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Economy
See other Economy Articles

Title: Obama Economy Worse Than 1970s
Source: PU
URL Source: http://patriotupdate.com/articles/obama-economy-worse-than-1970s
Published: May 29, 2011
Author: Floyd Brown
Post Date: 2011-05-29 08:53:25 by CZ82
Keywords: None
Views: 121597
Comments: 113

Obama Economy Worse Than 1970s

Written on May 28, 2011 by Floyd Brown

The worst economic conditions in recent memory were during the Jimmy Carter era of stagflation. Stagflation was a term coined in the 1970s to describe high unemployment with high inflation. Stagflation is back. Translation: America’s middle class is getting poorer; a record number of middle class workers are out of work. If you are lucky enough to have a job, your wages aren’t going up, but you are facing higher prices for everything.

“Recent data suggests that the current economic recovery is both sluggish and slowing with unemployment stubbornly high,” this from a page one story in Investor’s Business Daily.

The Obama/ Bernanke partnership has been a bust.

The Fed is winding down Ben Bernanke’s experiment in money printing called “QE2”. He trumpets his success saying that QE2 has pointed the U.S. economy “in the right direction.” But did it really? It turns out that QE2 has created maybe 700,000 full-time jobs, but at a cost of about $850,000 for each job.

All QE2 did was create a boom in the stock market. Wall Street bankers reaped millions while the average investors barely madeback some small amount of the money that they lost during the 2008 crash.

We believe this boom is an easy money mirage, as MarketWatch.com reports, “But even the stock market boom hasn’t been what it appears. An analysis shows that most of the rise in the Standard & Poor’s 500 Index under QE2 has simply been a result of the decline in the dollar in which shares are measured.Measured in hard currencies, the stock market boom has been much less impressive. In Swiss francs, the S&P has risen by just 8.4% since Aug. 27. In currencies like the Swedish krone and Australian dollars it’s even less. Measured in gold, the S&P 500 is up just 4.5%.”

QE2 has had little visible effect on the real economy. Over the same period, the number of part-time workers has gone down by 600,000. In other words, we’ve basically shifted 600,000 or 700,000 workers from part-time jobs to full-time jobs.

Marketwatch.com continues: “The percentage of the population in work is actually lower today – 58.4%, compared to 58.5% last August. The percentage of the work force in actual work, the so-called ‘participation rate,’ has fallen by half a percentage point.”

Housing is no better because of QE2, April housing starts fell 11%. Marketwatch.com says, “Housing is double-dipping. According to the National Association of Realtors, the average price of an ‘existing’ home was $177,300 in August, just before QE2. Now it’s $163,700 – or 8% less.Economic growth has slowed. It was 2.6% last summer. It’s a miserable 1.8% now.Meanwhile inflation has risen, from 1.2% before QE2 to 3.1% now.”

We all wish for better news, but Obama’s policies are pointing us in the wrong direction. Regulation of business is growing. One CEO of a mining firm we talked with said he is looking for new projects abroad. “I have been fighting for nearly a decade to open a new mine in Montana, and at every turn the government places roadblocks in my way. How am I to create any jobs?”

If Obama’s tax policies are enacted then we could see marginal income tax rates of 60% in some states. Obama clings to socialism and his new programs in healthcare and welfare. They all retard growth. Unemployment taxes are at record highs in most states and this further depresses hiring.

The Fed has invested nearly $2 trillion in Treasury debt since 2008. The investment hasn’t paid off, but when the relentless buying of US Treasury debt ends, we have no similar experience to guide us. One result could be even further collapse and a full blown depression.

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#30. To: A K A Stone (#28)

I don't believe that is true.

Its not, and WTP still own a substantial chunk of General Motors

Thunderbird  posted on  2011-05-30   0:49:39 ET  Reply   Trace   Private Reply  


#31. To: A K A Stone (#29)

You are for the death penalty thus are anti-life. Quit pretending you are anything else.

Your black and white logic cuts both ways.

Ferret Mike  posted on  2011-05-30   2:38:02 ET  Reply   Trace   Private Reply  


#32. To: Ferret Mike (#31)

You are for the death penalty thus are anti-life. Quit pretending you are anything else.

Your black and white logic cuts both ways.

So are you for or against the death penalty?????

"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning

CZ82  posted on  2011-05-30   8:20:30 ET  Reply   Trace   Private Reply  


#33. To: lucysmom (#5)

1879

Why do you think the Panic of 1873 ended in 1879, LM.

mcgowanjm  posted on  2011-05-30   8:41:57 ET  Reply   Trace   Private Reply  


#34. To: CZ82, Ferret Mike (#32)

You are for the death penalty thus are anti-life. Quit pretending you are anything else.

Your black and white logic cuts both ways.

So are you for or against the death penalty?????

Ferret is against the death penalty. You could have a man kill 50 women and children on video. He could cut all their heads off. Then kill 100 ferrets. Ferret Mike would see the video and still be against the death penalty.

He votes for a creature that kills innocent life in the womb. But if someone murdered and it is clear. He still would let them live while Obama is enforcing the death of millions of little cute babies.

He would smile the whole time too.

A K A Stone  posted on  2011-05-30   9:41:50 ET  Reply   Trace   Private Reply  


#35. To: Thunderbird, war (#30)

I don't believe that is true.

Its not, and WTP still own a substantial chunk of General Motors

War. Are you a liar to stupid?

If you think you are right prove it and you can call me stupid.

A K A Stone  posted on  2011-05-30   9:49:48 ET  Reply   Trace   Private Reply  


#36. To: A K A Stone (#34)

Mike has stated many times over that he is anti-abortion.

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   10:43:46 ET  Reply   Trace   Private Reply  


#37. To: A K A Stone (#35)

Are you a liar to stupid?

Can you translate that into something resembling English please?

Thanks.

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   10:46:22 ET  Reply   Trace   Private Reply  


#38. To: A K A Stone (#35)

Chrysler Pays Back Rescue Loan

By BILL VLASIC

Published: May 24, 2011

DETROIT — Chrysler paid back on Tuesday $7.6 billion in loans from the American and Canadian governments, paving the way for its Italian partner, Fiat, to increase its control over the Detroit carmaker.

~~~~~~~~~~~~~~~~~~~~

GM pays back loans from U.S., Canada

ETROIT (AP) — General Motors Co. has repaid the $8.1 billion in loans it got from the U.S. and Canadian governments, a move its CEO says is a sign automaker is on the road to recovery.

GM CEO Edward Whitacre Jr. will formally announce the loan paybacks Wednesday at the company’s Fairfax Assembly Plant in Kansas City, Kansas, where he will also announce that GM is investing $257 million in that factory and the Detroit-Hamtramck plant, both of which will build the next generation of the midsize Chevrolet Malibu.

GM got a total of $52 billion from the U.S. government and $9.5 billion from the Canadian and Ontario governments as it went through bankruptcy protection last year. The U.S. considered as a loan $6.7 billion of the aid, while the Canadian governments held $1.4 billion in loans.

The U.S. government payments, made Tuesday, came five years ahead of schedule, and Mr. Whitacre said they are a sign that the automaker is on its way toward reducing government ownership of the company. The payments on the Canadian loans were also made Tuesday.

~~~~~~~~~~~~~~~

You're weclome.

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   10:57:11 ET  Reply   Trace   Private Reply  


#39. To: A K A Stone (#34)

He votes for a creature that kills innocent life in the womb. But if someone murdered and it is clear. He still would let them live while Obama is enforcing the death of millions of little cute babies.

He would smile the whole time too.

Still the same Stone. Unable to argue the facts so you tell the whole world why Tea Partiers are so damned stupid. Your favorite country had 19000+ had abortions last year, with at least 5000 more under the table and countless more coming here to have the procedure. I have never heard one word from you condemning them.

Here's a list of the countries you can move to:

"Abortion illegal in all circumstances or permitted only to save a woman's life.

South America: Brazil, Colombia, Chile, Dominican Republic, El Salvador, Guatemala, Haiti, Honduras, Mexico, Nicaragua, Panama, Paraguay, Venezuela,

Sub-Saharan Africa: Angola, Benin, Central African Rep.Chad, Congo, C33;te d'Ivoire, Dem. Rep. of Congo, Gabon, Guinea- Bissau, Kenya, Lesotho, Madagascar, Mali, Mauretania, Mauritius, Niger, Nigeria, Senegal, Somalia, Tanzania, Togo, Uganda. Middle East and North Africa: Afghanistan, Egypt, Iran, Lebanon, Libya, Oman, Sudan (r), Syria, United Arab Emirates, Yemen.

Asia and Pacific: Bangladesh, Indonesia, Laos, Myanmar, Papua New Guinea, Philippines, Sri Lanka.

Europe: Ireland, Malta, Vatican City"

Read more: http://wiki.answers.com/Q/In_wha...on_illegal#ixzz1NqcqNG3P">wiki.answers.com/Q/ In_wha...on_illegal#ixzz1NqcqNG3P

mininggold  posted on  2011-05-30   11:02:17 ET  Reply   Trace   Private Reply  


#40. To: war (#36)

Mike has stated many times over that he is anti-abortion.

Being anti-abortion and anti-death penalty just doesn't make any sense..... I can see one but not the other.....

"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning

CZ82  posted on  2011-05-30   11:02:47 ET  Reply   Trace   Private Reply  


#41. To: Thunderbird (#30)

Its [sic] not, and WTP still own a substantial chunk of General Motors

Did you go to the same school that Boofer did?

And ownership is different from being a creditor.

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   11:03:23 ET  Reply   Trace   Private Reply  


#42. To: CZ82 (#40)

Being anti-abortion and anti-death penalty just doesn't make any sense.....

That's the position of the Catholic Church...

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   11:04:33 ET  Reply   Trace   Private Reply  


#43. To: mininggold (#39)

Tea Partiers are so damned stupid.

Is that the best you can do?

Also your abortion numbers are way off. We had way more abortions than you mentioned.

A K A Stone  posted on  2011-05-30   11:11:05 ET  Reply   Trace   Private Reply  


#44. To: A K A Stone (#43)

so your abortion numbers are way off. We had way more abortions than you mentioned.

There's only one country you never criticize. It's not the USA.

mininggold  posted on  2011-05-30   11:14:02 ET  Reply   Trace   Private Reply  


#45. To: lucysmom (#5)

Taken in perspective, Obama's economic policies look pretty successful.

You really are 'goofy'.

Proxy IP's are amusing.....lmao

Badeye  posted on  2011-05-30   11:14:44 ET  Reply   Trace   Private Reply  


#46. To: war (#38)

In the case of GM, they simply used an equity line from the TARP program to pay off their bailout. That’s just a shift from one government bailout program to another, however the latter doesn’t contain the strings the specified automaker bailout did. Then there is the separate case of the $50 billion dollar bridge loan based upon stock valuations as well yet to come.

Chrysler didn’t use TARP money, rather they simply swapped out the government loan with private investor equity lines with far preferable terms. They still owe the same amount, only with much less interest in the future.

In short, nobody has paid off anything. It’s merely been shuffling of debt and accounting sleight of hand in order to generate favorable publicity and remove the government from its oversight role. I have no complaint with the latter at all. Government shouldn’t be in this business whatsoever anyway, I just disagree with the sales pitch.

You're stupid.

A K A Stone  posted on  2011-05-30   11:15:04 ET  Reply   Trace   Private Reply  


#47. To: mininggold (#44)

There's only one country you never criticize. It's not the USA.

Did Jews take your lunch money when you were a little girl?

A K A Stone  posted on  2011-05-30   11:16:03 ET  Reply   Trace   Private Reply  


#48. To: A K A Stone (#46)

In the case of GM, they simply used an equity line from the TARP program to pay off their bailout. That’s just a shift from one government bailout program to another, however the latter doesn’t contain the strings the specified automaker bailout did. Then there is the separate case of the $50 billion dollar bridge loan based upon stock valuations as well yet to come.

That's how the current version of the US economy works. We are a debt driven economy, with debt now considered an asset. Why do you think the whole market now revolves around interest rates?

mininggold  posted on  2011-05-30   11:19:51 ET  Reply   Trace   Private Reply  


#49. To: mininggold (#48)

So war was wrong and I am right.

Ok

If someone owes you money. That should be an asset.

A K A Stone  posted on  2011-05-30   11:21:34 ET  Reply   Trace   Private Reply  


#50. To: A K A Stone (#47)

Did Jews take your lunch money when you were a little girl?

Actually I took my lunch to school but it definitely was not kosher. Sorry, I can see I dissed your idols again.

mininggold  posted on  2011-05-30   11:23:43 ET  Reply   Trace   Private Reply  


#51. To: A K A Stone, war (#49) (Edited)

So war was wrong and I am right.

Ok

If someone owes you money. That should be an asset.

War said the TARP monies were paid off by the auto makers, which is true.

mininggold  posted on  2011-05-30   11:25:40 ET  Reply   Trace   Private Reply  


#52. To: mininggold, war (#51)

War said the TARP monies were paid off by the auto makers, with is true.

No war said in post 8 "The auto makers have paid the US back."

You're playing semantics. They didn't pay back the money.

If I supported anything to do with TARP. It would be to save the automakers. So I don't give anyone to hard a time about that one. But it isn't accurate to say that the automakers loans are repaid.

A K A Stone  posted on  2011-05-30   11:36:49 ET  Reply   Trace   Private Reply  


#53. To: A K A Stone (#46)

Blah blah blah...

There are no outstanding debts owed to the US by the automakers...

You were wrong again, Stone...courtesy of me...

But thanks for once again showing what you are...incapable of admitting error...

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   11:39:21 ET  Reply   Trace   Private Reply  


#54. To: mininggold (#50)

I knew he wouldn't admit to being wrong...

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   11:41:04 ET  Reply   Trace   Private Reply  


#55. To: war (#53)

They took out one govt loan to pay another one. They are still in debt to US govt. Unfortunately.

Are you really that dumb? Or is it an act?

A K A Stone  posted on  2011-05-30   11:44:19 ET  Reply   Trace   Private Reply  


#56. To: A K A Stone (#55)

The US owns an equity stake in GM, Stone.

Ownership is different from being a creditor.

What I stated was 100% correct and, what's worse, is you know it.

Quick: Tell me I support murdering babies and delete a post.

It's you at your "best".

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   11:45:40 ET  Reply   Trace   Private Reply  


#57. To: A K A Stone (#55)

They took out one govt loan to pay another one. They are still in debt to US govt. Unfortunately.

Are you really that dumb? Or is it an act?

The context mentioned for the original quote in case you can't read was the stimulus monies.

mininggold  posted on  2011-05-30   11:46:19 ET  Reply   Trace   Private Reply  


#58. To: war (#56)

You support murdering babies.

I'm not going to delete your nonsense. I want everyone to see it.

Hey at least you like AC/DC and Star Trek. We can agree on that.

A K A Stone  posted on  2011-05-30   11:48:18 ET  Reply   Trace   Private Reply  


#59. To: A K A Stone (#34)

"You are for the death penalty thus are anti-life. Quit pretending you are anything else. Your black and white logic cuts both ways." -Ferret Mike

"So are you for or against the death penalty?????" -- CZ82

Don't glom my words together with someone else's. Indicate whom you quote.

Ferret Mike  posted on  2011-05-30   12:29:50 ET  Reply   Trace   Private Reply  


#60. To: CZ82 (#32)

"So are you for or against the death penalty?????"

I have never been for the Death Penalty. I have always opposed it, consistently, as long as I have had a view on it.

Ferret Mike  posted on  2011-05-30   12:31:13 ET  Reply   Trace   Private Reply  


#61. To: A K A Stone (#58)

Hey at least you like AC/DC and Star Trek. We can agree on that.

Okay...I laughed...

True...

America...My Kind Of Place...

"I truly am not that concerned about [bin Laden]..."
--GW Bush

war  posted on  2011-05-30   13:19:09 ET  Reply   Trace   Private Reply  


#62. To: war (#24)

What was the unemployment rate when the stimulus was passed?

What is it now, 2 1/2 years later?

Only a dumbass would conclude there was anything successful about it. Economies typically recover a lot more robustly when NOTHING is done.

Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??

no gnu taxes  posted on  2011-05-30   17:55:58 ET  Reply   Trace   Private Reply  


#63. To: no gnu taxes (#62)

Economies typically recover a lot more robustly when NOTHING is done.

No doubt that's the reason the Long Depression was over so quickly.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-05-30   17:59:17 ET  Reply   Trace   Private Reply  


#64. To: lucysmom (#63)

Look at the difference between what happened in the depression of 1921 and 1932 and what was done by the government for each. The Great Depression was a Hoover/Roosevelt clusterf#ck. (Contrary to what's popularly taught, they both had big government intervention programs).

Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??

no gnu taxes  posted on  2011-05-30   18:03:25 ET  Reply   Trace   Private Reply  


#65. To: no gnu taxes (#62)

Only a dumbass would conclude there was anything successful about it. Economies typically recover a lot more robustly when NOTHING is done.

Getting those old bankrupt capitalists to jump out of windows is sure to narrow the playing field somewhat.

mininggold  posted on  2011-05-30   18:39:32 ET  Reply   Trace   Private Reply  


#66. To: no gnu taxes (#64)

Look at the difference between what happened in the depression of 1921 and 1932 and what was done by the government for each. The Great Depression was a Hoover/Roosevelt clusterf#ck. (Contrary to what's popularly taught, they both had big government intervention programs).

The end of the depression in 1921 probably had more to do with the flu epidemic running its course than any government economic intervention or lack there of.

If government non-intervention made for fast economic recoveries, then the "Long Depression" would've had a different name.

It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte

lucysmom  posted on  2011-05-30   18:58:12 ET  Reply   Trace   Private Reply  


#67. To: war (#23)

Don't post bullshit that you are neither able to defend nor explain, Erica.

I post extensive data, and you, unsupported opinions. I present facts, you bloviate and bluster, trying to avoid the facts.

Shall I post the various Rules of Disinformation you're (again) using, to attempt to win a debate you you cannot *possibly* win?

If you were half as smart as you think you are, you'd simply not comment on threads such as this one.

But no.... Your idiot leftist ego compels you to get into discussions that FAR exceed your intellectual capabilities. And the result- predictably- is making a complete ASS of yourself.

It'd be funny, if you weren't such a loser. Instead... It's just pathetic.

List of those unable to think:
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.

Bumper sticker on DwarF's car:

Capitalist Eric  posted on  2011-05-30   19:02:36 ET  Reply   Trace   Private Reply  


#68. To: A K A Stone (#55)

Are you really that dumb? Or is it an act?

Dwarf is not dumb.

And he's not an act......(other than to note virtually all dimtards reek of hypocrisy)

But he does have the evil part down to a fine science.

Death to everybody who does not get outta my way. (decided to retire the beatdowns on old worthless retread posters that are bozoed)

e_type_jag  posted on  2011-05-30   19:54:04 ET  Reply   Trace   Private Reply  


#69. To: war (#41)

And ownership is different from being a creditor.

The 'difference' is that the US tax-payer is left holding paper that may or may not be worth the amount of money that was orignally loaned. Its slight of hand to retire a loan by issuing ownership paper of unknown market value. Unless and until the government stake in these companies is sold, NO ONE should be crowing about how the tax-payers were paid back.

Thunderbird  posted on  2011-05-30   22:28:20 ET  Reply   Trace   Private Reply  



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