Trickle Down Economics have never worked.

You give the rich a Tax Break and they outsource.

But we can bail them out, they get the profits, we pay the debit!!!
Capitolism and Free Enterprise at it's finest!

or is that Socialism?

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In the poll, I said I thought we were in a deep recession that could last a long time. I am certain we are entering at least a normal recession that is part of what I think is a normal business cycle. Ordinarily that would not last very long on its own. But that is not all that is going on. We are also having this credit crisis that is not part of a normal business cycle --- it is an abnormal problem added to the normal recession. The deflation of the housing bubble, the resulting credit crisis, the cyclical recession, the stock market crash, and the huge national debt may all begin to reinforce eachother in bad ways and create a worse economic crisis. I don't think we are headed for another Great Depression (but it is possible). More likely the crisis will not technicaly be a Depression, but it could be severe and could last a long time --- maybe something like the "Lost Decade" in Japan during the 90's.

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More of the same: Renger's Rantings

See, it's the synergy of all these problems (cyclical recession, housing bubble burst, subprime mortgage crisis, stock market volatility, credit crunch, rising unemployment, rising energy costs followed by a "crash" in crude oil prices, increased inflation/decreased buying power of the dollar vs. world markets, and the way the Fed is HEMORRHAGING new money to bail out the lenders) that make me think we're in for some very rough times. Oh I forgot to mention that consumer sentiment is down the drain, too. I mean, look at this poll. The number one answer is "We're completely screwed." Consumer confidence plays a huge role in the economy.

EDIT: I forgot to add one to the list...Credit Card lenders are about to take a shit. That's what I've been reading, lately. Like the economy needs ANOTHER major nail in its coffin.

Universal Declaration of Human Rights
Article 25

(1) Everyone has the right to a standard of living
adequate for the health and well-being of himself and of
his family, including food, clothing, housing and
MEDICAL CARE and necessary social services, and the right
to security in the event of unemployment, sickness,
disability, widowhood, old age or other lack of
livelihood in circumstances beyond his control.

Lets be honest, its waaaaaaaaaay too optimistic to expect countries to uphold every part of the UN Declaration. Its something they signed on to, and aspire to...the 'rosey' picture, so to speak. yet there are always violations...even in the G8 countries. It is simply talk at the UN...all damn day. Nothing gets done. And they don't have the means to make people abide by such declarations.
A better example might be the right to life. Mentioned in the US Constitution, not to mention many around the world. I'm sorry but some people need to step out of this god-fearing view of anything socialized...health care is a necessity, and if not affordable, it should be provided. Everyone has the right to live.

the current downturn is the result of the US moving from an economy based on production to one based on consumption.

With consumption it is possible to earn money and lots of it very rapidly, but it's risky. Handing out loans to consumers, and then collateralize that debt as a commodity is next to impossible to reliably mangae and even more difficult to predict it's risk of failure.

With a production based system, you have to invest significantly in your workforce, their training, health, and standard of living, without immediate returns. However this debt is consolidated and more easily managed, with more predictable risks.

Historically the US was strongest, economically, politically and militarily when money was earned by making and selling a physical product. Now however the majority of what we consume is imported, incidentally the jobs which used to be our bread and butter, have been marginalized. Income has grown, but cost of living has increased more. This is because the jobs which are now our mainstay are retail, and service sector jobs, jobs that don't require much training, come with fewer benefits, and pay less.

if the government gets out of the way, recovery will come quicker, but i don't see them getting out of the way.

Although a couple more legs down are to be expected in the coming months, there is strong possibility we have already reached the bottom in the equity and credit markets.

Further lows in both residential and commercial real estate could be on the horizon, as the total amount of jobless claims continues to rise six figures a month.

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They that can give up essential liberty to obtain a little temporary safety will not deserve liberty nor safety and will obtain neither.

Benjamin Franklin

Dost thou love life? Then do not squander time, for that's the stuff life is made of.

Benjamin Franklin

Polls like this should be repeated periodically, like 6 months or yearly, to see changes in people's opinion on a subject over time.

How geeky did that sound? Sounds interesting.

I agree with you, Jake on having an outdated system thats oppressive and manipulative in the interests of an "elite" few...Im afraid, in my opinion, that we're seeing smoke and mirrors and later on the rubber will REALLY hit the road, they must realize not all of us are subservient sheep...and they will.

Speaking from here in Houston Galveston area, things never were too bad. I knew one other family who were foreclosed on but they were financially illiterate and wasteful spenders. Neither had amazing jobs and they both drove 50 thousand dollar cars so they got what they deserved. My wife works for a subcontractor of Nasa in Clear Lake and they laid of a few but most got new jobs.

Unemployment nationwide during the actual Great Depression was around 30% nationwide. We barely brushed 10% this time.

I am very concerned, the jobs situation is ugly and not looking good long term. This country thrives on small business, the hairdresser,contractor, small restaurant owner making and spending money, This admin. is putting terrible pressure on small biz and it's going to get worse when we have to pay for this healthcare boondogle. Many millions had their retirement and only real savings tied up in their houses, now they are upside down and making mortgage payments just too keep a roof over their heads.
Economically, the worlds rush to gold (and away from the dollar) make our paychecks worth even less when we purchase comodities. I'm afraid I am very bearish on this economy, we are in for a rough ride I am afraid.

run out and buy more chinese crap on credit

LOL