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The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

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The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by Guest on Thu Mar 31, 2011 12:07 pm

Why aren’t Americans being told the truth about the economy? We’re heading in the direction of a double dip – but you’d never know it if you listened to the upbeat messages coming out of Wall Street and Washington. Consumers are 70 percent of the American economy, and consumer confidence is plummeting. It’s weaker today on average than at the lowest point of the Great Recession.

Add two other ominous signs: Real hourly wages continue to fall, and housing prices continue to drop. Hourly wages are falling because with unemployment so high, most people have no bargaining power and will take whatever they can get.

http://robertreich.org/post/4218613020


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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by 54andpoor on Thu Mar 31, 2011 2:15 pm

No double dip if you work on Wall Street or in banking. It must be nice to borrow money at 0% and loan it out on credit cards at 20+%. It's hard not to be successful under those conditions.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by Guest on Thu Mar 31, 2011 6:20 pm



I am confused.

From where I stand, we never got over the first one. Most of the people who lost their jobs in 2007 and 2008 are still out of work. Many of my co-workers, especially the older ones are still unemployed.

What exactly do they mean when they say the recession ended? Big companies started making money again? Right, they are, but they aren't spending it to hire more workers. They hire temps and then let them go after three months so they don't have to pay benefits or they make their current employees do the work of 3 people in 40 hours. Overtime is outlawed unless you are salaried, then you work an 80 hour week.

Double Dip Recession! More like the Great Depression #2!

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by delko on Thu Mar 31, 2011 7:34 pm

We are heading to disaster. No doubt in my mind. In reality, this all started almost 10 years ago. When the Fed went in after 9/11, and meddled with interest rates and dropped them so low in reaction to fears the economy might have stalled after 9/11/01. As we know, this created artificial demand in the housing market, which as history shows resulted in the housing collapse. Add to it unscrupulous and greedy Wall Street writing loans on post it notes, with no backing.
When it all went down, what did we do? We bailed them out, with zero strings attached. And they in turn pocketed the cash, instead of loosening up lending which was intended to grow the economy.
I think we need to let Wall Street sink on its own. And let the market function on its own. If we had done that in 2008, yes the immediate hit would've been harder. But I think we'd also have hit Recovery much sharper and faster. Instead of this continous langushing that is going on.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by Guest on Thu Mar 31, 2011 7:44 pm

I agree. Back in 2008 we should have let Wall St. sink. It was the working class that lost when Washington bailed them out. Now, they are raking in their profits and hoarding them, while we are still left out in the cold. If Wall St. had failed then, there wold have been a lot more done to improve the overall economy. It will happen again. Less people working, millions with no income at all and a lingering high unemployment rate is going to drive the economy and Wall St. right into the ground - very soon.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by Guest on Thu Mar 31, 2011 8:55 pm

When I think back on the farce that was the Martha Stewart trial, insider trading blah,blah,blah. She did her time for what she did. Why is no one being held responsible for the mess on Wall Street? I don't agree with what Martha did, but she does time and this mess, you get bonuses. Large bonuses. When anyone mentions tightening regulations, we get a bill that finally when passed is so watered down it really stops nothing from happening again.

Just wait until they stop the Hamp Program. Instead of improving upon it, which it really needs, they want to end it. Wait until the banks are sitting with a glut of housing inventory that no one is qualified to buy. Then what? Oh, they'll want a bail out, but of course.

There was an interesting comment in one of the blogs today from a small business owners. He is, by the way a supporter of the 99ers. He stated that by lowering taxes on businesses, it really doesn't help to create jobs. When business tax revenue shrinks, employee taxes will continue to rise. In order for him to keep employees, he needs to pay much higher salaries which in turn, keeps him from hiring. If he pays his 26%, makes yearly increases to employees he can still invest and grow. According to him, paying that tax, increases tax revenues collected and employees taxes don't become unbearable requiring large salary increases compared to normal salary increases made yearly. He doesn't understand why other businesses don't get this either. I just thought it was an interesting take from an owners' perspective on how things worked. Thought I would share it.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by tristen303 on Fri Apr 01, 2011 1:05 am

DesperateInRI wrote:I agree. Back in 2008 we should have let Wall St. sink. It was the working class that lost when Washington bailed them out. Now, they are raking in their profits and hoarding them, while we are still left out in the cold. If Wall St. had failed then, there wold have been a lot more done to improve the overall economy. It will happen again. Less people working, millions with no income at all and a lingering high unemployment rate is going to drive the economy and Wall St. right into the ground - very soon.

Right again RI we should have practiced capitalism and let them fail; now they feel insulated which means they believe they can be riskier with no consequences.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by lendmeflight2 on Fri Apr 01, 2011 10:06 am

tristen303 wrote:
DesperateInRI wrote:I agree. Back in 2008 we should have let Wall St. sink. It was the working class that lost when Washington bailed them out. Now, they are raking in their profits and hoarding them, while we are still left out in the cold. If Wall St. had failed then, there wold have been a lot more done to improve the overall economy. It will happen again. Less people working, millions with no income at all and a lingering high unemployment rate is going to drive the economy and Wall St. right into the ground - very soon.

Right again RI we should have practiced capitalism and let them fail; now they feel insulated which means they believe they can be riskier with no consequences.

I totally agree with this now. At the time I understood the bailouts but, as usual, there weren't enough regulations put on the bailed out companies and now they back to their old ways again. Bank Of America was given $50 billion in the bailout. They made over $4 billion pure profit last year, paid absolutely nothing in taxes, and got over $1 billion back in refunds.
Wall street got bailed out and we got sold out.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by delko on Fri Apr 01, 2011 6:57 pm

Indeed. You think about it. You are given $787 billion, no strings attached. Artificially propped up by this, of course the stock market began to recover!!!! Of course Wall Street recovered!!! Anyone would if handed that kind of cash. But the thing is, that artificial prop up will only last for so long. And when it crashes this time, let it crash, and let Capitalism skim the pond scum. Sadly though, in the meantime, companies knowing this is going to happen are sitting on cash and not hiring....which means middle class Americans continue to sit jobless.

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

Post by Dazed&Confused on Sat Apr 02, 2011 1:34 am

I absolutely agree Wall Street should have burned. However, neither the President nor Congress had any clue that Lehman Brothers (the largest of the financial whores) was going to crash and burn. In fact, the Feds did let Lehman Brothers burn. The Feds then advised the President and Congress that if we did not influx trillions (not billions) of dollars into the financial markets, not only here but around the world, the very next day, YOU AND I would not be able to get one penny out of our banks, never mind cash your paycheck, banks would have closed down around the world. as the dollar is the world currency (but not for long). The Fed just printed that green stuff and that is the truth. Many will recall Retired Senator Bernie Sander's outstanding speech (filibuster) about this and additional secret "trillions" the Feds lent/gave out without any approval, but then again the Feds don't need approval. Maybe the Fed's rule the world today, but not for long.

http://articles.latimes.com/2010/dec/10/news/la-pn-sanders-filibuster-20101211

or check C-span 12/10/2010

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Re: The Truth About the Economy that Nobody In Washington Or On Wall Street Will Admit: We’re Heading Back Toward a Double Dip

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