Octang Frye

This is scary. Michael, please come along and tell me why I shouldn't worry.

http://www.dailymail.co.uk/news/arti...epression.html

In the Great Depression, people went home to their family farms. They grew their own food. We can't do that today.

Mummy in the foothills

Quit reading the Daily Fail it'll just depress you.

Sally Redux

They're just trying to kick Obama.

Giantaxe

What's kept us afloat the last two years are the stimulus funds that the Republicans like to decry. Now that flow is ended and public sector jobs are diminishing, I think we're in for a very rough ride. But a "great, great depression"? That's Daily Fail speak.

kimilseung

Obama's money is paying my wages till the end of next year.

Octang Frye

Nah, that's not the DM's words. It's a financial analyst. Politics aside on this one - we really do seem to be in trouble.

Paul B

"Every person in Britain could owe up to £43,567 or even more in credit " said experts today.

That's the sort of drivel 'news' you get from newspapers, open ended meaningless statements designed to shock and make the gullible and feckless snatch up newspapers by the score.

Or:

"House prices drop, thousands to lose homes!!"

That was the Daily Express headlines about eight years ago that finally made me realise what a total load of gobshyte most newspapers are.

Giantaxe

And why do you think that the Daily Fail picked this one particular guy to quote, a guy who btw is a commodities trader? Because his is the most sensationalist quote they could find I would bet. Par for the course for the DF.

I do agree we are in for difficult times, especially if the Republicans carry on as they are doing and demand large cuts in the deficit in the face of a weakening economy.

Michael

About a week ago I was flipping through the channels and Larry Kudlow (CNBC) was interviewing a trader that was saying the he feels the market will be weak later this year if the republicans get their way with deep spending cuts which will cause unemployment to rise, demand to drop, and corporate profits to stagnate. Larry's response was "I don't care since there will spending cuts which is what is important".

In 2009 Gov Perry (R-TX) claimed that the stimulus money didn't create or save any jobs but the current budget, due to lack of stimulus money, will cause Texas to lose an estimated 335,000 jobs (146,000 private and 189,000 government jobs). If the stimulus money didn't save or create any jobs does that mean that Perry mismanaged the state finances so badly that an estimated 335,000 jobs will be lost?

http://money.cnn.com/2011/03/24/news...jobs/index.htm

In just about every state that elected a republican governor (ex. New Jersey, Ohio, Florida, Michigan, Wisconsin), drastic state spending cuts have occurred causing large job losses.

When the republicans took over the house, they claimed their main concern was jobs but have done nothing to create jobs. Initially their concern was to make sure that Planned Parenthood didn't get government money until they went after the budget ($38 billion in cuts) which is estimated to cost about 300,000 jobs. Now they are pushing for more draconian cuts of $200 billion or more which would likely cost at least 2 million jobs. Their only jobs proposals includes tax cuts for corporations and millionaires. However corporations are currently sitting on over $2 trillion in their coffers and tax cuts won't make those companies spend that. Millionaires don't invest but instead speculate which just drives up the prices of everything we use so that they can get their cut of someone else's labor.

It is surprising that the economy is still growing with all the obstacles that the republicans are putting in the way. In my opinion, the republican know their actions could cause the economy to falter and are doing so for purely political reasons.

Bluegrass Lass

Greed. Isn't that why Rome fell?

Michael

It is not just greed but also fear. Not only are the vast majority of republicans afraid of the tea party but are also terrified of Grover Norquist.

They would rather take the risk of pushing the world into a great depression than to go against either of them.

robin1234

No. It was because the Germans invented the horseshoe.

robin1234

Hmm.. a market correction .. an opportunity to move some assets into an equity index fund?? (When it looks like the correction has gone a bit further.)

Manc

it's all built on sand.

been a complete and utter short term view since the 50's...... The house of cards has to come crashing down soon.

Captain Cheesestick

Really? Good Lord no. You're the one who did this you freaking nutbar. And no I don't think you're a stupid man. Because that detracts from the glaring fact that you were just stunningly bad at your job.

People actually put these up?