Anyone comforted by the president's speech on the economy

Abuskedti

???:)

slightofjeff

No, because I know the one fact that most people don't seem to grasp: The economy is its own beast. It goes in cycles that no man can truly control. A president has about as much control over the economy as he (or, I guess, she) has over the tides.

The last recession wasn't Clinton's fault. This coming recession won't be Bush's fault. It's just what an economy does, boom and bust.

The best thing for the economy at this point would probably be to let it run its course. Let the banks foreclose on the houses people bought that they couldn't afford. That would flood the market with cheap housing options, thus bringing down housing costs.

But, of course, the government can't leave well enough alone.

norm

the only thing that man could say that would comfort me is "i resign."

MasterFramer

slightofjeff wrote:

No, because I know the one fact that most people don't seem to grasp: The economy is its own beast. It goes in cycles that no man can truly control. A president has about as much control over the economy as he (or, I guess, she) has over the tides.

The last recession wasn't Clinton's fault. This coming recession won't be Bush's fault. It's just what an economy does, boom and bust.

The best thing for the economy at this point would probably be to let it run its course. Let the banks foreclose on the houses people bought that they couldn't afford. That would flood the market with cheap housing options, thus bringing down housing costs.

But, of course, the government can't leave well enough alone.

You cant give Bush that big of a pass man... he has been saying up until today, "The Economy is Strong" No rational person expects the President to fix the economy. Just have a decent fucking grasp of how it works.

BTW I'm all for "blood in the streets". It will be a great time to buy a house!

slightofjeff

MasterFramer wrote:

You cant give Bush that big of a pass man... he has been saying up until today, "The Economy is Strong" No rational person expects the President to fix the economy. Just have a decent fucking grasp of how it works.

BTW I'm all for "blood in the streets". It will be a great time to buy a house!

Look, it's just what a president says. What was Clinton saying during his recession: "Oh, shit, we're all gonna die."

Of course he's going to say he economy is strong. What else can he say? There are plenty of things to blame Bush on, but I do give him a pass on this one.

MasterFramer

slightofjeff wrote:

Look, it's just what a president says. What was Clinton saying during his recession: "Oh, shit, we're all gonna die."

Of course he's going to say he economy is strong. What else can he say? There are plenty of things to blame Bush on, but I do give him a pass on this one.

I'm not blaming him for the "economy" but his dumb ass should have a better grasp of how things work.

What else can he say? I dunno, get informed and say shit that is truthful? He's the biggest fucking moron to sit in the Oval Office, his complacency in not learning a damn thing about how the economy works is on him.

slightofjeff

MasterFramer wrote:

I'm not blaming him for the "economy" but his dumb ass should have a better grasp of how things work.

What else can he say? I dunno, get informed and say shit that is truthful? He's the biggest fucking moron to sit in the Oval Office, his complacency in not learning a damn thing about how the economy works is on him.

He's got a fine grasp of how things work. He's just doing what presidents do at times like this. Try and reassure everyone that things are fine. Clinton did the same shit. Any president would.

Dubya's not as big a dumb ass as you think he is. Don't let the accent fool you.

DriftingByTheStorm

slightofjeff wrote:

No, because I know the one fact that most people don't seem to grasp: The economy is its own beast. It goes in cycles that no man can truly control. A president has about as much control over the economy as he (or, I guess, she) has over the tides.

The last recession wasn't Clinton's fault. This coming recession won't be Bush's fault. It's just what an economy does, boom and bust.

The best thing for the economy at this point would probably be to let it run its course. Let the banks foreclose on the houses people bought that they couldn't afford. That would flood the market with cheap housing options, thus bringing down housing costs.

But, of course, the government can't leave well enough alone.

You're kind of off the mark their Jeff.
Booms and busts only happen because of artificial manipulation of interest rates and ZERO-reserve lending (fractional reserve lending debased to nothing) ...

THAT is why we have booms and busts.

Before you go trying to argue that we had them before the Federal Reserve, you'd do best to understand that fractional reserve lending dates back to Europe.

And before we had THAT, the problem was not the currency, it was the Government over spending the people in to debt and misery.

It is NOT how economies inherently operate.

:(

RolandTD20Kdrummer

I thought there was a fair amount of evidence to show that the fed in fact caused the great depression?

DriftingByTheStorm

RolandTD20Kdrummer wrote:

I thought there was a fair amount of evidence to show that the fed in fact caused the great depression?

JP Morgan caused the market crash by manipulating a bank run via spreading rumors. The fed then proceeded to squeeze the credit\money supply by raising interest rates significantly, thus keeping money from the economy when it needed it.

Case in point, just this morning the Fed offered the market ANOTHER $100 BILLION via auction in order to keep the crash today from being worse (not sure it really worked) ...

bottom line, even though it's like shooting yourself in the foot to get out of a war (its actualy more like giving your self AIDS or something) that was probably what the Fed should have been doing -- easing, not tightening supply.

So yes.
Bernanke even said it, you can go pull the quote, he said something like "And in reply, yes i would like to say, 'you are right, we did it.' [re the depression] but we won't let it happen again" ... well BEST OF LUCK TO YOU, Ben ... history is NOT on your side.

:(

my2hands

Abuskedti wrote:

???:)

the president gave a speech?

my2hands

cutback wrote:

the only thing that man could say that would comfort me is "i resign."

Cheney :eek:

RolandTD20Kdrummer

DriftingByTheStorm wrote:

JP Morgan caused the market crash by manipulating a bank run via spreading rumors. The fed then proceeded to squeeze the credit\money supply by raising interest rates significantly, thus keeping money from the economy when it needed it.

Case in point, just this morning the Fed offered the market ANOTHER $100 BILLION via auction in order to keep the crash today from being worse (not sure it really worked) ...

bottom line, even though it's like shooting yourself in the foot to get out of a war (its actualy more like giving your self AIDS or something) that was probably what the Fed should have been doing -- easing, not tightening supply.

So yes.
Bernanke even said it, you can go pull the quote, he said something like "And in reply, yes i would like to say, 'you are right, we did it.' [re the depression] but we won't let it happen again" ... well BEST OF LUCK TO YOU, Ben ... history is NOT on your side.

:(

Oh right it was a mistake...

Some people got mighty rich on that little perpetual and deliberate ongoing oopsie... sheer coincidence of course...someone (the already rich) had scoop up the cash right?

So it happened all the sudden?....no way of monitoring or assessing that situation as life plays out to steer the ship so to speak?

hmm

LikeAnOpeningBandForTheSun

i'm just comforted if he can make it through a speech without fucking up at least once.

writersu

slightofjeff wrote:

He's got a fine grasp of how things work. He's just doing what presidents do at times like this. Try and reassure everyone that things are fine. Clinton did the same shit. Any president would.

Dubya's not as big a dumb ass as you think he is. Don't let the accent fool you.

again, we are all great backseat drivers. I agree with you for whatever it's worth.......

(damn, I keep saying "I will stay off political threads.........I will stay off political threads........." but I just can't listen to things that people are asked to tell their thoughts about it and not say what I think.)

writersu

DriftingByTheStorm wrote:

You're kind of off the mark their Jeff.
Booms and busts only happen because of artificial manipulation of interest rates and ZERO-reserve lending (fractional reserve lending debased to nothing) ...

THAT is why we have booms and busts.

Before you go trying to argue that we had them before the Federal Reserve, you'd do best to understand that fractional reserve lending dates back to Europe.

And before we had THAT, the problem was not the currency, it was the Government over spending the people in to debt and misery.

It is NOT how economies inherently operate.

:(

Ok, so I thought about this the other day, and I seriously want to know what you think........or anyone who knows the facts as much as you do, because you seem to have really looked into this......

why is it that at the bank when you have a CD (don't have one; have no clue what it is other than an interest earning deposit thing) you earn like 6 or maybe 7 % --on the high end, but credit card companies are able to charge people 23 % and when you have a checking account and your deposit hasn't cleared, they are more than happy to allow it to go through, charging you $33 per check and then $5 a day for each day you are in the negative balance until it gets set straight.

I can't understand how anyone whether it is the president or the federal reserve or whomever is in a place where they are suppose to be in a position of watching out for us, can't just get into the whole system and set it up so that the common people, who make up the majority of the population can live in ways that don't end up putting them in a place where they are defaulting on their mortgage, losing their homes (as has been in the news a lot lately), and ending up in financial disaster.

I think that if these things got straightened out, then people would be able to contribute to the economy because they would be able to afford to.

what do you think? I know it may never happen but do you agree with any of what I said? just curious.........