Posted: Fri Jun 27, 2008 04:07 pm Post subject: This Recession, It's Just Beginning
Quote:
"So much for that second-half rebound.
Truth be told, that was always more of a wish than a serious forecast, happy talk from the Fed and Wall Street desperate to get things back to normal.
It ain't gonna happen. Not this summer. Not this fall. Not even next winter.
This thing's going down, fast and hard. Corporate bankruptcies, bond defaults, bank failures, hedge fund meltdowns and 6 percent unemployment. We're caught in one of those vicious, downward spirals that, once it gets going, is very hard to pull out of.
Only this will be a different kind of recession -- a recession with an overlay of inflation. That combo puts the Federal Reserve in a Catch-22 -- whatever it does to solve one problem only makes the other worse. Emerging from a two-day meeting this week, Fed officials signaled that further recession-fighting rate cuts are unlikely and that their next move will be to raise rates to contain inflationary expectations. "
There is a presumption that the United States will always rebound from a recession. It is not necessarily so. You may recall that the Soviet Union did not rebound from its economic decline following its unsuccessful diversion into Afghanistan. Similarly, if this war in Iraq does not end very soon, we will likely follow the Soviet Union into extinction.
Joined: 13 May 2004 Posts: 709 Location: Federal Hill, Baltimore, MD
Posted: Fri Jun 27, 2008 09:01 pm Post subject:
Steven Pearlstein is one of the sharpest economic writers/analysts around. He's worth a visit to the Post's website every few days to read his latest take on the economy. And if you see that he's doing a weekly chat, don't miss that.
Why all the doom and gloom? I'm filling up my gas tank at over 4 dollars a gallon, having a great time. Groceries are a concern with corn going into ethanol, but what the hell, that ain't the end of it. The truckers that bring our groceries are taking out bank loans to fill up their diesels. Then you have the floods in the Mississippi Valley adding to it all. Our future is taken care of, change is coming. The messiah has arrived, and soon all our troubles will be over. The future is is promising without the punching bag Bush gone.
Why all the doom and gloom? I'm filling up my gas tank at over 4 dollars a gallon, having a great time. Groceries are a concern with corn going into ethanol, but what the hell, that ain't the end of it. The truckers that bring our groceries are taking out bank loans to fill up their diesels. Then you have the floods in the Mississippi Valley adding to it all. Our future is taken care of, change is coming. The messiah has arrived, and soon all our troubles will be over. The future is is promising without the punching bag Bush gone.
I acknowledge that it is not Bush's fault. He was an unwitting figurehead. Even though it was not his fault he still bears responsibility and culpability for this disaster.
Similarly, the conservatives who hoisted that figurehead into the White House are not to blame either. They are the unwitting believers in an ideology that has never worked and never will.
The real fault belongs to the people who voted for Bush and the conservatives who reveled in his candidacy. Whatever their reasons may have been, they are the ones who bear the responsibility and blame. The figureheads will go off to their various jail cells or think tanks, but the 50 percent of the electorate who mindlessly embraced conservative ideals and the related goofy government those "ideals" provided are the ones to who should hold their heads in bewilderment and shame.
Democrats do not offer a "messiah" but they do offer someone who is not an ideologue, someone who is not a figurehead, someone with an IQ over 140, someone who can teach a Constitutional law course, someone who can read a book. Don't vote for him if his race or name or literacy or politics offend you, but for the sake of America, please never vote for another conservative again. Next time they just might get us all killed. _________________ David Traver
Attorney
Traver & Traver, S.C.
P.O. Box 188
North Prairie, WI 53153-0188
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Why all the doom and gloom? I'm filling up my gas tank at over 4 dollars a gallon, having a great time. Groceries are a concern with corn going into ethanol, but what the hell, that ain't the end of it. The truckers that bring our groceries are taking out bank loans to fill up their diesels. Then you have the floods in the Mississippi Valley adding to it all. Our future is taken care of, change is coming. The messiah has arrived, and soon all our troubles will be over. The future is is promising without the punching bag Bush gone.