Article

2009-01-07 Home Front Economy

Archived material is restricted to Rantburg regulars and members. If you need access email fred.pruitt=at=gmail.com with your nick to be added to the members list. There is no charge to join Rantburg as a member.

Posted by Besoeker 2009-01-07 00:00|| || Front Page|| [3 views ] Top

#1 Not to worry. Old Uncle Sam will whip out the old plastic.

What better way to dig your way out of a hole than to dig a deeper one? $450 billion annual deficit?

Pfft!

How about an even $1 trillion? With Barney Frank and Chris Dodd telling us what evil people capitalists are using the rules Congress made.

No problem...

Posted by badanov 2009-01-07 00:10|| http://www.freefirezone.org]">[http://www.freefirezone.org] 2009-01-07 00:10|| Front Page Top

#2 What better way to dig your way out of a hole than to dig a deeper one?

That is an idea. Dig all the way until you reach Australia

Posted by JFM">JFM 2009-01-07 02:12|| 2009-01-07 02:12|| Front Page Top

#3 So, what happens to the rest of the World?

Posted by g(r)omgoru 2009-01-07 05:02|| 2009-01-07 05:02|| Front Page Top

#4 The rest of the world, which was even more government regulated, socialist, and centrally planned than the U.S., will be even worse off.

Don't look for that to be reported in the MSM. Instead, in Orwellian fashion, they'll shill for more of that stuff here.

Posted by no mo uro 2009-01-07 06:24|| 2009-01-07 06:24|| Front Page Top

#5 When reflecting on unemployment, I expect the predictors to take in account that a lot of what we had seen before in post-WWII recessions are jobs that have now been shipped overseas with the work. Instead of being 'domestic', it is now 'global'. On one hand that will hide the comparative statistics when looking back at previous experiences. On the other hand, the drag that happens in getting those back to work and the overall economy back to forward domestically is also going to be less.

Posted by Procopius2k 2009-01-07 08:41|| 2009-01-07 08:41|| Front Page Top

#6 The Amazing Kreskin was on Fox this morning. Kres says we'll see some relief in 2010 but will not get out this mess for another 4.5 years. Recommends banking with Simmons Beauty Rest. The Donald followed him via phone. Trump says the market should fix the market and that no one can pry money out of the banks. He points to the bailout as essentially a give-away.

Posted by Besoeker 2009-01-07 08:49|| 2009-01-07 08:49|| Front Page Top

#7 Bear in mind that 9% unemployment now is roughly comparable to 18% back during the Depression, since now the 'official' workforce includes most of the women too. Also, the official unemployment rate only includes those who have lost jobs, but not those who are just entering the workforce and cannot find jobs in the first place.

Posted by Glenmore 2009-01-07 09:12|| 2009-01-07 09:12|| Front Page Top

#8 What makes this moron the expert on what is in store for us. The problem is that we've listened to too many experts ant look where it got us. End of 2009 my foot. Let me be the expert. I say it will be the end of 2010.

Posted by Art">Art 2009-01-07 09:46|| http://sendoutcards.com/avos]">[http://sendoutcards.com/avos] 2009-01-07 09:46|| Front Page Top

#9 Obama has just said that he expects to have trillion dollar deficits for years to come.

That's double the highest to date and he's going to keep it up. When does hyper-inflation kick in?

http://internetscofflaw.com/2009/01/07/obama-trillion-dollar-deficits-for-years-to-come/

Posted by AlanC 2009-01-07 10:15|| 2009-01-07 10:15|| Front Page Top

#10 I seem to call the Dhimmicrats complaining about the 'Bush deficits'. I guess I'll have a right to complain about the 'Obama deficits'. At least until I'm bound and gagged.

Posted by Steve White 2009-01-07 11:46|| 2009-01-07 11:46|| Front Page Top

#11 i predict that any unfavorable comparisons of Obama will be treated as racist an investigated by the FBI as a 'hate crime'

Posted by Abu do you love">Abu do you love 2009-01-07 13:34|| 2009-01-07 13:34|| Front Page Top

#12 Eh, we're all gonna be wiped out in 2012 anyway, right?

Fact is, no one really knows what's going to happen next, not Obama, not Roubini, not any so-called "expert".

The one thing I can say with confidence is that worst case gloom-and-doom scenarios sell books and magazines, so expect a bumper crop of them over the next year. Enjoy them for their twisted entertainment value, but if you follow them as gospel you are every bit as deluded as the people who thought the good times would never end and real estate would always double in five years.

Posted by Cornsilk Blondie 2009-01-07 15:04|| 2009-01-07 15:04|| Front Page Top

#13 ...It's always been my understanding that the ACTUAL unemployment rate is around 4% lower than what the government tells us, because there's that many "just-won't-work" in the population - is that true?

Mike

Posted by Mike Kozlowski 2009-01-07 16:41|| 2009-01-07 16:41|| Front Page Top

#14 I'd say the other way, Mike. The just won't work are out of the numbers. There's lots of discouraged workers, want to work but haven't found something in so long they don't try, not in the numbers also. There's lots of folks without HS diploma and others educated more who don't have jobs but would like to. They don't for a lot of reasons, often related to their own behavior but also related to the fact that their standard of living would decline if they did the one thing that would get them a job, move.

Bottom line, unemployment, like inflation, is probably understated in the official figures.

Posted by Nimble Spemble 2009-01-07 17:20|| 2009-01-07 17:20|| Front Page Top

#15 Big Trouble

A link to a good overview of what needs to happen.

Posted by SR-71">SR-71 2009-01-07 18:14|| 2009-01-07 18:14|| Front Page Top

#16 This article is from November 13th and the caption above the articles title is 'Doctor Doom'. Even the publisher of the article is making fun of it.

Couldn't someone dig up a story about president Jackson and banks?

Posted by Mike N. 2009-01-07 19:28|| 2009-01-07 19:28|| Front Page Top

#17 Folks, let me tell you what the sagacity of the ages would tell you about what is coming....those who do not know history are doomed to repeat it!
Weimar Republic could replicated the entire printed money supply overnight and still fell victim to Zimbabwe style hyper-inflation.
Our mor odern approach, whisch isn't even to waste the paper to print it, is to create mythical value by pladging future debt to our children for eternity. As if someone actually believes that they will pay it or that it has any value. WAKE UP! People will soon feel the pinches of the massive amounts of notional money introduced into the banking system through enormous inflationary rates, and the realization will hit them that money actually has no value, and the US Government has no faith or credit worthy of comment.
We are about to destroy public confidence in basic institution of government, our de-based currency, and someof the people here think it will be a stimulus to employment? Its a suicide pact for the nation. We are making the exact same mistakes that prolonged the Great Depression, conflicting government policies, and unwillinginess to let the market process work the massive credit bubble out of the system. Maynard Keynes was discreditied a long time ago, and has returned-vampire like- with a vengence.
Stop government spending iinsanity, and keep Zero's hand off the throttle as much as you can.

Posted by NoMoreBS">NoMoreBS 2009-01-07 19:30|| 2009-01-07 19:30|| Front Page Top

#18 I hate spell check or the lack thereof for those of us digitally challenged (meant as a double entendre)

Posted by NoMoreBS">NoMoreBS 2009-01-07 19:31|| 2009-01-07 19:31|| Front Page Top

#19 Makes one wonder how the US-World is suppos toifhgt GLOBAL WARMING [Kyoto] in the face of such protractive econ truuublez-vouz.

Posted by JosephMendiola 2009-01-07 20:37|| 2009-01-07 20:37|| Front Page Top

#20 A little studying of the Great Depression and the governments actions during might be in order before comparing then and today.

Posted by Mike N. 2009-01-07 21:06|| 2009-01-07 21:06|| Front Page Top

23:49 Verlaine
23:44 Verlaine
23:43 Verlaine
23:42 Gritch Brown4916
23:37 Halliburton - Mysterious Conspiracy Division
23:32 phil_b
23:28 bigjim-ky
23:20 bigjim-ky
23:15 bigjim-ky
23:14 European Conservative
22:50 Abu do you love
22:44 Clinert Smith4068
22:42 Halliburton - Mysterious Conspiracy Division
22:39 Cornsilk Blondie
22:32 Cornsilk Blondie
22:32 GK
22:30 Cornsilk Blondie
22:26 Ebbusonter Oppressor of the Brontosaurs1894
22:14 Procopius2k
22:11 SteveS
22:08 mhw
21:56 rabid whitetail
21:55 rabid whitetail
21:54 rabid whitetail