dmcowen674
No Lifer
Originally posted by: ProfJohn
It looks like the worst economy in decade never turned out to be that bad after all.
As many have said it was nothing more than a mental recession.
Gas prices continue to fall.
Originally posted by: ProfJohn
It looks like the worst economy in decade never turned out to be that bad after all.
As many have said it was nothing more than a mental recession.
Gas prices continue to fall.
Originally posted by: SleepWalkerX
Originally posted by: miketheidiot
Originally posted by: SleepWalkerX
I want to go ahead and apologize for not reading the entire thread (at work), but I want to go ahead and throw out what we are facing right now.
We are undergoing a deflationary recession. Banks are losing more money than the Fed can create credit. Deflation means the supply of the dollar is shrinking so the value of goods are rising in relation. Will we see inflation? Probably, but first we have to bottom out in our current housing crisis and let house prices fall in relation to real incomes. I'm still researching and trying to put all the pieces together, but from what I can gather we are in deflation.
*facepalm*
seriously dude, at least figure out the terms and definitions, or even basic mechanics before you post.
Deflation is a contraction of the money supply. Inflation is the expansion of the money supply. I am not arguing with you on this. Do some reading and learning.
Perhaps, you misunderstood what I was saying?
Originally posted by: LegendKiller
Originally posted by: Kuragami
Originally posted by: LegendKiller
Originally posted by: cubeless
ummm... seems like lk is backing my story on this... and the gse's seem to be teetering back to "ok" today (but since u can't believe anything they say who knows what will happen...)... shit happens in a capitalist economy... at the "you" level being fiscally responsible is all you have to work with... you may still get screwed by some circumstance, but that's life...
I'm not really agreeing with you. This thing is affecting everybody, not just those who bought an overpriced house.
That's a disingenuous statement if I ever read one. Ma and Pa 6 pack with a family is not socking away thousands or millions into a financial portfolio that can save their wealth when the time comes. Chances are they have more debt than they do wealth and the primary source of that wealth is their property/house.
If you make enough money, after a certain threshold of income, you can save up money and start to generate wealth at an ever increasing rate. Sure you can have some, or even a lot, of that wealth wiped by the market but the point is that you have that ability.
The average people and most especially those who are Poor have no wealth, are most probably in debt and even if they aren't they are struggling to make ends meet. Let alone have the cash flow to invest their money.
Tell me something. What's the rate, the most up to date figure, of personal investments in the US?
Ohhh bullshit. It is affecting everybody to one extent or another. You can make the case about "ma and pa 6 pack". I am socking away 12% of my salary, with 50% matched and 8% profit sharing. Yet, I am getting hit hard. I see it everwhere even if I don't own a car.
Get rid of the angsty feeling towards the "wealthy", it doesn't do you any good.
Originally posted by: ProfJohn
Topic Summary: Worst slow down in history my ass.
It looks like the worst economy in decade never turned out to be that bad after all.
Jobless claims drop for 3rd week in a row
As many have said it was nothing more than a mental recession.
Originally posted by: Harvey
Originally posted by: ProfJohn
Topic Summary: Worst slow down in history my ass.
That slow down in your ass is because, as usual, you're full of sh8!
It looks like the worst economy in decade never turned out to be that bad after all.
Yeah... Right! Nice stats IF you happen to be a big oil corporation or Halliburton or some other large corporate entity shipping jobs overseas. Not so nice if you happen to be getting paid less than your cost of living in a full time job. That's why filings for bankruptcy were up 18% in February, and more Chapter 11 filings are on tap for 2008.
Jobless claims drop for 3rd week in a row
Go back and count again. This time, include all of those who have simply given up looking because they can't find a suitable job. They're not included in jobless figures.
As many have said it was nothing more than a mental recession.
PJ -- Nice of you to ignore those who really are hurting with your smug, cavalier bullshit. YOU and your lame ass "pander to the rich few and screw the poor" Republicans are living examples of mental recession. :thumbsdown:
And this shows what, exactly? If the D/FW economy, the "strongest job market in the the U.S.," is pretty crappy, then everywhere else the job market must be even more crappy.Originally posted by: Svnla
Originally posted by: Arkaign
All I can tell you is that things are pretty crappy here in D/FW. Lots of stores/restaurants closing, cars piling up on dealer lots, homes going unsold, etc. Anecdotal, I know, but it's worse than I've seen since the early-90s recession.
Dallas Fort Worth has strongest job market in U.S.
Originally posted by: Acanthus
You know that most figures are core inflation which exclude the prices of food, fuel, and energy?
I mean, youve taken 100 level economics right?
The prices of food have doubled (unless you want to eat little debbies and frozen pizza, those have remained stable enough at the grocery store to hide the enormous spike in real food costs) fuel almost tripled, and energy is sharply up across the board over the last few years.
Still today core inflation trails real inflation by a factor of 2.
Funny how you can hide the bad statistics if you think your audience wont catch it :thumbsdown:
Originally posted by: Skoorb
Growth is meaningless without adjusting for inflation.
Originally posted by: Kuragami
Originally posted by: LegendKiller
Originally posted by: Kuragami
Originally posted by: LegendKiller
Originally posted by: cubeless
ummm... seems like lk is backing my story on this... and the gse's seem to be teetering back to "ok" today (but since u can't believe anything they say who knows what will happen...)... shit happens in a capitalist economy... at the "you" level being fiscally responsible is all you have to work with... you may still get screwed by some circumstance, but that's life...
I'm not really agreeing with you. This thing is affecting everybody, not just those who bought an overpriced house.
That's a disingenuous statement if I ever read one. Ma and Pa 6 pack with a family is not socking away thousands or millions into a financial portfolio that can save their wealth when the time comes. Chances are they have more debt than they do wealth and the primary source of that wealth is their property/house.
If you make enough money, after a certain threshold of income, you can save up money and start to generate wealth at an ever increasing rate. Sure you can have some, or even a lot, of that wealth wiped by the market but the point is that you have that ability.
The average people and most especially those who are Poor have no wealth, are most probably in debt and even if they aren't they are struggling to make ends meet. Let alone have the cash flow to invest their money.
Tell me something. What's the rate, the most up to date figure, of personal investments in the US?
Ohhh bullshit. It is affecting everybody to one extent or another. You can make the case about "ma and pa 6 pack". I am socking away 12% of my salary, with 50% matched and 8% profit sharing. Yet, I am getting hit hard. I see it everwhere even if I don't own a car.
Get rid of the angsty feeling towards the "wealthy", it doesn't do you any good.
Point out to me where I said it doesn't affect everyone. Do it. Right now. What I pointed out was that it affects different classes of people differently.
Stop trying to cut me down by putting words in my mouth. That's two posts where I lost any respect for what you have to say.
What you are doing with money is what most people in the US should do but they don't or can't.
Here is a handy chart that goes back some years so you can see what people have been doing.
http://bigpicture.typepad.com/...nal_savings_rate_2.jpg
If you don't like the chart I don't care at this point. Go find another one. There are thousands of such charts.
By MARTIN CRUTSINGER, AP Economics Writer
53 minutes ago
WASHINGTON - Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
ADVERTISEMENT
The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease analysts expected.
Consumer spending edged up a modest 0.2 percent, in line with expectations, but far below June's 0.6 percent rise. When the impact of rising prices was factored in, spending actually dropped by 0.4 percent in July, the weakest showing for inflation-adjusted spending in more than four years.
The July performance for incomes and spending reinforced worries that the economy, which posted better-than-expected growth in the spring because of the rebate checks, could stumble in coming months as their impact fades.
Some economists worry that overall economic growth, which rose at a 3.3 percent annual rate from April-June, could come in at less than half that pace in the current quarter, and could actually dip into negative territory in the final three months of this year and the first quarter of 2009.
Back-to-back declines in the gross domestic product, which measures the value of all goods and services produced within the U.S. and is the best barometer of the country's economic health, would meet one rule of thumb for a recession.
A gauge of inflation closely watched by the Federal Reserve remained elevated in July, rising by 0.6 percent. Over the past 12 months, this inflation gauge tied to consumer spending was up 4.5 percent, the biggest year-over-year increase in more than 17 years.
The surge reflected the big increases that have occurred this year in food and energy costs. Excluding food and energy, inflation by this measure was up 0.3 percent in July, and 2.4 percent over the past 12 months, still above the Fed's comfort zone. The central bank is caught in a bind between a sluggish economy and rising inflation pressures.
The 0.7 percent drop in personal incomes followed a 0.1 percent rise in June and a 1.8 percent surge in May. After-tax incomes dropped by an even bigger 1.1 percent in July, following a 1.9 percent decline in June and a 5.7 percent surge in May. All the income figures were heavily influenced by the rebate checks.
Democrats, including presidential nominee Barack Obama, are calling for the government to pass a second stimulus package to guard against the economy slumping into a deep recession.
But President Bush, concerned about the impact the stimulus payments will have on the budget deficit, has resisted those calls, insisting that the rebate payments will continue to support the economy in coming months. The administration is already forecasting that the federal budget deficit for the budget year that begins on Oct. 1 will soar to an all-time high in dollar terms of $482 billion.
The report on consumer spending also showed that personal savings totaled 1.2 percent of after-tax incomes in July, down from a rate of 2.5 percent in June
July incomes drop by largest amount in 3 years
WASHINGTON - Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease analysts expected.
Consumer spending edged up a modest 0.2 percent, in line with expectations, but far below June's 0.6 percent rise. When the impact of rising prices was factored in, spending actually dropped by 0.4 percent in July, the weakest showing for inflation-adjusted spending in more than four years.
WASHINGTON - Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
Originally posted by: cubeless
until you got hoity toity on me i wasn't going to be nasty in my reply... oh well...
all the stuff you posted is whining bullshit and belief that you live in a socialist state... put away the economics books you didn't understand and get out a government book and try to understand that...
so there are supposed to be lots of empty jobs so your wife can hop around at will, eh? that's noble... so everyone is supposed to be able to buy a house? that silly idea helped get us into the current mess... and your lament about the money spent on education is so laughable that i can hardly type a response - look to yourself and your management for the dilemma you are in... and you aren't "throwing away" money renting... there's price for housing and many folks are better served by renting... and as for your fifth point - grow up and take some responsibility for your own mental health at least... have you ever thought that maybe if you are a little less mopey then you could be the catalyst for everyone else to be happier?
it sounds to me like you have it pretty good compared to 90+% of the rest of the inhabitants of this planet...
and, incidentally, you gave absolutely 0 ideas how to fix anything...
Originally posted by: jonks
More fake bad news about our thriving economy. When will these statistics stop lying? It's all in their head!
http://news.yahoo.com/s/ap/200...on_bi_go_ec_fi/economy
July incomes drop by largest amount in 3 years
WASHINGTON - Personal incomes plunged in July while consumer spending slowed significantly as the impact of billions of dollars in government rebate checks began to wane.
The Commerce Department reported Friday that personal incomes fell by 0.7 percent in July, the biggest drop in nearly three years and a far larger decline than the 0.1 percent decrease analysts expected.
Consumer spending edged up a modest 0.2 percent, in line with expectations, but far below June's 0.6 percent rise. When the impact of rising prices was factored in, spending actually dropped by 0.4 percent in July, the weakest showing for inflation-adjusted spending in more than four years.
Originally posted by: eskimospy
Pro-Jo you realize that inflation is outpacing growth at this point, right?
Originally posted by: mshan
Is what this guy is saying correct?"
"Overall gross domestic product popped 3.3 percent in the second quarter, but undermeasured inflation made the GDP leap rather like the guy in the falling elevator who hoped to save himself by jumping just before hitting bottom. "Nominal" GDP rose 4.6 percent, adjusted to "real," non-inflated dollars by subtracting the 1.3 percent inflation "deflator." The deflator, usually an excellent measure, is way too low right now: Actual overall inflation ran close to 5 percent in the second quarter, and real GDP thus was negative, as it was in the first quarter."
http://www.inman.com/buyers-se...risis-trumps-inflation
Originally posted by: miketheidiot
lol i do some reading and learning right?
deflation causes lower prices you moron. We are not undergoing a 'deflationary' recession, if so, we wouldn't be seeing incresing prices of goods because deflation --> leads to lower prices.
