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US Nobel economist calls financial crisis worst since Depression
Mar 18, 2008, 22:36 GMT
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...you're a fool.
Stiglitz is absolutely right. The proof of the pudding is in the eating....and the taste today is BITTER. The USA is not the superpower it pretends to be. It is an emerging country with a LOT of problems.
...I don't think we've ever heard that before! No, it was first the europeans who were going to outrun us, then the Russians ('we will bury you!' - the fat f--king potato eater!)then it was the Japanese, remember them?
Now it's the chinese, except someone forgot to tell you, dickhead, that if the chinese grow their economy at 7% a year, for 30 years, and America grows theirs at 2.5% for 30 years, China will be 12 trillion and America will be 25 Trillion.
Then, look at what some of these economists say: who was the Princeton economist Alfred Kahn...(?) who, on Wall Street week, in the 1970's said 'better buy a bicycle!' because of oil availablity.
Where was this guy when Reagan deregulated the price of oil???
No, son, we tamed a continent, invented hardcore R&D, the airplane, the electric light, the electric motor, mass produced autos, won two world wars, broke the sound barrier, built the fastest planes in the world, landed on the moon, built the computer microchip, the first nuclear submarine, the personal computer, the Internet, windows software, the apple computer and safe and relaible jet powered air travel.
I think we're going to be just fine. So relax, this is going to take some time.
China and India combined will top our GDP by mid-century, and will be competing for oil with us to a greater extent. Right now China has its own problems with oil pricing, as the Chinese gov't is making their own oil companies sell to their domestic demand at a loss to keep inflation in check. They're cutting deals and expanding exploration, while Exxon and OUR other domestics are failing to invest enough in exploration and alternative energy.
The economy is a complete mess, and the stock market reflects traders trading for quick ins and outs, and computerized trading against indices. Lehman seems to have escaped for the moment, but what did Bear Stearns in was a classic 'run on the bank' since their counter-parties did not believe that Bear could survive, and stripped the corpse. It's now up to the Fed to make everyone believe that they can handle the situation, but they risk inflation by cutting rates steeply.
Meanwhile, mortgage foreclosures will grow, and the dollar will drop, upsetting our trading partners, and increasing the price of oil yet more. The tax rebate will do zip, as half of it will go to higher energy costs over a month or two.
Welcome to Bush-o-nomics, complete with the ass-kissers telling us everything is OK; just like Iraq over the 4 years before the surge.
The stock market in the middle of this mess was UP!
Yeah, if you cluster enough nations together, I'd expect you can top the US GDP.
The oil companies are BEGGING to do more domestic exploration! They are making deals in every nation on earth they can! It is the luddite libnazis who are stymiing it, limiting offshore drilling and tapping ANWR. Blaming the oil companies is 40 years of libnazi propaganda.
Exxon is the number 1 maker of composite separator memberanes in hybrid battery technology with 37% of the market. Not doing enough....?
Foreclosures will, eventually, end, because there are a finite number of them, dickhead.
George Bush has nothing to do with bad loans by unscrupulous lenders and folks who lied on their applications. he has produced record tax receipts (436 billion over projections), record household wealth (highest in history), low inflation (the result of free trade), and high employment (a record of 4.4%), over the last 7 years.
I think this makes you just-a-little-more-than-full-of-sh-t.!
'SP4: Joe...Mar 18th, 2008 - 23:14:41
...you're a fool.'
Riiiight. A Nobel winner is a fool. Only in SP's drug addled brain is this the case.
RE: 'The stock market in the middle of this mess was UP!'
(Thanks for the clever 1-day analysis, putz!)
This is a trader's market - every time news comes out, the market reacts, and then settles back. The overarching news is bad and getting worse, with the Fed actively propping things up instead of having been proactive. Until the mortgage mess abates, and the dollar stops falling due to the fact that the U.S. is more and more a debtor nation, more and more mortgage-holding institutions, as well as institutions holding instruments related to mortgages, aare at risk. The entire world is reacting to the crisis, as we watch a slow-motion meltdown. As the dollar drops the price of oil rises. More and more multinationals are moving jobs offshore due to more favorable conditions there, and the U.S. is moving more towards a lower-paying service economy. Exports as a percentage of GDP are about the same as 10 years ago. Higher import prices have caused the balance of payments to be more favorable, but the cost of imported components will raise the price of U.S. made goods. Look at the auto industry, schmuck, which used to employ 1 out of every 5 American workers, directly and indirectly.
www.businessweek.com/lifestyle/content/mar2008/bw20080318_159697.htm?ch an=top+news_top+news+index_businessweek+exclusives
'The share prices of the two publicly traded U.S. automakers, though, reflect terrible fundamentals and a bleaker outlook for consumer confidence and auto sales for the rest of the year. February auto sales reflected what automakers and research firms forecast as a 15.2 million rate of sales for the first half of the year. The same rate is projected for the second half, but some analysts say sales could slip further for the year even after tax rebates from the U.S. government stimulus package and regular tax refunds end up in mailboxes in May and June.'
'The downturn in retail sales—coupled with declines across the fleet market—also contributes to the overall reassessment of new-vehicle sales for 2008,' said Bob Schnorbus, chief economist at J.D. Power & Associates. 'Unfortunately, the current economic environment is fraught with uncertainty and risk—with the financial crisis, worsening oil prices, and weak housing and stock markets steadily impacting other sectors of the economy. As such, our revised forecast is better positioned to reflect the challenges automakers will face in the months ahead.'
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Try the 6-month market view, dimwit:
finance.google.com/finance?cid=983582&client=news
money.cnn.com/news/newsfeeds/articles/newstex/AFX-0013-23875276.htm
HONG KONG, Mar. 19, 2008 (Thomson Financial delivered by Newstex) -- The dollar resumed its weak tone against other key currencies in afternoon Asian trade on Wednesday as investors bet the Federal Reserve will further cut interest rates to lift the economy, making dollar assets less attractive.
At 1.00 pm (0500 GMT), the dollar was trading at 99.14 yen, down from 99.63 in Tokyo this morning. The euro was quoted at 1.5706 dollars, up from 1.5668. 'The US needs a weak dollar and lower interest rates to help the economy,' said Mark Wan, chief analyst at Hang Seng Investment Services Ltd.
The US Commerce Department yesterday reported that housing starts fell to their lowest level in 17 years because banks were hesitant to extend mortgage loans amid rising defaults. A slump in the uS housing and financial sectors, declining consumer spending, the rising jobless rate and weak manufacturing have raised fears that the world's biggest economy is already in recession.
'Unless the housing sector recovers, the dollar will remain under pressure. The housing sector is the origin of the whole problem,' said Wan. 'I don't see any positive economic data coming out of the US that will support the dollar.' Wan predicts the euro will rise further to a record 1.60 dollars, while the yen may head to the 98-level against the greenback. He did not give any timetable for his forecasts.
www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/03/18/EDVOVLURS.DTL
That idiotic 'what me worry?' look just never leaves the man's visage. Once again, there was our president, presiding over disasters, in part of his making and totally on his watch, grinning with an aplomb that suggested a serious disconnect between his worldview and reality. Be it in his announcement that Iraq is being secured on a day when bombs ripped through that sad land, or posed between his Treasury secretary and the Federal Reserve chairman to applaud the government's bailout of a failed investment bank, President Bush was the only one inexplicably smiling.
The arrogance of unwarranted assurance was there this week as the U.S. dollar fell into the toilet, which, along with the debacle of Iraq and his other failed Mideast policies, pushed oil prices to record highs. The Europeans, who didn't support the U.S. intervention, are doing much better, not having to pay to guard besieged oil pipelines while U.S. taxpayers are saddled with trillions of dollars in future debt, not to mention the loss of 4,000 U.S. servicemen and servicewomen and the 30,000 wounded in a war the Bush administration had promised would be paid for with Iraqi oil revenues. Even in Baghdad last week, there wasn't enough oil to keep the lights on for more than a few hours.
But the president is happy because his legacy issue, the war on terrorism, is intact. No matter that last week the Pentagon was forced to release a report conducted over the last five years that concluded, after surveying 600,000 official Iraqi documents captured by U.S. forces, that there is 'no smoking gun' establishing any connection whatsoever between Saddam Hussein and al Qaeda. The report was so embarrassing that we taxpayers were not going to be told of its existence, even though the explosive conclusions were declassified, until ABC News forced the administration to post it on the Joint Forces Command Web site. The network reported that the Pentagon had canceled plans to issue a press release on the report or make it available by e-mail or online because, as one Pentagon official put, it the study is 'too politically sensitive.'
www.salon.com/opinion/feature/2008/03/19/iraq_five/index_np.html
Each year of George W. Bush's war in Iraq has been represented by a thematic falsehood. That Iraq is now calm or more stable is only the latest in a series of such whoppers, which the mainstream press eagerly repeats. The fifth anniversary of Bush's invasion of Iraq will be the last he presides over. Sen. John McCain, in turn, has now taken to dangling the bait of total victory before the American public, and some opinion polls suggest that Americans are swallowing it, hook, line and sinker.
The most famous falsehoods connected to the war were those deployed by the president and his close advisors to justify the invasion. But each of the subsequent years since U.S. troops barreled toward Baghdad in March 2003 has been marked by propaganda campaigns just as mendacious.
(Al Qaeda was not in Iraq when Saddam ruled, but Bremer's asinine policy of eliminating Iraq's army opened the door to their presence. After 5 years of mucking it up, Bush now sees a 'strategic victory' against the very terrorists who were not THERE before we got involved.
www.reuters.com/article/latestCrisis/idUSN18251536
WASHINGTON, March 18 (Reuters) - President George W. Bush will acknowledge on Wednesday the Iraq war has been fought at a high cost but will insist a U.S. troop buildup has opened the door to a 'major strategic victory' against Islamic militants.
(How about Afghanistan, craphead-in chief?)
(Even with Cheney right there in Iraq, the leadership cannot even sit down together to get anything done. The bombings serve as bookends to this fraud of an effort to reconcile factions at war with each other, with U.S. troops the only thing preventing the inevitable chaos that will come in 1 year, or 5 years, or 10 years. Afghanistan is the model - a tribal society with only Kabul in some degree of order).
www.latimes.com/news/printedition/asection/la-fg-iraq19mar19,1,879867.s tory
BAGHDAD -- Influential Shiite and Sunni groups boycotted a conference on Iraqi reconciliation Tuesday, as U.S. Vice President Dick Cheney traveled north to meet with Kurdish leaders.
Members of the main Sunni Arab parliament coalition, Tawafiq, refused to attend the two-day meeting because of complaints about the Shiite-dominated government.
Shiite Muslim cleric Muqtada Sadr's bloc walked out of the conference, saying it did not want a ceremonial presence. The same went for a contingent led by Sheik Ali Hatem Sulaiman, a representative of Sunni Muslim tribes that rose up against the Sunni insurgent group Al Qaeda in Iraq.
The boycott was symptomatic of the rifts and enmity among Iraqi parties, which are organized along ethnic and religious lines and have delayed progress in power sharing between the country's Shiite majority and the formerly ruling Sunnis. 'It is the Tawafiq bloc's opinion that current circumstances hinder the success of such conferences,' parliament member Iyad Samarrai said.
Prime Minister Nouri Maliki's government has dwindled since last summer to a core group of Shiite and Kurdish politicians. But the Shiite prime minister's relationship with the Kurds has become strained over matters such as Iraq's stalled oil legislation and the country's northern boundaries.
Maliki's detractors describe him as being hindered by an inner circle that does not like to share power and is fiercely sectarian. His supporters argue that he is trying to build a strong government and that other parties are standing in the way for selfish reasons.
One conference organizer, Saad Muttalibi, accused the Sunni bloc, also known as the Iraqi Accordance Front, of deliberately trying to sabotage Maliki.
'This is basically political. When they saw hundreds and hundreds attending the conference, Tawafiq immediately withdrew,' Muttalibi said. 'The message is they will not attend a conference that may lead to strengthening Maliki's government.'
The organizer noted that Sunni tribes, which have revolted against Al Qaeda in Iraq, attended the conference. But one of their main leaders, Sheik Sulaiman, decided to lead his delegation out of the conference.
'I didn't stay any longer than it took me to smoke my cigarette. It was a total failure, because the Iraqi politicians are a failure,' Sulaiman said.
Followers of Shiite cleric Sadr quit the meeting early, in protest of what they called its lack of substance.
'We don't want to attend some conference where just speeches are made, we want actual activities to be initiated between the political powers,' said Sadr parliament bloc member Nassar Rubaie. Sadr's Mahdi Army militia was accused of fomenting sectarian violence before the anti-American cleric called a cease-fire in August.
Geeee SP4 did you realy invent all these things....only to sink so lowa as to post such ranting afterwards ?No wonder only a minority in the USA understands Darwin and the evolution principles .We now must conclude you are evolving backwards .
Just for fun,the reliable jet was not invented by the USA,neither were most of the inventions you propose.The jet engine was first built by the Germans and the British during WW2,the first jetliner was the Comet,the first reliable jetliner was the Caravell to my knowledge .You invention of the inernet is likewise wrong.The US military created (not invented ) arpanet,not the internet,the evolution of which was an international effort,but that goes beyond your understanding ,so I won't go to deep into that all,just keep on dreaming ....as long as you 're not trying to sell your fantasies to the rest of the world.
Whatever makes humanity progress belongs to the entire humanity:some of it was invented by americans,but nothing of it all by you,so unless you think it somehow rubs off on you ,I see no point mentionning it.
Nice analysis doofus. The currency is tanking and you think everything's great. Obviously analysis isn't your strong suit. And exactly what is the basis of your thesis that the US economy will continue to 'grow' at the rate you think it will for the near future. And how much of that 'growth' is inflation? Take that component out and what do you get, assuming that your microscopic intellect can understand that simple concept.
'George Bush has nothing to do with bad loans by unscrupulous lenders and folks who lied on their applications.'
You're about as stupid as they come. The administration appoints the heads of the banking regulatory agencies, primarily the OCC and FDIC. Obviously you know nothing about that or you wouldn't have made such a stupid comment. Why don't you go educate yourself on how the banking system and its regulatory environment works. You might be surprised. Assuming, that is, that you can even understand what probably otherwise will be an impossibly complex concept to you.
RE:'Welcome to Bush-o-nomics, complete with the ass-kissers telling us everything is OK; just like Iraq over the 4 years before the surge.'
This stupidity started way, way before the current President took office. It has nothing to do with anything the Bush Administration has done or could do. The problem we face now is the responsibility of the banking system and the phony currencies the world uses nowadays.
This is not the first crisis of its kind that we have faced. Pretty much teh same thing happened under Nixon-Carter. Now it is happening under Clinton-Bush. It will happen again in the future. It will be worse each and every time it reoccurs.
you forgot to say anything about windows. Sp stated that the americans invented windows software. If he means that crappy Microsnot product, that is nothing to be proud of. By the way, SPidiot, you don't invent software, you develop it.
America did not win two world wars, they just happened to be on the winning side. In WW1 they came in right at the end when both sides had fought themselves to exhaustion and were looking for ways to end it.
As tired as the Germans were, the Americans got a slaughtering in their first engagement because they would not learn from the British and French
experiences of four years of this type of fighting. The Americans just had to find out the hard way.
WW2 would have been lost without the Russians. It really was a combined effort none of the allies would have stood a chance against Germany one to one.
The electric motor was invented by the British: The principle of conversion of electrical energy into mechanical energy by electromagnetic means was demonstrated by the British scientist Michael Faraday in 1821
This was followed by the British scientist William Sturgeon in 1832 who took it a stage further.
It was the British who developed the first commercial jet liner - the Comet. The British also had a jet fighter plane, The Gloucestor Meteor invented by Whittle during WW2 but only saw operation right at the end.
The British had a working computer at Manchester University in 1948
The Small-Scale Experimental Machine, known as SSEM, or the 'Baby', was designed and built at The University of Manchester, and made its first successful run of a program on June 21st 1948. It was the first machine that had all the components now classically regarded as characteristic of the basic computer. Most importantly it was the first computer that could store not only data but any (short!) user program in electronic memory and process it at electronic speed.
But another Brit, Alan Turig built a working computer at Bletchley Park during WW2 and it was used to crack the German Enigma code machine.
Just to keep the record straight.
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