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(Reuters)   US Treasury Secretary says despite bank collapses, mortgage crisis, record fuel prices, and countless other signs, the US economy is not, he repeats, NOT about to collapse. Also, we have always been at war with Eastasia   (news.yahoo.com ) divider line
    More: Unlikely  
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6782 clicks; posted to Main » on 15 Sep 2008 at 8:09 PM (8 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2008-09-15 08:37:52 PM  
Like the 1984 ref subby. +1
 
2008-09-15 08:38:06 PM  

wee:
That democratic congressional majority we got last year sure did change the world, eh? The budget is nice and lean, no new taxes have been proposed, spending is down, and we're practically out of Iraq!

I'm not a republican by any stretch, but you have to put the blame on both camps.


Quit wasting your time. They won't listen.
 
2008-09-15 08:39:51 PM  
This thing is out of control.In Boston, both Lehman and Merrill Lynch are in the same building (125 High St). Yesterday, 5 employees showed up at the building to get their stuff, which caused the security guard on duty to panic and call the cops (the guard thought he would be mobbed with employees). The cops basically told him they weren't coming.
 
2008-09-15 08:40:08 PM  

sleeps in trees: Canada went through a huge debt period and we lost our rating, it was bad. Fortunately someone came in and told us to bite the bullet and man up. We ended up with the GST, and tax increases and cuts up the ass but, it worked. It had to be done, the money has to come from somewhere.

Understand, there was biatching, whining and a general hate on for the government but once the light started to show, it was worth it.


Why didn't you just invade them?
 
2008-09-15 08:42:35 PM  

Smotto: /also guessing that you aren't going to vote


Of course I am...I'm voting for me.

And you should too, if you know what's good for you.
 
2008-09-15 08:44:20 PM  
pestluvr says it best. It is not the end of the world, and despite the meme here on Fark, everyone should stop panicking. Have some things been mishandled? Absolutely. I'm not fond of Congress deciding to pick up for Fannie Mae and Freddie Mac, not that they should've allowed themselves to fall into this position in the first place. But let's review a few things.

- Banks fail every year, and in fact, this year is not nearly as bad as the worst we've ever seen.
- "Record fuel prices" would have held before, but this will change, as oil prices have dropped below $100/barrel again. Ike will cause a short spike, but this should change.
- Unemployment, still low when compared to most of the history of the United States.
- The economy grew at the same rate as the average over the course of this country's history this last quarter.

There are plenty of issues that have come up, but the economy is always a mixed bag. This rough period continues to be exaggerated by a media that doesn't know when to shut up. And of course, pointing fingers never fixed anything, so just deal. It'll end soon enough.

/And then I realize I must be the idiot when I expect Farkers to act rationally.
//Fark is all about pointing fingers.
 
2008-09-15 08:44:23 PM  

madmann:

Repeat this stupid Fark Independent™ talking point again when you can figure out how many votes it takes to get something past an antagonistic president. Extra Credit: How is the number sequence 49-49-2 related to this point?


hmmm... I believe it's the HOUSE that controls spending, not the Senate. And the Dems lead 233 - 202.
 
2008-09-15 08:44:39 PM  

skinink: This thing is out of control.In Boston, both Lehman and Merrill Lynch are in the same building (125 High St). Yesterday, 5 employees showed up at the building to get their stuff, which caused the security guard on duty to panic and call the cops (the guard thought he would be mobbed with employees). The cops basically told him they weren't coming.


Lehman is our 8th largest tenant across all properties. Our stock price took a big, big hit today, though when you consider our total portfolio size, the decline seems excessive.
 
2008-09-15 08:44:46 PM  

EZ1923: GaryPDX: Money doesn't disappear

Tell that to all those people who re-fi'd on their overvalued homes where that equity went.



It went into my pocket. Buying a short sale house right now for half what it was worth two years ago. Then I sit back and sell it to those people a few years from now once its value is back up again.
 
2008-09-15 08:46:25 PM  
Well spoken Subby. Well spoken.
 
2008-09-15 08:47:03 PM  
My mom just sold her home for 40K about the asking price.

Suck it America!
 
2008-09-15 08:47:16 PM  
GaryPDX,

How come ever time I read something you type, the image of the guys playing the violin on the titanic comes to mind?
 
2008-09-15 08:47:59 PM  

shower_in_my_socks: Then I sit back and sell it to those people a few years from now once its value is back up again.


...to what it was worth 8 years ago.

You've hit on the way to make a small fortune in real estate: Start with a large fortune...
 
2008-09-15 08:48:21 PM  

Neuroboy: Like the 1984 ref subby. +1


I was starting to think I was the only one to get it....
 
2008-09-15 08:48:53 PM  

Tofu: madmann
Repeat this stupid Fark Independent™ talking point again when you can figure out how many votes it takes to get something past an antagonistic president.

I suspect you have no clue what you're talking about, so I'm going to put you to a test. Please answer your own question: how many votes does it take to get past bush? How many times since winning control of congress have the democrats stood up for something and had it vetoed? How many times have they tried to override one of Bush's vetoes?

People like you *never* respond when challenged.


The senate is the hard part, and it takes 60 for cloture if Bush wusses out and doesn't veto. 66 to bypass a veto.

SCHIP got vetoed.
a withdrawal timetable got vetoed.
a cap and trade bill didn't get 60.
minimum wage increase got passed, and bush wussed out and signed it.
A medicare bill only had 59 votes, then Kennedy returned and it passes with 70 votes, gets vetoed and overridden.
Transportation funding bill got passed and Bush wussed out and signed it.
Webb's GI bill got passed and Bush wussed out and signed it.

/just off the top of my head
 
2008-09-15 08:49:31 PM  
I am a RON PAUL supporter, and am satisfied with the RP references.

Either of the parties will not offer actual progress. Consider voting for a third party. (new window)
 
2008-09-15 08:50:24 PM  

sorhed: My mom just sold her home for 40K about the asking price.

Suck it America!


Does that mean you will have to find another basement?

/just kidding
//couldn't resist
///good for mom!
 
2008-09-15 08:51:07 PM  

AmazingRuss: shower_in_my_socks: Then I sit back and sell it to those people a few years from now once its value is back up again.

...to what it was worth 8 years ago.

You've hit on the way to make a small fortune in real estate: Start with a large fortune...



Yeah. The house I'm buying now was built in 2001. I'm purchasing it for about $10K less than its original price, brand new, 7 years ago. Landlord bought up some investment properties over the last decade and overextended. He said he knew it'd dip back down, just never expected it to crash this far, this fast.

I know we aren't at bottom in my area yet, and I might spring for a second investment property next year if things continue to drop.
 
2008-09-15 08:51:10 PM  
"Every gun that is made, every warship launched, every rocket fired signifies, in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. The cost of one modern heavy bomber is this: a modern brick school in more than 30 cities. It is two electric power plants, each serving a town of 60,000 population. It is two fine, fully equipped hospitals. It is some fifty miles of concrete pavement. We pay for a single fighter plane with a half million bushels of wheat. We pay for a single destroyer with new homes that could have housed more than 8,000 people. This is, I repeat, the best way of life to be found on the road the world has been taking. This is not a way of life at all, in any true sense. Under the cloud of threatening war, it is humanity hanging from a cross of iron. [...] Is there no other way the world may live?"

-Dwight David Eisenhower, "The Chance for Peace," speech given to the American Society of Newspaper Editors, Apr. 16, 1953.
 
2008-09-15 08:52:32 PM  

GodsTumor: sorhed: My mom just sold her home for 40K about the asking price.

Suck it America!

Does that mean you will have to find another basement?

/just kidding
//couldn't resist
///good for mom!


It's called a GARDEN APARTMENT
 
2008-09-15 08:52:35 PM  

wee: 50mm: He claims he'll need it to protect himself when the republicans burn up another four years and plunge us further into recession.

That democratic congressional majority we got last year sure did change the world, eh? The budget is nice and lean, no new taxes have been proposed, spending is down, and we're practically out of Iraq!

I'm not a republican by any stretch, but you have to put the blame on both camps.


Uh, not equally, not by a looooonnnnggg shot. Taxes haven't gone up that I am aware of, spending is up largely due to the war, despite hiding it off the books (money has to come from somewhere). We were in Iraq before they took power, and there is enough special interest money around to keep us there (KBR).

This, both sides are equally bad BS is just that.
 
2008-09-15 08:53:27 PM  

GaryPDX: EZ1923: I don't know, guys. John McCain tells me that the economy is A-OK. I mean, he seems like a guy we can trust. It's not like he is a secret muslim or anything.

It's a buyers market..:) Lots of good deals, both in real estate and stocks, to be had. Money doesn't disappear, it flows from one place to the other like tides in the ocean. Just think of all the short sellers raking in the buckaroos.


Just think how much better off everyone would be had the Bushies not farked the economy.
 
2008-09-15 08:53:27 PM  

50mm: GaryPDX:
Because they figured the Fed would bail them out. Make no mistake, both parties are playing this game. The part I don't like is the Dems think they can tax our way out of this. Everyone has been living beyond their means, everyone. And trying to tax our way out of this is very very bad. The only way to get back in line is to shrink the Federal behemoth and free up capital for the public to make a recovery. But hey..that's just crazy talk. What we really need is huge taxes and a nice government window to belly up to, right?

Agreed. Let's start with the runaway military industrial complex. Black hole of tax money, that thing is.


As long as we get the government out of health care, education, agriculture, drug use, and gun and alcohol regulation, you have a deal.

I'm sure some sort of arrangement can be worked out to get the EPA back on track, the Treasury out of the precious metals market, and retask Homeland Security to Customs so that we can steadily raise our search rates on incoming cargo at our ports until we simply inspect every container in a timely fashion.

As for who brought Fascism to America? Teddy Roosevelt, Woodrow Wilson, Huey Long, The Rockefellers, the Fords, JP Morgan, and the list keeps on going. The Twentieth Century can be characterized by the rise of the socialist/corporatist state, differing only in either national or international varieties. The whole damn world is being ground under the boot heels of government institutions and the corporate/ financial interests that long ago figured out how to manipulate politics on the international level.

The Twenty-First Century will be characterized by exactly the opposite, as the international global economy comes crashing down around it's unstable foundations, and widespread dissatisfaction with the inefficient mediocrity of both big government and big corporation. One hundred years ago the idea that a flawed humanity needed to be guided by an "enlightened" elite was taking shape and taking hold. In the coming years the idea that a flawed humanity could ever produce an enlightened elite truly worth such a title will be forever debunked as pure utopian idiocy, right up there with flying cars and the myth of the unbiased journalist.
 
2008-09-15 08:53:34 PM  
I love economics threads...
Paid attention to the signs.
Moved RSIP from 80% stocks/equities to 85% bonds/cash on Dec 15th.
I'm looking for that BUY opportunity.

/greedily rubbing hands together
 
2008-09-15 08:54:42 PM  

GaryPDX: 50mm: No, I do not. I blame the Bush Doctrine and all his corrupt, warmongering automatons. The democrats are just too spineless to stand up to them. Yay for crooked liars, and invertebrate pussies.

You're in for a very rude awakening if the Dems get into power.


Uh, yeah, because the last Democratic president was soooo bad. Shall I wheel out the charts that will show you just how incorrect your statement is?
 
2008-09-15 08:55:31 PM  
We better work twice as hard if we're going to get those EastAsian bastards.
 
2008-09-15 08:55:36 PM  
i141.photobucket.com
 
2008-09-15 08:55:50 PM  

Cubicle Jockey: skinink: This thing is out of control.In Boston, both Lehman and Merrill Lynch are in the same building (125 High St). Yesterday, 5 employees showed up at the building to get their stuff, which caused the security guard on duty to panic and call the cops (the guard thought he would be mobbed with employees). The cops basically told him they weren't coming.

Lehman is our 8th largest tenant across all properties. Our stock price took a big, big hit today, though when you consider our total portfolio size, the decline seems excessive.


I work at a financial company nearby, and saw all the newstrucks outside the building this afternoon. My company is tightening its belt in regards to costs, so I told a coworker that I was gonna save the company money by pretending I was a Lehman employee, and go into their offices to grab office supplies.

 
2008-09-15 08:56:04 PM  
What about porn? How will this impact the porn market?
 
2008-09-15 08:56:53 PM  

MadTheologian: I am a RON PAUL supporter, and am satisfied with the RP references.

Either of the parties will not offer actual progress. Consider voting for a third party. (new window)


If you really think that neither party will solve any thing, then please petition, write, persuade, register and organize on behalf of a third party.
But on Nov 4th please vote for one of the two men who could actually become president. Your anonymous protest vote will not change America or even a single person's mind.
 
2008-09-15 08:57:17 PM  

iaazathot: GaryPDX: EZ1923: I don't know, guys. John McCain tells me that the economy is A-OK. I mean, he seems like a guy we can trust. It's not like he is a secret muslim or anything.

It's a buyers market..:) Lots of good deals, both in real estate and stocks, to be had. Money doesn't disappear, it flows from one place to the other like tides in the ocean. Just think of all the short sellers raking in the buckaroos.

Just think how much better off everyone would be had the Bushies not farked the economy.


The economy was farked long before we even realized W was running for president. The economy was farked when we shifted to a central banking system back in the frakking teens. Similar to building castles on sand, you base a currency, and thus economy, on debt and you can expect that it will collapse on you eventually, and keep on collapsing after you prop it back up over and over.
 
2008-09-15 08:57:48 PM  

MBA Whore: What about porn? How will this impact the porn market?


i'm pretty sure that sex is recession-proof.
 
2008-09-15 08:57:53 PM  

Jarhead_h: ...As for who brought Fascism to America? Teddy Roosevelt, Woodrow Wilson, Huey Long, The Rockefellers, the Fords, JP Morgan, and the list keeps on going. The Twentieth Century can be characterized by the rise of the socialist/corporatist state...


Bravo, Sir, Bravo

/oohrah!
 
2008-09-15 08:58:09 PM  
Is anyone really surprised that this is the same sock puppet with an executive arm up his a$$ (to the elbow, at least) who asserted all summer long that the skyrocketing price of oil was due to supply and demand?

Memory Holes... we need more!

//Ignorance is strength
 
2008-09-15 08:58:45 PM  

GaryPDX: bulldg4life: GaryPDX: One party can be worse than the other..:) They're still "factions" and generally a bad idea.

So, with Phil Gramm pushing for the deregulation of two pretty important sectors of the American economy, and with him being an economic advisor to McCain...you think people are in for a rude awakening of the dems take the white house?

On what planet does that logic make sense?

Okay..why didn't Nancy Pelosi see this coming and do something a year ago?

Because the Dems wanted the fiasco to use as leverage to get into power.

Why did these financial institutions feel like they could do what they were doing?

Because they figured the Fed would bail them out. Make no mistake, both parties are playing this game. The part I don't like is the Dems think they can tax our way out of this. Everyone has been living beyond their means, everyone. And trying to tax our way out of this is very very bad. The only way to get back in line is to shrink the Federal behemoth and free up capital for the public to make a recovery. But hey..that's just crazy talk. What we really need is huge taxes and a nice government window to belly up to, right?


Clinton shrank the federal government, Bush grew it. What exactly is your point?
 
2008-09-15 09:00:05 PM  

iaazathot: Just think how much better off everyone would be had the Bushies not farked the economy.



No, people like YOU 'farked the economy'. But go ahead - keep living in ignorance. I can't stop you. Keep blaming all your problems on Bush. He's all knowing, all powerful and apparently able to destroy the whole world JUST BY FARTING! I'm sure that will work out just fine for you.
 
2008-09-15 09:00:21 PM  

Dubai Vol: Neuroboy: Like the 1984 ref subby. +1

I was starting to think I was the only one to get it....


Nah, the Ministry is just editing the replies......
 
2008-09-15 09:00:54 PM  
So if the entire economy collapses, I don't have to pay back my student loans right? Or at least I can pay them back easier when when the equivalent of $1 now is $1000 after the collapse? I'm just hoping that somehow this upcoming and seemingly unavoidable economic and social collapse in the US has an upside.
 
2008-09-15 09:01:00 PM  
doubleplus unsmart
 
2008-09-15 09:01:14 PM  
RON PAUL!111111111111111111 111111111111111
 
2008-09-15 09:01:22 PM  

iaazathot: Clinton shrank the federal government, Bush grew it. What exactly is your point?



If Bush really is this powerful, then NOTHING you can do will stop him.

Nothing.

How does that make you feel?
 
2008-09-15 09:01:58 PM  
Doubleplusgood subby!

/Disappointed in you guys
 
2008-09-15 09:03:07 PM  

bulldg4life: Weaver95: And the democrat solution will be even worse. 'oh, regulation failed? how about we make MORE regulation then! muahahaha!' never mind the fact that they won't bother to figure out what caused the issue in the first place.

You don't think the deregulation of the energy market and the deregulation of the subprime mortgage market played any part in this?

Phil Gramm pushed hard for deregulation while everybody was busy figuring out how to fix the 1930s regulatory structure.

He was more concerned with deregulation than he was with building a better structure for our future.

If anything, this has shown that the deregulation of those two markets was incredibly stupid.


Yes, yes it was. In fact deregulation as a general experiment in this country has failed miserably, and now we are paying the price.
 
2008-09-15 09:04:19 PM  

iaazathot: Yes, yes it was. In fact deregulation as a general experiment in this country has failed miserably, and now we are paying the price.


No, no it wasn't. Done correctly, de-regulation is perfectly fine. But you knew that already. You just let your mystical fear of Bush color your every action.
 
2008-09-15 09:07:45 PM  

GodsTumor: Does that mean you will have to find another basement?


EL OH EL. Bravo.
 
2008-09-15 09:07:57 PM  
img354.imageshack.us
 
MIU
2008-09-15 09:08:06 PM  

Hank Rearden: It doesn't matter if its Democrats or Republicans in power, I still can't believe people think there is a difference...


Here's one difference:

www.balloon-juice.com
 
2008-09-15 09:08:33 PM  

wee: We did pretty well during the Clinton years. In general, I think we do better if the legislative and executive branches are held by a majority from differing parties (regardless of what they are). It seems to me in those cases things trend toward the middle, which is where they ought to be anyway.


I think we did well in spite of this. Clinton was a centrist, for the most part. He was an excellent politician/negotiator and made both sides feel like they came away with something. He brought gun control, but also reigned in spending. Obama is an ideologue and McCain is fast becoming one. No matter who gets in expect exactly two years of total deadlock, it just depends on whether you'd like that deadlock now (McCain) or later (Obama).
 
2008-09-15 09:09:57 PM  
i206.photobucket.com
 
2008-09-15 09:10:18 PM  

Passive Aggressive Larry: So if the entire economy collapses, I don't have to pay back my student loans right? Or at least I can pay them back easier when when the equivalent of $1 now is $1000 after the collapse? I'm just hoping that somehow this upcoming and seemingly unavoidable economic and social collapse in the US has an upside.


Eh, sorta true.

The guy who lent you the money will have to stick with his interest rate, while inflation destroys your currency.

I mean, it sounds like it would be easier, but its still just a big bowl of poop.

All I can say is this:
If you ever wanted to be rich, right now, and you've got about $5k saved up - you can do it.

This is a trading market, not an investment one right now. Short it, and you're golden.
 
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