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Go Back   Armchair General and HistoryNet >> The Best Forums in History > Happening Now > Politics Central

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Politics Central An archive of discussions of a political nature that took place here.

 
 
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  #1  
Old 15 Sep 09, 15:57
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It's Over...But It Isn't

Quote:
WASHINGTON - Federal Reserve Chairman Ben Bernanke said on Tuesday that the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs. "Even though from a technical perspective the recession is very likely over at this point, it's still going to feel like a very weak economy for some time," Bernanke said after giving a speech at a Brookings Institution conference.
In declaring the recession over, Bernanke went slightly beyond the Fed's most recent assessment that the economy was leveling off and that indications on growth had improved.
http://www.msnbc.msn.com/id/32858855...my_in_turmoil/

Can you hear anything? I can't.



Dear Mr. Bernanke: it's "over" when Americans are back to work and the economy is healthy gain...and not before. Pass it on.

-
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Last edited by Mountain Man; 15 Sep 09 at 16:37..
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  #2  
Old 15 Sep 09, 19:18
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I am not ashamed of the gospel, because it is the power of God for the salvation of everyone who believes: first for the Jew, then for the Gentile.

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  #3  
Old 15 Sep 09, 19:20
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Didn't he used to be on Monty Python?
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  #4  
Old 15 Sep 09, 19:54
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Bernanke: "The recession is over for me and my banker friends but not for you little people".
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  #5  
Old 15 Sep 09, 19:55
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Quote:
Originally Posted by Aggressor View Post
Bernanke: "The recession is over for me and my banker friends but not for you little people".
That Sounds Right
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  #6  
Old 15 Sep 09, 19:59
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Guess where he's going to put the gavel...
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  #7  
Old 15 Sep 09, 20:25
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"Banking Queen"???

Now THAT was funny! MOST excellent!

GG
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  #8  
Old 15 Sep 09, 20:33
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A recovery is defined as 2 consecutive quarters of growth. Since we have not even had ONE yet for a year now, I want to know what brand of Glue this fool is sniffing.
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  #9  
Old 15 Sep 09, 22:54
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Gee, I have been hearing news anchors telling us "the US recession is likely to be over soon" for at least four months now. Everytime some economic figure was released, it's the same spin.

So, are we there yet?
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Old 15 Sep 09, 23:14
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If the recession is over why is the discount rate at .5%, and the fed fund rate at .25%?

(In layman's terms that means banks get money for nothing. Don't know about the chicks for free, but such loose money indicates that the economy is indeed in recession, and easy terms are needed to juice the economy.)
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  #11  
Old 15 Sep 09, 23:28
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Except that it isn't working, because the people need jobs and money to spend in order to power that economy. People aren't even saving because the banks offer little to nothing by way of interest, 1.5% on a $10,000 CD, for example, that the bank makes 5% from.

The system isn't getting better; it's breaking down more and more. That's one of the reasons the price of gold has gone through the roof; it's the traditional safety net in bad times.
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  #12  
Old 16 Sep 09, 00:00
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Plus the fact that China is quietly selling US Treasury bonds and switching to gold.

What's the secret behind the sudden Obama decision to increase tire tariffs by 35%? It's Chicago style politics on an international level. Stop selling treasury bills, and we won't impose tarriffs on other stuff.
  #13  
Old 16 Sep 09, 00:08
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Quote:
Originally Posted by Grognard Gunny View Post
"Banking Queen"???

Now THAT was funny! MOST excellent!

GG
Wasn't that a song by ABBA?
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  #14  
Old 16 Sep 09, 02:32
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Quote:
Originally Posted by Ogukuo72 View Post
Plus the fact that China is quietly selling US Treasury bonds and switching to gold.

What's the secret behind the sudden Obama decision to increase tire tariffs by 35%? It's Chicago style politics on an international level. Stop selling treasury bills, and we won't impose tarriffs on other stuff.
Well Obama was elected with a lot of union support, and guess what, there are Americans who make tires AND belong to unions. Since the Chinese are taking up a bigger and bigger part of the tire market, the union have decided that instead of becoming more competative, they're going to call in a favour. So they tell Obama "the Chinese aren't playing fair, blah, blah" and Obama nails China with a tariff to suck up to his electorate.

Congrats, Democracy has finally progressed to the point where those who elect the official really do get to call the shots...unfortunately the electorate is generally made up of short-sighted, narrow-minded citizens (not that I blame them).
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Old 16 Sep 09, 04:01
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Quote:
Originally Posted by Mountain Man View Post
Except that it isn't working, because the people need jobs and money to spend in order to power that economy. People aren't even saving because the banks offer little to nothing by way of interest, 1.5% on a $10,000 CD, for example, that the bank makes 5% from.

The system isn't getting better; it's breaking down more and more. That's one of the reasons the price of gold has gone through the roof; it's the traditional safety net in bad times.
Nope. Spinning the stock market which, is being proped up by profit due to layoffs and permanent employment cuts. It's not sound. Notice that these big financial elites rarely talk about trends and underlying factors? Your mid-level economists are not talking this way. Looming foreclosures both commercial and more residential are going to undercut anything the market can correct in the near term. Consumer confidence is the worst since, what, 1946? Unavailable credit. Huge quantities of foreign debt. Shrinking Industrial base. GM and Chrysler scrambling after "Cash for Clunkers", which didn't really do anything for them.

It's all
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