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Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

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Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by mistermunster on Thu Aug 04, 2011 6:53 pm

http://www.huffingtonpost.com/2011/08/04/dow-jones-industrial-closes-down-513-points_n_918796.html

YOU THINK?????? They have BEEN warning DC NOT TO DO WHAT THEY DID, BUT the AUSTERITY Jackholes DID IT ANYWAY.....LOOK AT THE BEGINNING RESULTS. affraid

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by gettheminNOVEMBER on Thu Aug 04, 2011 6:57 pm

Boehner, the GOP and the teabags are laughing all the way to the country club. Razz

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by stillnutty on Thu Aug 04, 2011 7:27 pm

Tomorrows UNEXPECTEDLY bad jobs report will add fuel to the fire. BURN BABY BURN!!!

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by tristen303 on Thu Aug 04, 2011 7:49 pm

LOL THERE WAS NO AUSTERITY that was the problem it was all bs.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by JoanB on Thu Aug 04, 2011 10:00 pm

tristen303 wrote:LOL THERE WAS NO AUSTERITY that was the problem it was all bs.

I have to tell you, I've noticed over time that your idea of what's funny creeps me out.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by gettheminNOVEMBER on Thu Aug 04, 2011 10:54 pm

mistermunster wrote:http://www.huffingtonpost.com/2011/08/04/dow-jones-industrial-closes-down-513-points_n_918796.html

YOU THINK?????? They have BEEN warning DC NOT TO DO WHAT THEY DID, BUT the AUSTERITY Jackholes DID IT ANYWAY.....LOOK AT THE BEGINNING RESULTS. affraid

It is clear the financial markets know the so-called crushing deficits facing the US ARE NOT WHAT IS CAUSING THE ECONOMY TO TANK! It is the jobless crisis and the economy NOT growing BECAUSE OF the budget cuts and ZERO policies to get the economy recovered. There is ZERO DEMAND. The GOP refuses to understand the US economy is over 70% CONSUMER DRIVEN! THAT means you MUST inject DEMAND into the system and the Government MUST do it as the private sector, the so called "job creators" as the GOP loves to bring up, DO NOT INVEST AS THERE IS NOT DEMAND! The REAL "job creators" are the MIDDLE CLASS, the POOR, and the WORKING CLASS Americans! perturd

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by Jobless_in_Ma on Thu Aug 04, 2011 11:00 pm

I truly think that things are finally coming to a head. Brace yourselves ignorant uninformed Americans you are about to see a crumble. A crumble that will not only affect the US but the WHOLE world.


Last edited by Jobless_in_Ma on Fri Aug 05, 2011 12:00 am; edited 1 time in total

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by gettheminNOVEMBER on Thu Aug 04, 2011 11:20 pm

Robert Reich ----If tomorrow's job number is below 125,000, chance of double dip goes up to 50-50. affraid

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by Guest on Thu Aug 04, 2011 11:35 pm

stillnutty wrote:Tomorrows UNEXPECTEDLY bad jobs report will add fuel to the fire. BURN BABY BURN!!!
WE know how bad those numbers SHOULD be tomorrow - let's just hope there is no "fuzzy math" to try to distort the seriousness of the situation just to stablize the market!

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by TOO OLD TO HIRE IN PA on Fri Aug 05, 2011 12:23 am

DesperateInRI wrote:
stillnutty wrote:Tomorrows UNEXPECTEDLY bad jobs report will add fuel to the fire. BURN BABY BURN!!!
WE know how bad those numbers SHOULD be tomorrow - let's just hope there is no "fuzzy math" to try to distort the seriousness of the situation just to stablize the market!

Wouldn't hold my breath on that!

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by jmainframe on Fri Aug 05, 2011 4:40 am

gettheminNOVEMBER wrote:Robert Reich ----If tomorrow's job number is below 125,000, chance of double dip goes up to 50-50. affraid

Double dip? That's putting it mildly. We've been in a depression for the past 3 years!

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by truth on Fri Aug 05, 2011 6:58 am

gettheminNOVEMBER wrote:
mistermunster wrote:http://www.huffingtonpost.com/2011/08/04/dow-jones-industrial-closes-down-513-points_n_918796.html

YOU THINK?????? They have BEEN warning DC NOT TO DO WHAT THEY DID, BUT the AUSTERITY Jackholes DID IT ANYWAY.....LOOK AT THE BEGINNING RESULTS. affraid

It is clear the financial markets know the so-called crushing deficits facing the US ARE NOT WHAT IS CAUSING THE ECONOMY TO TANK! It is the jobless crisis and the economy NOT growing BECAUSE OF the budget cuts and ZERO policies to get the economy recovered. There is ZERO DEMAND. The GOP refuses to understand the US economy is over 70% CONSUMER DRIVEN! THAT means you MUST inject DEMAND into the system and the Government MUST do it as the private sector, the so called "job creators" as the GOP loves to bring up, DO NOT INVEST AS THERE IS NOT DEMAND! The REAL "job creators" are the MIDDLE CLASS, the POOR, and the WORKING CLASS Americans! perturd

Not only are the Republicans' priorities ass backwards, I don't think that things have been helped one bit by the GOP constantly telling the public that the US is "bankrupt", "broke", "out of money", "just like Greece", etc. Not only are these claims nonsense, but they are not the kind of thing that inspires consumer (or even business) confidence.

These claims have been used hypocritically and cynically by the GOP all along. They have absolutely no worries about the deficit when it comes to tax cuts for the rich, or subsidies for oil companies, or any number of other loopholes for the rich and powerful, but when it comes to something like unemployment extensions (for the people who by far are the most hurt by this Great Recession), they HAVE to be paid for (unless they can be held hostage and traded for huge benefits for the wealthy).

There will be plenty of time to work on the budget AFTER the jobs crisis is taken care of. Meanwhile, the number of exhaustees continues to swell, the clock is ticking on the end-of-year expiration of extensions, and the jobs situation is getting worse, not better. The GOP's latest crusade, however, is fighting over unions in the FAA. Unbelievable.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by Guest on Fri Aug 05, 2011 10:16 am

TOO OLD TO HIRE IN PA wrote:
DesperateInRI wrote:
stillnutty wrote:Tomorrows UNEXPECTEDLY bad jobs report will add fuel to the fire. BURN BABY BURN!!!
WE know how bad those numbers SHOULD be tomorrow - let's just hope there is no "fuzzy math" to try to distort the seriousness of the situation just to stablize the market!

Wouldn't hold my breath on that!
Glad I didn't hold my breath on that! I'd be dead! What a bunch of BS!!!! Knew it would happen though!

mad

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by JoanB on Sat Aug 06, 2011 10:42 am

truth said:
Not only are the Republicans' priorities ass backwards, I don't think that things have been helped one bit by the GOP constantly telling the public that the US is "bankrupt", "broke", "out of money", "just like Greece", etc. Not only are these claims nonsense, but they are not the kind of thing that inspires consumer (or even business) confidence.

Yep, and similarly how they've convinced people that not only is Social Security broke, which it isn't, but that it's a big contribitor to our debt, which it isn't.

You've been writing some great posts lately truth. Glad to have your voice here.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by tristen303 on Sat Aug 06, 2011 6:24 pm

Social Security not broke your joking, short of that silly little accounting trick it's broke.....it has IOU's but those IOU's are from where? God the propaganda spewed on this site is just amazing. IOU’s are not money so that means it's broke..If I signed a note to a bank for 1 million dollars to you and didn’t have a million dollars to pay or borrow that IOU is worthless. The US is going broke, were not there yet but our debt to income ratio is about to reach the tipping point (that's not up for debate). What financial models can we use to see what works and what doesn’t hmmm well EU the lefts model for society is falling apart and why? Entitlements and Unions…..oh FYI they taxed and taxed until they cannot tax any more. Any financial planner will tell you to stop spending too much, cut your spending first before you raise money to pay for the stuff you cannot afford. If you have to borrow to pay for it you cannot afford it no matter how much you want it, how cool it would be, how nice it would be etc.. If you don’t cut spending first you just prolong the problem; cut it slash it and then to pay down the debt with the taxes you raise but not before cutting otherwise it will spent.
Nobody is entitled to anything…that’s a fact of life even the air you breathe and need to survive requires you to put effort forth to get the air. EU is failing because of all that BS the downgrade was because of why NO ENTITLEMENT CUTS (and wars in IMO), Political brinksmanship, and no plan for revenue increases. The left only gets the last one but every major reporting group says what? Cut spending and why? Because it’s the problem. Spending more when going broke is not financially sound but hey the EU always knew best right. Funny how they get it and we still want to spend

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by truth on Sun Aug 07, 2011 2:17 am

tristen,

A "joke"? Tell me how this is a "joke":

http://www.ncpssm.org/news/archive/2011_analysis_ss_trustees_report/

I think that the cruel, cruel joke is saying that Social Security is "broke".

By the way, when someone deposits money into a bank, what do they get in return? Nothing more than an I.O.U. from the bank. The money doesn't sit in the vault (other than a small fraction required for reserves, and only a tiny, tiny bit of that is held in greenbacks). Where's the rest of your money? The bank has loaned it out in return for ......I.O.U.'s from borrowers.

The only ultimate backing (you'ld still apparently call it an I.O.U.) for those deposits is the FDIC, which means backing by the US Treasury, the same Treasury that by law (and the full faith and credit clause) backs the Social Security Trust Fund's interest bearing bonds. If that's an "accounting trick", I'm sure you won't ever trust any bank with your money in exchange for their I.O.U.

I could answer virtually every claim you have made, but that will exceed my current energy level. I will limit myself to this one statement: "The US is going broke, were not there yet but our debt to income ratio is about to reach the tipping point (that's not up for debate)."

Your blanket opinions above are not statements of fact, and they are anything but settled conclusions. On their face, they raise any number of questions:

1. Please define "going broke". Explain how, why, and when the US would go "broke". How can a country that has absolute control over the currency in which its debt is denominated ever "go broke"? How does the federal government differ from countries like Greece, Spain, and Italy and likewise from state and minicipal governments, businesses, and households?

2. If, as you claim, the US is "going broke", when did this critical stage start? Have we ever been closer to "going broke?

3. Can you name at least ten developed nations that, according to your definition of "going broke", are closer to our supposed state of "going broke"?

4. What exactly is that "tipping point" for "going broke"? Who says so? Upon what empirical basis do they assert such a "tipping point"? Can you name a developed nation that has already arguably gone far beyond that "tipping point"? Has the US itself ever been closer to that "tipping point"?

5.Why should total debt never exceed one year's GDP (I assume that's what you mean by "income"). Why is that a magic figure? How long do we have to "pay off the debt"? Do we ever have to pay it off"? How long has the US had a debt?

You may say something is "not up for debate", but that, too, is your opinion.

Also, I don't think that it's helpful to label other posters as influenced by "propaganda". I don't know your sources of information, and you don't know mine. We both might be surprised.



Last edited by truth on Sun Aug 07, 2011 3:37 am; edited 3 times in total

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by truth on Sun Aug 07, 2011 2:45 am

tristen,

I have to respond to this this statement of yours also:

"Nobody is entitled to anything…that’s a fact of life even the air you breathe and need to survive requires you to put effort forth to get the air."

I guess that would make it o.k. for someone to smother you? People are entitled to lots and lots of things. Our Constitution contains a list entitlements (rights). People who form contracts are entitled to their enforcement. Those are just two important examples.

Likewise, people who have paid a separate Social Security tax, whose proceeds by law are restricted to a specific purpose, primarily Social Security benefits, have an exclusive right to the benefits of that specific purpose. That right is the essence of Social Security. In any case, even according to your claim, their contributions constitute their putting forth effort for that right. Is it legal, moral, or just to impinge upon that right?

"Entitlement" is not a pejorative, although there are some who use it in that sense. "Entitlement" is just another way of saying a "right", and as such, I think it is at the foundation of a civilized nation.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by JoanB on Sun Aug 07, 2011 10:36 am

Wow, truth, you even give homework!

So there you have it, tristen: please complete your answers to questions 1-5, double-spaced, and organized by logical paragraphs (that last one is for me).

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

Post by TOO OLD TO HIRE IN PA on Sun Aug 07, 2011 11:09 am

Just my 2 cents on the Social Security argument. The Social Security fund is solvent through 2036.
Definiition of "solvent": Having assets in excess of liabilities; able to pay one's debts.

I am not getting all worked up about it becoming broke 25 years from now either. Look at all the time they have to implement changes that will add loads of money, like making the rich pay SS taxes on ALL their income! This argument about Social Security being broke really depends on what you want to believe from the politicians and economists. I choose to have faith that this country will turn around and we will have SMART people running our government instead of JACKASSES.

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Re: Dow Jones Plunges 513 Points, Suffering Worst Single-Day Drop Since October 2008 ALL THAT AUSTERITY

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