Recession? We don' need no steenkeen recession!

Discussion in 'The Real World' started by jimpeel, May 1, 2008.

  1. jimpeel

    jimpeel Well-Known Member

    It seems that all of the doomsayers were wrong --- AGAIN. Ever notice that the experts are surprised by the "better than expected" results they declared would not happen?

    http://www.foxnews.com/story/0,2933,353506,00.html

     
  2. Gonz

    Gonz molṑn labé Staff Member

    As often as I see the term "...than expected" I'm beginning to think my distrust of expeets is too soft.
     
  3. catocom

    catocom Well-Known Member

    as long as it's not negative growth:retard4:

    Those numbers are not growth IMO, they are skewed numbers.

    how much of that gdp was military equipment sold to the saudis, and isreal?
     
  4. 2minkey

    2minkey bootlicker

    yeah our economy is doing great. so stop complaining about food prices.
     
  5. jimpeel

    jimpeel Well-Known Member

    OOPS!

    Despite all of the wishful reporting by the willing Liberal press the economy has yet to produce their wished-for recession. We have yet to have even one quarter of negative growth let alone the two quarters needed for a recession to be declared.

    http://biz.yahoo.com/ap/080529/economy.html?.v=21

     
  6. Gonz

    Gonz molṑn labé Staff Member

    I'm refusing to participate in some stinky wannabe recession.
     
  7. chcr

    chcr Too cute for words

  8. MrBishop

    MrBishop Well-Known Member

    You do realize that the price of OIL and FOOD are two of the main indicators of GDP, right? The Saudis and other OPEC nations are actually bolstering your economy :D
     
  9. jimpeel

    jimpeel Well-Known Member

    GDP is based on consumption and the price of goods, is it not? The indicators are based on what this country produces and consumes, not on what some other country produces.

    http://www.sparknotes.com/economics/macro/measuring1/section1.html

     
  10. MrBishop

    MrBishop Well-Known Member

    GDP is a monetary figure...of course it's based on price of goods. They're not measuring how many gallons of gas/barrels of oil/bags of rice are sold and giving it an arbitrary and static figure, they're using market-value totals. That's what inflation is all about. :shrug:
     
  11. MrBishop

    MrBishop Well-Known Member


    Your company imports oil and produces gasoline, imports cattle and produces beef, imports rice and produces cardboard pebbles otherwise known as 'Rice a Roni' - also why a trade deficit is at work in GDP.

    *Nice post-riposte edit, btw.
     
  12. MrBishop

    MrBishop Well-Known Member

    The "official" government numbers on inflation are simply fabrications. As oil was going from $100 to $130/bbl, and gasoline in the US was marching up to $4/gal - the US government reported a *FALL* in the price of petroleum products.

    Similarly, they said food prices were *only* up 4%, but most independent sources cited rises of 10% year over year.

    Unemployment, according to the same Bureau of Labor Statistics, rose from 4.5% a year ago to 5% this year (that's a 10% rise in unemployment), and since they don't count people who've given up looking for work, that figure is probably understated as well.

    Again, according to the BLS, the US economy has lost 260,000 jobs since the beginning of the year. When originally announced, it's often higher than the forecasts to help boost the stock market.
    (For example, the flash estimate for Jan08 was 130,000 NEW jobs added; the revised number now posted on the BLS site is 76,000 JOBS LOST.) That's a turnaround of over 200,000 jobs.


    Here's another example: the BLS reported Feb08 job losses of 63,000 (http://www.nytimes.com/2008/03/07/business/07cnd-econ.html?hp) but this was later revised to 83,000 jobs lost. http://www.bls.gov/eag/eag.us.htm Yep, that sure sounds like a booming economy to me!


    12-Dec 28-May %Change
    DJ Ind 13264 12594 -5.05%
    SP500 1468 1390 -5.31%
    US$DX 76.65 72.61 -5.27%
    OIL 95.98 131.03 36.52%
    CRB 476 544.66 14.42%
    Gold 838 902 7.64%


    For those who don't know, US$DX is the US dollar index, a trade-weighted measure of the US dollar's performance against its trading partners. The CRB is the Commodity Research Bureau's overall measure of commodity prices (foods, fibres, metals, etc.).
    So, let's add it up, shall we?


    Falling stock prices, falling employment, falling dollar, with rising food prices, rising energy prices, and rising house defaults - even among the multi-millionaires in the Hamptons, as was reported this week. Yes, that sounds like a glowing economic picture, doesn't it?
    :drink2:
     
    1 person likes this.
  13. 2minkey

    2minkey bootlicker

    back to skool you must go.
     
    1 person likes this.
  14. 2minkey

    2minkey bootlicker

    interesting how certain ideological convictions allow someone to totally miss the obvious, eh?
     
  15. SouthernN'Proud

    SouthernN'Proud Southern Discomfort

    But you see, that's misleading. We all know people with 2.2 million dollar homes but too broke to furnish 'em. I know of one that literally had sleeping bags and paper plates with a microwave for over three years because after buying it the dumbasses were too overextended to afford anything else, and had to sell what furniture they brung with 'em.

    It all goes back to greed v discipline. Gimme my 85K plantation modestly furnished with enough left over to ENJOY life a little over a 240K anonymous lookalike home that requires 90 hours/week work just to stay afloat.
     
  16. chcr

    chcr Too cute for words

    *Puts fingers in ears* la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la,la...
     
  17. spike

    spike New Member

    Trying to portray that as the norm or even a very significant part of the problem would be misleading.
     
  18. 2minkey

    2minkey bootlicker

    there's a reason i cut that section out of what i quoted... and the southron gentleman has it right.
     
  19. spike

    spike New Member

    The problem with the housing market is somehow suddenly just in the last couple of years people got greedy and started buying houses beyond their means.

    Before that there were no greedy people living beyond their means.

    This explains everything. :laugh:
     
  20. Gonz

    Gonz molṑn labé Staff Member

    Now you're got it.
     

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