OK, guys, this is what happened.
Replies to This Discussion
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Permalink Reply by GodHatesTrash on -
That billygoat-blower Bush is the worst president a country ever had.
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Permalink Reply by Charles Lane on -
Nope, that glory hole lover Carter was and is.
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Permalink Reply by Charles Lane on
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Nope, Carter and Obama.... The economy BOOMED AND IS BOOMING!!! The stimulus worked... Not!!!
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Permalink Reply by Charles Lane on
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Here you go fuzzy memory...
The stock market is poised today to do something it has not done in over 33 years: Decline for nine straight sessions.
Reuters
Jimmy Carter was president the last time the Dow industrials suffered a nine-day skid.
The last time the Dow Jones Industrial Average DJIA -4.31% did that, in fact, was Feb. 22, 1978, when Jimmy Carter was president and the country was struggling to come to grips with a period of anemic economic growth and high inflation.
Isn’t it comforting to know that we’ve made such progress over the last three decades?
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Permalink Reply by Che Pancho Villa on -
You may have something here Charles - everyone was waiting for the markets and the currency to rebound after the debt ceiling crisis was over. now you get less dollars for the Honduras limpera which hasn't happened since God created water. Even the frreaking Canadian dollar is worth more than US buck.
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Permalink Reply by Van on -
The stock market is declining because they realize that austerity is the wrong policy during a recession:
http://www.washingtonmonthly.com/political-animal/2011_08/look_out_...
A dramatic gap has opened between the economy as Washington sees it — and wants to intervene in it — and the economy that actually exists. Whatever weak recovery we might have hoped for is being hindered by global commodity prices, consumer deleveraging, fears of flagging demand in emerging markets, earthquakes in Asia, and much more. Globally, it’s been an almost uninterrupted run of crises and bad luck. Meanwhile, Washington just spent two months arguing over whether it would pay its bills or spark an unnecessary financial crisis.
Last week, Congress resolved that question. This week, the markets are tanking. Which suggests that Washington is asking itself the wrong question.
The right question is simple enough to pose: Where will the recovery come from? The problem is that no one has an answer. And as one hopeful hypothesis after another is dashed, the markets are beginning to panic.
Europe is overcome with a debt crisis; Japan is still rebuilding; and China has already experienced its boom and is looking for a soft landing.
The world may want to look to Washington, but all they see is a dysfunctional mess, led by a rabid group of right-wing officials who just spent several months talking about their willingness to cause a national default on purpose, and who will reject with every fiber of their being any effort to create jobs and/or improve economic demand.
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Permalink Reply by Charles Lane on
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Oh come on. Don’t tell me you’re even remotely surprised by all of this. Would you go to a an MD who has already told you that he thinks chiropractors are quacks for an adjustment? Hardly. But we took someone who had already told us that he didn’t like free market economies … and put him in charge of ours. Duhhhhhh.
- “The debt ceiling crisis in the US revealed to the world two disconcerting realities: 1) Barack Obama is inept and incapable of being a leader and 2) the debate brought out the overwhelming scale of the fiscal challenges to the world’s largest economy.”
- “.. the political leadership extant in the Western world is perhaps the most incompetent and unsure in more than a generation and therein is the trigger that could turn the current downturn into a full-blown crisis.”
- “In the past the world would look to the United States for leadership and financial stability. Unfortunately that option is no longer available. The current occupant of the White House hasn’t a clue, except to find a way to win reelection through obfuscationand class warfare, while promoting his fiscally disastrous policies.”
- “There could not have been a worse time to have as the President of the United States someone who is so self-absorbed, incompetent, and without coherence in her personal beliefs as the titular leader of the free world.”
The U.S. Congress sets a federal budget every year in the trillions of dollars. Few people know how much money that is so we created a breakdown of federal spending in simple terms. Let's put the 2011 federal budget into perspective: U.S. income: $2,170,000,000,000 Federal budget: $3,820,000,000,000 Newdebt:1,650,000,000,000 National debt: $14,271,000,000,000 Recent budget cut: $ 38,500,000,000 (about 1 percent of the budget)
It helps to think about these numbers in terms that we can relate to. Let's remove eight zeros from these numbers and pretend this is the household budget for Trash's
family. Total annual income for Trash's family: $21,700 Amount of money that Trash's family spends: $38,200 Amount of new debt added to the credit card: $16,500 Outstanding
current balance on the credit card: $142,710 Amount cut from the current budget: $385
So in effect last month Congress, or in this example Trash's family, sat down at the kitchen table and agreed to cut $385 from its annual budget. Cut $385 of spending in order to solve $16,500 in deficit spending? Will this work? Hmmmmmmm!I guess Europe will have to provide their own military now and we can bring ours home. Sucks to be Israel right now, back to the sea and surrounded by people that hate you.
Thanks for WW III socialism, you kick A$$!!!!
Would cheaper oil lower commodity costs? Does an increase in supply lower the price? I wonder where we could find some oil??? Is there any in the Gulf of Mexico??? What about the war on the coal industry anybody seen their electric bill going up in the last few years??? Do manufacturers use electricity???
I thought Europe kicked ass and took names when it came to running their countries socialistically... Looks like socialism is failing. History is replete with its splendiferous record of failure.
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Permalink Reply by Van on
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Well gee, we were in greater debt at the end of World War 2, yet somehow we ended up being the worlds great superpower. we built the interstate highway system, sent men to the moon. So the solution? Top marginal tax rates were more then 90%:
Back in the 1950s, when the top marginal tax rate was more than 90 percent, real annual growth averaged more than 4 percent. During the last eight years, when the top marginal rate was just 35 percent, real growth was less than half that. Altogether, in years when the top marginal rate was lower than 39.6 percent — the top rate during the 1990s — annual real growth averaged 2.1 percent. In years when the rate was 39.6 percent or higher, real growth averaged 3.8 percent. The pattern is the same regardless of threshold. Take 50 percent, for example. Growth in years when the tax rate was less than 50 percent averaged 2.7 percent. In years with tax rates at or more than 50 percent, growth was 3.7 percent.
As Linden put it, “these numbers do not mean that higher rates necessarily lead to higher growth. But the central tenet of modern conservative economics is that a lower top marginal tax rate will result in more growth, and these numbers do show conclusively that history has not been kind to that theory.” Indeed, these numbers put the lie to the common Republican refrain that Obama and Democrats in Congress are trying to implement a “job-killing tax hike” by putting the top tax rate back to where it was under President Clinton.
So you see Charles, as usual you are wrong. Bush the Koch Bothers golden balls out of your eyes and perhaps you will see..
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Permalink Reply by Charles Lane on
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Our economy flourished in the 1950’s, in part, because much of industrial Europe and Japan had been destroyed during WW II. Hence, there was much less competetion than today. Secondly, you didn’t have the size of government that you have today...no war on poverty, no Department of Education, no Department of Housing and Urban development, no Department of Health and Human Services, no Department of Veteran Services no Department of Energy.
So, you want to talk about deductibles in the 50's? Did you know credit card interest was a deductible?
This was the reason the “Alternative Minimum Tax” was devised during the 1960s.
Despite having 75-90% tax brackets, many of the wealthy and super-wealthy got away with paying no income taxes at all.
There was the case of the multi-millionairess Marjorie Merriwether Post (I think that was her name), the heiress to the Post cereal fortune, at the time the wealthiest woman in America, who paid zero—not a cent—in income taxes for decades.
That’s why the “Alternative Minimum Tax” was invented.
Nice try but once again you FAIL!!!
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Permalink Reply by Van on
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So you admit that the Socialists of Europe and Japan are eating our lunch! And did you know that there were no general purpose credit cards in the 50's. Just things like Diners Club or store credit cards that you had to pay the full balance off at the end of each month?
http://www.creditcards.com/credit-card-news/credit-cards-history-12...
The Diners Club and American Express cards "functioned in what is known as a 'closed-loop' system, made up of the consumer, the merchant and the issuer of the card," Sienkiewicz writes. "In this structure, the issuer both authorizes and handles all aspects of the transaction and settles directly with both the consumer and the merchant."
In 1959, the option of maintaining a revolving balance was introduced, according to MasterCard. This meant cardholders no longer had to pay off their full bills at the end of each cycle. While this carried the risk of accumulating finance charges, it gave customers greater flexibility in managing their money.
Read more: http://www.creditcards.com/credit-card-news/credit-cards-history-12...
Compare credit cards here - CreditCards.com
Also the interstate highway system cost 425 Billion to build. Sounds like big government to me. It started in the 50s. And then there was the GI bill which lasted for 8 years:
On June 22, 1944, President Franklin D. Roosevelt signed into law the Servicemen's Readjustment Act of 1944, commonly known as the G.I. Bill of Rights. By the time the original G.I. Bill ended in July 1956, 7.8 million World War II veterans had participated in an education or training program and 2.4 million veterans had home loans backed by the Veterans' Administration (VA). Today, the legacy of the original G.I. Bill lives on in the Montgomery G.I. Bill.
Sounds like big government to me! -
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Permalink Reply by Charles Lane on
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Nope, the socialist states of Europe are broke. Their grand plans have failed even with the US providing them security from the Russian hordes for decades.
If there was no interest then why was it a deductible? You could also deduct medical expenses.
I have never said government is not needed there are functions and purposes it can serve. I find it funny though that you have to tout it's few successes. -
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