1.8% increase, well short of the expectations of above 3%, and second-quarter estimates are not much better. Then came a report on housing-price declines that have not been seen since the Great Depression, followed by reports of consumer spending at six-month lows and weak manufacturing surveys. The worst was unemployment figures to make you cry: a mere 54,000 jobs were created in May, less than half of what was expected and less than a third of what is needed to lower a 9.1% unemployment rate. *Click Link For More* Link to comment Share on other sites More sharing options...
Teller Posted June 16, 2011 Share Posted June 16, 2011 Leno last night: "Obama said if he was in Anthony Weiner's position, he would resign. Which would mark the first time in two years that Obama created a new job." Link to comment Share on other sites More sharing options...
Henry Posted June 16, 2011 Share Posted June 16, 2011 Leno last night: "Obama said if he was in Anthony Weiner's position, he would resign. Which would mark the first time in two years that Obama created a new job." Ouch. Link to comment Share on other sites More sharing options...
DCsportsfan53 Posted June 16, 2011 Share Posted June 16, 2011 This is something I've felt for sometime. The economy that collapsed was almost 100% wall street centric and based on smoke and mirrors. Where is the recovery supposed to be coming from? We still don't make anything, we don't have real industry or manufacturing, we can't prop it up with credit and bs anymore, what was supposed to happen? The economic revovery is not months or even a couple years off. It comes from re-examining and changing everything we do, investing in infastructure, science and technology. It comes from training people to do things with their hands, teaching them to be crafstmen and tradesmen. The era of the banker is over, it's time to replace it with something real and tangible, something that produces real goods and fixes real problems rather than simply moving numbers around on paper and in our imagination. To me the idea of ongoing economic recovery is just a long running joke that I've been wondering why people have been taking seriously instead of laughing at. :2cents: Link to comment Share on other sites More sharing options...
Bang Posted June 16, 2011 Share Posted June 16, 2011 DCSportsfan is right. Unfortunately, I don't see how we the people can do anything about it so long as the people in charge keep raking in the bucks.. ~Bang Link to comment Share on other sites More sharing options...
twa Posted June 16, 2011 Share Posted June 16, 2011 We still make things ,as well as industry and manufacturing....might be why Texas is not slumping Link to comment Share on other sites More sharing options...
Burgold Posted June 16, 2011 Share Posted June 16, 2011 We still make things ,as well as industry and manufacturing....might be why Texas is not slumping Well, ya got to make a little bit more than manure and snake oil ---------- Post added June-16th-2011 at 01:35 PM ---------- I do agree that there is a lot of work to be done in reinventing the economy. It's not a government problem. It's not even a lazy individuals problem or a market problem. It's an all of us problem. We not only have to reinvent the wheel, we need to start making some damn wheels and tapping some rubber. Link to comment Share on other sites More sharing options...
twa Posted June 16, 2011 Share Posted June 16, 2011 Well, ya got to make a little bit more than manure and snake oil heh Link to comment Share on other sites More sharing options...
Burgold Posted June 16, 2011 Share Posted June 16, 2011 What can I say. Texas manufactures a lot of manure. :pfft: (It is funny reading ES and learning about state pride. I almost never think of myself as a Marylander, but there are regions where the identification seems so profound. Twa and Texas, HH and Major Harris with WV, etc.) It must be something in the brainwashing. Link to comment Share on other sites More sharing options...
Kilmer17 Posted June 16, 2011 Share Posted June 16, 2011 We're still slumping because the Govt falsely propped up failing businesses. If not, the fall would have been much harder, but we'd be in full recovery by now. Link to comment Share on other sites More sharing options...
PeterMP Posted June 16, 2011 Share Posted June 16, 2011 heh With numbers like that you'd think their enmpoyment rate was much better than a lot of other states. Heck, we can even throw in states with negative manufacturing with GDP, and they look essentially the same: http://www.google.com/publicdata/explore?ds=z1ebjpgk2654c1_&met_y=unemployment_rate&idim=state:ST480000&dl=en&hl=en&q=texas+unemployment+rate#ctype=l&strail=false&nselm=h&met_y=unemployment_rate&fdim_y=seasonality:S&scale_y=lin&ind_y=false&rdim=state&idim=state:ST480000:ST360000:ST420000:ST330000:ST250000:ST130000:ST350000&hl=en&dl=en The states that are struggling more than others tend to be those whose whose economies are built around a limited manufacturing base where the industry is drying (e.g. OH, and MI (even PA's unemployment is similar to TX)) and those whose economy is pretty one dimensional and centered around something+real estate (e.g. FL and NV) (Oh and then there is CA, but its problems have been discussed here more than once). They key is where TX came from. It didn't make that graph, but not to long ago, TX was amongst the worse in the nation. http://www.ledgerdata.com/unemployment/statebystate/1987/may/ Link to comment Share on other sites More sharing options...
Prosperity Posted June 16, 2011 Share Posted June 16, 2011 We still make things ,as well as industry and manufacturing....might be why Texas is not slumping great economy, shame y'all can't afford schools Link to comment Share on other sites More sharing options...
Madison Redskin Posted June 16, 2011 Share Posted June 16, 2011 Leno last night: "Obama said if he was in Anthony Weiner's position, he would resign. Which would mark the first time in two years that Obama created a new job." I usually don't laugh at Leno's jokes, but....lol. Link to comment Share on other sites More sharing options...
Hubbs Posted June 16, 2011 Share Posted June 16, 2011 The second half of the year is going to be mighty interesting. Negative data coming in from all over the place, QE2 ending, the debt ceiling fight that will likely cut fiscal stimulus, the potential for European debt dominoes to start falling and spread across the pond.... Buckle up. Link to comment Share on other sites More sharing options...
Burgold Posted June 16, 2011 Share Posted June 16, 2011 We're still slumping because the Govt falsely propped up failing businesses.If not, the fall would have been much harder, but we'd be in full recovery by now. Well, to be fair (meaning using the logic that I heard in 2008-9), the real estate market, stock market, financial market and jobs market were recovering nicely... and then the Republicans retook the House tried to reverse a bunch of stuff and everything went straight back into the Republican economic norm. Link to comment Share on other sites More sharing options...
DCsportsfan53 Posted June 16, 2011 Share Posted June 16, 2011 The second half of the year is going to be mighty interesting. Negative data coming in from all over the place, QE2 ending, the debt ceiling fight that will likely cut fiscal stimulus, the potential for European debt dominoes to start falling and spread across the pond....Buckle up. The data thing is part of the problem. Everyone is looking at and reporting on all this data, it's up this month, it's down that month, the recovery is beginnning, it's no longer a recession, now it's a double dip, blah, blah, blah. The next month there's always a reason why the optimistic data was misleading. I don't need a single stinking statistic to look around me and realize there no basis for a recovery and our economy is still reliant on, based on and centered around the same stupid bull**** that got us here. Sometimes (actually, most of the time) the experts are the last place to get solid information from because they're too narrowly focused and can't see the big picture. The last person in the world I'm going to put any faith in about our economy and where it's at and headed is an economist. Link to comment Share on other sites More sharing options...
Larry Posted June 16, 2011 Share Posted June 16, 2011 We're still slumping because the Govt falsely propped up failing businesses.If not, the fall would have been much harder, but we'd be in full recovery by now. You say that based on the vast historical evidence that says that when you have a Great Depression, and you do nothing about it, then it will fix itself in a year or so, on it's own, right? Link to comment Share on other sites More sharing options...
Kilmer17 Posted June 16, 2011 Share Posted June 16, 2011 You say that based on the vast historical evidence that says that when you have a Great Depression, and you do nothing about it, then it will fix itself in a year or so, on it's own, right? The Great Depression was great because the Govt stepped in and their efforts to "fix it" prolonged it. We didnt learn from that mistake. Link to comment Share on other sites More sharing options...
Larry Posted June 16, 2011 Share Posted June 16, 2011 The Great Depression was great because the Govt stepped in and their efforts to "fix it" prolonged it. We didnt learn from that mistake. Yeah, it was terrible the way Hoover was such an interventionist and all. Good thing FDR came along, reduced government spending, and reduced the deficit. The recovery started just as soon as he did that. Link to comment Share on other sites More sharing options...
Kilmer17 Posted June 16, 2011 Share Posted June 16, 2011 Yeah, it was terrible the way Hoover was such an interventionist and all. Good thing FDR came along, reduced government spending, and reduced the deficit. The recovery started just as soon as he did that. Both of them effed up. Hoover created a huge mess, and then FDR muddled it up for an extra decade. Luckily (horrible word for this point), WW2 started and the war machine yanked us out of it. Link to comment Share on other sites More sharing options...
Larry Posted June 16, 2011 Share Posted June 16, 2011 Both of them effed up. Hoover created a huge mess, and then FDR muddled it up for an extra decade. The economic recovery happened within months of FDR taking office. But keep pushing the revisionist history party line. Link to comment Share on other sites More sharing options...
Burgold Posted June 16, 2011 Share Posted June 16, 2011 What's even more remarkable is that much of this current economic downtown can be exactly traced to removing the protections that were installed because of the craziness of the bankers in the 20's. It's really sad that not only do they repeat the lessons of history, but even after repeating them they still refuse to acknowledge the mistake so that they can repeat 'em for a third time. Link to comment Share on other sites More sharing options...
Wrong Direction Posted June 16, 2011 Share Posted June 16, 2011 The economic recovery happened within months of FDR taking office. But keep pushing the revisionist history party line. If, by economic recovery, you mean the economy was jumping off the 10th floor instead of the 12th, you're right. Read FDR's Folly. Link to comment Share on other sites More sharing options...
Gibbs Hog Heaven Posted June 16, 2011 Share Posted June 16, 2011 Leno last night: "Obama said if he was in Anthony Weiner's position, he would resign. Which would mark the first time in two years that Obama created a new job." Leno does realise that the rest of the World is in the same and in many cases a lot worse **** than the US economy right? Or maybe he thinks Obama's a World wide problem too. Hail. Link to comment Share on other sites More sharing options...
Larry Posted June 16, 2011 Share Posted June 16, 2011 If, by economic recovery, you mean the economy was jumping off the 10th floor instead of the 12th, you're right.Read FDR's Folly. If, by "jumping off the 10th floor instead of the 12th", you mean "After falling an average of 8% per year, for three years, the decline stopped, then grew for 10% per year, for the next three years", you're right. Link to comment Share on other sites More sharing options...
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