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The Great Depression Hoax
Wall Street Journal ^ | August 15, 2008 | Todd G. Buchholz

Posted on 08/15/2008 6:40:42 AM PDT by Zakeet

I slapped the side of my television in April when economist Joe Stiglitz called this the worst recession "since the Great Depression." But now the economy is not only hurting homeowners; it's apparently harming parakeets, too! An AP item reports that pet owners are abandoning their furry and feathery friends to animal shelters because they can no longer afford to feed them. Never mind that GDP is puttering along in positive terrain. Headlines still scream that we're closing in on 1929, not 2009.

Are we a nation of whiners, as Phil Gramm put it a little while ago, getting himself kicked off John McCain's advisory team? No, the American public is not whining. One reason may be that consumers are swallowing $13 billion of pick-me-uppers like Prozac, Zoloft and Paxil. (A doctor friend who volunteered at a sleepaway camp said that, every morning, 20% of the kids lined up for their psychomeds.) More likely, though, Americans are just leaving the whining to pundits and trend reporters. The fellow who filed the pet story did not bother to point out that, in this alleged new Great Depression, the Pet Products Manufacturers Association says that Americans have spent 5% more this year on their pooches and pussies than last year.

Where are the Hoovervilles camped out under the Washington Monument? Where are the soup lines? Willie Nelson is still on tour, beseeching us to save the family farm. But it must be tougher for him to gin up support when the typical American farm, thanks in part to ever expanding ethanol subsidies, has see its annual income surge 50% past its 10-year average. Apparently Willie is traveling on a biodiesel, soybean-fed bus. So now we know at least what Willie's bus is smoking.

(Excerpt) Read more at online.wsj.com ...


TOPICS: Business/Economy; Extended News; News/Current Events
KEYWORDS: 2008; democrats; economics; economy; mediabais; mediawingofthednc; msm; propagandawingofdnc
As for hysterical journalists, I'm waiting for a reporter to tell us that pet owners can't even afford the paper to line their animals' cages. That would be a shame, because it's about all those papers are good for.

Mr. Buchholz, an economic adviser to President George H.W. Bush, is managing director of an investment fund based in San Diego and the author of "New Ideas From Dead CEOs" (HarperCollins).

1 posted on 08/15/2008 6:43:05 AM PDT by Zakeet
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To: Zakeet
I slapped the side of my television in April...

kewl. I got rid of mine entirely in 1992.

2 posted on 08/15/2008 6:43:56 AM PDT by the invisib1e hand
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To: Zakeet
The fellow who filed the pet story did not bother to point out that, in this alleged new Great Depression, the Pet Products Manufacturers Association says that Americans have spent 5% more this year on their pooches and pussies than last year.

Sometimes the jokes write themselves.

3 posted on 08/15/2008 6:46:33 AM PDT by JRios1968 (I doubled the pressure in my Obamas, now my fuel gauge runs backwards and my tank is overflowing!)
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To: Zakeet

It is amazing how people don’t put things in perspective. Here, people think it’s a sign of doom and gloom when people get rid of their SUVS in favor of small cars. While in other parts of the world, there are people hoping that they get to eat today.


4 posted on 08/15/2008 6:48:00 AM PDT by Slapshot68
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To: Zakeet

The Dems want to portray this election as the Great Depression, Bush as Calvin Coolidge, and Obama as FDR. They will try to raise our taxes to 90% marginal tax bracket.

The Dems don’t care about a depression, as long as they are in power.


5 posted on 08/15/2008 6:48:28 AM PDT by whitedog57
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To: Zakeet

I thought we had the worst economy since the depression back in 1992. That was Clinton-Gore and their media whores were saying.

So why isn’t this being labelled the WORST ECONOMY SINCE 1992? Or is this even WORSE than the economy of 1992?

By 1993 we were having notable signs of recovery.

The economy of October 2001 wasn’t so hot. The after effects of the WTC attack tanked the stock market and killed airline travel.


6 posted on 08/15/2008 6:49:54 AM PDT by weegee (Hi there.)
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To: Zakeet

B&M.


7 posted on 08/15/2008 6:50:02 AM PDT by Rummyfan (Iraq: it's not about Iraq anymore, it's about the USA!)
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To: Zakeet

Things are so bad that metrosexuals can only afford to have facials and massages monthly. They are cutting back on their double decaf, half-fat lattes, and eating lettuce instead of arugula.


8 posted on 08/15/2008 6:51:52 AM PDT by CholeraJoe (Warner Brothers SUX!!!!!!!!!!!!!!!)
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To: Zakeet

Good article.


9 posted on 08/15/2008 6:52:52 AM PDT by kidd
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To: Zakeet
In math-science competitions, the U.S. is the Jamaican bobsled team of education.

Unfair slam on the bobsled team.

10 posted on 08/15/2008 6:53:00 AM PDT by P.O.E. (Thank God for every morning.)
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To: Slapshot68

Make that hoping that they get to eat this week. Seriously, we ARE a nation of whiners (and I admit whining myself on occasion).
susie


11 posted on 08/15/2008 6:53:23 AM PDT by brytlea (Obama--Jimmy Carter's Second Term)
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To: weegee
“The economy of October 2001 wasn't so hot.”

We were already heading into a recession in the waning months of the Clinton administration. The last recession began officially in March 2001, well before 9/11 and before Bush II could have possibly have had any role in it. Joe Stiglitz knows this, but he is a shill for the Democrats.

12 posted on 08/15/2008 6:56:07 AM PDT by riverdawg
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To: Zakeet
I work in a “big box” store and they sell $ 60K worth of plants every day while we are in a “drought” area - no resession in this area.
13 posted on 08/15/2008 6:56:42 AM PDT by firetruck
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To: Slapshot68

People have been using their homes as a piggy bank for the last 10 years
People have been using their charge cards like there’s no tomorrow
People have been trying to keep up with the Joneses

.....and no it’s a recession because they have to pay the piper

Sounds like BU!!$HI+


14 posted on 08/15/2008 6:58:26 AM PDT by mouse1 (I'VE BEEN CALLED A REDNECK BIGOT AND I'M PROUD OF IT!!)
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To: Zakeet

The causes and resolution of the Great Depression is another leftist mythology on a scale with other liberal fairy tales like “McCarthyism”, and the gross distortion of history that the US is an evil, imperialistic power akin to Soviet Russia.


15 posted on 08/15/2008 6:58:53 AM PDT by EyeGuy
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To: firetruck

I live outside of Ocean City, MD, a beach resort town. Most reports have 2008 being on par with last summer for tourism revenue.

As I pass by the miles long traffic jams to get into Ocean City on Saturdays, I ask the same question....”Recession?”

That’s not to say that it’s great everywhere, I know it’s not. But the MSM would have you believe it’s terrible everywhere, and it’s not.


16 posted on 08/15/2008 7:01:40 AM PDT by Slapshot68
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To: Zakeet

I guess he cannot remember the one caused by Pres. Carter that lasted into Pres. Reagans first term. Now that was a REAL misery index.


17 posted on 08/15/2008 7:02:16 AM PDT by jim_trent
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To: whitedog57

It is the goal of every Marxist to create a ‘crisis in capitalism’ to usher in their new era. Individual prosperity thus fierce independence from government mandates by rugged individualists are their worst nightmare.


18 posted on 08/15/2008 7:03:53 AM PDT by griswold3 (Al qaeda is guilty of hirabah (war against society) Penalty is death.)
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To: Zakeet
Never mind that GDP is puttering along in positive terrain. . . . consumers are swallowing $13 billion of pick-me-uppers like Prozac, Zoloft and Paxil. (A doctor friend who volunteered at a sleepaway camp said that, every morning, 20% of the kids lined up for their psychomeds.)

I'm not against "psychomeds", since in most cases they really are helpful. But we ought to recognize the connection between 1) the ever-climbing GDP, 2) the fact that said ever-climbing GDP is being achieved with a decreasing percentage of the population contributing, since an increasing percentage are on welfare, in prison, and living via illegal activity, and 3) the fact that maintaining this trend requires an increasingly unhealthy lifestyle, wherein children are pushed into formal academic achievement from preschool onwards, and both children and adults spend unhealthy amounts of time sitting still and processing information, while under heavy pressure to "produce" and "achieve" according some institution's managers' definition thereof. Human beings weren't designed to live this way, and the predictable result is depression, anxiety, and difficulty concentrating-while-sitting for hours on end.

Are we willing to give up the coddling welfare state? The ever-climbing GDP? So that children can go back to being children and parents can go back to having enough time to be good parents (and enjoy it)? And so that children and adults can go back to feeling well without pharmaceutical support?

When adults see 30%-40% of their pay confiscated in taxes or one sort of another, and half that tax revenue goes into wealth redistribution programs of one sort or another, simple math tells us that the adults are having to work 15-20% harder/longer than they really should have to. And for many this puts them past the point where they can keep this up without pharmaceutical support. They see their children growing up into a society like this, and feel pressure to get/keep their children on a track where they can keep their heads above water, and find that pharmaceutical support is necessary to keep energetic and naturally impulsive young children "on task" at their load of academic busy work, highly structured extracurricular activities that are part of the required ticket into "good" colleges.

19 posted on 08/15/2008 7:04:45 AM PDT by GovernmentShrinker
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To: jim_trent
"I guess he cannot remember"

,

How many of our own kids/grandkids know bout gas stations closed til next week, or lines hour long to get limited amounts?

20 posted on 08/15/2008 7:09:43 AM PDT by litehaus (A memory tooooo long)
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To: CholeraJoe

Things are so bad that metrosexual former Senators can only afford one mistress, love child and $15K/ month hush money!
Worst economy EVER!


21 posted on 08/15/2008 7:32:21 AM PDT by Holicheese (Hillary deserves the CMoH for her time in Tuzla!)
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To: Zakeet

“One reason may be that consumers are swallowing $13 billion of pick-me-uppers like Prozac, Zoloft and Paxil.”

I’m not sure about these meds being a true etiology for a “lack of whining”, but I am very concerned.

A good percentage of my patients are taking these drugs, often in combination with other anti-depressants/anti-anxiety/attention enhancers.

I wonder how they are ever going to break the habit. These meds are helpful in certain situations, but there is no free lunch, and chronic use of mood-altering medications is not a good thing for the future mental health of our society.

How about a single, honest stiff cup of non-Starbucks black coffee?


22 posted on 08/15/2008 7:41:04 AM PDT by EyeGuy
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To: Zakeet

Why do Dems always say that it is next GREAT DEPRESSION that is coming? I guess they love that era when they expanded the government!!


23 posted on 08/15/2008 7:57:51 AM PDT by RightWingTeen (Caution: homeschooled teen with a Brain that works - LIBERALS you can't control me!!)
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To: Zakeet

Any one who has walked into a pet store and noticed the price of parakeets, knows that people are not going to just give them away.


24 posted on 08/15/2008 8:30:09 AM PDT by AmericaUnited
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To: Zakeet

It’s the curse of freedom and prosperity. Some people get so used to living in a land of plenty and having everything they want, that when things start to get a wee bit more tough, they think it’s the end of the world.


25 posted on 08/15/2008 9:40:09 AM PDT by RWB Patriot
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To: whitedog57

Didn’t things actually get better under Calvin Coolidge and then go downhill when he left office and the next guy came in?


26 posted on 08/15/2008 9:41:12 AM PDT by RWB Patriot
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To: brytlea

My concern is that the MSM hiding the truth may be more of “it is worse than you think” rather than “better than advertised”

Watching every dollar rally since 2000 and the dollar is down 30% against major currencies in the last 7.5 years so what has improved to the point we will muddle through this? When times were good this is the best we could do

Bank losses: 1-2 trillion dollars
Fannie Mae and Freddie Mac losses: one trillion?
Pension funds: one trillion
US government deficit: 500-600 billion
State and cities deficit: 500 billion?

I am not real optimistic on the geniuses at the fed pulling us out of this one now that it has socialized all losses to joe sixpack and my self employed capitalist self.

First barrel of oil will be coming out of Anwar any day now I suppose?

Our intrepid fed has solved inflation with rate hikes to offset the credit crunch and debt deflation?

I do not believe, at least the last time I checked that SS and other entitlements were anywhere near fully funded.

I suppose you could say that our national savings rate and current account deficit has turned positive? But it hasn’t.

I seem to recall there is still a war going on which should account for something I guess.

Of course not to be forgotten our government and the corrupt political system that brought us the dotcom,housing bubbles mortgage crises and gse bailout. for some reason I do not have a warm fuzzy feeling on on their expertise or competence in handling this one

As for inflation, pretty straightforward: the banks, since they practice fractional reserve banking, can ill afford asset deflation. The US gov will become the backstop for the mortgages at risk, and as a result, the dollar will depreciate accordingly with this added liability factored into the US budget npv.

Short term blips and anecdotal observations weigh lightly against the long term trends. The dollars up because the EU is going down? That means our exports are going down in either case. Tough case for manufacturing.

Service economy 70%, bed pans and burgers hardly seems to be the ticket to prosperity.

Give me some hope. What new tech, new trend is going to pull us out of this mess in the next 5-10 years?

If you were long on the dollar in the last decade you lost 30%. Being long in the next decade.....Place your bet, I’ll place mine.

IMHO this has not even started yet we are just warming up when the government can no longer make SS payments or fund food stamps then you will see the soup lines


27 posted on 08/15/2008 10:02:16 AM PDT by underbyte
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To: Slapshot68
While in other parts of the world, there are people hoping that they get to eat today this week

Recession? Hardly.

Some prices have gone up but I don't see very many families in the USA going to be hungry.

28 posted on 08/15/2008 10:05:23 AM PDT by Just another Joe (Warning: FReeping can be addictive and helpful to your mental health)
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To: Zakeet

Dear Dem’s, MSM, and all other traitors,

You may have your depression if you wish, I, on the other hand, will not.

I just spent 4K on a German line GSD puppy. He will eat very well..... and you can head to the soup lines for all I care.


29 posted on 08/15/2008 11:31:23 AM PDT by Gator113 (Drill here, drill now...... or die.)
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