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Author Topic: Economists see doom and gloom ahead...
admin
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Post Economists see doom and gloom ahead...
on: September 5, 2010, 15:25
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...I'm no economist, but I agree with the negative outlook. The math just does not bear out (a lesson I wished I'd learned before buying a house in Las Vegas in 2006!).

http://www.cnbc.com/id/38989636

T_Rex
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Post Re: Economists see doom and gloom ahead...
on: September 6, 2010, 06:31
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Yes, this is something I have been watching for years. We cannot spend our way into prosperity, and yet the "economists" keep looking at "consumer spending" and "consumer sentiment," instead of focusing on manufacturing jobs.

T_Rex
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Post Re: Economists see doom and gloom ahead...
on: September 6, 2010, 21:00
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Here is an article I wrote almost a year ago, that shows the same thing is wrong with the economy as was wrong then.
http://crypto-corinthian.blogspot.com/search/label/November

If you read the cnbc article cited in the original post, there is an undercurrent of understanding that people must be consumers to create wealth. That was a wrong understanding a year ago, and still is wrong today.

admin
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Post Re: Economists see doom and gloom ahead...
on: September 17, 2010, 00:28
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I remember a conversation we had years back on the blog. You forecasted a pretty bleak future for our country; I held out hope. I'm converted.

I will teach my daughter to avoid debt at all costs, be self sufficient, and absolutely do not trust the government.

T_Rex
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Post Re: Economists see doom and gloom ahead...
on: September 17, 2010, 23:52
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While "avoid debt at all costs" might be a bit extreme (although that is pretty much what Dave Ramsey teaches), it should be treated like fire. It can be very damaging, and can get out of hand quicker than some people think.

I posted another economic review a few days ago, on the Current State of our National Economy. While it is possible for the US to pull out of this, it will take years. And a new national attitude.

admin
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Post Re: Economists see doom and gloom ahead...
on: October 16, 2010, 18:30
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Perhaps that is extreme. There are some things that I would not see her miss for fear of debt...college, a home. However, I will teach her the fire analogy as well as let her know where I went wrong and the long term impact of my mistake.

I agree that it would take years and a new national attitude. Unfortunately, right now I just can't see that happening.

T_Rex
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Post Re: Economists see doom and gloom ahead...
on: September 5, 2012, 23:20
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Here it is, 2 years after this thread was started.
A quote from the article linked to in the original post:

Two years after near-meltdown, with the U.S. looking sluggish, equity markets groggy and Europeans fighting a debt crisis, experts gathered in Italy offered a generally gloomy outlook — especially for the United States and much of the industrialized world.
The doomsayers were led by New York University economist Nouriel Roubini, who warned in booming tones that "there is a significant risk of a double-dip recession in the United States" as well as in Japan and many European countries.

Has anything changed?

T_Rex
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Post Re: Economists see doom and gloom ahead...
on: September 7, 2012, 07:31
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Well, if no one will bite, I will tell what is different. Bernanke bailed out banks and countries all around the world a few years ago. The way he did it didn't make itself known immediately, but had the eventual effect of decreasing the wages of everyone on the planet by about 30%. Now, before everyone gets all in an uproar, it was something that had to be done. At least here at home most of us were being deluded into believing we were entitled to more than what the current situation could support. The visible effect was in the housing bubble, but there were, and still are, at least a couple other bubbles (student loans, anyone?) that haven't burst, and therefore are not visible. That move Bernanke made prevented the bursting of other bubbles, at least for the moment.

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