Election 2008--CLOSED

[brokebacktom]

The economy is worst than expected. No Shit!!! Boy, Bush done us in. How do WE get out of it. 


The nation's unemployment rate is at 6.5 percent, a 14-year high, and will climb higher. Employers have cut payrolls every month so far this year and more losses are expected in the months ahead.

Given all the stresses, consumers are expected to burrow further, making it likely the economy will continue to shrink through the rest of this year and into 2009, more than fulfilling a classic definition of a recession. That is, two straight quarters of contracting GDP.


http://www.huffingtonpost.com/2008/11/25/economys-tumble-even-wors_n_146287.html

[Sandy]

The economy is worst than expected. No Shit!!! Boy, Bush done us in. How do WE get out of it. 


The nation's unemployment rate is at 6.5 percent, a 14-year high, and will climb higher. Employers have cut payrolls every month so far this year and more losses are expected in the months ahead.

Given all the stresses, consumers are expected to burrow further, making it likely the economy will continue to shrink through the rest of this year and into 2009, more than fulfilling a classic definition of a recession. That is, two straight quarters of contracting GDP.

http://www.huffingtonpost.com/2008/11/25/economys-tumble-even-wors_n_146287.html

I'm not sure how the situation in the second paragraph contributes to a shrinking economy. If consumers borrow more money, it is generally to buy something. And if they buy something, that is a stimulus to the economy. As Paul Krugman recently observed, broadly paraphrasing St. Augustine, "Lord, make me thrifty, but not yet." From the point of view of a bank, a loan is an asset.

As to a recession, we recently saw one when the tech bubble collapsed eight years ago. This time around, it's the housing bubble. There has been a cycle of boom and bust for as long as we've had financial systems.

We get out of it by assuming that going forward, we are going to work, buy, sell and live our lives. Random attacks of panic are not going to help in any way. Take a deep breath and take a longer view. Educating ourselves about these matters is a good start. There are some good books on the market by recent Nobel laureate Paul Krugman and Harvard professor Niall Ferguson.

[Ellen (tellyouwhat)]

^^^^In all fairness, Sandy, even Krugman believes this situation is worse than any most of us have seen before (presuming nobody here experienced the Great Depression).


The housing bubble is tied to the loose mortgage lending bubble, but worse than both of those things (and harder to fix) is the problem with jobs.  Too many going off-shore, too many rounds of lay-offs, and eventually there will be foreclosures.

All exacerbated by the fast and loose policies of the Bush Administration, and blessed by Alan Greenspan.

It's true, somehow the sun keeps rising every morning, but a lot of people are hurting, especially with job losses.  Paul Krugman has written, recently, that a lot of hurt can happen between now and January 20.

So where is the hope?

Krugman has answers as well, so I agree, one way to feel better about this situation is to read Paul Krugman, because he suggests alternatives to what is actually happening.

[BayCityJohn]

off topic but good news

Florida ban on gay adoptions ruled unconstitutional

A Miami-Dade circuit judge Tuesday declared Florida's 30-year-old ban on gay adoption unconstitutional, allowing a North Miami man to adopt two foster kids he has raised since 2004.

In a 53-page order that sets the stage for what could become a constitutional showdown, Circuit Judge Cindy Lederman permitted 47-year-old Frank Gill to adopt the 4- and 8-year-old boys he and his partner have raised since just before Christmas four years ago. A child abuse investigator had asked Gill to care for the boys temporarily; they were never able to return to their birth parents.

''This is the forum where we try to heal children, find permanent families for them so they can get another chance at what every child should know and feel from birth, and go on to lead productive lives,'' Lederman said in court before releasing the order. ``We pray for them to thrive, but that is a word we rarely hear in dependency court.''

''These children are thriving; it is uncontroverted,'' the judge added.

http://www.miamiherald.com/459/story/786605.html

[brokebacktom]

More $$ for bailout. Will this end? How bad is it out there? Boy, what a mess those so-called freemarketers left the world in.



http://www.huffingtonpost.com/2008/11/25/economic-bailout-roundup_n_146370.html

[Sandy]

Chicken Little was not particularly adept at economic policy.

[Lyle (Mooska)]

Given all the stresses, consumers are expected to burrow further, making it likely the economy will continue to shrink through the rest of this year.

I'm not sure how the situation in the second paragraph contributes to a shrinking economy. If consumers borrow more money, it is generally to buy something. And if they buy something, that is a stimulus to the economy.

Sandy, I think that consumers are expected to "burrow" means they are
not going to spend money.  Like to burrow in the ground and not come out
for awhile.  It wasn't a mis-spelling!

[Rosewood]

Just saw on a CNN crawl that John Brennan has taken his name out
of running for any CIA position.

So see?
We worried for nothing.

[Ellen (tellyouwhat)]

Given all the stresses, consumers are expected to burrow further, making it likely the economy will continue to shrink through the rest of this year.

I'm not sure how the situation in the second paragraph contributes to a shrinking economy. If consumers borrow more money, it is generally to buy something. And if they buy something, that is a stimulus to the economy.

Sandy, I think that consumers are expected to "burrow" means they are
not going to spend money.  Like to burrow in the ground and not come out
for awhile.  It wasn't a mis-spelling!

Good detective work Lyle -- I read "burrow" and couldn't figure out how that led to Sandy's remarks.   

[BayCityJohn]

Off topic again, but MORE GOOD NEWS

Ann Coulter may be completely silenced, at least for a while.

If the New York Post's Page Six report is true, Coulter broke her jaw and her mouth is wired shut:

http://www.huffingtonpost.com/2008/11/25/ann-coulters-jaw-wired-sh_n_146248.html

http://www.nypost.com/seven/11252008/gossip/pagesix/we_hear_______we_hear_140601.htm

[Lyle (Mooska)]

It's true, somehow the sun keeps rising every morning, but a lot of people are hurting, especially with job losses. 

Tell me about it.  I lost my job in January.  I have only had some
temp jobs most of the year.  Unemployment is now gone.  Savings
are about gone.  Ugh.  I've had to wear old contact lenses and not
gone to the dentist to fix a slight tooth problem.  Not to mention other
things, so I won't.

"Hope" is a real thing that people need.

[Lyle (Mooska)]

A line from an old movie I watched recently:

Woman:  "How are you today?"

Man:  "Let's not get morbid."


The Los Angeles news reports that last year's writer's strike
cost Los Angeles county two billion dollars last year/this year,
and may very well have contributed to the place I worked at closing
down.  And now the Screen Actor's Guild is calling for a strike
authorization which, if agreed to, could go into effect about
inauguration day.

Not only would the actors not be working, they are warning that
dozens of restaurants that SAG members have second (really first--lol!)
jobs at would CLOSE because of the current state of things.  So, many
SAG members, if voting for a strike, could actually close down their other
jobs they have.

[Lyle (Mooska)]

As Lucy Ricardo said:

"When I get to feelin' a little better, I'm gonna kill myself!"

[Ellen (tellyouwhat)]

Off topic again, but MORE GOOD NEWS

Ann Coulter may be completely silenced, at least for a while.

If the New York Post's Page Six report is true, Coulter broke her jaw and her mouth is wired shut:

http://www.huffingtonpost.com/2008/11/25/ann-coulters-jaw-wired-sh_n_146248.html

http://www.nypost.com/seven/11252008/gossip/pagesix/we_hear_______we_hear_140601.htm

But can she type? 

[brokebacktom]

A line from an old movie I watched recently:

Woman:  "How are you today?"

Man:  "Let's not get morbid."


The Los Angeles news reports that last year's writer's strike
cost Los Angeles county two billion dollars last year/this year,
and may very well have contributed to the place I worked at closing
down.  And now the Screen Actor's Guild is calling for a strike
authorization which, if agreed to, could go into effect about
inauguration day.

Not only would the actors not be working, they are warning that
dozens of restaurants that SAG members have second (really first--lol!)
jobs at would CLOSE because of the current state of things.  So, many
SAG members, if voting for a strike, could actually close down their other
jobs they have.

It will hurt Hollywood if they go on strike. People will stop going to the movies. This is a bad idea. This is STUPID!!!