There’s no Santa or Tooth Fairy, and no quick fix for economy
Wow.
That explains a lot, economically as well as politically.
The chart above, from Calculated Risk, breaks out housing equity by state. In Nevada, for example, almost 70 percent of homeowners owe more on their mortgages than their homes are worth. How many of those folks are going to be in the mood to spend money, generating the demand needed to restart the economy? Compounding the problem, Nevada also happens to have the country’s worst unemployment rate, at 14.3 percent in July. A lot of those jobless Nevadans couldn’t relocate for a job even if they found one, not without taking a huge financial hit on their home. That’s a lot of pain and sleepless nights, and cause for a lot of anger as well.
Georgia is sixth, right after California, with almost 30 percent of homeowners under water and another good chunk barely staying afloat. (Ga. unemployment rate: 9.9 percent). An economy that for years was fueled by homeowners who used their houses as ATMs has become an economy in which housing has become a huge anchor, in more ways than one. Millions of homeowners face the difficult choice of continuing to dump money into a house that they know is a bad investment or just walking away.
That also puts into perspective the latest “regional snapshot” from the Atlanta Regional Commission. “Since the recession began more than two years ago, the 10-county region has added approximately 56,000 people, which is the slowest growth period in the region since the 1950s,” ARC reports. “The Atlanta region’s slowdown is directly attributable to the national economy. During weak economic periods, people don’t move as much for several reasons. Job opportunities are slim, meaning people don’t move to take new jobs. And, with the housing market in such disarray, it is hard to sell a house, which tends to keep people stationary.”
There ain’t no Santa Claus, there ain’t no Easter Bunny, and there ain’t no easy, quick solution to problems like this one.
UPDATE: In an analysis of Michael Lewis’ best-seller “The Big Short,” economic analyst Paul Willen of the Federal Reserve traces the collapse of the Wall Street bond market to the same basic problem: housing prices.
“Subprime bulls bought the bonds because careful research based on vast amounts of loan-level data using state-of-the-art models … showed that if house prices continued to behave as they had for the previous ten years, the bonds would perform well. The research also showed that if house prices collapsed, investors would lose big, but, after ten years of solid appreciation in house prices, researchers viewed a big fall as unlikely.”
Willen and his co-authors also cite an August 2005 analysis of the housing bond market by researchers at Lehman Brothers. The researchers estimated only a 5 percent chance of a “meltdown scenario,” which they defined as a market in which housing prices fell by 5 percent a year. The actual meltdown — only months away at the time — saw housing prices fall by 10 percent a year, twice as bad as the worst-case scenario. It also saw Lehman Brothers disappear altogether.
Here’s another chart, documenting the housing boom and subsequent collapse, by Steve Barry via Barry Ritholz and The Big Picture. Ominously, it suggests that housing values are STILL well above historic levels of the past century, after adjusting for inflation.
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797 comments Add your comment
Bosch
August 27th, 2010
11:54 am
NIF,
Since your back, please, stay off the juice, blogging late at night and threatening the host — and have a good lunch.
Liberal Chicks are UGLY
August 27th, 2010
11:55 am
Welp, time to jump this sinking ship….Ciao
@@
August 27th, 2010
11:56 am
What defines a WMD runs the gamut, depending. There’s strategic, military, civilian. HECK! Kofi Annan defined them as small arms, but not those that could be dropped from a plane, but a plane IS.
It’s amazing! Something to be said for that old adage…..too many cooks spoil the broth.
As the government grows, so does con-fusion.
Some People are stupid
August 27th, 2010
11:56 am
Good little liberal-
Huh??/…check out the voting on the increase…
There is always some private industry profits, but I hope you are not saying that those profits are enough.
Double huh????
Enough is relative to the people who own…I can afford a million dollar house, but a 500K house is “enough” for me. How much profit do you think is”enough”
I’m starting to not take you seriously
Normal
August 27th, 2010
11:57 am
BTW, Love Luckovich today!
Matti
August 27th, 2010
11:58 am
The heads of American Business are waiting. they have lots and lots of money. They could start the economy right now if they started spending that money.
Thanks for making my point. They call themselves Americans and they hold out on America. They could invest in job creation, sacrifice short term, and succeed again long term, but they choose to be cold-hearted prudes.
“There’ll be no locks or bolts between us, Mary Kate… except those in your own mercenary little heart!” John Wayne to Maureen O’Hara in The Quiet Man.
USinUK
August 27th, 2010
11:58 am
and with that, I’m off for a 3-day bank holiday weekend!!
have a good one!!
http://www.youtube.com/watch?v=Qx9br5ISRpo
my favorite REM song – and the best anthem for a late summer weekend …
see you Tues!
kayaker 71
August 27th, 2010
11:58 am
Bend over, America for the largest tax hike in US history starting Jan, 2011 most affecting families and small business. Bush tax cuts will expire, top income rates will go from 35-39.6%. Two thirds of small business is taxed at this rate. Rates will increase as follows: the 10% rate will increase to 15%, 25-28, 28-31. and 33-36. Child tax credits will decrease from 1K to $500. the Standard deduction will no longer be doubled for married couples.
The death tax will return and estates will be taxed at a rate of 55% for estates over lM. That means that farms and small businesses might be worth 1M but only make 200K in income/yr. and heirs will have to sell the farm or business to make the tax payment. Most do not have the cash laying around to meet the tax. Capital gains taxes will go from 15-20% Dividend taxes will go from 15-39.6%, rising another 3.8% in 2013. And this is just phase one starting in 2011. The rest follows to culminate in phase two and three to end sometime in 2015. And the health care fiasco is not even here until 2014.
“NO NEW TAXES ON THOSE MAKING LESS THAN 250k/yr” . Get ready America, grease up the old shaft and close your eyes. Happy days are long gone and you question Beck’s attempt to regain our Honor?
I'm Here From The Government And I'm Here To Help
August 27th, 2010
11:58 am
Normal
August 27th, 2010
11:57 am
BTW, Love Luckovich today!
Another bigot cartoon. Try You Tube, it’s much better and where most Democrats get their news.
Doggone/GA
August 27th, 2010
11:59 am
“And that means the word ‘declaration’ doesn’t have to appear.”
so..in your book an “authorization” of “use of force” is a declaration of war, then? Sorry, in MY book it isn’t.
I don’t care what words are used…when Congress gives to the CIC the decision on whether to go to “war” or not, it’s NOT a declaration of war. It’s abdicating that responsibility and handing it on a platter to the Executive branch. The Executive branch CANNOT declare war – so there for it was NOT a declaration of war.
Bosch
August 27th, 2010
11:59 am
Have a good weekend USinUK! And I’m out til later…………
I'm Here From The Government And I'm Here To Help
August 27th, 2010
11:59 am
You owe $120,500 to the FEDS. Pay up SuckA’s!
Some People are stupid
August 27th, 2010
12:01 pm
Good little liberal-
The recession started in 2008
I have asked this several times…name one law or statute passed by the democratically controlled congress that caused the recession.
I know you are looking for a scapegoat but seriously, you give congress and the president both too much credit in good times and bad times…The government does contribute to the state of the economy some, but the vast state of the economy is based on the private sector. The government cannot create any meaningful jobs
I'm Here From The Government And I'm Here To Help
August 27th, 2010
12:01 pm
….and the LIBS lose again.
Jay, next blog, please! We need more comedy in our lives!
AmVet
August 27th, 2010
12:01 pm
There is nothing holding back the economy but the democratically ran federal government.
Interesting analysis. Please do expound.
Don't forget
August 27th, 2010
12:02 pm
Bruno
August 27th, 2010
11:19 am
“buy low, sell high”
NOW you tell me, Df.
“but do exactly the opposite.”
Apparently you’ve been following my latest CSCO folly.
———————————————————————-
Thanks Bruno,
As for stocks I think one of the most important things to look at is the price/earnings ratio. It basically tells you if your investment is making money. With a P/E of 20 you’re only making 5%. Traditional investors used 12 as a cutoff, which corresponds to about 8 % return. At the bottom of the market in 2009 there were all kinds of stocks with P/E’s of around 5. That’s a 20% return on investment, a definite buy in most cases. In a down economy, consumer based companies tend to do the best. Things like utilities, food etc, in other words the things that people are going to buy no matter what. At a P/E above 12 you’re starting to rely on speculation and strong growth. I think that speculating in the market is kind of foolish because you’re competing with the “big boys” and their high speed computer transactions. When you also consider the “insider” trading that I’m sure is rampant I think the “cue ain’t stratight in line”, so what’s the point of “callin shots”. And I always remember what my dad used to say: “In the stock market, bears make money and bulls make money but pigs get roasted” lol
I'm Here From The Government And I'm Here To Help
August 27th, 2010
12:04 pm
ObamaJUSTICE!
In another disgraceful act of the Obama Department of Social Justice, the Washington Post reports that the feds are “shelving” prosecution of a major USS Cole bombing suspect at Gitmo. Why? Because of bad optics.
I'm Here From The Government And I'm Here To Help
August 27th, 2010
12:06 pm
OBAMAECON!!!
There is an instinctive conclusion among the American public that President Obama’s stimulus package has failed to create a sustained recovery. Unemployment has increased, not declined; consumers have retrenched; housing starts have crashed along with mortgage applications; and there is a fear that a double-dip recession may very well be in the pipeline. The public perception, reflected in Pew Research/National Journal polls, is that the measures to combat the Great Recession have mostly helped large banks and financial institutions, and that’s a view common to Republicans (75 percent) and Democrats (73 percent). Only one third of either political leaning thinks government policies have done a great deal or a fair amount for the poor.
Paul
August 27th, 2010
12:06 pm
@@
{What defines a WMD runs the gamut, depending. There’s strategic, military, civilian. HECK! Kofi Annan defined them as small arms, but not those that could be dropped from a plane, but a plane IS.
It’s amazing! Something to be said for that old adage…..too many cooks spoil the broth.]]
It’s like ‘terrorist.’ There’s a generally-accepted term, then others want to gain a political advantage so they redefine it or greatly expand it.
I believe the currently-accepted by most definition is a nonconventional weapon, a single one of which can cause significant loss of live or damage over a wide area, and does so through chemical, biological, or nuclear means.
AmVet
August 27th, 2010
12:07 pm
Normal, thanks for the heads up on Luckovich’s offering today. The guy is a true American treasure.
And yes, you’re right, the pugilistic-wannabes are a hoot.
Honorary members of the 101st Chairborne?
barking frog
August 27th, 2010
12:08 pm
I’m Here From The Government And I’m Here To Help
August 27th, 2010
You owe $120,500 to the FEDS. Pay up SuckA’s!
———————————————————————–
where’s your receipt?
The Tough Questions that no one Cares to Ask
August 27th, 2010
12:09 pm
I’m Here From
The Government And
I’m Here To Help ,
So, you claim to be educated AND you paid a half a mil for a ghetto house. Huh?
harvey
August 27th, 2010
12:11 pm
The fix is to let people lose their homes. Most of the ones who are going to do it, are people who knew they couldn’t afford them anyway, took money out of them to invest in other things and lost it, in other words, they gambled and lost. Why should taxpayers who were conservative and careful, and bought homes within their means have to bail these people out? If the government had butted out and let these people have the consequences of their actions we would be way past this “crisis” now.
The Tough Questions that no one Cares to Ask
August 27th, 2010
12:12 pm
Darn it! My stock portfolio keeps going up in value. Why does it do that? Isn’t Obama ruining the economy.
Paul
August 27th, 2010
12:12 pm
Doggone/GA
“so..in your book an “authorization” of “use of force” is a declaration of war, then? Sorry, in MY book it isn’t.”
I neither said nor implied that. I said the Constitution give power to Congress to declare war. It doesn’t say how it’s done. I also said how they do it doesn’t have to include the word ‘declare.’ I also said there’s been legislation to address that (War Powers Act) and many ongoing battles between the Executive and Legislative branches. The Executive is granted extraordinary power by the Constitution in his role as commander in chief of the armed forces.
RW-(the original)
August 27th, 2010
12:13 pm
and wanted to “meet me” on some unspecified corner of Howell Mill and 75.
I remember that except the place was extremely specific and the name he was talking to wasn’t amvet or even huge. How many have you posted under?
Paul
August 27th, 2010
12:16 pm
Luckovich IS good today.
So’s his opposite comrade-in-ink:
http://www.investors.com/EditorialCartoons/Cartoon.aspx?id=545238
@@
August 27th, 2010
12:16 pm
Paul:
So when you say “by most”….who’s the hostess with the “mostest” and where did you find your recipe?
Bruno
August 27th, 2010
12:16 pm
HDB: “Second Law of Thermo is similar to osmosis….but what needs to be done here is to increase the osmotic pressure so that those with less can receive more!!”
Matti:”Our economy will not turn around until we start MAKING stuff here and SELLING it both here and overseas.”
I share your sentiments on the surface, but artificial ways to stop the natural “economic osmosis” are still subject to “The Law of Unintended Consequences”, a concept that Obama an the Dems keep overlooking. Tariffs don’t work, and what pat said earlier still holds true:
“Socialistic economic policies are revealing predictable results. The rich are still rich, and the lower class is expanding faster than the universe. After a century of examples where this stuff has always failed, every time, why keep trying it….”
The recent collapse of Greece proves that again.
At any rate, thanks for putting your thinking caps on. Maybe it’s just me, but the Blog Blame Game with no analysis to back it up just doesn’t cut it for me.
I'm Here From The Government And I'm Here To Help
August 27th, 2010
12:22 pm
This Coming Sunday– Set Your DVR for the Fox News channel at 9:00 PM eastern. Maybe this is why the White House has been discounting FOX. Sounds like this could be history in the making – someone may go down – either Obama or Fox News. It may be that Fox has been holding this information back due to the sensitivity of it and out of courtesy. But, Obama has taken on Fox and it appears they are ready to spill the ugly beans of truth about the background of this individual who has had an extremely radical past. This Sunday, Fox News is going to air a very important documentary about Barack Obama, Sunday night at 9 P M Eastern. The report will go back to Obama’s earlier days, showing even then his close ties to radical Marxist professors, friends, spiritual advisers, etc. It will also reveal details about his ties to Rev. Wright for 20+ years, I.e., how he was participating with this man, and not for the reasons he stated. The report has uncovered more of Obama’s radical past and we will see things that no one in the media is willing to put out there. It will be a segment to remember. Mark your calendar and pass this on to everyone you know: Sunday night, 8 PM CT; 9 PM ET. Democrat or Republican, this report will open your eyes to how YOUR country is being sold down the road to Totalitarian Socialism. If you care about the direction of our country.
Bruno
August 27th, 2010
12:22 pm
“How many (names) have you posted under?”
I think earlier speculation that NIF is back is confirmed as well by his signature posts.
Though jay would have to confirm, I think “landy” who has rejoined the night crew used to post under a different name as well. She was the chick who was busted for plagiarizing by RW, though I can’t recall her former blog name as well.
Must be too boring to keep the same name for some……
jm
August 27th, 2010
12:22 pm
Love that GDP revision down to 1.6%….
Matti
August 27th, 2010
12:23 pm
How ’bout this, Bruno:
Legalize hemp, grow it and make environmentally-friendly products out of it right here in Georgia. Keep the drug variety illegal (only because the dinosaurs and big pharm will never agree to rational thinking), but make it a misdemeanor with a ten dollar fine for possession. If a farmer is caught with 50 acres of the tall green fragrance, it’s not destroyed, but he has four months to pay a per/pound fee to his county, which then uses the revenues to improve schools, roads, the county hospital, and pay police and firefighters. Hmmm…. PRACTICAL solutions right here at home!
Doggone/GA
August 27th, 2010
12:24 pm
“The Executive is granted extraordinary power by the Constitution in his role as commander in chief of the armed forces.”
But he isn’t granted the right to declare war. Congress handed THAT one to him on a silver platter…which is why *I* consider it to have been a treasonous act.
Paul
August 27th, 2010
12:24 pm
@@
By most people who dealt with such things before it got into the general population’s consciousness before the Iraq/9-11 thing.
Heck, even for a time biologicals, chemicals and blood agents were listed as comparable as nukes in how we viewed them and would result in a nuclear response if anyone used them on us.
HDB
August 27th, 2010
12:25 pm
“So when the Republicans step in a save the economy (yet again) will you be sorry or happy?”
Like the GOP saved the economy on 9/11….when Corporate America had the most massive LAYOFF in history? Like the GOP saved the economy on the aftermath of 9/11….when millions couldn’t find employment? For me, like the GOP saved the economy….and the longest periods of unemployment were in Republican Administrations??
I’m better now than I was four years ago!!
kayaker 71 August 27th, 2010
11:58 am
“Bend over, America for the largest tax hike in US history starting Jan, 2011 most affecting families and small business. Bush tax cuts will expire, top income rates will go from 35-39.6%. Two thirds of small business is taxed at this rate. Rates will increase as follows: the 10% rate will increase to 15%, 25-28, 28-31. and 33-36. Child tax credits will decrease from 1K to $500. the Standard deduction will no longer be doubled for married couples.”
Lest you forget, the REPUBLICANS caused the tax increase by passing the initital legislation in RECONSILIATION….that FORCED a 10-YEAR TIME LIMIT!! BTW…the ecomony was BOOMING under a tax rate of 39.6%….it can do it again!!
I’m Here From The Government And I’m Here To Help
August 27th, 2010
12:06 pm
“Only one third of either political leaning thinks government policies have done a great deal or a fair amount for the poor.”
You can’t attack the poor until you are able to create a pathway for success to the middle class!! Republican policies have virtually squeezed the middle class into irrelevency! Only classes now are a burgeoning wealthy class….and and ever-expanding POORER class!! The middle class was more vibrant when tax rates were HIGH….look at how the middle class grew under Eisenhower…and the tax rate was almost 90%…even when Johnson cut the marginal tax rate on the wealthy, it was still 70%…and the middle class grew more!! When Reagan cut the marginal tax rate to 50%…the income level that was most affected WAS the middle class….if one earned $80K, you were affected by the top marginal rate!! Republicans screw over the middle class!!
Here’s proof: http://www.truthandpolitics.org/top-rates.php
Bruno
August 27th, 2010
12:25 pm
“Thanks for making my point. They call themselves Americans and they hold out on America. They could invest in job creation, sacrifice short term, and succeed again long term, but they choose to be cold-hearted prudes.”
Matti–Are you sure it’s all due to prudishness?? Could the climate of fear created by Obama and the Dems have anything to do with it??
RW-(the original)
August 27th, 2010
12:26 pm
Many thanks for (inserting) my lost word.
Paul
August 27th, 2010
12:28 pm
Doggone/GA
Some make the case that if Congress authorized the President to commit the military in action against another nation to overthrow the government, and repeatedly, year after year, authorizes funds to pursue that objective,
it’s essentially the same thing and only a matter of semantics for political purposes.
HDB
August 27th, 2010
12:34 pm
Bruno August 27th, 2010
12:25 pm
A return to the Clinton tax rates is the more appropriate thing to do; Matti is right about American business being “short-sighted”! American business adopt a quarterly strategy…..and Japanese business adopt long-term strategy (3-to-5 YEAR plan). If business would change its paradigm…if tax policy rewarded business for keeping jobs here….if the manufacturing base would retuen to the US…and the marginal tax rate would increase to entice the wealthy to INVEST rather than to HORDE…..then watch the nation’s economy EXPLODE!!
Lil' Barry Bailout
August 27th, 2010
12:35 pm
There’s no quick fix, but a good start would be to stop the Idiot Messiah from funking things up further with his fascist power grabs, obscene spending on political payoffs, and unsustainable growth in government and entitlements.
The Tough Questions that no one Cares to Ask
August 27th, 2010
12:37 pm
Are Republicans feeling lonely because Obama will not hold their hand like Bush did?
Granny Godzilla
August 27th, 2010
12:38 pm
alot
actually I work pretty hard, I’m an employee and an employer, I shop and cook and clean and paint and mow, I have been putting away a little every week for 30 years….Mr. G and I will have a safe and comfortable retirement – but not luxurious.
As Paul Krugman put it way back in 2007:
Where’s My Trickle?, by Paul Krugman, Commentary, NY Times: Four years ago the Bush administration, exploiting the political bounce it got from the illusion of success in Iraq, pushed a cut in capital-gains and dividend taxes through Congress. It was an extremely elitist tax cut even by Bush-era standards: the nonpartisan Tax Policy Center says that more than half of the tax breaks went to Americans with incomes of more than $1 million a year.
Needless to say, administration economists produced various misleading statistics designed to convey the opposite impression, that the tax cut mainly went to ordinary, middle-class Americans. But they also insisted that the benefits of the tax cut would trickle down — that lower tax rates on the rich would do great things for the economy, helping everyone.
he continues
The absence of any gains for workers in the years since the 2003 tax cut is a pretty convincing refutation of trickle-down theory. So is the fact that the economy had a much more convincing boom after Bill Clinton raised taxes on top brackets. It turns out that when you cut taxes on the rich, the rich pay less taxes; when you raise taxes on the rich, they pay more taxes — end of story. …
and more
What we’ve had since 2003, however, is an economic expansion that looks good if not great by the usual measures, but which has passed most Americans by.
NOW…
after a lifetime of hard work and modest living….having taken a 6 figure hit in our assets because of the failed fiscal policies of the supply siders I’m feeling a wee bit miffed.
Lil' Barry Bailout
August 27th, 2010
12:39 pm
HDB: Republican policies have virtually squeezed the middle class into irrelevency!
—————
Name such a policy and explain how it “squeezed the middle class into irrlevency”.
Didn’t think so.
Normal
August 27th, 2010
12:41 pm
I’m Here From The Government And I’m Here To Help
August 27th, 2010
11:58 am
My, my, my…another reblel without a clue…
Lil' Barry Bailout
August 27th, 2010
12:41 pm
Granny, everything would have been fine if Democrats had just paid their mortgages. Recall that George Bush had the Dow at 14,000 before the parasites stopped paying their bills.
HDB
August 27th, 2010
12:41 pm
Good little liberal
August 27th, 2010
12:32 pm
“The democrats declared war on American Business. But liberals whine when American Business fights back.”
Methinks you’re wrong! American BUSINESS declared war on labor by OFFSHORING manufacturing capabilities; American BUSINESS declared war by hiring undocumented aliens to depress the wage scale! American BUSINESS declared war by requesting a drop in corporate taxes while they offshored jobs in the US…….
…and you support that???
Bruno — if you really want the economy to grow fast, increase the marginal tax rate back to what it was in 1941: 81%….with the minimum income being affected is $5M!! Check the statistics for middle class growth at that rate!!
Matti
August 27th, 2010
12:42 pm
Could the climate of fear created by Obama and the Dems have anything to do with it??
While most everyone experiences fear at some time, I think the causes are largely subjective. My personal observation on the current “climate of fear” is that is generated, perpetuated, and funded by Rupert Murdoch and his minions, his terrorist-funding partner Saudi Prince Alwaleed bin Talal, and members of the currently out-of-power political party who would say or do ANYTHING do discredit our currently-in-power, democratically elected executive and legislative officers. Obama does not scare me, but those who likely are and will cage him (the small group of people on this planet with the REAL power) and force him to do their bidding certainly do.
BTW, some people are eskeered of bunnies: http://s2.thisnext.com/media/largest_dimension/14EAEF48.jpg
Normal
August 27th, 2010
12:45 pm
HDB
August 27th, 2010
12:41 pm
HDB, Good call!
Granny Godzilla
August 27th, 2010
12:45 pm
Lil’
But democrats live in trailer parks using food stamps ‘member?
These guys are YOUR people
HDB
August 27th, 2010
12:46 pm
Lil’ Barry Bailout August 27th, 2010
12:39 pm
1) Tax policy: Why grant the wealthy a marginal tax decrease when the middle class is getting screwed. The middle class was first affected by the decrease in marginal tax rates in 1982…with a tax rate of 50% and income over $85,600 was hit! If that’s not middle class….what is?? That tax squeeze made the middle class irrelevant!!
Proof: http://www.truthandpolitics.org/top-rates.php
2) Unemployment: Why did the Republicans deny the extension of unemployment benefits to those that needed it?? In the preponderance of casess, those payment went to mortgage/rent payments……
Those two are enough!!
Santa Claus
August 27th, 2010
12:47 pm
Jay: It’s not nice to lie to your readers. My legal name is Santa Claus, and I’m a full-time volunteer advocate for millions of vulnerable children. Visit TheSantaClausFoundation dot org and become better informed. Blessings to all, Santa Claus
HDB
August 27th, 2010
12:50 pm
Lil’ Barry Bailout August 27th, 2010
12:39 pm
To add more: Reagan did NOT index AMT (Alternate Minimum Tax)…so the middle class was caught in the trap he set!! That’s why the income level for the greatest marginal tax rate was $85,600!!!
Bruno
August 27th, 2010
12:53 pm
Matti–Per your 12:23, there’s no doubt in my mind that the War On Drugs has been a complete failure in every regard, not only economically but also in terms of foreign relations.
“My personal observation on the current “climate of fear” is that is generated, perpetuated, and funded by Rupert Murdoch and his minions, his terrorist-funding partner Saudi Prince Alwaleed bin Talal, and members of the currently out-of-power political party who would say or do ANYTHING do discredit our currently-in-power”
Though bloggers here seem to be influenced by the TV talking heads, heads of businesses aren’t. But they are influenced by new penalties and costs, which Obama hasn’t been shy to throw around.
“Bruno — if you really want the economy to grow fast, increase the marginal tax rate back to what it was in 1941: 81%….with the minimum income being affected is $5M!! Check the statistics for middle class growth at that rate!!”
We’ll just have to agree to disagree, HDB. Socking ti to the rich, however attractive, has never worked. Even JFK saw the folly of that.
@@
August 27th, 2010
12:53 pm
Paul:
Well, everybody and their brother has enhanced the recipe with their own herbs and spices. Let’s see…
Without pushing my way into everyone’s kitchen, the Civil Defense definition salts it up with this:
Any explosive, incendiary, poison gas, bomb, grenade, or rocket having a propellant charge of more than four ounces. Prosecutions for possession of, include:
pipe bombs, shoe bombs, cactus needles coated with botulin toxin.
Cactus needles? Why not sewing needles…pine needles…thorns from the WH’s rose bush garden?
I’m just methin’ wit’cha, Paul. I will say, I’m a firm believer in simplifiy, simplify, simplify. Less opportunity for mistakes and political shenanigans.
Bruno
August 27th, 2010
12:56 pm
Out for a while……
Granny Godzilla
August 27th, 2010
12:57 pm
Good Little Liberal
Soros? OMG!!!
Scaife…
Olin…
Coors…
David Koch….
Charles Koch….
Bet you never heard of them either. Fox watcher I’d guess.
@@
August 27th, 2010
12:57 pm
Whooaaaaa, should’a left out the bush. Rose garden! Make that ROSE GARDEN. Wouldn’t want jay’s left-wingers seeing RED.
Mick
August 27th, 2010
12:57 pm
kayaker
I think you are a bit wet with some of those stats, I’m pretty sure the estate tax does not start at one million and that it is an urban myth about farmers being forced to sell by it. Also, less than 2% of small business will be affected by going back to the previous tax rates. Anyhow, that tax rate sure didn’t slow down the 90’s did it?
@@
August 27th, 2010
1:01 pm
Bernanke says recovery softer
So does that mean there’ll be a delay in scroooooing us?
Shame
on
ME!!!!!!!!!!!!!!!!
Granny Godzilla
August 27th, 2010
1:01 pm
Good Little Liberal
But they are OK borrowing from China for tax cuts for folks with lots more than you.
More of that trickle down nonsense.
You may want to be a serf, but not me.
Granny Godzilla
August 27th, 2010
1:02 pm
GLL
Need we show the Bush and Bandar picture again?
Oh that’s right you probably don’t who that is either.
Jackie
August 27th, 2010
1:02 pm
The economy is poised for a robust recovery if the Senate will remove the block on the bill to put make more money available to small business.
The lubrication of our economic system is money. Without money available to small business to hire workers to produce/market their products, the demand will continue to falter because there is very little disposable income in most households.
It makes one wonder if this squeeze is not a cynical Repub ploy to get elected in November.
@@
August 27th, 2010
1:03 pm
Soros? Talk about a HEDGEHOG!!!!!!!!!!!
Granny Godzilla
August 27th, 2010
1:04 pm
GLL
Know any history of the Koch Brothers and their family?
OOPs….again probably not.
andygrd
August 27th, 2010
1:04 pm
WHINE WHINE WHINE… That is all you liberals can do. Workers wages have decreased over 40 years…. Written by a union guy..” UAW 1981, AFL-CIO “… Typical union crap and liberal mis-information.
Our company is hiring, only problem, we can’t find qualified individuals…. And we are paying a very good salary with benefits… for example, my company pays for my medical, I do have to pay for my wife’s medical, and that is fair. We just hired a Republican and paid a six figure salary. We tend not to hire “Democrats”, they have poor work ethics and really are not qualified. They think they are, and they want a large salary, but they really are not…… And you can tell who the Democrats are in the interview process… Normal first question is, how much time do I get off?
We don’t even talk to union people…. They want too much and they don’t perform….. If we have to use a union group, we add 50% for their lack of efficiency. They spend more time talking to the shop steward than working… At one time, unions were very good and they performed a great service to the American worker… now you have to protect the union workers because so many are lazy.
We live within our means, have a great credit score, and very little debt. I work 50 -60 hours a week, but I signed up for that, and it has paid off…….
Liberals keep whining about who makes the money.. well, who does the work… sure is not you whining liberals…. You work your 8 hours,,, more like 5.5 or 6, go home, have a beer or two, watch “The Real Housewives of Atlanta” and go to bed…. You do like to read books, if they have pictures…
And you liberals in Academia, sip your wine and talk bad about conservatives… my question to you… HAVE YOU EVER HAD A REAL JOB? Toughest decision you make is “shall I have red or white”, and most to of the time white…….
You liberal whiners want everyone to be equal,, well work for it and you will get what we conservatives have….. we earn what we have… we don’t need handouts……
Granny Godzilla
August 27th, 2010
1:05 pm
Jackie
I think it’s part of the plan to obstruct.
Foe them the Party and the power is far more important than the people
Matti
August 27th, 2010
1:05 pm
GLL aka NIF,
Dude, you don’t REALLY want me to post about 800 links here to pictures of your sainted Bush boy holding hands with the Prince of the nation whose citizens attacked us on 9/11, do you? Or KISSING HIS FACE? Or bowing to foreign heads of state? Or discuss the intricate maze of Bush-Bin Laden family connections? Cuz you know I can. Don’t insult the good people here any more than you usually do.
They’re not stooooooooopid!
Southern Comfort
August 27th, 2010
1:06 pm
Jackie
It all boils down to politics.
stands for decibels
August 27th, 2010
1:08 pm
Also, less than 2% of small business will be affected by going back to the previous tax rates.
An awful lot of people who really ought to know better, I think, hear some variant of “this will hurt small businesses!” and “incomes above $250K” and believe that any small business doing more than $250K in gross sales will be socked with some Brand New Super-Socialist Tax That’s Higher than Evah.
Jackie
August 27th, 2010
1:09 pm
@Good little liberal
Do you have a printing press in your basement? If not, it is obvious the credit clout that anyone other than the US government has with China is sorely lacking.
In answer to your question, money (the medium of exchange for goods and services) must come from a source that can supply enough to stimulate economic activity.
Some People are stupid
August 27th, 2010
1:09 pm
Good Little Liberal-
So let me get this straight, you think all economic problems are because of democrats…just for clarity?
stands for decibels
August 27th, 2010
1:09 pm
And “good little liberal,” I have to ask–do you expect people to reply civilly to you with a screen name like that?
Really?
Normal
August 27th, 2010
1:09 pm
Good Little Liberal is beginning to sound a lot like LA…know what I meand, Verne
HDB
August 27th, 2010
1:09 pm
Good little liberal August 27th, 2010
12:54 pm
“Do you have any problem with Obama being supported by one of the world’s leading crooks?”
Most of the CROOKS (if you want to go there) were primarily supporters of the GOP….Ken Lay(Enron), Bernard Ebbers (WorldCom), Bernie Madoff….Washington Mutual, Lehman Brothers……..
“They didn’t want yet more money to be borrowed from China ”
Who started the borrowing spree?? Wasn’t Obama!! Plus….since the stimulus hasn’t been spent, when it’s needed to spur the economy more, all that has to be done is the allocation!! Republicans would’ve continued to say NO if Obama had to go back to Congress for additional stimulus spending! Better to keep what isn’t spent in reserve!!
“The problem with a blog is that all that crap you hear from the mainstream media can be instantly proven misleading.”
Including FOX News…the greatest purveyor of misinformation yet!! If one compares multiple media sources, the truth can be determined!! Those who primarily listen to FOX are myopic to only one viewpoint…and many times, they vote against their own best interest!!
Bruno August 27th, 2010
12:53 pm
The marginal tax rate didn’t drop under 90% until 1964…and the minimum income affected was $200K….if we go back to the rates of 1941, watch the middle class expand!! THAT’S what is needed!! If the middle class becomes extinct, watch how much MORE screaming would happen(…people crying about 50% who don’t pay taxes…..small business gets screwed again……etc!). As if we’re not getting that already!!
Granny Godzilla
August 27th, 2010
1:10 pm
GLL
Yes, dear….you are a serf.
And the GOP is your Fuedal Lord.
But hey, it’s your life.
ken
August 27th, 2010
1:10 pm
The new taxes next year will fix everything. With less money I can buy more and create more jobs for working people ????????/
Not, no new car, no home improvement, no vacation, no movies, no tips!!!!!!!!!!!!!!!!!!
Tax the snot out of us and you have total control !!!!!!!!
Jackie
August 27th, 2010
1:11 pm
@Granny
Yes, it is and it is workable because of those that ascribe to the concepts put forth by these unscrupulous politicians knowing their electorate will support any untruth they put forth without understanding the concepts behind maintaining economic viability.
Granny Godzilla
August 27th, 2010
1:12 pm
GLL
Go for it….but be brave about it and show us how democrats have done versus republicans for say the last 50 or 100 years…..
GOP screws the economic pooch every time they get their hands on power.
and again we have to clean up YOUR mess.
Jackie
August 27th, 2010
1:12 pm
@Southern Comfort
Not only is it politics, it is cynical and destructive politics with a “win at all costs” mentality at the core.
Jackie
August 27th, 2010
1:14 pm
@Good little liberal
Your approval of my response to your question indicates that you are countermanding your own argument.
Granny Godzilla
August 27th, 2010
1:14 pm
GLL
Free? as in unencumbered?
Oops…I keep forgetting
Granny Godzilla
August 27th, 2010
1:16 pm
GLL
you have just lost the debate.
Please change your name another time and start over.
too funny.
getalife
August 27th, 2010
1:18 pm
Still teetering on collapse as the cons fight every move to save it for political gain.
Yeah, they deserve to lose but if they win the house, they will have to work with Obama like Clinton.
Americans are “simple minded”.
Jackie
August 27th, 2010
1:18 pm
@Good little liberal
Huh????
Point out the area of my confusion.
HDB
August 27th, 2010
1:19 pm
andygrd August 27th, 2010
1:04 pm
“they have poor work ethics and really are not qualified”
Methinks your statement is a bit BROAD…many progressives didn’t have a silver spoon….all they wanted was the opportunity to work, become educated, and support their families!! To be honest, I’m HAPPIER when I’m working…and miserable when I’m NOT!! (I AM a progressive!) No one gave me anything….but the opportunity! That’s what I’m hoping for for EVERYONE in the nation!! Not everyone has been given that chance, though! Some because of race, some because of religion!! Business has depressed the wage scale by bringing undocumented aliens into the US….and now people are railing against that!! For me, the main thing is that I wanted to be treated equally to my counterparts and receive equal consideration! That didn’t happen for me…and many like me…until 1964!!
Southern Comfort
August 27th, 2010
1:19 pm
Jackie
Then they cry about our country being destroyed.
Southern Comfort
August 27th, 2010
1:21 pm
HDB
I didn’t even think that post deserved a response. Talk about painting with a wide brush…
See y’all later. The conversation is doing the clockwise circle in the porcelain bowl once again…
Some People are stupid
August 27th, 2010
1:21 pm
Good Little Liberal-
I am actually waiting on you topost those graphs of democratic vs republican control of congress and the state of the economy..
Why not also show the deficit, national debt
Mick
August 27th, 2010
1:21 pm
andygrd
August 27th, 2010
1:04 pm
Hey, I think you just about covered every cliche and idiotic assertion attributed to libruls, as if it were some great monolithic structure. I mean really, get a clue…
Matti
August 27th, 2010
1:22 pm
You can’t discuss or debate with someone whose only purpose in his day (probably his life) is to spread his nasty disposition to others.
As with all angry, impotent little pests, the best thing to do is simply block the number.
Jackie
August 27th, 2010
1:22 pm
@Southern Comfort
It seems obvious to me, many of those that vehemently oppose the efforts of the government to get our economic engine going again do not understand what it takes to overhaul the engine. It is like we had a blown engine in our vehicle and they are worried about the size of the tires.
@@
August 27th, 2010
1:23 pm
I know it’s Karl, but hey….
By overselling the stimulus before its passage in 2009 and exaggerating its benefits with layer upon layer of slippery half-truths in 2010, Mr. Obama has made voters angrier. This is not America’s summer of recovery; it is a summer of economic discontent that will ensure that Democrats take a pounding in the midterm elections.
just another instance of President Obama shooting off at the mouth before his brain is engaged. We kinda expect it from Joe, but I thought Obama was smarter.
I was wrong!
larry
August 27th, 2010
1:24 pm
andygrd August 27th, 2010
1:04 pm
So you have to pass a political litmus test before your company can hire people? No wonder your company still has positions available.They probably has a religious litmous test as well. And an age litmus test , a national orgin litmus test, a gender litmus test, etc. etc.
Jackie
August 27th, 2010
1:24 pm
@Good little liberal
Please try to understand this concept; the government owns the printing press, therefore they can never go broke, even though the accounting that is done for the “money” generated is in deficit.
Southern Comfort
August 27th, 2010
1:24 pm
Jackie
If you don’t mind, I’d like to borrow that 1:22 analogy. That’s perfect!!!
Some People are stupid
August 27th, 2010
1:24 pm
Good Little Liberal-
What do you think will fix the economy..key word is you?
RW-(the original)
August 27th, 2010
1:25 pm
but I thought Obama was smarter.
He’s the one that picked Joe if that tells you anything.
HDB
August 27th, 2010
1:26 pm
Good little liberal August 27th, 2010
1:13 pm
“Granny Godzilla
So you really want to talk about the parts that the democrats have played in America during the past 10o years. Can we start with the democrats starting up the KKK? How about public hangings of Black men for looking at white women.”
GLL – Do you want to talk about when the Dixiecrats came to the GOP in 1964 and brought the racist paradigm with them? Do you want to talk about the FOUNDING of the GOP by both black and white people…..and show the mingration into the virtually “all white party”? Do you want to talk about the Nixonian “Southern Strategy”, marginalizing the southern black vote to create a monolithic Republican voting bloc? Do you want to talk about Ronald Reagan’s support of segregation in 1980? Do you want to talk about Reagan/Jesse Helms/John McCain’s non-support of the MLK Holiday? Do you want to talk about the Republicans not funding the settlement for the Department of Agriculture with the black farmers? Do you want to talk about legalized racial profiling allowed by SB 1070??
I can give you more instances…….both sides have their issues…but the GOP has the more recent!
Colin Powell: “I didn’t leave the party; the party left ME!”
Granny Godzilla
August 27th, 2010
1:27 pm
GLL
No the winner gets to win.
When challenged to show the history of GOP versus Democratic
success with the economies…..you went all KKK on us.
You lost.
Face it.
Man up.
Deal with.
Put your big boy jockey pants on.