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(LA Times)   Fed. Chairman Bernanke admits that the economy is in "one whole joojooflop situation"   (latimes.com) divider line 112
    More: Sad, Bernanke, Federal Reserve, economic stimulus, capital expenditures, momentum  
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2803 clicks; posted to Business » on 17 Jul 2012 at 4:19 PM (2 years ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-17 12:59:26 PM
economy losing steam? obvious tag is obvious. When the feds borrow trillions to give to the states so they can pay their bills, then refuse to do it again and again and again, of course the economy is going to slow down.

The funny thing is that when the US hits a recession in or around Feb 2013, it will be Romney's fault.
 
2012-07-17 01:03:52 PM
Bernanke? Bernanke?!

He still owes me money!
 
2012-07-17 01:10:42 PM

EnviroDude: economy losing steam? obvious tag is obvious. When the feds borrow trillions to give to the states so they can pay their bills, then refuse to do it again and again and again, of course the economy is going to slow down.

The funny thing is that when the US hits a recession in or around Feb 2013, it will be Romney's fault.


With the cognitive dissonance that must be swirling in your brain I am amazed that you can type complete sentences.
 
2012-07-17 01:12:06 PM

EnviroDude: economy losing steam? obvious tag is obvious. When the feds borrow trillions to give to the states so they can pay their bills, then refuse to do it again and again and again, of course the economy is going to slow down.

The funny thing is that when the US hits a recession in or around Feb 2013, it will be Romney's fault.


once again - our economic situation is not the fault of one person or one political party. it didn't happen overnight either - it took us decades to get into this mess, and a LOT of people making a lot of bad decisions. plenty of blame to go around for it.

the problem is that we've got a Republican party that just doesn't give a f*ck about fixing the economy. actually, they don't care about anything OTHER than making Obama a 'one term president'. they aren't going to help fix a damn thing, not with the economy, not with health care, not with unemployment. Because they believe that anything that goes right will get Obama re-elected...and that's something they do not want to happen.

Now i'm not saying the Republicans want to crash the economy. of course they don't. But they DO see economic troubles for the country as an opportunity to attack Obama. And that's what's so sick and demented about the GOP these days....that they see economic hardship and suffering as a useful political environment in which to work.
 
2012-07-17 01:14:35 PM
So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.
 
2012-07-17 01:16:07 PM

kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.


we can't put people back to work! that'd be socialisms!
 
2012-07-17 01:18:35 PM

doyner: Floating Point Operations times Hebrews squared, subby? Is that the standard unit used to measure quantitative easing?


He then went on to say, "This whole thing give me the Hebrew-jeebies."
 
2012-07-17 01:19:36 PM
Fark is a Douglas Adams tear today.

I like it.
 
2012-07-17 01:30:51 PM
If we'd just lower taxes on the job creators they'd start hiring people and this whole thing would be resolved in days.
 
2012-07-17 02:00:14 PM

EnviroDude: economy losing steam? obvious tag is obvious. When the feds borrow trillions to give to the states so they can pay their bills, then refuse to do it again and again and again, of course the economy is going to slow down.

The funny thing is that when the US hits a recession in or around Feb 2013, it will be Romney's fault.


i2.kym-cdn.com
 
2012-07-17 02:14:13 PM
The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?
 
2012-07-17 02:16:36 PM
Obama's jobs bill was submitted in September 2011. So far, it has not been allowed to come up for a vote.
Meanwhile, Republicans in the House have held 33 votes to repeal the ACA ("Obamacare"), all unsuccessful.
 
2012-07-17 02:17:25 PM

BillCo: The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?


so...what is it that you think Obama could have done to make corporations hire more people and/or stop outsourcing jobs overseas...? because I'd really like to know how you'd have done things differently.
 
2012-07-17 02:32:16 PM

kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.


Inflation and unemployment are linked. Even Krugman will tell you that.

/Of course, it's a negative relationship...
 
2012-07-17 02:40:22 PM

Weaver95: BillCo: The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?

so...what is it that you think Obama could have done to make corporations hire more people and/or stop outsourcing jobs overseas...? because I'd really like to know how you'd have done things differently.


DERP DERP DE DERP. That's all you'll get from him
 
2012-07-17 02:53:28 PM

Ricardo Klement: kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.

Inflation and unemployment are linked. Even Krugman will tell you that.



Feel free to tell us all about the disastrous inflation of the past couple of years.
 
2012-07-17 03:00:48 PM

kmmontandon: Ricardo Klement: kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.

Inflation and unemployment are linked. Even Krugman will tell you that.


Feel free to tell us all about the disastrous inflation of the past couple of years.


Did you read my slashie?
 
2012-07-17 03:01:53 PM

Dancin_In_Anson: Bernanke? Bernanke?!

He still owes me money!


i've got to admit, every time i hear his name, i think of that line from stripes!
 
2012-07-17 03:48:45 PM

Weaver95: BillCo: The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?

so...what is it that you think Obama could have done to make corporations hire more people and/or stop outsourcing jobs overseas...? because I'd really like to know how you'd have done things differently.


Tax cuts will magically do it.

By the way, I found something fun yesterday. The CIA World Facebook estimates all kinds of things, including the amount of taxes, as a percent of GDP. The US is listed at number 188 out of 210 countries, at 15%.

This is what overtaxed looks like.
 
2012-07-17 04:25:51 PM
By the way, that's 188th LOWEST in the world.
 
2012-07-17 04:26:32 PM
Dammit, other way around. 187 countries have higher taxes than us.
 
2012-07-17 04:27:30 PM
I BET THE JOOJOOFLOPS DID THIS
 
2012-07-17 04:30:17 PM
So you're saying we're in serious Belgium?
 
2012-07-17 04:39:43 PM

GAT_00: Dammit, other way around. 187 countries have higher taxes than us.


So what you're telling me is there's only 22 countries to bomb the shiat out of before we're number one?
 
2012-07-17 04:43:03 PM
We get what we deserve.

Did anybody really believe that nonsense about us becoming a "service economy" they bandied about while shipping our manufacturing base to the Communist Chinese? Did you really think we would all get rich staying in each others hotels, eating in each others restaurants and blowing half our income on cheap Chicom plastic crap built to fail?

Suckers.

At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.
 
2012-07-17 04:47:39 PM

Captain_Ballbeard: At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.


Compelling argument.
 
2012-07-17 04:49:40 PM

doyner: Captain_Ballbeard: At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.

Compelling argument.


I'd have selected an adjective from the other end of the spectrum.
 
2012-07-17 04:58:03 PM

Weaver95: BillCo: The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?

so...what is it that you think Obama could have done to make corporations hire more people and/or stop outsourcing jobs overseas...? because I'd really like to know how you'd have done things differently.


You already know the answer to this. Behold the GOP 5 step plan:

1. Cut taxes
2. Deregulate
3. Don't be black
4. Don't be Democrat
5. Cut taxes

Wash, rinse, repeat. If it doesn't work, you just haven't cut taxes enough.
 
2012-07-17 05:16:30 PM
So, is he going to do anything about it?
 
2012-07-17 05:23:37 PM

HeadKase: Weaver95: BillCo: The really sad thing is that Obama spent 1.5 years driving us further into debt with an unsustainable welfare program and completely ignored the economy and jobs. Is this the change you hoped for?

so...what is it that you think Obama could have done to make corporations hire more people and/or stop outsourcing jobs overseas...? because I'd really like to know how you'd have done things differently.

DERP DERP DE DERP. That's all you'll get from him


He is aware of that. Sometimes, you manage to get the idiotfish to bite and it leads to fun times.
 
2012-07-17 05:40:56 PM
Well, Belgium.
 
2012-07-17 05:42:51 PM

Ricardo Klement: kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.

Inflation and unemployment are linked. Even Krugman will tell you that.

/Of course, it's a negative relationship...


Not in the long run. (I know, long run, all dead, etc.) But you're right. The Fed should set a higher inflation target for the next few years.

To be honest, I think folks are attaching too much importance to Bernanke. We're in a liquidity trap, and there really isn't all that much he can do. He should still try, but don't get your hopes up. This is to say nothing of the fact that the Fed is currently somewhat divided. Bernanke likely doesn't have the votes for a proper helicopter drop (for now).

The situation really demands fiscal policy. Short of that, we're really just left hoping something Bernanke tries will work a bit.
 
2012-07-17 05:46:36 PM

Captain_Ballbeard: We get what we deserve.

Did anybody really believe that nonsense about us becoming a "service economy" they bandied about while shipping our manufacturing base to the Communist Chinese? Did you really think we would all get rich staying in each others hotels, eating in each others restaurants and blowing half our income on cheap Chicom plastic crap built to fail?

Suckers.

At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.


i blame the global economy created by overpopulation

www.wrsc.org

and nixon of course
 
2012-07-17 05:48:11 PM
Gary Johnson!
 
2012-07-17 05:49:30 PM

Captain_Ballbeard: We get what we deserve.

Did anybody really believe that nonsense about us becoming a "service economy" they bandied about while shipping our manufacturing base to the Communist Chinese? Did you really think we would all get rich staying in each others hotels, eating in each others restaurants and blowing half our income on cheap Chicom plastic crap built to fail?

Suckers.

At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.


I never believed it. To believe in something so obviously stupid would be like believing in unicorns, trickle-down theories, and tax cuts raising revenues for governmental services. How many jobs have the creators created in the USA, in 40 years? I didn't believe people would keep voting for this direction for this long either. It's gotten so bad, the Dems have embraced these very same theories, in a rush, to get more votes. What would happen to the service jobs when there isn't a large segment of the population affording said services? We're experiencing it right now. Isn't Romney neck and neck with Pres. Obama?

/dipshiats!
 
2012-07-17 05:52:37 PM
Bernanke is supposed to allay fears. For example, he tried to calm everyone in 2007 when he said that rising foreclosures and mortgage delinquencies will not cripple the U.S. economy. We all know how that played out. So now that Bernanke is painting a gloomy picture of the economy going forward, I'm starting to worry a bit. Sure, he's been wrong before, but when he's wrong, he's usually on the rosier side of wrong. So if he's right, we're screwed. If he's wrong, we're seriously screwed. I've cashed out my funds and am waiting to see what happens next.
 
2012-07-17 05:53:51 PM

RickyWilliams'sBong: Ricardo Klement: kmmontandon: So you just keep on focusing on inflation, Ben.

Because that's what's really important, not unemployment or anything.

Inflation and unemployment are linked. Even Krugman will tell you that.

/Of course, it's a negative relationship...

Not in the long run. (I know, long run, all dead, etc.) But you're right. The Fed should set a higher inflation target for the next few years.

To be honest, I think folks are attaching too much importance to Bernanke. We're in a liquidity trap, and there really isn't all that much he can do. He should still try, but don't get your hopes up. This is to say nothing of the fact that the Fed is currently somewhat divided. Bernanke likely doesn't have the votes for a proper helicopter drop (for now).

The situation really demands fiscal policy. Short of that, we're really just left hoping something Bernanke tries will work a bit.


Classical economists would point out that inflation only works if it's a surprise, because people aren't stupid and adapt their expectations based on the available data. Keynesian economics assumes that people always bet on inflation being 0. I don't know anyone who expects 0 inflation. I'm sure you don't either.

So Bernanke has actually done a good job setting the expectation to be around 2-3%, so if he DID print a truckload of money, the inflation would be a surprise.
 
2012-07-17 05:54:11 PM

GAT_00: The US is listed at number 188 out of 210 countries, at 15%.


Various sources place the current U.S. rate at 24% to 27%.
 
2012-07-17 05:54:48 PM

Atomic Spunk: Bernanke is supposed to allay fears. For example, he tried to calm everyone in 2007 when he said that rising foreclosures and mortgage delinquencies will not cripple the U.S. economy. We all know how that played out. So now that Bernanke is painting a gloomy picture of the economy going forward, I'm starting to worry a bit. Sure, he's been wrong before, but when he's wrong, he's usually on the rosier side of wrong. So if he's right, we're screwed. If he's wrong, we're seriously screwed. I've cashed out my funds and am waiting to see what happens next.


You've cashed out your funds and done what with the money?
 
2012-07-17 06:08:27 PM
I love all these threads where democrats band together and pretend that the current economic situation is entirely the fault of republicans, and that if only democrats could be elected to all positions, forever, we'd live in a world of rainbows and unicorns and free stuff for everybody and nobody has to work and YAY!!!!

Conveniently ignoring, of course, the fact that Dems have controlled Congress for what, like 65 of the past 80 years? And also the fact that the states that run fervently democratic are typically in the worst financial shape. But if you ignore facts and evidence, Democrats are the best! YAY!
 
2012-07-17 06:09:44 PM

wutchamacallem: GAT_00: The US is listed at number 188 out of 210 countries, at 15%.

Various sources place the current U.S. rate at 24% to 27%.


Which would put us all the way up to the 127th lowest taxes in the world. The only countries of major economic power that are now below us are South Korea, Taiwan and Hong Kong.

Goddamn we're overtaxed and totally crippled.

Here's the list since I'm no longer on my phone.
 
2012-07-17 06:25:06 PM

wutchamacallem: GAT_00: The US is listed at number 188 out of 210 countries, at 15%.

Various sources place the current U.S. rate at 24% to 27%.


Gat being dishonest? No way! I just can't believe it!
 
2012-07-17 06:30:17 PM

dryknife: Gary Johnson!


STEVE HOLT!
 
2012-07-17 06:33:36 PM

doyner: Captain_Ballbeard: At this point, I am rooting for the super-rich who lead you tards around by the nose, at least they have brains.

Compelling argument.


I've long believed that one of the precipitating factors in the acceleration of the middle class's disappearance, was that the wealthy convinced them that being middle class wasn't good enough.

They bought it, hard. And are now paying. I've never had a moment's sympathy for most of them, these past few years. Decide to believe that you're too good for an American middle class lifestyle, which most people in the world would have killed to have? That's a bankruptcy for you.

Sure, the medical disaster people and similar stories are an exception. But when so many jobs were bullshiat paper-pushing, and so many people bought crap they didn't need and houses that made them feel rich, and kicked the debt can down the road--all the while modeling their obnoxious behavior off celebrities, and looking down on people who didn't care about luxury?

fark you, I hope you like the taste of cat food.
 
2012-07-17 06:34:59 PM
what we need is a big global war to cut about a billion people off the planet.
 
2012-07-17 06:36:21 PM
i.imgur.com
 
2012-07-17 06:40:13 PM

Ricardo Klement:
You've cashed out your funds and done what with the money?


It's my SEP IRA money so I have limitations as to what I can do with it, so I'm sitting on cash waiting for a reentry point.
 
2012-07-17 06:42:38 PM
"Throw cash out of the helicopter" doesn't know what to do when there's no more cash to throw out of the helicopter? Color me shocked.

Greenspan hated fiat, so he knew how to control it. Bernanke loves fiat, so he has no control over it.
 
2012-07-17 06:46:29 PM

Ricardo Klement: Atomic Spunk: Bernanke is supposed to allay fears. For example, he tried to calm everyone in 2007 when he said that rising foreclosures and mortgage delinquencies will not cripple the U.S. economy. We all know how that played out. So now that Bernanke is painting a gloomy picture of the economy going forward, I'm starting to worry a bit. Sure, he's been wrong before, but when he's wrong, he's usually on the rosier side of wrong. So if he's right, we're screwed. If he's wrong, we're seriously screwed. I've cashed out my funds and am waiting to see what happens next.

You've cashed out your funds and done what with the money?


I didn't cash out my funds, per se, but I took an 18 month loan against them to take care of a few things and I'm paying myself back at 13% interest, which is better than the ROI I was getting previously.
 
2012-07-17 06:52:30 PM

Dancin_In_Anson: Bernanke? Bernanke?!

He still owes me money!


So you gonna break into his home and get it on with a sexy MP?
 
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