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McCain: "I don't believe we are headed into a recession."
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Thump553
Lifer
McCain supporters make a big deal about experience, but to me the critical skill is sound judgment. And even though it's been over thirty years since I got my BA in economics (and I haven't used it professsionally since then) quite frankly McCain's lack of knowledge of basic economic concepts is downright scary. His lack of knowledge almost seems wilfull-for years he has repeatedly publically acknowledged "I need to learn more about economics." To make it worse, he frequently substitutes kneejerk GOP responses for any sort of reasoned approach-remember when he much-vaunted "solution" to the subprime crisis was to ELIMINATE regulation on the banking industry? (which probably came from his lobbyist/campaign co-chair, Lindsey Gramm, who is up to his eyebrows it one of the principal drivers of the subprime mess, UBS).
He's scary to me. Even GWB displays better sense on economic issues.
He's scary to me. Even GWB displays better sense on economic issues.
maverick44
Member
1) Should the banking industry be RUN by bush.
2) Slide of the dollar was long overdue. Trade deficit at 8-9 percent of GDP was unsustainable.
3) And what can he do about "retaining" jobs in the country. Job creation and job destruction are a natural part of the economy. True you can have government programs for temporary employment but thats about it.
ProfJohn
Lifer
link
You guys really need to get a better grip on this debt thing.
Compared to GDP our debt is smaller than Norway, Sweden, England, Canada, Germany, France, Italy and Japan.
All of the worlds largest economies have a LOT more debt than we do.
To suggest that our debt is some how related to our current economic slow down is incorrect.
Most of the problem can be traced to the burst of the housing bubble and the jump in oil prices.
Sounds like you're a member of the society of entitlement.
The USA has been warned for years and years that depending on outside suppliers for our energy needs was a reckless policy. And what have we done? Increased our energy dependence. Now we are going to pay for our lack of action. Historically Congress has not had the fortitude or foresight to do much. If we're lucky that might change ... but don't count on it. Our economic woes have been on the horizon for years. We just thought that ignoring them would somehow make them go away. Didn't work.
OrByte
Diamond Member
recession or not I don't see anything positive happening in the US in the near future, economy wise.
it might as well be a recession, like I give a sh!t what its called ultimately it really is a bad economy for America.
Unless you are a CEO or something...
And McCains comments seem to put him in an alternate reality to most of us Americans...
we certainly aren't "headed" to an economic upswing anytime soon...he shouldn't be saying things like he said.
it might as well be a recession, like I give a sh!t what its called ultimately it really is a bad economy for America.
Unless you are a CEO or something...
And McCains comments seem to put him in an alternate reality to most of us Americans...
we certainly aren't "headed" to an economic upswing anytime soon...he shouldn't be saying things like he said.
Thump553
Lifer
Actually debt was the diease back then, not the cure. LBJ and Nixon financed the Vietnam War by running up our debt (the famous guns AND butter era), by the mid-70's inflation was rising rapidly and seemed permanent.
I graduated from school and started my career in that era, I'm extremely familiar with what it was like. Today is different, perhaps worse, perhaps better. Personally I was hoping (without a rational basis, probably) that we would avoid big unemployment this time around, but that prospect appears to be dimming.
If we can keep the dollar weak, and if our exports continue to thrive, and if the upcoming financial shocks to our system (auto financing crisis & credit card crisis-both essentially the same as the subprime mortgage mess are expectd by me within the next year) and if no major unpreditable major bad event happens (like a Katrina wiping out our refineries or Gulf of Mexico oil rigs, Pakistan, Iran, Saudi Arabia or Iraq going crazy, etc.) then we can probably muddle through this, eventually, with intelligent leadership. There are a lot of what-ifs still left to happen.
sammyunltd
Senior member
That is why Obama must be president.
jackschmittusa
Diamond Member
maverick44
No, but the policy of non-regulation and willful ignorance is the fault of this Administration. Bush and his minions did the same with banking that they did with the intel for the Iraq war. They ignored all of the warning signs, disregarded any info that might have adversely affected profits. You don't really think the mortgage lending bubble and credit crisis surprised everyone and appeared overnight do you?
Even if balance-of-trade were the only issue affecting the dollar value, please point out the Administration's masterful efforts to correct the imbalance. What trade policies and agreements have they come up with that were effective?
There are actually a large number of things that any Administration does that have an impact on the number and quality of jobs. Selectively guiding all actions to preserve high corporate profits at all costs is not a policy that is good for employment.
This Administration has done everything it could (often boldly, as in appointing industry insiders to run regulatory agencies, removing science from environmental reports, etc.) to further the cause of high profit, with little regard for the impact on the workers.
No, but the policy of non-regulation and willful ignorance is the fault of this Administration. Bush and his minions did the same with banking that they did with the intel for the Iraq war. They ignored all of the warning signs, disregarded any info that might have adversely affected profits. You don't really think the mortgage lending bubble and credit crisis surprised everyone and appeared overnight do you?
Even if balance-of-trade were the only issue affecting the dollar value, please point out the Administration's masterful efforts to correct the imbalance. What trade policies and agreements have they come up with that were effective?
There are actually a large number of things that any Administration does that have an impact on the number and quality of jobs. Selectively guiding all actions to preserve high corporate profits at all costs is not a policy that is good for employment.
This Administration has done everything it could (often boldly, as in appointing industry insiders to run regulatory agencies, removing science from environmental reports, etc.) to further the cause of high profit, with little regard for the impact on the workers.
Capt Caveman
Lifer
Nope, not even close.
soonerproud
Golden Member
Too many people here are confusing Stagflation for recession. Both are very painful, but different things.
http://en.wikipedia.org/wiki/Stagflation
http://en.wikipedia.org/wiki/Stagflation
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