How bad is the economy?

by

Roger Kimball has a pretty good article over a PJ media

When the media stops beating the end of the earth drum we’ll find out things aren’t nearly as bad as they would have you believe.  What we do have is a correction.  Not just in financial institutions but in homes across America.  You can’t spend your way to financial bliss.  You better be saving somewhere.

If you do, you’ll watch in fascination as the country runs around in a panic.


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9 Responses to “How bad is the economy?”

  1. Lora Says:

    Jim Cramer is a riot on that Armageddon video. Roger Kimball is correct. The economy does rise and fall but this notion that its not as bad as it seems is ridiculous . He stated, “ We are a lot richer now than we were in 1980.”
    Well no kidding, Its twenty eight years later Rog! The population growth from 226,545,805 in 1980 to 7.4 million in 2007 plays a Hugh roll in determining the level of this crises. We have not seen a crises this big since 1929! Oddly, 2009 is almost hear. See the relevance?
    What about the fact that we have not seen bailouts like this since the great depression?

    John ,Thank you for sharing this page. The archives are touching. Military and war are over my head and even thought I am anti bush anti war I appreciate your efforts in the time served in Iraq. I do not support invasion and destruction but defense so I do not support this war. I do however respect and support those who defend our nation unconditionally under the rule of this government of ours.

    I watched a soldier who had been morbidly disfigured in Iraq , explain how he was proud to have been there to defend our nation. He said he would do it gain and all I could do is ball because his cause was honorable yet his war unfounded. I watched the slow torturous beheading of a young male American civilian in Iraq. Surely you have seen things unfathomable by me. I just do not see things like these happening without direct life threatening provocation so I have no respect for Bush and promise to not post my opposing views on hear because I respect you and those who serve with you.

    You deserve the best of whats left after all you have put in to serving for others. I hope you have nothing but that

    Who told Gretchen she could sing my song?

  2. JB Says:

    The difference between the 1930 and now is huge. We are easily the most whining pampered society ever. I guess it’s tough out there if you don’t have an Xbox or a Wii this Christmas.

    Look I don’t deny some people have lost money. In fact those that were relying on their 401 to retire this year are certainly feeling the downturn in the market. But we aren’t starving.

    But the numbers don’t add up to a great depression. The actual effects of the great depression on real people isn’t what we are facing now.

    What we do have is a government the has interfered too much in the free market.

    No company should be so important, so large that even when poorly managed they aren’t allowed to fail.

    In the 1920-30 we didn’t have thousands of people trampling each other on Black Friday buying all kinds of Sh*t. Not necessities, not food, but IPODs.

    When we see real food lines, not habitual homeless, but middle class families I’ll give much more credence to this end of the US economy.

    BTW Dow is up again. Five days in a row. I’m not saying this is the turn around. I do wonder how it can go back and forth so much. Wait I bet a few people are making a killing right now. hummm.

  3. Lora Says:

    Maybe you are not starving but there are many people out there who are loosing there homes and jobs and the worst is yet to come.
    Everyone once to buy for there children’s Christmas and Black Friday has been a marked good deal day for a very long time. Its actually a gimmick to get people in the stores to help make up for the losses from thanks giving day but It excites most people to get a bargain on things they want for there children. My satellite is down so I have not seen the outcome on black Friday this year. I am thinking it was not as good as some had hoped.
    Before my equipment failure, I heard that department stores were going to have to make major price drops in order to get people to buy this Christmas season. More and more families are saying that they will not be buying for Christmas. That means trouble for department stores, manufactures and employees. Hows that for trickle down economics.
    “the numbers don’t add up to great depression” yet but its teetering on a thin line.
    The average Joe in the market today has maybe made a few dollars but chances are, they have not regained there loses. Yet:-)

  4. JB Says:

    The Average Joe is only marginally even in the market. 401Ks are the average guys primary market tool.

    People are losing their homes. Why? Because they bought homes that were right on the edge of what they could afford. Many took adjustable rate mortgages that while they had a nice payment to begin with after a few years the balloon payments came due.

    How many people out there use their credit cards like it’s actually money? It’s not is a loan. A loan that at some time is either paid or someone’s credit is ruined. I suppose that’s the credit cards companies fault that people aren’t smart enough to know the difference.

    If we were truly in hard times comparable to the great depression unemployment would be near 25% not 6.5%.

    Here is a link to an article comparing the two time frames. This article is not from some right wing think tank but the San Francisco Chronicle. Not a paper I read a whole lot.

    http://www.sfgate.com/cgi-bin/article.cgi?file=/c/a/2008/10/20/MNPV13H2HM.DTL

    The fact is the we are living in a 24 hours news cycle that demands crises. In 1979 the drop in the stock market was considerable worse than today and we survived.

    All economies have recessions and corrections. Speculators will always drive things up then hope for a drop to continue to make money off of the masses.

    Use common sense and you’ll be fine.

  5. CHUCK Says:

    Lora, I guess what you do not see, as well as 99.9% of the population are the intelligence reports that I’m sure would curl our hair if we saw them. Our presidents and senior congressman are privy to all this. That’s why intel bills pass, because in spite of their retoric, even liberals that see these reports realize there are real, very scary threats out there. I’m sure you will question even the “saviors” decisions. Now that he is privy to the same intel as other presidents, his decisions will be tough ones. The buck does stop with him. Luckily there are warriors like JB to do his bidding. A terrorist doesn’t negotiate. How many times must we see and say that.
    Doesn’t the fact that the statement, your “satelite was down”, say something about the state of our economy. We are so spoiled by our affluency that we don’t even realize it sometimes. There are more satelites now in peoples homes than tv’s or radios during the real depression. Our standard of living is incredibly high, aided by credit that at some point must be paid for. That’s it, have some perspective.

  6. Lora Says:

    “Lora, I guess what you do not see, as well as 99.9% of the population are the intelligence reports that I’m sure would curl our hair if we saw them.”

    Chuck, nothing would surprise me anymore. Terror is everywhere literally. It comes from places we least expect including our own home town, city, state and federal and governmental leaders. Out of respect, I’ll stop there.

    I hardly think of Obama as a savior but a man of good reason who may not act out of greed nor grudge or self grandizement but what he knows is best for everyone.

    Technology has advanced Chuck. How does the amount of people who have satellite today compared to those who had television in the days of the depression apply? Television was not even invented until the 1920s and the depression started around 1929. It takes a while to produce and then circulate a product. By the time the television was on the market, the depression started and not many had the money to purchase one. We have advanced in many ways but that does not mean we are beyond an economic depression.

  7. JB Says:

    “I hardly think of Obama as a savior but a man of good reason who may not act out of greed nor grudge or self grandizement but what he knows is best for everyone.”

    I hope your right.

    In pure numbers I still don’t think this “recession” compares but we’ll see. In terms of actual poverty I know it’s not the same.

    Unfortunately we’ve had way too many CEOs of large companies take their companies to the brink of disaster and we are being asked to save them all. That bothers me.

    As to who’s at fault for the economic crises? I blame both political parties and a people who want quick easy sound bites instead of answers.

  8. Lora Says:

    Those sound bites have been the American way for a long time. We have enough rhetoric in our busy little lives so we listen to what is given , voice our opinions amongst each other and carry on without taking action for change. Things are changing. Americans are becoming smarter and are looking for level ground. Oddly, we are willing to fall for that level ground.

  9. ymarsakar Says:

    Maybe you are not starving but there are many people out there who are loosing there homes and jobs and the worst is yet to come.

    But even if that was true, voting in the people who had a major part to play in creating this crisis is no solution. Yes, they may have the solution, cause they created the monster in the first place, but that is not the way to run a country. People should not be rewarded for finding political compromises and solutions to the problems that they themselves created so that they could then position themselves as our saviors.

    If Bush had done that with Iraq, I would be against Bush. But he didn’t do that in Iraq while the Dems did do that here with the banks and sub prime mortgages.

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