Five Economic Storms Raging NOW!

money and markets ^ | 5/11/09

[FromLori]

Any economist fixated on so-called

[WVKayaker]

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[InShanghai]

Bump for later reading...

[Labyrinthos]

Martin Weiss has been selling doom and gloom for years. Yawn.

[unkus]

ping

[EagleUSA]

This “administration” has DONE NOTHING to set the economy up for recovery. It will take tax relief, huge incentives to lending institutions, SERIOUS personal and business tax relief and incentives, AND A GROSS REDUCTION of socialist spending and wasteful political payoffs and vote-buying pork. So far, we see nothing but massive debt spending for political empowerment. Nothing has been done to restore the CONFIDENCE IN THE PUBLIC for investment and spending which is the backbone of our economy. This thread says it all.

Are we going to see what it takes?

[DannyTN]

An Optimist believes we live in the best of all possible worlds, a Pessimist fears this is true.

[FromLori]

Thank you for posting that now its fine then.

[FromLori]

Well see what it takes to finish destroying our country I think but other than that no.

[kabar]

Why are we still bringing in 138,000 LEGAL FOREIGN WORKERS A MONTH in the midst of rising unemployment?

[DannyTN]

"This “administration” has DONE NOTHING to set the economy up for recovery. "

Agreed.

• Obama continued to talk the market down from the time he was elected through the first 3 months of his administration.
• Obama doesn't have an effective energy plan, and an oil price shock was one of the triggers for the current crisis.
• Obama/Bush's bailouts have not restored confidence or removed the impaired assets from the banking system.
• Obama's stimulus plan doesn't build viable long-term infrastructure except for a few roads that are of doubtful usefulness, unless he gets hold of the energy problem.

"It will take tax relief, huge incentives to lending institutions, SERIOUS personal and business tax relief and incentives, AND A GROSS REDUCTION of socialist spending and wasteful political payoffs and vote-buying pork."

• I believe that spending on viable infrastucture such as nuclear plants is a faster, more effective, and more efficient than tax relief. It puts people back to work faster. Unfortunately, that's not the kind of spending we are doing.
• Solving unemployment is more important than tax relief on employed and profitable businesses. Both would be nice.
• Tax relief is important in international competition. But I don't think it's the solution, because no amount of tax relief is going to compete with Chinese working for $2.00 a day.
• Stopping the transfer of manufacturing processes and knowledge, and bringing back some that have been transferred, is necessary.
• The political spending and pork needs to stop.

I agree this admin has shaken confidence, not restored it.

[DannyTN]

"Why are we still bringing in 138,000 LEGAL FOREIGN WORKERS A MONTH in the midst of rising unemployment?"

I agree, worker visa's need to be terminated, until unemployment goes back down. Companies can train Americans.

[WVKayaker]

I figured that was the shortest distance!

[EnglishOnly]

These financial pigs will get caught in their own trap!

Great Article. Let the birth pangs begin!

[FromLori]

The thing that I hate is our people will take it in the butt too!

http://www.foxnews.com/politics/2009/05/12/social-security-medicare-seen-failing-faster/

[kabar]

This includes not only those on non-immigrant work visas, but those admitted legally as immigrants [green cards].

[FromLori]

and lol I sent the social security one so people see what other disaster is coming next

[Zeddicus]

Good article. This is a good synopsis of conditions that lead me to believe that we truly are looking at TEOTWAWKI (and no that's not a tropical Polynesian island).

For too long, our economy has been based on unsustainable debt spending - "pulled-forward consumption". This will not and can not be restored.

I think about this from my own perspective as a J6P consumer: like many others, I have a HELOC second mortgage. We used it to put in a pool 10 years ago. Now I see that was pretty silly, but I can't undo it and I sure as hell will never do anything like this again.

I also used to have ~$10k in credit card debt, and a car payment. Now I have zero credit card debt, and no car payment. Likewise, I will never return to this kind of debt spending, no matter what the federal goverment does to supposedly "get credit flowing again".

I know I'm not alone in this new-found sense of financial pragmatism. Turns out my grandparents were right after all.

TEOTWAWKI, friends. Buckle up, it's going to be a bumpy ride.

[DannyTN]

I can see where cutting them off immediately could cause business disruptions, but

• start reducing the terms immediately,
• Start scrutinizing and reducing the types of jobs for which foriegners are being allowed in.
• And close the border.

It's ridiculoous with 8.9% unemployment to be letting legal and illegal immigrant workers in.

[Obadiah]

Yes, he may have been doom and gloom for years, but even to the casual observer it is hard to mistake the huge sign posts he points to!