Blog Entry

Fear mongering? Or don't know what to do?

Posted on: February 5, 2009 10:59 am
 

"Irreversible recession" Obama warned in his op ed piece in the Washington Post.  In all my schooling in Economics, macro and micro, I have never heard the term. 

What does it mean? I suppose it means Obama doesn't know what to do other than spend money to stimulate the economy with wish list pork spending and if he doesn't get his way we are doomed.  How can the Hope & Change candidate become so doom and gloom so quickly? 

Because there are myriad of ideas being floated that could stimulate the economy.  Things like tax cuts for individuals and business, you know, to let the people decide how to spend their money in their economy. This thing will take care of itself, you can bet on that.  When the government got involved in the Great Depression they prolonged it by 7 years by eliminating competition, instigating protectionism policy, granting sweeping power to Labor, legalizing collusion and anti-trust, wage fixing above market value, and the list goes on. Principles of Socialism, but I digress.

What gets me really irked by his Carter-esque gloom and doom was this comment:

He rejected the argument that more tax cuts are needed in the plan and that piecemeal measures would be sufficient, arguing that Americans made their intentions clear in the election. "I reject these theories, and so did the American people when they went to the polls in November and voted resoundingly for change," he wrote. Talk about over reaching the results of the election.  Wow, the arrogance is astounding!  The people did not vote for a Pork Stimulus Package when they elected him president.  I am absolutely certain I did not see that plank in his platform when I vetted him all last fall on my blog.  I don't remember any Obama supporters chastizing me last fall that I had ommitted it either.

The honeymoon for Obama ended far sooner than I ever thought.  The media is now awake and will pick him apart.  I would now put his odds at re-election at 1 in 4.


On the bright side of the economy, consensual sex is still free! Thank goodness....

Category: NCAAF
Comments

Since: Dec 31, 2007
Posted on: February 9, 2009 9:44 am
 

Fear mongering? Or don't know what to do?

I had tried to post a pretty well thought out response twice on friday afternoon but neither of them took.

Your blog is eating posts!




Since: Dec 31, 2007
Posted on: February 6, 2009 4:17 pm
 

Fear mongering? Or don't know what to do?

Geez I had this really long well........ok semi thought out response and it doesn't take.

 

I'll try again!




Since: Dec 31, 2007
Posted on: February 6, 2009 4:06 pm
 

Fear mongering? Or don't know what to do?

I think the point we are all making is this...including you Sunny and thanks for playing the devil's advocate to the group by the way.....$920B or $800B or $500B or whatever it ends up being or should be for that matter. It is full of special interest and pork that will have little to no effect on the economy (no matter what the economists say). The reason is simple...you and I and every American hold the key to recovery. To spend our money again (only this time wiser). It is hard to do when you lack confidence. I do my best to pick my battles on your Blogs, I know that most of this stuff is over my head so I attempt to use what little skills I have at a fun @ work debate.  Just so happens I know what its like to be gang tackled lol.

 

I was fully againest the auto bail out and even reaching far back after 9/11 I was againest the bailout that the airlines got to just stay afloat.  Trying to combine a lil bit of socialism with capitialism is imo a bad idea because it sends mixed signals.  Either run a business that can make a profit or drown in your financial mistakes that got you to where you are.  No one business should receive special treatment in this regard.  Because its freakin Captialism!

In regards to the stimulus bill......it is what it is.  I think the main reason why I'm not so dead set againest "pork" being thrown into the bill is because I can't remember the last time there was a bill in DC where the money went to social services programs.  I can tell you that the minnesota board of education is in dire need of a funding boost because the population growth has already caught up to class sizes.  So while it may not provide an immediate boost in the quality of life that I enjoy I certainly wouldn't want my states public education to go in the tank any further that it is.

 




Since: Mar 20, 2008
Posted on: February 6, 2009 1:55 pm
 

Fear mongering? Or don't know what to do?

To be certain, Sunny, I am actually for Zero stimulus at this point.  But if we must have one, how about a permanent big tax cut of substance to working folks making under $100k.  A little smaller from 100-250k And keep it the same above that.  Let's put some incentives in the tax code to buy an American car (something like $1000 deduction).  Let's let people deduct a percentage of their credit card interest and pay the windfall directly to their credit card balance.  Instead of buying toxic assets let's let mortgage bankers assign their sub-primes mortgages to a government program that will absorb the difference between a 4% loan and a 9% loan as an example. 

Whether or not any of those are workable is not for certain.  But it is certain these proposals are better than building a polar icebreaker.




Since: Mar 20, 2008
Posted on: February 6, 2009 1:40 pm
 

Fear mongering? Or don't know what to do?

I think the point we are all making is this...including you Sunny and thanks for playing the devil's advocate to the group by the way.....$920B or $800B or $500B or whatever it ends up being or should be for that matter.  It is full of special interest and pork that will have little to no effect on the economy (no matter what the economists say).  The reason is simple...you and I and every American hold the key to recovery.  To spend our money again (only this time wiser).  It is hard to do when you lack confidence. 

Will this bill give you confidence to spend again?

The Trillion Dollar question.




Since: Dec 31, 2007
Posted on: February 6, 2009 12:40 pm
 

Fear mongering? Or don't know what to do?

Sunny - what evidence did you supply to support your claim it is not 90%? No real evidence other than the senate republicans were looking to shave about 100 billion dollars! (I can't actually say that number out loud without thinking of Dr. Evil) of the 900 billion or so purposed.  I would think that if the Senate republicans were just looking to get rid of that amount that leaves about 89-90% of the remaining bill as funds that would be deemed stimulus for the economy.  So if that amount is the only amount that the republicans have deemed pork then the rest they approve of.  Which means you've either got beef with the fact that its only 100 billion dollars worth of pork OR you got beef with elected republicans for not looking to go over more than 100 billion on the bill.

 

 

.........that makes sense right? (not meant to be condescending btw, its just more for myself that what I'm saying makes sense)

They are seeking a compromise. That is why they are only cutting $100 billion from the $920B number. That does not mean they are getting rid of all the special interest expendituresWell then if that is the case (which is correct) then both sides of the aisle are to blame and not just democrats.  But lets give a golf clap for those looking to trim the bill from the excess fat.

 

Tell me Sunny, what in this enormous bill do you think will have an impact on the quality of your life?

In all honesty? Zero.  Just like every other government bill thats been passed since I was born, they've had zero impact on my life.  The current economy hasn't really impacted me because I've been penny pinching the last 2-3 years. 




Since: Feb 18, 2008
Posted on: February 6, 2009 12:32 pm
 

Fear mongering? Or don't know what to do?

And the folks who create jobs are businesses (not the government) and I can tell you we aren't hiring anyone for at least a year and we have a healthy balance sheet! Any other business execs want to chime in? Please do.

Not a business exec, but management.  The company I work for has never in it's history had a company layoff.  We are a national company and expanded to new regions as recent as December of 2008.  We just received word that we need to evaluate our staff and come up with a priority list of expendable and undependable personal should things not pick up by spring.  In short, we need to be ready to drop atleast one employee per department at a moments notice.  Thou not directly effected by the economy, our clients are, and less work by them means less work to us.

Tell me Sunny, what in this enormous bill do you think will have an impact on the quality of your life? The tax cut for individuals? It is estimated at $13 per week.

I need to clear something up here.  There are no tax cuts in the Obama stimulus.  There are tax credits and stimulus checks.  There is a big difference here from tax cuts.  The actual tax brackets will not change, but instead the government will give you a credit/refund of more borrowed money.  If China doesn't want any more of our debt, the federal government plans to print more money.  A better alternative would be cut spending, borrow nothing, and if possible issue a permanent tax cut, say 1-3% per bracket.

The understand what that really means is that every working American has to pay $9200 to the feds to cover this debt plus interest. Ouch$9200 on top of what we already pay. 




Since: Sep 27, 2007
Posted on: February 6, 2009 12:26 pm
 

Fear mongering? Or don't know what to do?

I really don't feel like working the rest of the day

You said a Mouthful Smorgie  I loved every minute of it, consensually !




Since: Mar 20, 2008
Posted on: February 6, 2009 12:16 pm
 

Fear mongering? Or don't know what to do?

Sunny - what evidence did you supply to support your claim it is not 90%? 

As to the USA Today quote on the creation of 1.3 - 3.9 million jobs.  Where to begin...Let's see, my company laid off 15%. The unemployment number is 1 million new unemployed every two months.  Lost 600,000 last month. First have to stem that tide, before you can create anything.  And the folks who create jobs are businesses (not the government) and I can tell you we aren't hiring anyone for at least a year and we have a healthy balance sheet!  Any other business execs want to chime in? Please do.

They are seeking a compromise.  That is why they are only cutting $100 billion from the $920B number. That does not mean they are getting rid of all the special interest expenditures.  See my previous post about the handful of things we need to spend on.

Tell me Sunny, what in this enormous bill do you think will have an impact on the quality of your life?  The tax cut for individuals? It is estimated at $13 per week.  Holy Sh!t, thirteen bucks is going to jumpstart your consumer confidence?  I stand corrected.  How about we give you $25 bucks a week, what would that do? Or better yet how does $58 bucks a week grab you.  It is your money that I am proposing to GIVE to you.  Translates to $920B divided by 100 million working Americans for three years.  Will that boost the economy? The answer is - probably!

The understand what that really means is that every working American has to pay $9200 to the feds to cover this debt plus interest. Ouch.




Since: Jun 3, 2008
Posted on: February 6, 2009 11:06 am
 

Fear mongering? Or don't know what to do?

It does not matter who the president is.  Until we get rid of the unnecessary spending and handing out money just for the fun of it it will not stop.  The government has asked us to tighten our belts to get through this, why arn't they?  The recession in '91 was worse (colapse of the S&L's) and there was no bailout to be heard of and everything straigtened out just fine on its own.  This was done by the government tightening their belts as well as the people.  That is what needs to be done here. the government needs to look at where all the money is going.  Over 40% of the budget goes to pay interest on the loans the government has taken out from the federal reserve.  Does it make sense to add 3 trillion to that?  The penny cost 11 cents, does that make sense.  Everyone needs to buckle down to get through this and I hope that people start to realize this before it is way to late.



The views expressed in this blog are solely those of the author and do not reflect the views of CBS Sports or CBSSports.com