CBS MarketWatch Writer: It's a Depression, Not a Recession

And therefore -- he doesn't say this; this is the implication of it, as I read it -- Barack Obama didn't "save" us from any damn thing.

The Great Depression that Federal Reserve Chairman Ben Bernanke claims to have averted has been part of the background radiation of our economy since at least 2008.

It’s just that like radiation — it’s invisible.

We’ve called it the recovery, the jobless recovery, the slogging recovery and more recently the fading recovery. We’ve measured modest growth in our nation’s gross domestic product to record that our so-called Great Recession ended in June 2009. And now we are saying that if this disappointing growth suddenly disappears, as currently feared, we will be in a new recession.

There is nothing more depressing than hearing about a new recession when you haven’t fully recovered from the last one. I take heart in suspecting that in a still-distant future, historians will look back with clarity and call this whole rotten period a depression.

The precise definition of a depression, of course, remains as debatable as anything else in the field of economics. By some definitions, it is a long-term slump in economic activity, often characterized by unusually high unemployment, a banking crisis, a sovereign-debt crisis, surprising bankruptcies and other horrible symptoms we can find in the headlines almost every day.

It is easy to avoid seeing all of these events as constituting a depression if you somehow have kept your livelihood intact all this time. But it’s important to remember that not everyone has to stand in a bread line during a depression.

And then he lists the grim tidings that are easily seen by anyone with the eyes brave enough to look.

Some more on this: Other countries have gone through what we're going through now. Most famously Japan, with its "lost decade," a recession (or depression) severe enough to penetrate the popular imagination in far-away America and instantly end the "Red Sun Rising" fears Japan instilled in us just two or three years before.

Among the counties that have suffered a similar crisis: All of them recovered more strongly than the US is recovering now.

Now, Japan's crash and Lost Decade was an event of such magnitude that it (I hope I am not overstating) changed the trajectory of the country for the next half century, and not for the better. And we're doing worse than that.

This is the worst "recovery" by any nation since 1970, and it could be partly due to a category error: We're not recovering from a recession, we're still in the depths of a depression.

The ISM index of manufacturing activity showed a contraction for the second straight month, and the ADP jobs report shows another month of bare-bones employment.

The Fed understatedly notes that the "recovery" has "decelerated somewhat," much as a human body falling from a skyscraper's balcony might "decelerate somewhat" at street level.

Fed officials described the economy as having "decelerated somewhat,'' and reiterated their disappointment with the slow pace of progress in bringing down the nation's 8.2 percent jobless rate.

Ever notice how people flee to the clinical comfort of bloodless language when they're forced to speak of bloody things?

Here's a quote by Megan McArdle that has stuck with me since I read it soon after the beginning of the crisis (and have referred to it several times since then).

I don't want to push the Great Depression analogy too far, but what's surprising when you go back to primary sources from 1930 is the optimism. I don't mean to imply that everyone thinks things are just swell. But while you know that they are facing the worst economic decade of the twentieth century, they don't. They're expecting something more like the recession that followed World War I. People are cutting back, but they're still spending, particularly because companies are slashing prices to move inventory. It was the long grind of the years that followed, and the catastrophe of the second banking crisis, that scarred them permanently.

Depressions are so noted retroactively. Only after 8 or 10 (or more) years of persistently high unemployment, "recoveries" without recovery, false hope and new set-backs do people start to realize "This might actually be a depression."

The line of demarcation, as I understand it, between a depression and a recession is only this: You don't recover quickly from a depression, as you do from a recession. Thus, you really can't know you're in a depression until you fail, and fail, and fail some more at recovery.

And none of this, of course, excuses Barack Obama for his failures. His supporters might argue (were they honest enough to admit his failure) that given the situation, it was easy for him to miss the signs that this was a serious, possibly nearly permanent, wound to the economy.

Well, it might have been easy. But it's always easy to fail. It's harder to be successful than to fail, which is why we have -- at least previously -- rewarded success, so that people might have an incentive to attempt that which is difficult, rather than accepting the default, easy path of failure.

We didn't elect him to fail, whether it's easy to fail or not.

Every failure comes with a bodyguard of a thousand excuses or justifications. But, at least previously in our history, we have insisted on the hard success over the easy excuse for failure.

I sincerely pray we do not further reward this miserable failure for his incompetence. It would be the death of us.

And no post about the economy would be complete without something "unexpectedly" happening. Bloomberg obliges.

U.S. Manufacturing Unexpectedly Shrinks for Second Month

Yes, unexpectedly. We're all stunned.

And what does the press want to talk about?


Thanks to @johnekdahl for the MarketWatch tip and to Jammie Wearing Fool for the "unexpected" turn of events. And of course @championcapua and @rexharrisonshat for the videos (in anti-respective order).

Posted by: Ace at 03:42 PM



Comments

1

Italics are chic.

Posted by: depressed for the unemployed at August 01, 2012 03:33 PM (HOOye)

2 This post is kind of boring.

Posted by: Kevin at August 01, 2012 03:36 PM (ufexm)

3 Dirty Italicans. They put their slant on everything.

Posted by: RoyalOil at August 01, 2012 03:43 PM (imtbm)

4 Is the weakest recovery Obama's biggest gaffe?

Posted by: interested at August 01, 2012 03:46 PM (1G9N7)

5 I'll tumble for ya.

Posted by: Boy George at August 01, 2012 03:46 PM (vjyZP)

6 Obama saved us from a recovery.

Posted by: garrett at August 01, 2012 03:47 PM (2TOuZ)

7 I'll know I'll get pilloried for this statement. Obama didn't cause the current Depression, he was part of it, he made it worse. The true cause is the Entitlement Culture. Spending money that you don't have, inflating housing prices, inflating stock prices.

Greece, Spain, Italy, France, Germany then the good ole USA will have to face it...

Posted by: The Robot Devil at August 01, 2012 03:47 PM (136wp)

8 >>>This post is kind of boring.

???

Posted by: ace at August 01, 2012 03:49 PM (115KO)

9 Boy George was a settler? Wow dude.

Posted by: Killerdog at August 01, 2012 03:50 PM (4FNd/)

10 Barack Obama: The Fuckening.

Posted by: © Sponge at August 01, 2012 03:50 PM (UK9cE)

11 Like the depression of the 30s, the one we are in now started as a typical recession. Then FDR type policies turned it into a depression. Proving once again that socialist policies of commie Democrats are absolute anathema to the economy.


We will continue in this miserable economy until we get Obama out of office and then it will still take a while to reverse his shit.

Posted by: Vic at August 01, 2012 03:51 PM (YdQQY)

12 ...and now for some (first) Depression-era optimism:

http://www.youtube.com/watch?v=UJOjTNuuEVw

Ginger Rogers will make you feel better...

Posted by: The Political Hat at August 01, 2012 03:52 PM (XvHmy)

13 We will continue in this miserable economy until we get Obama out of office and then it will still take a while to reverse his shit.
Posted by: Vic at August 01, 2012 03:51 PM (YdQQY)

Or we get into a major world war and kick some ass...

Posted by: The Robot Devil at August 01, 2012 03:52 PM (136wp)

14 Yes, unexpectedly. It's a real shocker. I haven't been this stunned
since I learned that Boy George intended to never take a wife. I had
always seen him as the Patriarch type, livin' off the land, siring a
great and wild-hearted brood of pioneers and horse-breakers.

It was the beard, ace. He fooled us with that damn 3-day-fuzz beard.

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 03:52 PM (RD7QR)

15 Thanks a lot Obama, you stupid fuck.

Posted by: The Duke of East Dallas at August 01, 2012 03:52 PM (KHo8t)

16 He is absolutely correct. We are in a depression, TARP did nothing to save us, the "stimulus" made things worse, and we'll never climb out with this leftist radical in power.

Posted by: Christopher Taylor at August 01, 2012 03:52 PM (r4wIV)

17 Well, this is all very, uh, unexpected. I mean, Barack Hussein Obama, mmmm, mmmm, mmmm, was supposed to save us all! He was our hero, our saviour, our Messiah, wasn't he? Wasn't he?

Posted by: The MFM at August 01, 2012 03:53 PM (v+QvA)

18 I'm still waiting for my THANK YOU.

Posted by: Barky O'Bumble at August 01, 2012 03:53 PM (UK9cE)

19 In case it hasn't been mentioned, Barack Obama is a stuttering clusterfuck of a miserable failure

Posted by: The Q at August 01, 2012 03:53 PM (B/yDO)

20 Oh, and if it's it a depression the MSM will be sure to inform us that it was Republicans that were responsible for it. Got to keep the Hoover myth going.

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 03:53 PM (RD7QR)

21 We’ve measured modest growth in our nation’s gross domestic product to
record that our so-called Great Recession ended in June 2009.


LOL. We've measured contraction, but just ignored it and pretended that it was Constitutionally eligible growth ... because some feral government gangs submitted jpegs showing "growth".

Feral Government DEFICIT 2009-2011: $4 trillion++
Alleged JPEG of "Growth" 2009-2011 (in absoute dollars): $1.2 trillion ... almost

And this doesn't even take into account the TRILLIONS pumped into the system by the Fed, the goosing of real estate prices by the lowest interest rates in about all of recorded history (true in Europe where we actually have some Eurotrash shitholes issuing debt at NEGATIVE interest rates ... ROFLMAO).

Anyone who accepts jpegs of economic growth that are clearly fraudulent and have photo-shopped the deficit spending used to buy that "growth" is clearly unqualified to even talk about economics. That would include just about every talking head over the past 3 years. Ron Paul, too. All of them.

Posted by: ThePrimordialOrderedPair at August 01, 2012 03:54 PM (X3lox)

22 This is the worst "recovery" by any nation since 1970, and it could be partly due to a category error: We're not recovering from a recession, we're still in the depths of a depression.

Hey, at least we got socialized medicine out of the deal.

Posted by: Cicero at August 01, 2012 03:54 PM (QKKT0)

23 You have learned well, Obama. Now, let go the power of your hatred! Give in to your anger!

Posted by: Darth FDR at August 01, 2012 03:54 PM (v+QvA)

24 Shit...

I remember when my brother and I first saw the Culture Club--we got into a fight about whether or not the lead singer was a -

dude or ugly chick.

Posted by: tasker at August 01, 2012 03:54 PM (r2PLg)

25 If you re-elect me I promise not to ever blame Bush again. And I'll only put the tip in....

Posted by: Preznit Choom at August 01, 2012 03:54 PM (UOM48)

26 On the bright side, though, we allowed the sanctity of contracts to be killed in the process. That's gotta be worth something.

Posted by: ThePrimordialOrderedPair at August 01, 2012 03:55 PM (X3lox)

27 This was up in the woods in Canada so...

we were all--

"What the hell is that?"

Posted by: tasker at August 01, 2012 03:55 PM (r2PLg)

28 Could we not give obumbles a reverse enema, I know he is already full of shit but I am sure more would fit.

Posted by: Killerdog at August 01, 2012 03:55 PM (4FNd/)

29
I never gave a lot of credence to the notion of the govt cooking the econ data..too much.

But after last week's dubious GDP report, I'm thinking something stinks in Denmark.

There's a phony jobs report coming on Friday and the UE rate will probably tick down a couple of tenths. And I suspect we will not see another uptick in UE until December.

Posted by: Soothsayer at August 01, 2012 03:55 PM (G/zuv)

30 I'm pretty fucking depressed. My nation is in decline, the President of the United States is a marxist muslim sympathizer, roughly half my fellow voting Americans are MIND-NUMBINGLY STUPID, and I'm getting laid off on New Year's Eve. Fuck everything.

Posted by: Jones in CO at August 01, 2012 03:55 PM (8sCoq)

31 This comment unexpectedly has a number that is one higher than the comment above it. More on this amazing story as it develops.

Posted by: The Mega Independent at August 01, 2012 03:56 PM (5vCzi)

32 Obama saved us from a recovery.

Posted by: garrett at August 01, 2012 03:47 PM (2TOuZ)


Brilliant. Truly.

Posted by: ThePrimordialOrderedPair at August 01, 2012 03:56 PM (X3lox)

33 This site sure has become depressing since Ace returned. Just sayin.

Posted by: SH at August 01, 2012 03:56 PM (gmeXX)

34 U.S. Manufacturing Unexpectedly Shrinks for Second Month


Well, *I* haven't been this stunned since I learned thatAnderson Cooper is a friend of Dorothy's.

Posted by: Count de Monet at August 01, 2012 03:57 PM (BAS5M)

35 30
I'm pretty fucking depressed. My nation is in decline, the President of
the United States is a marxist muslim sympathizer, roughly half my
fellow voting Americans are MIND-NUMBINGLY STUPID, and I'm getting laid
off on New Year's Eve. Fuck everything.


Posted by: Jones in CO at August 01, 2012 03:55 PM (8sCoq)

Whoa, that sucks. Hope you get back on your feet quickly, Jones!

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 03:57 PM (RD7QR)

36 I'm getting laid off on New Year's Eve. Fuck everything.
Posted by: Jones in CO at August 01, 2012 03:55 PM (8sCoq)

Sorry to hear that Jones. Any prospects for getting a job lined up after?

Posted by: Darth FDR at August 01, 2012 03:57 PM (v+QvA)

37 If they are saying it's a depression, you can be sure that that means it is really George Bush's fault. Because, you know, inheriting a recession, well, yeah, that's tough but doable. But even FDR couldn't lick a Depression in 4 terms without having a whole world conflagration going on.

Posted by: Golan Globus at August 01, 2012 03:57 PM (/1U3u)

38 TARP didn't work, Ace.

Just come out and say it.


Posted by: weft cut-loop at August 01, 2012 03:57 PM (uCNam)

39 8 >>>This post is kind of boring.

???
Posted by: ace at August 01, 2012 03:49 PM (115KO)

I got it, [PIC - NSFW] Emma the hot Russian motorcyclist:

http://tinyurl.com/brcrqcu

Posted by: The Robot Devil at August 01, 2012 03:57 PM (136wp)

40 Unexpectedly!

There's that word again.

Posted by: Sean Bannion at August 01, 2012 03:58 PM (sbV1u)

41 Hey, at least we got socialized medicine out of the deal.


Posted by: Cicero at August 01, 2012 03:54 PM (QKKT0)


Here endeth the thread.

Posted by: The Mega Independent at August 01, 2012 03:58 PM (5vCzi)

42

6Obama saved us from a recovery.

Posted by: garrett at August 01, 2012 03:47 PM (2TOuZ)

----------

Perfect.
Winner winner, chicken dinner.

Posted by: The Gay Gestapo... at August 01, 2012 03:58 PM (mtRB0)

43 arack Obama didn't "save" us from any damn thing.

Any more 'saving' and we are well and truly screwed.

Posted by: t-bird at August 01, 2012 03:58 PM (FcR7P)

44 But it’s important to remember that not everyone has to stand in a bread line during a depression.
If the 45 Million Americans on Food Stamps had to stand in a bread line to pick up their food, the line would stretch, six men abreast, from New York City to Los Angeles, California.
We think things were worse in the Great Depression because we remember all of those old photographs. But we have just gotten better at hiding the poor.

Posted by: Haiku Guy at August 01, 2012 03:58 PM (vdbff)

45 Obama saved me from celibacy.

Posted by: The Chicken at August 01, 2012 03:59 PM (v+QvA)

46
42...dammit. epic sock fail.

Posted by: wheatie at August 01, 2012 03:59 PM (mtRB0)

47 Sad thing is, GM Still filed Bankruptcy, still screwed creditors and others, so with all the other money that went to bankrupt solar companies, the Obama bailout was a HUGE failure and just shows what an incompetent boob his entire administration is.

Posted by: © Sponge at August 01, 2012 03:59 PM (UK9cE)

48 You don't really want to hurt me. Other people made that happen.

Posted by: Boy George at August 01, 2012 03:59 PM (5vCzi)

49 Were you ever looking at the Poison album cover thinking man, those rocker chicks are hot!

Umm, yeah, me neither.

Posted by: Golan Globus at August 01, 2012 03:59 PM (/1U3u)

50
Always look on the bright side of life ... [whistling]

Posted by: Count de Monet at August 01, 2012 04:00 PM (BAS5M)

51 UNPRECEDENTED, UNEXPECTED AND OBVIOUSLY RACIST!!!

Posted by: Rev. Al Sharpton at August 01, 2012 04:00 PM (koMEC)

52
Wasn't Japan's Lost Decade caused, at least in part, by massive government spending?

And wasn't a big criticism of The Simulus (before it passed) that it was the worst freaking idea in the history of ever?[p]
Good times. Good times.

Posted by: Lance McCormick at August 01, 2012 04:00 PM (zgHLA)

53 As I've said before, it's a permanent regulatory recession, or depression if you like that better, and putting generating capacity off line to placate the environmental terrorists isn't going to help.

Posted by: SpongeBob Saget at August 01, 2012 04:00 PM (SDkq3)

54 Standing in a bread line had a certain stigma attached to it. While you are willing to do it to feed your family, you want to get out of it as soon as possible. FDR's policies hurt that. The war helped. And of course being the world's manufacturer helped more. Food stamps used to have a stigma attached to them too. But now they are just debit cards. There is no stigma, thus no reason to get out of today's bread line.

Posted by: SH at August 01, 2012 04:01 PM (gmeXX)

55 A recession is when your neighbor loses his job. A depression is when you lose yours. A recovery is when Barack Obama loses his. -- from Things Reagan Would Say If He Were Alive Today

Posted by: The Private Sector Is Not Fine You Stuttering P**** at August 01, 2012 04:01 PM (6cOMd)

56 There are two things which effect EVERY business.

1. The cost of Government. This the cost of doing business imposed on you by your own Government, that includes Taxes, and all the time and effort needed to do Government Paperwork, AND all the things you can't do because of Regulation.

2. Cost of Energy. EVERY business is effected by the cost of energy. If you look at economic activity there is a direct corelation with energy prices.

Obama has driven BOTH of those factors up... thus, no true economic growth (with 8% of the GDP being Government deficit spending, we have not grown since pre 2008 IMO).

Posted by: Romeo13 at August 01, 2012 04:01 PM (lZBBB)

57 U.S. Manufacturing Unexpectedly Shrinks for Second Month

In other news, man's penis unexpectedly shrinks after seeing Helen Thomas slow-suck the filling from a jelly filled donut.

Posted by: Dang at August 01, 2012 04:01 PM (Ky1+e)

58
I'm getting laid off on New Year's Eve. Fuck everything.

Posted by: Jones in CO at August 01, 2012 03:55 PM (8sCoq)



Well, if it's any consolation - FUNEMPLOYMENT!!!!!!!

And, New Years, we'll know whether we're in the shitter for the long term or we've got a republican in the house that will possibly start to correct this shit and companies should start hiring shortly thereafter.

Posted by: © Sponge at August 01, 2012 04:02 PM (UK9cE)

59 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at August 01, 2012 04:02 PM (6o4Fb)

60

I remember last Fall...Barky was complaining about Americans being "lazy".
....And how it was 'our fault' that the economy was in such bad shape.
It's always somebody else's fault.
Anything to deflect attention away from his own sabotage of the economy.

Posted by: wheatie at August 01, 2012 04:02 PM (mtRB0)

61
What, BR-html works, but p-html doesn't?Why do I keep forgetting?

Oh, yeah, because I rarely have time to comment these days. My apologies. Or not. Whatever.

Posted by: Lance McCormick at August 01, 2012 04:02 PM (zgHLA)

62 52
Wasn't Japan's Lost Decade caused, at least in part, by massive government spending?

And wasn't a big criticism of The Simulus (before it passed) that it was the worst freaking idea in the history of ever?[p]
Good times. Good times.
Posted by: Lance McCormick at August 01, 2012 04:00 PM (zgHLA)

And guess who was the financial architect for Japan's economy at that time?

Posted by: The Robot Devil at August 01, 2012 04:03 PM (136wp)

63
But it’s important to remember that not everyone has to stand in a bread line during a depression.

If the 45 Million Americans on Food Stamps had to stand in a bread
line to pick up their food, the line would stretch, six men abreast,
from New York City to Los Angeles, California.

We think things were worse in the Great Depression because we
remember all of those old photographs. But we have just gotten better at
hiding the poor.

Posted by: Haiku Guy at August 01, 2012 03:58 PM (vdbff)


No offense, but that's the worst Haiku I've ever read.

Posted by: © Sponge at August 01, 2012 04:03 PM (UK9cE)

64 Is this the flame thread? Cause if so, kiss my ass, bitches.

If not, yeah, look it that, the economy sucks.

Posted by: Golan Globus at August 01, 2012 04:03 PM (/1U3u)

65 In other news, man's penis unexpectedly shrinks after seeing Helen Thomas slow-suck the filling from a jelly filled donut.


Posted by: Dang at August 01, 2012 04:01 PM (Ky1+e)

[sobbing] Damn You! What did we ever do to you?!!??

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 04:03 PM (RD7QR)

66 Butt how does this affect Chic-Fillet

Posted by: Bill from Chappaqua at August 01, 2012 04:04 PM (8BaAK)

67 Japan's lost decade is a demographic issue as much as anything else. The one benefit of the US is that we don't have the negative demographics that most of the world has - to the environmentalists shagrin.

Posted by: SH at August 01, 2012 04:04 PM (gmeXX)

68
And guess who was the financial architect for Japan's economy at that time?

Paul Krugman-son?

Posted by: Soothsayer at August 01, 2012 04:04 PM (G/zuv)

69 I'll know I'll get pilloried for this statement. Obama didn't cause the current Depression, he was part of it, he made it worse. ...Posted by: The Robot Devil at August 01, 2012 03:47 PM (136wp)-------->>>I don't totaly disagree. However, even though he was running around in 2007 - 2008 saying, "worst economy since the Great Depression," I don't think he actually believed it and many of the economic indicators had been worse during the Carter administration. Bastard thought he could toss $1 Trillion at all his leftist wet-dream projects and take credit when the economy bounced back "just like it always does" by early 2010.Based on the fact that the Democrats were responding to the economic crisis almost precisely like the Hoover administration, I predicted in early 2009 that they were going to precipitate a depression. A Romney administration won't be the answer to all our problems but the economy is certainly not going to improve under an Obama administration.

Posted by: Retired Buckey Cop in solidarity with dagny at August 01, 2012 04:04 PM (xFgmp)

70 Posted by: Andrew Breitbart at August 01, 2012 04:03 PM (hWDqv)


Hey, who let Non Sequitur man in?

Posted by: Sean Bannion at August 01, 2012 04:05 PM (sbV1u)

71 And, yet again, ergie has jackshit. Hi ergie! They need you back at the glory hole.

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 04:05 PM (RD7QR)

72 Cost of Energy. EVERY business is effected by the cost of energy. If you
look at economic activity there is a direct corelation with energy
prices.


I don't use energy. I ride the bus.

Posted by: A Libtard, Much Smarter that You Wingnuts at August 01, 2012 04:05 PM (QKKT0)

73 The smell of roasting dog meat unexpectedly causes Obama to sport wood.

Posted by: Stark Dickflüssig at August 01, 2012 04:05 PM (z7dMO)

74 I sincerely pray we do not further reward this miserable failure for his incompetence. It would be the death of us.

It really wasn't his failure. It was a failure of the Democratic party and of the American electorate in first nominating and then electing this dangerous preening amateur.

Posted by: eleven at August 01, 2012 04:05 PM (KXm42)

75 And guess who was the financial architect for Japan's economy at that time?

*****

Geitner was doing something over thee at the time.

Posted by: tasker at August 01, 2012 04:06 PM (r2PLg)

76 I don't think their is a depression or even a recession. Me and my life long partner still receive our welfare checks and SS disability checks every month.

Posted by: Mary Clogginstein from Brattleboro, VT at August 01, 2012 04:06 PM (48wze)

77 I've spent the better part of the past 20 years of my (checkered) career in Japan-related work, and have several multi-year stints of Tokyo living under my belt, where I have worked in and consulted for a range of industries. Along the way, without indulging in either false modesty or grandiosity, I can say that I've developed a considerably strong level of Japanese-language fluency as well as a correspondingly strong degree of insight into Japanese general and corporate culture(s).
I say this as preface to a remark or two concerning the Japanese macroeconomic example and what kind of yardsticks and warning(s) it furnishes for the US. (I've been back Stateside since Fall 2010.)
At base, I have greater cause for optimism about America's capacity for achieving a true recovery, whether from a depression or from a barely-different strong recession. The small-c constitution of the American people (or at least 2008's 48 percent plus the swing bloc from that election) is mercifully free of the hidebound and dependent (often fatalistic)qualities so distressingly evident amongst an overwhelming majority of Japanese (however well-meaning many of those Japanese may be). Coupled with the big-C Constitutional system the US is blessed with, this truly grassroots-level and multifaceted confluence of wisdom and willpower is extraordinary and indeed exceptional-- when untrammelled by envy-driven and clientelisticdemagoguery, that is.

Posted by: RamonAllones at August 01, 2012 04:06 PM (3lLli)

78 OT:
http://youtu.be/h1delTo3BAU
Dallas Cowboys owner Jerry Jones is an honorary Moron. He's out of touch with what the phrase means in modern days, but here he starts demanding, "I want me some glory hole!"

Posted by: Z Ryan at August 01, 2012 04:06 PM (tsC/8)

79
Geitner was doing something over there at the time.

Averting U.S. taxes?

Posted by: Soothsayer at August 01, 2012 04:07 PM (G/zuv)

80 Posted by: weft cut-loop at August 01, 2012 03:57 PM (uCNam)

whats really sad is that TARP, as it was sold to us before passage, may have actualy helped.

It was intended to buy up toxic mortgages, so the Government could unwind those mortgages... writing them down... but instead was used to just give funds to the big banks, which then used those funds to buy up smaller banks.

Soooo... end result? There are still a lot of houses that should have been either foreclosed on, or refinanced, sitting in bank inventories, and the supply demand mechanism is still not fixed itself in the housing industry.

Posted by: Romeo13 at August 01, 2012 04:07 PM (lZBBB)

81 Posted by: Andrew Breitbart at August 01, 2012 04:03 PM (hWDqv)

DIAF, fuckwad.

Posted by: Not Me at August 01, 2012 04:07 PM (ggRof)

82 "Japan's lost decade"

Since when was 23 years "a decade"?

Nikkei Dec 1989: 39,500
Nikkei Aug 2012: 8,650

Brought to you by your Long-Term Japanese Investor Service.


Salt to the wound: Our asinine monetary policy of "The Twist" was proposed and defended on the idea that Japan had done it with great success. No joke.

Posted by: ThePrimordialOrderedPair at August 01, 2012 04:07 PM (X3lox)

83 The one benefit of the US is that we don't have the negative demographics that most of the world has - to the environmentalists shagrin.

Chagrin. For the grammar Nazi in me.

And as for demographic heat death, much of the birth rate in the US comes from immigrants. And they don't bother coming over here so much any more.

Posted by: Golan Globus at August 01, 2012 04:07 PM (/1U3u)

84 I would argue that President Obama turned the recession into a depression. And even if he did not through the idiotic policies he pushed and signed on to as president, he was part of it as congress.

Posted by: Christopher Taylor at August 01, 2012 04:07 PM (r4wIV)

85 Heh. Ergie stops by to remind us to pay no attention to the Retard-in-Chief behind the curtain.

Posted by: Cicero at August 01, 2012 04:07 PM (QKKT0)

86 It is a depression. Record numbers on food stamps. Not a depression if you have a cushy government job.

Posted by: CharlieGFLA at August 01, 2012 04:07 PM (KeCfz)

87 And people are still blaming Bush

Posted by: CharlieGFLA at August 01, 2012 04:08 PM (KeCfz)

88 and you got the Republicans, and sad to say, a lot of Democrats, in
Congress doing everything they can to make sure the economy sucks.


I know, huh? Here the Dems controlled ALL branches of government for 2 years and they mysteriously didn't fix the problem.

Why, it's almost as if the Dems wanted this country to fail!

So since they didn't do anything when they could, we should re-elect them this time because, well, just because.

Posted by: Sean Bannion at August 01, 2012 04:08 PM (sbV1u)

89 No goat vid? WTF Ace I think the jumping kid vid should be addedto every post.

Posted by: Finn McCool at August 01, 2012 04:08 PM (R/8dI)

90 We think things were worse in the Great Depression because we remember all of those old photographs. But we have just gotten better at hiding the poor.

Well when they buy arugala at Whole Foods with their EBT/Food Stamp Express Cardand hop into their 2011 Tahoe to drive back to the $700,000 house they stopped paying the mortgage on, how are we suppose to tell?

Posted by: entropy at August 01, 2012 04:08 PM (TULs6)

91
24 Shit... I remember when my brother and I first saw the Culture Club--we got into a fight about whether or not the lead singer was a - dude or ugly chick.
Posted by: tasker at August 01, 2012 03:54 PM (r2PLg)


So which of you ended up crying in shame when you discovered that those little Hanson girls singing "Mmmbop" weren't girls?

Posted by: buzzion at August 01, 2012 04:08 PM (GULKT)

92 And Japan didn't totally down the shitter only because they had the strong US to sell to. The A.S.S. has no one strong to sell to.

Posted by: ThePrimordialOrderedPair at August 01, 2012 04:08 PM (X3lox)

93 Michael Smercommie surprised me today when he mockingly imitated the presstitutes' whining, calling it nails on a chalkboard and SNL skit-like. He even correctly identified the caterwauling as taunting, not legitimate questions, since the 'tutes knew that the Gov was not going to respond.

But then he did that sensible moderate thing of seeing the other side of the issue, and blamed Romney for the presstitutes' antics, opining that Mitt should have been more available to the idiots on his foreign trip.

Posted by: kallisto at August 01, 2012 04:08 PM (jm/9g)

94 Well when they buy arugala at Whole Foods with their
EBT/Food Stamp Express Cardand hop into their 2011 Tahoe to drive back
to the $700,000 house they stopped paying the mortgage on, how are we
suppose to tell?

Posted by: entropy

The Obama sticker on the bumper.

Posted by: Dang at August 01, 2012 04:09 PM (Ky1+e)

95 Recovery? She's not only merely dead, she's really most sincerely dead.

Posted by: BurtTC at August 01, 2012 04:09 PM (TOk1P)

96 And erg still has.........nothing.

Ergie,ergie, ergie............someday you have to get over your latent hate for people who do not look like you and stop your harmful projection.

Posted by: Mallamutt, RINO President for Life at August 01, 2012 04:09 PM (OWjjx)

97 Biggest reason this turned into a recession IMO is Obamacare and that is why the manufacturing is shrinking now after some tepid recovery. I'm not the only one who had some hopes that SCOTUS would undo that business killing POS bill.

Posted by: PaleRider at August 01, 2012 04:10 PM (dkExz)

98 Posted by: RamonAllones at August 01, 2012 04:06 PM (3lLli)

Okay, that's a useful insight. The problem I see is that a greater and greater number of Americans are becoming fatalistic, as you put it; they are surrendering their power of self-correction and self-actualization to the government. That's a dangerous, dangerous trend. The left is slowly succeeding in de-Americanizing us.

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 04:10 PM (RD7QR)

99
Why do you listen to Smerconish when you can listen so many other better radio personalities?

Posted by: Soothsayer at August 01, 2012 04:10 PM (G/zuv)

100 Wasn't Japan's Lost Decade caused, at least in part, by massive government spending?Posted by: Lance McCormick

Well, only tangentially in the 'cause.' The cause was a real-estate bubble popping. (sound familiar?)

Spending billions on make-work projects and insane amounts of infrastructure did further it but that's because the government is a syndicate of bureaucrats, construction companies, and politicians. The system didn't and will not allow for other solutions. Heck, the idea of small governance is completely foreign.

It makes for clean, clean cities and wonderful neighborhoods but at a cost of 230% GDP, well, something wicked that way goes.

Posted by: weft cut-loop at August 01, 2012 04:10 PM (uCNam)

101 And erg still has.........nothing.
Posted by: Mallamutt, RINO President for Life at August 01, 2012 04:09 PM (OWjjx)



It's almost sad, isn't it?

Posted by: Sean Bannion at August 01, 2012 04:10 PM (sbV1u)

102 Awww, damn.

That Boy George joke was a keeper.

Posted by: Andy at August 01, 2012 04:11 PM (5Rurq)

103
I used to listen to Left Wing Hate Radio a few minutes a day just to know my enemy.

Posted by: Soothsayer at August 01, 2012 04:12 PM (G/zuv)

104 I don't understand, this pales in comparison to the Gaffe machine that is Romney/Palin/Rubio/Pawleny/Christie/Rice/Portman/Jindal 2012.

Posted by: dananjcon at August 01, 2012 04:12 PM (eavT+)

105 Moochelle unexpectedly kicked me in the crotch this afternoon, good thing I had my mom jeans on cause that could have left a mark.

Posted by: Barky O'McFuckstick at August 01, 2012 04:12 PM (4FNd/)

106 I sincerely pray we do not further reward this miserable failure for his incompetence. It would be the death of us.

I was listening to a segment of the Mark Levin show (7/30), where he was talking to a college kid (politics and pre-law) who voted for Obama and was going to vote for him again. (you can go here to find his podcasts for free: http://www.marklevinshow.com/sectional.asp?id=32930)

It was remarkably sad that Mark couldn't persuade the guy with a common sense argument.

Mark held him over for 2 segments (between commercials) and asked him to list 3 things Obama has done for the country:

national security
saving GM
health care

I couldn't tell if he was indeed a brainwashed student, or really a media matters plant.

Each of those are Obama's biggest losers.

Posted by: the brainwashing of kids continues at August 01, 2012 04:12 PM (HOOye)

107 It's almost sad, isn't it?

I look forward to his mind numbing ramblings. My mother in law (Gawd bless her soul) is in the early stages of dementia. Constantly forgetting things, rambling, etc. Yet, when ergie shows up, it reminds me that no matter how the disease progresses, there will always be one person out there more confused than she.

Posted by: Mallamutt, RINO President for Life at August 01, 2012 04:13 PM (OWjjx)

108 You know what the California welfare card is called? The California Advantage Card. http://tinyurl.com/yatzs3k

So hip, smart, and what all the smart shoppers are using. And besides, it lets you take "Advantage" of your working neighbors without looking like a fucking parasite at the Wal-Mart.

Posted by: Cicero at August 01, 2012 04:13 PM (QKKT0)

109 Biggest reason this turned into a recession IMO is Obamacare and that is
why the manufacturing is shrinking now after some tepid recovery.


That is just one of many, but I don't even think it's the biggest. This future was predicted by many in 2008 (myself included, of course) because the US was at a point where it desperately needed growth and, while in a psychotic break, the idiots voted in the most anti-growth, anti-competitive, anti-law, anti-private property, anti-American person ever to run for the Precedency (and he was clearly ineligible, to boot, which people also intentionally ignored).

America voted for Suicide by Indonesian in 2008 and this is just how that had to play out. No surprise.

Posted by: ThePrimordialOrderedPair at August 01, 2012 04:13 PM (X3lox)

110 Speaking of gub-ment spin on data, how is there no inflation being reported?? My wife has been out of the country for ~6 weeks, and I have been buying all of the stuff she usually buys. I've got news: SHIT IS MORE EXPENSIVE. We're headed rapidly accelerating towards Carter-esque inflation methinks. And THAT will suck.

Posted by: Bad Siter Zoot at August 01, 2012 04:13 PM (pY5Vy)

111 Look, we just need to invest in roads and bridges. Then those roads and bridges will go get jobs and start paying taxes. See how it works?

Posted by: Ms Choksondik at August 01, 2012 04:13 PM (YOZSv)

112 Be careful Haji.



(AFP) - Gunmen shot dead a well-known comedian known for poking fun at Al-Qaeda linked Shebab insurgents in the Somali capital Mogadishu, officials and colleagues said Wednesday.

Abdi Jeylani Malaq Marshale, in his late thirties or early forties, was killed late Tuesday, minutes after leaving Kulmiye radio station, where he worked as drama producer and performer.

"Two men shot and seriously injured Marshale... the comedian was later pronounced dead," said police lieutenant Mohamed Gaal, adding that "unfortunately the assailants escaped."

The shooting of Marshale, who also worked for the London-based Universal TV station and who reported having received death threats on several occasions, is the latest in a string of apparently targeted killings against media workers.

Posted by: steevy at August 01, 2012 04:13 PM (6o4Fb)

113 Have to vent about another site I'm on. The libs keep saying it's a good and notable thing that we have 'positive growth' in GDP and job creation. They don't understand that if the economy *only* produces 10,000 new jobs in a month, that it's not a good thing. Just because x > 0 doesn't mean we have a healthy economy. Their illiteracy just gets to me sometimes. Sigh...

/rant

Posted by: Tonic Dog at August 01, 2012 04:14 PM (X/+QT)

114
is this even the real eggmcmuffin?

Posted by: Soothsayer at August 01, 2012 04:14 PM (G/zuv)

115
Who's the douche socking AB?
What a fucking tool.

Posted by: Finn McCool at August 01, 2012 04:15 PM (R/8dI)

116 >Sorry to hear that Jones. Any prospects for getting a job lined up after?

Posted by: Darth FDR at August 01, 2012 03:57 PM (v+QvA)

I'm a 54-year old HS graduate- you do the mathI'm thinking multi-state crime spree

Posted by: Jones in CO at August 01, 2012 04:15 PM (8sCoq)

117 Hopefully, ace will be so despondent that he will finally join me.Posted by: Andrew Breitbart

And somehow I'm sure there's plenty of room up your ass.

Posted by: weft cut-loop at August 01, 2012 04:15 PM (uCNam)

118 My mom drives me crazy when she washes my underwear...I like them smelly and dirty!

Posted by: ERG! at August 01, 2012 04:15 PM (koMEC)

119 117 Have to vent about another site I'm on. The libs keep saying it's a good and notable thing that we have 'positive growth' in GDP and job creation. They don't understand that if the economy *only* produces 10,000 new jobs in a month, that it's not a good thing. Just because x > 0 doesn't mean we have a healthy economy. Their illiteracy just gets to me sometimes. Sigh.../rant
Posted by: Tonic Dog at August 01, 2012 04:14 PM (X/+QT)


We done ar jobz wel.

Posted by: Publik Skoo Teechur at August 01, 2012 04:15 PM (YOZSv)

120
how would you like that career path,

being a comedian in Mogadishu?

Posted by: Soothsayer at August 01, 2012 04:16 PM (G/zuv)

121 is this even the real eggmcmuffin

It has the 2 top tells that it is the real erg...........1) the use of knucklehead, which tends to be used only by the real thing and 2) a boderline stalker obsession with Ace, which was demonstrated in its second post.

Posted by: Mallamutt, RINO President for Life at August 01, 2012 04:16 PM (OWjjx)

122 119

Who's the douche socking AB?
What a fucking tool.

Posted by: Finn McCool at August 01, 2012 04:15 PM (R/8dI)
That would be our lamest of resident trolls...erg.

Posted by: billygoat at August 01, 2012 04:16 PM (koMEC)

123 DEEP THOUGHTS by Tom Harkin

(CNSNews.com) – Sen. Tom Harkin (D-Iowa) today justified what the Catholic bishops of the United States have unanimously called an “unjust and illegal mandate” that forces Catholic business owners to provide coverage for free sterilizations, contraceptives and abortion-inducing drugs because, Harkin said, some women need birth control pills to deal with menstrual pain.

“There are many women who take birth control pills, for example, because they have terrible menstrual cramps once a month, some of them almost incapacitated, can’t work,” said Harkin. “I know of young women myself who, because of this, aren’t able to work and be productive, and it’s prescribed by their doctor.”

In an interview with CNSNews.com, Harkin at no time contested that the regulation required Catholics to act against their faith. Instead, he likened forcing a Catholic to purchase health insurance that covers sterilizations, contraceptives and abortion-inducing drugs to forcing Quakers to pay taxes to cover a war.

“It’s like a Quaker who pays income taxes,” said Harkin. “They have to pay income taxes. Quakers, as you know, have unalterably been opposed to war and military spending. Yes, some of their taxes have to go to that.”

Posted by: steevy at August 01, 2012 04:16 PM (6o4Fb)

124 He's a right-wing lunatic who only cares about
stuffing the pockets of financiers at the expense of working people Posted by: Andrew Breitbart at August 01, 2012 04:12 PM (hWDqv)



I mean, seriously dude, that's a sign you're off your meds. The only pockets Obama is stuffing these days are of those of people not working.

Aside from a focused program of assassination by drone, which your side must love because no one's bitching about it, the idea that Obama is anything approaching right-wing is a delusional fantasy clearly fueled in your mind by the ravages of tertiary syphilis and a barely suppressed drug addiction.


Posted by: Sean Bannion at August 01, 2012 04:16 PM (sbV1u)

125 98
Recovery? She's not only merely dead, she's really most sincerely dead.

Posted by: BurtTC at August 01, 2012 04:09 PM (TOk1P)


Stick a fork in her butt and see if she moves.

Posted by: Did I just say that? at August 01, 2012 04:16 PM (X/+QT)

126
22 Hey, at least we got socialized medicine out of the deal.Posted by: Cicero
You nearly made me spit.

Posted by: Z Ryan at August 01, 2012 04:17 PM (tsC/8)

127 ZAP.

Posted by: CAC at August 01, 2012 04:17 PM (RWCCo)

128 Aww, erg's back! I see Andrew Breitbart is still living in its head 24/7, rent free! Good old Andrew. Breitbart is here!

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 01, 2012 04:17 PM (4df7R)

129 Have to vent about another site I'm on. The libs
keep saying it's a good and notable thing that we have 'positive growth'
in GDP and job creation. They don't understand that if the economy
*only* produces 10,000 new jobs in a month, that it's not a good thing.
Just because x > 0 doesn't mean we have a healthy economy. Their
illiteracy just gets to me sometimes. Sigh...

/rant


Posted by: Tonic Dog at August 01, 2012 04:14 PM (X/+QT)


Just hit them with:

Annual Feral govt DEFICIT: > 8% of GDP
Annual claimed "Growth": < 2% of GDP

There has not been any actual growth, just borrowed money spent, and the multiplier on that has been fractional.

Posted by: ThePrimordialOrderedPair at August 01, 2012 04:17 PM (X3lox)

130 For what it's worth, I've also read that we were the only nation to have the Great Depression, simply because of FDR's social programs.

Is anyone else thinking that Obamacare hasn't helped any?

Posted by: shibumi at August 01, 2012 04:17 PM (z63Tr)

131 @122 The dumbass is strong with this one, he thinks he's going to get a serious reaction with that kind of shit?

Posted by: Finn McCool at August 01, 2012 04:17 PM (R/8dI)

132 Geitner was doing something over there at the time.

Averting U.S. taxes?
Posted by: Soothsayer at August 01, 2012 04:07 PM (G/zuv)

*****

Shoot--I keep misspelling Geithner.

I swear in his wiki there use to be a bit about how he did his Master's study or some damn thing in Japan.

All that is there now is--Geithner learned Japanese.

Later he is working at our embassy in Tokyo.

Posted by: tasker at August 01, 2012 04:18 PM (r2PLg)

133 When Mitt wins, then we will be in a depression.

Posted by: SH at August 01, 2012 04:18 PM (gmeXX)

134 Posted by: Soothsayer at August 01, 2012 04:10 PM (G/zuv)
___

I turned on the radio went I went home for lunch and it was set to 1210. (from the morning when the conservative host has his show). I wanted to hear Mikey's take on the subject because he is so adept at zigging and zagging in order to underscore his moderate independent cred. I also like to go on his website and vote in his polls in order to "slightly" skew the poll to the right.

He seems to be a Romney supporter, I wanted to hear how much he would stand up for his guy.

Posted by: kallisto at August 01, 2012 04:18 PM (jm/9g)

135 Good thing Mom lets me live here rent-free...WOW!!!...that makes her almost as cool as Obama!!!

Posted by: ERG! at August 01, 2012 04:18 PM (koMEC)

136 @130 the Great Depression was pretty much a worldwide festival of crap. Buncha damn progressives made it happen and stick around.

Posted by: Golan Globus at August 01, 2012 04:18 PM (/1U3u)

137 Breitbart is still living in its head 24/7, rent free! Good old Andrew. Breitbart is here! Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 01, 2012 04:17 PM

That's really the best part, isn't it? Andrew's got him so screwed up even after he's gone, that he Just. Can't. Let. Go.

Posted by: Sean Bannion at August 01, 2012 04:19 PM (sbV1u)

138 Well, in Recovery Summer III I'm depressed and *it* is recessed.

Posted by: Count de Monet at August 01, 2012 04:19 PM (BAS5M)

139 131
@122 The dumbass is strong with this one, he thinks he's going to get a serious reaction with that kind of shit?

Posted by: Finn McCool at August 01, 2012 04:17 PM (R/8dI)
erg has the market on stupid cornered.

Posted by: billygoat at August 01, 2012 04:19 PM (koMEC)

140 Posted by: Tonic Dog at August 01, 2012 04:14 PM (X/+QT)

We let in about 1 million LEGAL immigrants per year... and our population growth add another 1.5 million.... soooo..

Now job participation USED to be above 60%... so unless you are adding at LEAST 1.5 Million Jobs per year, you are falling further behind.

Posted by: Romeo13 at August 01, 2012 04:20 PM (lZBBB)

141 FDR put the "Great" in the Great Depression.

Posted by: SH at August 01, 2012 04:20 PM (gmeXX)

142 It's never the initial shock, it's when people HOPE that things get back to normal again, they expect it to because it always has before, and any day now their rescue ship will come in

It was always the optimistic POW's who broke first, the ones that were sure they'd be home by Christmas, by summer, and when each milestone passed they lost their will

"Hope is a dangerous thing in here my friend" - Morgan Freeman as "Red" , Shawshank Redemption

Posted by: kbdabear at August 01, 2012 04:20 PM (Y7XKa)

143 Dead Cat Bounce Recovery:
Ineconomics a dead cat bounce is a small, brief recovery in the price of a declining stock. Derived from the idea that "even a dead cat will bounce if it falls from a great height", the phrase, which originated onWall Streetis also popularly applied to any case where a subject experiences a brief resurgence during or following a severe decline.

Posted by: blogRot at August 01, 2012 04:20 PM (A6JXc)

144 FDR put the "Great" in the Great Depression. Posted by: SH

I'm pretty sure he put the Derp in as well.

Posted by: weft cut-loop at August 01, 2012 04:21 PM (uCNam)

145 133 -

And suddenly all these homeless people will appear out of nowhere.

Posted by: BurtTC at August 01, 2012 04:21 PM (TOk1P)

146 Here's the bottom line we took Trillions of dollars and just flushed it down the toilet, literally.

We also paid off the unions and shafted share holders for no net benefit.

In fact it has prolonged our misery.

Posted by: General Woundwort at August 01, 2012 04:22 PM (06lNq)

147 130 For what it's worth, I've also read that we were the only nation to have the Great Depression, simply because of FDR's social programs.

Is anyone else thinking that Obamacare hasn't helped any?
Posted by: shibumi at August 01, 2012 04:17 PM (z63Tr)


Do you have a link for that? Where did you read that?

Posted by: the brainwashing of kids continues at August 01, 2012 04:22 PM (HOOye)

148 And suddenly all these homeless people will appear out of nowhere. Posted by: BurtTC at August 01, 2012 04:21 PM (TOk1P)


The press will also "unexpectedly" recover their ability to keep an eye on government.

Posted by: Sean Bannion at August 01, 2012 04:22 PM (sbV1u)

149 That's really the best part, isn't it? Andrew's got him so screwed up even after he's gone, that he Just. Can't. Let. Go.

Posted by: Sean Bannion at August 01, 2012 04:19 PM (sbV1u)


It's perfect! It's like the gibbering cretin who socks the name somehow thinks that USING the name of Andrew Breitbart is going to make us angry. All it does is prove what we already know: they've got NOTHING. We hold all the cards.

*puts on latex glove to pat ergie on his greasy head* Go chow down on some more pizzeria pretzel combos, ergie. You've earned them for being so utterly predictable.

Posted by: MWR, Proud Tea(rrorist) Party Hobbit and ABO Supporter at August 01, 2012 04:22 PM (4df7R)

150 145 - Was thinking the exact same thing!

Posted by: Tonic Dog at August 01, 2012 04:22 PM (X/+QT)

151 Ahh, it's great living in erg's head! There's just so much unused space!

Posted by: Andrew Breitbart reporting live from erg's Head at August 01, 2012 04:22 PM (5iuEW)

152 I see green shoots!

Posted by: Zombie Green Shoots! at August 01, 2012 04:22 PM (A6JXc)

153 Much simpler to just quote Mitlon Friedman, who would have been 100 yesterday:

Recessions are always caused by normal business cycles.
Depressions are always caused by bad public policy.

Posted by: rockmom at August 01, 2012 04:23 PM (NYnoe)

154 Anybody know where I can find a video or somethingshowing how to donate to Obama?

Posted by: Obamanaut retard at August 01, 2012 04:23 PM (wAQA5)

155 A few more taxpayer "investments" in green energy and it'll be Happy Days Again!

Posted by: Steven Chu, A Nobel Laureate at August 01, 2012 04:24 PM (QKKT0)

156 Do you have a link for that? Where did you read that? Posted by: the brainwashing of kids continues at August 01, 2012 04:22 PM (HOOye)

Amity Shlaes, The Forgotten Man. Check it out on Amazon.

The depression here was "Great" and lasted longer than the rest of the world due to FDR's policies. The economic data is there, and this book uncovers it for you.

Posted by: Sean Bannion at August 01, 2012 04:24 PM (sbV1u)

157 Did that donation video showing him typing in his CCV #? Oh wait....

Posted by: Tonic Dog at August 01, 2012 04:25 PM (X/+QT)

158 The depression ended sooner for the rest of the world,only in the USA was it "Great".

Posted by: steevy at August 01, 2012 04:25 PM (6o4Fb)

159
The private sector is doing fine.

Posted by: Obama Knowledge Police at August 01, 2012 04:25 PM (7+pP9)

160 Here's the bottom line we took Trillions of dollars and just flushed it down the toilet, literally

And I think you would be thanking me for it...............

Posted by: Prezidentin B to the O.......Hollar! at August 01, 2012 04:25 PM (OWjjx)

161 Just read 123 for hearty chuckle.

Posted by: steevy at August 01, 2012 04:25 PM (6o4Fb)

162 Good news. I got an excellent prices selling a few of my guns today.

Posted by: CharlieGFLA at August 01, 2012 04:26 PM (KeCfz)

163 The gun dealer paid full retail for my old ammo and gun gear.

Posted by: CharlieGFLA at August 01, 2012 04:26 PM (KeCfz)

164 @145 And long news features on the suddenly discovered "under-employed" that will magically, dare say unexpectedly, appear after Jan/13

Posted by: Finn McCool at August 01, 2012 04:26 PM (R/8dI)

165 Here's the bottom line we took Trillions of dollars and just flushed it down the toilet, literally

Impossible. Federal toilet standards limit flushing to about $10 a day.

Posted by: Cicero at August 01, 2012 04:26 PM (QKKT0)

166
The depression ended sooner for the rest of the world,only in the USA was it "Great"
We are the "greatest" nation

Posted by: CharlieGFLA at August 01, 2012 04:27 PM (KeCfz)

167 163
The gun dealer paid full retail for my old ammo and gun gear.

Posted by: CharlieGFLA at August 01, 2012 04:26 PM (KeCfz)

Good business deal for both of you. It's a seller's market with Bambi as the chief salesman.

Posted by: joncelli, who wants you off his damn lawn at August 01, 2012 04:27 PM (RD7QR)

168 Actually, unless I'm mistaken, barky DID have a hand in causing this mess. Forcing banks, under threat of being sued for "red lining", to make loans to people who could not afford them.
More involved in the housing bubble than just that but it's part of it.

If you need a laugh, action figure therapy marine at you tube. NSFW language. Do not be drinking anything at your computer while watching. I'm not replacing your keyboard.

Posted by: teej at August 01, 2012 04:27 PM (A9hpr)

169 None of this matters! Haven't you heard? Romney's twitter feed has thousands of fake followers. A liberal at the Atlantic says so.

Crisis!

Posted by: epobirs at August 01, 2012 04:27 PM (kcfmt)

170 Seriously though,FDR's stimulus built Dams,warships,buildings.Obama's went to left wing constituents.

Posted by: steevy at August 01, 2012 04:28 PM (6o4Fb)

171 @158 To be fair, not to defend FDR, the rest of the world was at war yrs. before the US was.

Posted by: Finn McCool at August 01, 2012 04:28 PM (R/8dI)

172 You know, that's funny...Mom told me I was unexpected!

Posted by: ERG! at August 01, 2012 04:28 PM (koMEC)

173

20 Million Visit Huckabee’s Chick-fil-A Support Event on Facebook


h/t newsmax

Probably more now.

Posted by: lots of fb peeps at August 01, 2012 04:28 PM (HOOye)

174 The lefties have moved on from their CFA failure. Now I'm being peppered with "Romney wants to raise your taxes" posts. The Bizzaro Presidency continues.

Posted by: Damn Sockpuppet at August 01, 2012 04:28 PM (YmPwQ)

175 Counterfit money has increased in recent months. Watch your cash. A wal mart cashier tried to pass me a counterfit bill. Hold it up to the light. People are bleaching bills and reprinting. A buddy got a hundred dollar bill with a faded washington face on bleached bill.

Posted by: CharlieGFLA at August 01, 2012 04:29 PM (KeCfz)

176 The depression was over long before the war started for the Europeans.

Posted by: steevy at August 01, 2012 04:29 PM (6o4Fb)

177 The Great Depression lasted a long time in all but the most militarized countries (Germany, Japan, and Italy).

With that said, the Depression continued for every country except us AFTER the war because of all the deaths and bombings. We got out of it sometime between the GI Bill's passage in 1946 and Korea in 1950.

Posted by: The Q at August 01, 2012 04:29 PM (B/yDO)

178 Just a tad off topic:
Julie Newmar, Original Catwoman, Gives 'Dark Knight' Franchise Negative Review (VIDEO)


http://tinyurl.com/cdcf7xm

Posted by: Hepcat at August 01, 2012 04:30 PM (frbyY)

179 I think Mark Steyn pegged it (as usual) when he pointed out that Obama was pointing to Hoover Dam as stimulus money, but the Obama Dept of Interior (I think) has declared we will never build another dam.

Posted by: Golan Globus at August 01, 2012 04:30 PM (/1U3u)

180 No one is going to do shit till we repeal Obamacare.

Period.

Posted by: Billy Bob, pseudo-intellectual at August 01, 2012 04:30 PM (3ZjAP)

181
Good business deal for both of you. It's a seller's market with Bambi as the chief salesman.

Yeah. it really made my day. More gas for the truck. I am notselling my shotguns.

Posted by: CharlieGFLA at August 01, 2012 04:30 PM (KeCfz)

182 Second look at Jimmy Carter?

Posted by: SH at August 01, 2012 04:30 PM (gmeXX)

183 GOVERNOR ROMNEY, WHAT ABOUT YOUR GAFFES?!!!!

Posted by: This Is Seriously , This is My Real Voice at August 01, 2012 04:31 PM (tsC/8)

184 TRAINS FOR PALESTINIANS!!!

Posted by: Joe Biden at August 01, 2012 04:31 PM (r2PLg)

185
No one is going to do shit till we repeal Obamacare
Some companies are getting exemptions. They will be ok. Others are going to get burned.

Posted by: CharlieGFLA at August 01, 2012 04:31 PM (KeCfz)

186
Little ergie certainly likes to fling his poo and run away doesn't he? He can not comprehend that a centrally-controlled economy Does. Not. Work. EVER!

There is no joy here at AoSHQ that the United States is in a depression; there is sorrow. Sorrow over the hubris of politicians in Washington, and sorrow over the stupidity and credulity of fellow Americans.

Posted by: Retired Buckey Cop in solidarity with dagny at August 01, 2012 04:31 PM (xFgmp)

187 A recession is a mini-depression; they started calling them 'recession' in order to not freak people out after the Great Depression.

Posted by: ahem at August 01, 2012 04:31 PM (7bdKn)

188 We've been saved from the conservatives' capitalistic adventerism.

Posted by: Soona - (from the shit that I've seen on my FB) at August 01, 2012 04:32 PM (6fmMm)

189 Amity Shlaes, The Forgotten Man. Check it out on Amazon.

The depression here was "Great" and lasted longer than the rest of the world due to FDR's policies. The economic data is there, and this book uncovers it for you.
Posted by: Sean Bannion at August 01, 2012 04:24 PM (sbV1u)
------


thanks

Posted by: lots of fb peeps at August 01, 2012 04:33 PM (HOOye)

190 My Browning semi automatic shotgun will meet most of my needs. I could prob sell it for a few grand these days. But I need to keep it for when shit goes down.

Posted by: CharlieGFLA at August 01, 2012 04:33 PM (KeCfz)

191
steevy, You sure about that? Japan, Italy, Germany were all arming up big time, had they started shooting yet? Maybe not, but industry was coming back to prep for if not directly because of war.
These things don't happen in a vacuum. You can't just discount the effect of those countries arming up for war.
Japan, I believe started in the early 30's
Germany a little later, and don't forget Germany and Italy's involvement in the Spanish Civil War.

Posted by: Finn McCool at August 01, 2012 04:34 PM (R/8dI)

192 Oooh, you know, the McArdle quote reminds me of a Star Trek episode - The Immunity Syndrome.

Posted by: SFGoth at August 01, 2012 04:34 PM (dZ756)

193 Re 185,
Until Romney repeals Obamacare, he should exempt all companies, states, people except for the ones that have an Obama-waiver now. 'You wanna play the game, eh?'

Posted by: Tonic Dog at August 01, 2012 04:34 PM (X/+QT)

194 >> It's a Depression, Not a Recession

I didn't build that.

Posted by: President Obama at August 01, 2012 04:34 PM (6ClcK)

195 Julie Newmar, Original Catwoman, Gives 'Dark Knight' Franchise Negative Review (VIDEO)
Posted by: Hepcat at August 01, 2012 04:30 PM (frbyY)


"It's dark," Newmar told the show. "I think we had so much fun in the 60s, 1966 to 1968. And then Vietnam came and things sort of got darker and darker and darker."


Fucking deep yo...

Posted by: cajun carrot at August 01, 2012 04:34 PM (UZQM8)

196 There are two books about the depression that are must reads here.

New Deal or Raw Deal

http://is.gd/gAEfCB

The Forgotten Man

http://is.gd/nKPsb9


The parallels between the ass raping FDR did to the economy and what the jug-eared shit for brains is doing are amazing.

An also read is Atlas Shrugged. It appears Obama has used it as a blueprint.

Posted by: Vic at August 01, 2012 04:34 PM (YdQQY)

197 Thanks Barky. You fucking lazy, incompetent, corrupt asshole. That's from my 11 and 13 year olds when they see what you have done, or not done.

Posted by: eureka! at August 01, 2012 04:34 PM (1qHOu)

198
Dateline January 21, 2013

"The deep economic recession, which began under President Bush and marginally improved under the heroic genius of President Obama's economic recovery policies despite opposition from right wing extremists like Tea Party members and GOP leadership, crashed into another Great Depression today under President Romney's watch."
----- MFM news from the future

Posted by: Count de Monet at August 01, 2012 04:34 PM (BAS5M)

199 The whole TARP thing was a colossal fuckup, and then the Porkulus was an even more colossal fuckup. Those two bills sucked up almost 2 trillion dollars and had zero impact on GDP growth or employment. We would have been better off spending $2 trillion to pay off everyone's credit cards and auto loans. THAT would have seriously helped the middle class and restarted consumer spending, which is ultimately what drives out economy.

Posted by: rockmom at August 01, 2012 04:35 PM (NYnoe)

200 Folks... this is beyond a depression...for what is brewing would stroke out most people out if they knew.
Life will be changing beyond comprehension, and that's just the preamble to it all.
To understand the nature ofman is to understand the itinerant nature of Freedom.
Back to the nature of man...it wasn't man made if you know what I mean.
Focus on truth and keep your eye on the prize. It is all written down.
Now carry on... I'm heading to Chick fil-A.

Posted by: Scandia at August 01, 2012 04:35 PM (WzLTm)

201 One question that nobody but me (well, Insty too) is asking: Was what happened to us in 2008 planned and executed by our enemies?

http://tinyurl.com/3opafra

Posted by: BackwardsBoy at August 01, 2012 04:35 PM (d0Tfm)

202 Derp

Posted by: yes at August 01, 2012 04:35 PM (HOOye)

203
I think it was Herbert Hoover who promised a chicken in every pot.
What we get from The Bamster ain't chicken salad--it's the other kind of stuff. And we're covered in it.

Posted by: Comanche Voter at August 01, 2012 04:35 PM (oe1aw)

204 I see green shoots!

Posted by: Zombie Green Shoots! at August 01, 2012 04:22 PM (A6JXc)


That's just the daisies that are being pushed up by the late "recovery"...

Posted by: The Political Hat at August 01, 2012 04:36 PM (XvHmy)

205 Like U.S. economic growth, our earnings have "decelerated somewhat."

Posted by: ENRON at August 01, 2012 04:36 PM (QKKT0)

206 195 Batman was dark before the 50's turned him into a kiddie character,culminating in the 60'S Batman tv show.Batman has gone back to where he started.

Posted by: steevy at August 01, 2012 04:36 PM (6o4Fb)

207 Posted by: yes at August 01, 2012 04:35 PM (HOOye)

That's not a comment...that's a blog post.

Dude, get your own blog.

Posted by: CharlieBrown'sDildo (NJConservative) at August 01, 2012 04:36 PM (nEUpB)

208 Yes, that O/T post is ludicrous.

Posted by: Vic at August 01, 2012 04:37 PM (YdQQY)

209 Posted by: yes at August 01, 2012 04:35 PM (HOOye)

WTF?

Posted by: Cicero at August 01, 2012 04:37 PM (QKKT0)

210
130For what it's worth, I've also read that we were the only nation to have the Great Depression, simply because of FDR's social programs.

Yup.
His attempts to 'force' the economy to be better...backfired...and made it worse.



Is anyone else thinking that Obamacare hasn't helped any?

Posted by: shibumi at August 01, 2012 04:17 PM (z63Tr)


Well, it's helped all those fatcat government bureaucrats to keep their grown kids on their taxpayer-provided healthcare coverage until they're 26.

Oh....you mean 'helped' the economy to get better?
No.
Obamacare has made it worse.
Small businesses can't afford to hire more people, because of Obamacare.

Posted by: wheatie at August 01, 2012 04:37 PM (mtRB0)

211 In FDR's defense, what they were trying to do was relatively novel at the time. That is not meant to be a defense, but there was no history to point to that such programs would not work. Common sense would have indicated that to me. But at least they can claim they were doing something new. But now we have 75-80 years of history in the US and around the world that proves that such policies don't work. But we keep voting these fools in, so as Milton Friedman would tell us, we really want it.

Posted by: SH at August 01, 2012 04:37 PM (gmeXX)

212 >>>And none of this, of course, excuses Barack Obama for his failures. His
supporters might argue (were they honest enough to admit his failure)
that given the situation, it was easy for him to miss the signs that
this was a serious, possibly nearly permanent, wound to the economy.

Instead of being a dang Keynesian he could have done the only thing that cures a depression. The only medicine for a depression is to get through it. The way you do that faster is you increase the speed of money by not taxing the bejeebus out of the system and making a full 1/4 of your cash go through the monumental speed trap that is the federal government, and not fighting market corrections that WILL occur.

Cycle that cash over and over again, if a contraction needs to occur, let it occur, GET TO THE BOTTOM, THE REAL BOTTOM as fast as you can before you try and do anything with your money. Once you contract fully then you can start to grow again.

All this Keynesian BS just lengthens the period of contraction. So instead of having all the pain at once, it is drawn out and persistent.

A good doctor knows, when the fever is his friend, and when he should let it do its job.

Posted by: MikeTheMoose Recent Graduate of the Sith Academy at August 01, 2012 04:37 PM (0q2P7)

213 The fascists are too infiltrated to ever fix this evil. Only the collapse of the dollar might, might lead to a rebirth of liberty.

Posted by: Invictos at August 01, 2012 04:38 PM (OQpzc)

214 I'm willing to give yes the benefit of the doubt and assume that it was just a little pasting error.

Posted by: ThePrimordialOrderedPair at August 01, 2012 04:38 PM (X3lox)

215 The parallels between the ass raping FDR did to the economy and what the jug-eared shit for brains is doing are amazing.

Posted by: Vic at August 01, 2012 04:34 PM (YdQQY)

I've always believed these two things about the past six years.

1) The dems orchestrated this crash via Credit Crunch and Housing Bubble

2) They really fucking thought emulating FDR's social programs would fix it.

Posted by: cajun carrot at August 01, 2012 04:38 PM (UZQM8)

216 Posted by: yes at August 01, 2012 04:35 PM (HOOye)

You're kind of an asshole, aren't you?

Posted by: weft cut-loop at August 01, 2012 04:39 PM (uCNam)

217 Bye rons off to buy some Chick-Fil-A to feed the rugrats - err, darling children.

Posted by: Golan Globus at August 01, 2012 04:39 PM (/1U3u)

218 Ethics Committee finds Rep. Laura Richardson guilty on seven counts

http://preview.tinyurl.com/cz9snbc

Posted by: The Political Hat at August 01, 2012 04:39 PM (XvHmy)

219 Green shoots? Grass grows in a graveyard over corpses too.

Posted by: MikeTheMoose Recent Graduate of the Sith Academy at August 01, 2012 04:39 PM (0q2P7)

220 Barry, I can get you out of this shit. Let me call the Japs.

What? Oh, OK I call the Shaw of Iran.

What? Fuck, start your own war.

Posted by: Zombie FDR at August 01, 2012 04:39 PM (3ZjAP)

221 "The Fed understatedly notes that the "recovery" has "decelerated somewhat," much as a human body falling from a skyscraper's balcony might "decelerate somewhat" at street level."

Heh. Only at AoSHQ can can we get this kind of snark. Bravo, ace.

Posted by: Marmo at August 01, 2012 04:40 PM (pcgW1)

222 Ethics Committee finds Rep. Laura Richardson guilty on seven counts

She's running for Governor next no doubt.

Posted by: Golan Globus at August 01, 2012 04:40 PM (/1U3u)

223 Was it Jane Do'h who was talking about her neighbor with the lumber store?

Whoever it was, Drudge has it now.
Original article here

http://tinyurl.com/d6spy35

Posted by: Village Idiot's Apprentice at August 01, 2012 04:41 PM (3aIoN)

224 Well, many of my college professors drummed into us that we would be the first generation in American history to have a lower standard of living than our parents.

Since they were all open America-hating communists, I assumed that was just more propaganda. Apparently they knew something was about to change in our economy; or preparing us for a coming revolution...

Posted by: Pyrocles at August 01, 2012 04:41 PM (cv5Iw)

225 The shame of this, at the point where the administration could have accepted that His ideas weren't working and decided to turn to what would work.
but decided following through with His agenda was more important than citizens ablity to sustain THEMSELVES.
i imagine real numbers are filled with tutitions not paid, credit card compaies unpaid, mortgages not paid. taxes unpaid.
for no other reason than He/They refused to understand economic freedom and activity that Might have given us a chance.
i imagine his halo is slightly askew when looked at by many citizens who have lost their futures.

Posted by: willow at August 01, 2012 04:41 PM (TomZ9)

226 The left "understands" economics like a Tsunami "understands" a beachfront nuclear reactor.

Posted by: Merovign, Dark Lord of the Sith at August 01, 2012 04:42 PM (bxiXv)

227 You're kind of an asshole, aren't you?
Posted by: weft cut-loop at August 01, 2012 04:39 PM (uCNam)

-------

I was saying the same thing, and then I realized it was me.

F*ck me. So sorry.

But, thanks for the encouragement all the same =p

Posted by: yes at August 01, 2012 04:42 PM (HOOye)

228 Pay no mind to those contractions you're feeling, sometimes a late term abortion is the best thing moving forward.

Posted by: Dr. Benito Obama, fixin' the economy at August 01, 2012 04:42 PM (RuVpG)

229 but they want to talk about social justice.
so i guess being jobless/homeless is good social justice at work?

Posted by: willow at August 01, 2012 04:43 PM (TomZ9)

230 208 Yes, that O/T post is ludicrous.
Posted by: Vic at August 01, 2012 04:37 PM (YdQQY)
------

sorry, Vic, you know it was not on purpose.

Posted by: yes at August 01, 2012 04:43 PM (HOOye)

231 @225. Again, why is it so hard to believe that politicians would do what is best for themselves. To use the language of the left it is because they are GREEDY. Humans want to increase their own self-worth. The difference between conservatives and liberals is that liberals believe it is a zero-sum game, so they can only enrich themselves at the expense of others. Conservatives believe the everyone can be enriched. That is my BS for the day.

Posted by: SH at August 01, 2012 04:44 PM (gmeXX)

232 What people tend to forget is-

Japan turned their recession into a now almost 2 lost decades by repeated "stimulus" spending.

They were getting some growth when last election they managed to get the Japanese version of Barack Obama in as PM.

He is now spending them into oblivion.

And his election promises look very similar(accounting for cultural/national differences) to Obama's 2nd term program. Emphasize the ladies and kids and then load up your cronies with taxpayer money.

The Japanese are in for a lost century.

National suicide just to fill the pockets of cronies.

Keyenesian economics. Is there any nation it can't destroy?

Posted by: naturalfake at August 01, 2012 04:44 PM (54vf8)

233 "The Fed understatedly notes that the "recovery" has "decelerated somewhat," much as a human body falling from a skyscraper's balcony might "decelerate somewhat" at street level."

Hey, it could bounce. You never know.

Posted by: Dead Cat at August 01, 2012 04:44 PM (DrWcr)

234 Apparently they knew something was about to change in our economy; or preparing us for a coming revolution...
Posted by: Pyrocles at August 01, 2012 04:41 PM (cv5Iw)


The most shocking thing about real-world villains is that they always tell us who they are - and we never listen!

Posted by: Merovign, Dark Lord of the Sith at August 01, 2012 04:45 PM (bxiXv)

235 Just returned from Day 1 of the Great Shark Hunt of 2012. Never found the seals we were looking for so we never found the sharks. Only had 90 mins before the tide tuned against us so we bailed on the shark idea and went to an old oyster spot. Last year there wasn't a single oyster worth taking, this year there are literally thousands of good eaters. I'm going to try to set a personal record tomorrow by harvesting the oysters, opening them and eating them within 10 minutes. I figure they'll be the freshest oysters possible I will ever have. God my life is boring.

Posted by: Lincolntf at August 01, 2012 04:45 PM (6gk77)

236 Japan, I believe started in the early 30's
Germany a little later, and don't forget Germany and Italy's involvement in the Spanish Civil War.Posted by: Finn McCool


The aftermath of the 1904 Russo-Japanese war lead Japan to occupy Manchuria (in 1905ish) and Korea in 1910. That was the kickoff of the Greater East Asia Co-Prosperity Sphere.

Posted by: weft cut-loop at August 01, 2012 04:45 PM (uCNam)

237 @147
Google "did fdr make the great depression worse?"

Here's one result from a the author of the book Forgotten Man: The New History of the Great Depression:


"In her book, she argued Roosevelt's biggest failing was a "lack of faith in the marketplace.


"From 1929 to 1940, from (President Herbert) Hoover to Roosevelt,
government intervention helped to make the Depression Great," she said.


Each found different lessons for today's economic decline, which was
spurred by a near-collapse of the U.S. and global banking system that
remind many of the Depression.


"We enjoy it (massive spending) but it will bankrupt our grandchildren if we do what the New Deal taught us," Shlaes said."

Posted by: shibumi at August 01, 2012 04:47 PM (z63Tr)

238 BTW, the housing bubble WAS orhcestrated, but it was orchestrated by Alan Greenspan. Dropping the interest rate like a rock in the name of preventing a recession after 9/11 - which almost certainly wouldn't have happened anyway - made buying a house a no-brainer investment.

What caused the crash was greedy lenders who couldn't handle a slowdown when Greenspan inevitably started ratcheting up the interest rate. Countrywide, in collusion with Fannie Mae, deserves most of the brickbats here. They kept scraping the barrel lower and lower for borrowers until they essentially were making up borrowers. The only role the Democrats played was in preventing any serious reform of Fannie and Freddie that would have prevented them from jumping into the subprime mortgage market. But subprime would have exploded anyway, and crashed.

Posted by: rockmom at August 01, 2012 04:47 PM (NYnoe)

239 One question that nobody but me (well, Insty too) is asking: Was what happened to us in 2008 planned and executed by our enemies?

The DoD's looking at foreign enemies is like the drunk in the old joke searching for his keys under the streetlight. The "and domestic" part wasn't added to the oath of enlistment just so it would scan better.

Posted by: FRONT TOWARD LEFT at August 01, 2012 04:49 PM (ogdab)

240
War isn't very profitable if you don't just crush the enemy and steal their shit. The US does war wrong.

A big war, US style, should truly bankrupt all of us.

Posted by: Invictos at August 01, 2012 04:49 PM (OQpzc)

241 I suffer depression when the supply of young boys satan supplies me runs out.

Posted by: Haary Reid at August 01, 2012 04:51 PM (YYyqq)

242 Posted by: rockmom at August 01, 2012 04:47 PM (NYnoe)

But its also true that having more money going after the products, drove home prices up to unrealistic levels. The costs of building homes rose much slower than the price of those homes.... and once the price bubble started to inflate, they felt they HAD to keep it artificialy inflating.... otherwise the price bubble would hurt the economic numbers....

They were hoping to prolong things out, to avoid problems (just like the banks keeping housing inventory on their books now)... hoping someone would create a miracle cure...

Or... as I started to call it... the Dues Ex Machina school of Economics... where somthing comes out and lifts you out of the hole, even while you are still digging.

Posted by: Romeo13 at August 01, 2012 04:53 PM (lZBBB)

243 Posted by: Lincolntf at August 01, 2012 04:45 PM (6gk77)

I thought you had a new sluice and were prospecting for mercury.

Posted by: Ed Anger at August 01, 2012 04:53 PM (7+pP9)

244
@238 Frontline, I know bear with me, actually had a program about mortgage crisis and OTC derivative trading.
All the players were Clinton era holdovers in the Bush admin. Which surprise were holdovers into the Obama admin.
Larry Summers, Tim Geithner, Ben Berake et al.

We have been boned by the same few people for a very long time.

Posted by: Finn McCool at August 01, 2012 04:54 PM (R/8dI)

245 Iceland.

OK small country, and no minorities on the tit, but they got kicked in the ass.

They let their banks go under. Bad decisions have consequences.

Now, they are growing like hell.


http://tinyurl.com/836ultd

Posted by: Billy Bob, pseudo-intellectual at August 01, 2012 04:55 PM (3ZjAP)

246
-"surprising bankruptcies and other horrible symptoms we can find in the headlines almost every day"-

This should have been happening for the last 3 years but the "headlines almost every day" will undoubtedly make their appearance as soon as Romney is sworn in as POTUS.

Posted by: Speller at August 01, 2012 04:56 PM (J74Py)

247 Ethics Committee finds Rep. Laura Richardson guilty on seven counts


So she commits a federal crime forcing her staff to campaign for her and she gets a reprimand and a $10K fine.


That blackdemocratium is some powerful stuff huh. Or is it just that the so-called ethics committee is a whitewash committee. Perhaps they should hire Tom Sawyer and Huck Finn.

Posted by: Vic at August 01, 2012 04:57 PM (YdQQY)

248 Gold panning in the dead of summer in North Carolina is a fool's errand. In Massachusetts it's a fool's errand all year long.

Posted by: Lincolntf at August 01, 2012 04:58 PM (5UcDQ)

249 but they want to talk about social justice. so i guess being jobless/homeless is good social justice at work?
Posted by: willow at August 01, 2012 04:43 PM (TomZ9)


---------------------------------------------------


Yes. What we're experiencing now is social justice. It's been the aim of the SCOAMT and this regime from the beginning. Any of you think that our economy is just a series of ill-advised politicians or mistakes made from stupidity need to think again. All of this has been purposeful.The dems/leftists want to destroy this nation.

Posted by: Soona at August 01, 2012 04:59 PM (6fmMm)

250 BTW, the housing bubble WAS orhcestrated, but it was orchestrated by Alan Greenspan. Dropping the interest rate like a rock in the name of preventing a recession after 9/11 - which almost certainly wouldn't have happened anyway - made buying a house a no-brainer investment.

Having studied this for a while, yes rockmom, this was orchestrated, but not by Greenspan. The Great Housing Crash of 2008 was a direct result of the Community Reinvestment Act signed in 1978 by Jimmah Cahtah and reinforced by Billy Jeff Cliton. This POS law forced banks to lend to people who couldn't formerly qualify for a home loan because they didn't make enough money.

So instead of making sure the economy was good, these goddamned idiots decided to make a law forcing the banks to lend to people when they couldn't afford it, with all the predictable results. Barack Obama worked with ACORN to sue banks under this law, adding to our downfall and crash.

This economy is the result of bad law. We won't recover from this unless and until we realize the fucking government caused it! /rant

Posted by: BackwardsBoy at August 01, 2012 04:59 PM (d0Tfm)

251 And even this extraordinary housing bubble and crash should not have caused the kind of extended depression we are mired in. This was caused by a series of bad policy decisions and attempts at propping up the housing market instead of letting it quickly find a bottom.

I think what needs to happen now is very counter intuitive. We need to loosen the reins on the banks and RAISE the interest rates. Banks aren't lending because they can't make money lending at 3%, especially with the gigantic regulatory burdens that have been dumped on them. People aren't saving because they can't keep up with inflation at a 1-2% rate on their savings. Old people aren't spending because they are terrified of going broke when their savings do not keep up with inflation.

And regulators need to lighten up on the banks. Lots of people are refinancing with these low rates, but not enough people are buying homes because they can't qualify for new loans with the stricter lending guidelines tha banks have been forced into. I work for a bank and I can't even qualify for a loan right now. I can't sell my house because I can't borrow the money I need to make the repairs needed to sell it. So I am stuck with a too-big mortgage that is sucking all my income and keeping me from spending it in ways that would help the economy. Multiply me by 20 million and you can see why we can't get any economic growth.

In its haste to try to fix what it think caused this depression, the government has only made it worse. Banks are the lifeblood of the economy and they have been treated like a cancer that has to be cut out and harsh chemotherapy given to kill.

Posted by: rockmom at August 01, 2012 05:00 PM (NYnoe)

252 BackwardsBoy, I've been in the banking and mortgage businesses since 1995. Some of what everyone thinks happened is true, but it doesn't explain what happened so abruptly to crash the subprime market in 2007, nor does it explain the Wall Street meltdowen that happened in September of 2008. Some of the subprime lending was forced by CRA, but most of it was just done out of greed because the rates were so high and it was so easy to find buyers and get them qualified. Nobody wanted to look behind the paper to see what crap they were buying, because they were just going to pass the crap down the line after taking their cut. It was a giant money mak___machine, for a while, and then it wasn't.

Posted by: rockmom at August 01, 2012 05:08 PM (NYnoe)

253 @250

True dat.

So, next up car repossessions?

GM ramps up sub prime loans.

http://tinyurl.com/bq7mmst

Posted by: Billy Bob, pseudo-intellectual at August 01, 2012 05:08 PM (3ZjAP)

254 A trillion dollar spending spree and all I got out of it was a depression.

Posted by: Mekan at August 01, 2012 05:13 PM (T/L2Z)

255 Still haven't gotten the comment system fixed so you actually leave a message without having to jump through hoops, not worth the effort.


Posted by: LifeTrek at August 01, 2012 05:24 PM (BLjub)

256 #252

From what I've read, things started going bad in 2005 and some started betting against MBS big-time via CDS.

What happened in 2007/2008 was that they couldn't keep pretending anymore that it wasn't happening. Especially when some really massive CDS bets demanded a payout.

Posted by: epobirs at August 01, 2012 05:30 PM (kcfmt)

257 I think Romney early in his campaign advocated letting the housing market hit bottom so it could begin recovering sooner. Of course, the media jumped his shit for it.

Posted by: Marmo at August 01, 2012 05:32 PM (pcgW1)

258 the Madhatter is a piker compared to the MSM

Posted by: Shoey at August 01, 2012 05:34 PM (jdOk/)

259 Bummer of Recovery

Posted by: 66chevelle at August 01, 2012 06:42 PM (QjSgY)

260 The US of A has had three "depressions" in its history.* We've had lots of recessions and "panics" but those are part of the normalbusiness cycle.
The first depression followed Andrew Jackson (D-HillBilly) closed our central bank, the Bank of the US.
The second depression came from Franklin Roosvelt (D-Haughtytown) invented the "New Deal."
We're in the third depression under the leadership of Barak Obama (D-???).
Anyone note a trend here?
As #69, #153, and #212 (and others) have mentioned, businesses cause recessions, governments cause depressions.
* - the Panic of 1872 was partially caused by governments being too generous with credit for railroad builders. The Panic of 1893 was a repeat.

Sec. Treasury Andrew Mellon had the right business cure for a recession - "Liquidate, liquidate, liquidate." Government should stay out of it.

Posted by: Whitehall at August 01, 2012 06:58 PM (FmPSC)

261 The same thing happened in the last depression.

Herbert Hoover noted in his book Freedom Betrayed, that the European countries that had not tried Keynesian nonsense had mostly recovered from the 1929 crash by the mid 1930s.

As late as 1934 Germany and Italy were still in sad shape because they had gone down FDR's Keynesian rabbit-hole as well.

Posted by: Kristopher at August 01, 2012 07:38 PM (0aV2C)

262 The housing crash was predictable, it was kind of a economic bomb put in the system by well intentioned but stupid people. After a while it became obvious how that was going to turn out and the Democrats worked hard to keep it in place. Why? Because it was a useful bomb. They could trigger it to get results they wanted. A tight race? Set it off. Remember McCain was LEADING Obama when the crash happened.

I've pointed this out a bunch of times, and people try to say "oh well it was just a panic that snowballed" or whatever but something triggered the crash to happen THEN. Not later, not earlier, THEN. What was it? Who was it? Nobody knows... or is saying.

Posted by: Christopher Taylor at August 01, 2012 08:23 PM (r4wIV)

263 "2
This post is kind of boring."

Hmm, when I wrote that, the page was completely blank. Thought it was an accidental empty post.

Posted by: Kevin at August 01, 2012 08:53 PM (ufexm)

264 It seems very odd that of of the features of this "depression" has been 30 consecutive months of record corporate profits.

Posted by: J Davison at August 02, 2012 01:18 AM (mDOM6)

265 It's a bad recession, but there's no deflation, so it's not a "depression." Recessions stink, but it's safe to say no one reading this has ever experienced actual deflation, that's a whole different world you never want to see.

Posted by: Just an Old Man at August 02, 2012 06:43 AM (M88hc)

266 "A Depression's not so bad, if you have a job."

Posted by: AD-RtR/OS! at August 02, 2012 07:43 AM (6mPW9)

267 J Davison: It seems very odd that of of the features of this "depression" has been 30 consecutive months of record corporate profits.


Companies that are able to outsource and avoid Obama's disastrous socialist policies are doing well, yes.

Those of us who have to try to find work under his failed regime aren't doing very well.

The dems will pay for this failure in November, libtard.

Posted by: Kristopher at August 02, 2012 01:08 PM (0aV2C)

268 Just a senile old man:
It's a bad recession, but there's no deflation, so it's not a "depression."


No, Obama was going for the Wiemar Republic model, where you try to make things look better through deliberate hyperinflation. That didn't work either, BTW ... they ended up with Hitler.

Posted by: Kristopher at August 02, 2012 01:11 PM (0aV2C)

269 There will be no recovery until obama is out. Even then we might not get one, the hole bush/obama dug might be too deep, but it is definitely clear that nothing will get better under obama.

Posted by: richard40 at August 02, 2012 07:15 PM (cQhQZ)

270 Our economy needs a name:

The Obama Depression.


Posted by: Harry P Ness Reid at August 03, 2012 02:14 AM (WhCZZ)






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