Ace of Spades HQ

July 22, 2012

Another Recession Approaching?
— rdbrewer

Dismal earnings, lowest since 2008, point to recession.

While this quarter's earnings reports have crossed a substantially lowered profit bar, future expectations through the year indicate a recession could be on the way.
Estimates for the third and fourth quarters have been dropped to levels not seen since the days of the 2008 financial crisis, below even the muted 2 percent expected level of inflation.
That's an ominous recession sign for an economy that has barely managed to attain positive growth this year even with the strong level of earnings beats, according to an analysis by Nicholas Colas, chief market strategist at ConvergEx in New York.

Nouriel Roubini says "we're not even close to a robust recovery." Was that just a nice way of saying we're headed toward recession? You know, like "I'm not even close to losing weight" kind of means I'm eating chocolate eclairs like there's no tomorrow? How about any recovery?

The reality is the opposite: For several reasons, growth will slow further in the second half of 2012 and be even lower in 2013Â—close to stall speed. First, growth in the second quarter has decelerated from a mediocre 1.8 percent in January-March, as job creationÂ—averaging 70,000 a monthÂ—fell sharply.

I know almost nothing about economics, but the idea of printing money doesn't sound good because... printing money. (If that link fails, you can get to the article from Drudge's "third round of pumping" link.) And it seems like it would be especially painful for those on fixed incomes, since it makes their money worth less. Right? And we've already tried that anyway. A couple of times. What would be the point now? Maybe some of our resident econ whizes would care to explain.

Follow me on Twitter.

Posted by: rdbrewer at 03:53 PM | Comments (159)
Post contains 297 words, total size 2 kb.

1 FORWARD

Posted by: Jones in CO at July 22, 2012 03:57 PM (8sCoq)

2 No way

Posted by: teej at July 22, 2012 03:58 PM (U7Ivf)

3 *Another* recession? Did we ever leave the first one?

Posted by: chemjeff at July 22, 2012 04:00 PM (d/5qf)

4 Didn't think so. At least it was another Jones beat me to it.

Posted by: teej at July 22, 2012 04:00 PM (U7Ivf)

5 The Economy is Racist.

Posted by: garrett at July 22, 2012 04:00 PM (Kw/Qv)

6 "This is a big effing deal!" - Joe Biden VP

Posted by: Anna Puma at July 22, 2012 04:00 PM (ew/MK)

7 We are in an economic recession. If the labor participation rate was at the same level when the SCOAMF was inaugurated, the U-3 unemployment rate would be 10.9%.

Posted by: Retired Buckey Cop in solidarity with dagny at July 22, 2012 04:00 PM (M0NzJ)

8 And it seems like it would be especially painful for those on fixed incomes, since it makes their money worth less. Right? And we've already tried that anyway. A couple of times. What would be the point now? Maybe some of our resident econ whizes would care to explain.

Well sure, *one* of these times the counterfeiting operation is going to unleash inflation on a scale that ends the use of the dollar and returns us to a barter economy, but surely it wouldn't be this time.

Posted by: Bitchin' Ben Bernanke at July 22, 2012 04:01 PM (6LvlL)

9 I don't understand: I vilify business every chance I can. I let regulatory agencies go into overdrive. I keep tax rates uncertain.

The economy should be booming!! Maybe I should re-read my Trotsky.

Posted by: barack obumbles at July 22, 2012 04:01 PM (p18em)

10 Don't think so cj.

Posted by: teej at July 22, 2012 04:01 PM (U7Ivf)

"earnings"

You didn't earn that.

Posted by: Barack Insane O-ButtFuck at July 22, 2012 04:01 PM (Z2i+W)

12 Of course printing money is good. Because, shut up. (Too bad ace is on vacation--this would be so ripe for another run of Bizzaro5President material)

Posted by: Conservative Crank at July 22, 2012 04:01 PM (1zwZo)

"Well sure, *one* of these times the counterfeiting operation is going to unleash inflation on a scale that ends the use of the dollar and returns us to a barter economy, but surely it wouldn't be this time."

If we're in a demographic death spiral because of which we ought to be experiencing massive price deflation, then mere price stability functions as the old hyperinflation.

Posted by: Zombie Shane at July 22, 2012 04:03 PM (Z2i+W)

14 Obama is a stuttering clusterf*ck of a miserable failure.

Posted by: steevy at July 22, 2012 04:05 PM (6o4Fb)

15 Maybe if I sang the Economy some Al Green?

Posted by: BArakhenaten I at July 22, 2012 04:05 PM (Kw/Qv)

16 I know almost nothing about economics, but the idea of printing money doesn't sound good because... printing money.

You obviously don't have an Ivy League education because printing money is good. Because, shut up.

Posted by: barack obumbles at July 22, 2012 04:05 PM (p18em)

If you take out DEFICIT spending by the Government... ie Putting more crap on the credit card to buy stuff today... we never came out of the Recesion, which, makes this a Depresion.

Future Historians will look at our statistics and wonder that we could allow the Bean Counters in Washington, to lie about the state of the economy this much...

Posted by: Romeo13 at July 22, 2012 04:06 PM (lZBBB)

18 12 beat me to it...

Posted by: barack obumbles at July 22, 2012 04:06 PM (p18em)

"Future Historians will look at our statistics and wonder that we could allow the Bean Counters in Washington, to lie about the state of the economy this much..."

There are many possible [indeed, likely] futures out there for us [and our progeny] in which things get so horribly dysgenic that there won't be any disposable income to fund luxuries like "historians".

Posted by: Zombie Shane at July 22, 2012 04:07 PM (Z2i+W)

The best part?

They are torturing the numbers to get them where they are.

Posted by: garrett at July 22, 2012 04:09 PM (Kw/Qv)

21 Maybe the ecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration. How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 04:12 PM (xbXzy)

Money will be printed.

There will be no "recovery" the economy will drift downward into recession with slow jobs growth, sluggish economic growth and a general unwillingness on the part of business to hire or expand.

Buy some gold, or silver, it will appreciate, but remember if times truly get bad, you can't eat it. My greatest fear tight now is deflation, wherein no one has any money or inclnation to pay for or buy anything. ,

Posted by: Mister Money at July 22, 2012 04:12 PM (wN82N)

23 At this point a recession would be good news.

Posted by: Christopher Taylor at July 22, 2012 04:13 PM (r4wIV)

24 Another thing: Every time they print money like that, they're stealing from people in the future.

Posted by: rdbrewer at July 22, 2012 04:13 PM (Iyg03)

25 Yeah, but there's a drought. Nothing I can do...

Posted by: Baraka Hussein XIV at July 22, 2012 04:13 PM (FcR7P)

26 qui est jacques geaux?

Posted by: derit at July 22, 2012 04:14 PM (ruiF1)

27 A piece of bread could buy a bag of gold.

Posted by: teej at July 22, 2012 04:15 PM (U7Ivf)

28 Brewer - we are in collapse.

Posted by: Journolist at July 22, 2012 04:16 PM (5noOE)

24 Another thing: Every time they print money like that, they're stealing from people in the future.

And the per capita Debt right now is around $50K per person.

So....people will have to be paying that back, with money that is worth...less.

Posted by: wheatie at July 22, 2012 04:16 PM (MbB0O)

30 More like the Obama of Roanoke Depression. The snark-free guy is catching on...calling this climate the Obama Depression.

Posted by: sTevo,Linker of Wack since Apr 2012 at July 22, 2012 04:17 PM (VMcEw)

31 Every lib I know has been crowing about how the economy has been getting better since the Bammer was elected, and just how strong all of his policies have made the economy. I would just point out how his policies made the economy more likely to spiral down again, guess I was right.

Posted by: MrCaniac at July 22, 2012 04:17 PM (1grxW)

32 I bet Black Swan Man doesn't like this one bit.

Posted by: rdbrewer at July 22, 2012 04:17 PM (Iyg03)

33 I had nothing to do with the recession. Somebody else did it.

Posted by: Barck Choombama at July 22, 2012 04:17 PM (1kOAp)

34 Damn these ATMs!

Posted by: Barakhenaten I at July 22, 2012 04:18 PM (Kw/Qv)

35 O Lord, do we have the strength to carry off this mighty task in one term? Or are we just jerking off?

Posted by: Reverend Obama at July 22, 2012 04:18 PM (0ZJ5N)

I think that all the money printing they've done is what is keeping the stock market from tanking big-time. Sure, we're in a recession, but the stock market is limping along, so people don't notice how bad things are.

Harry Reid want's to have a big crisis in the fall, likely before the election. I'm guessing the stock market tanks and we ABSOLUTELY cannot fix it unless we let Obama and the Dems spend $1 or 1.5 trillion. And if we say "Fuck you, Harry!" the Dems and the media (BIRM) will say it was Romney and the Republicans that made it worse.

Posted by: 141Driver at July 22, 2012 04:19 PM (FWDng)

37 I'm worried about a new financial crisis. The LIBOR scandal may have more legs than I want to think about, Peregrine going down due to fraud is fairly disturbing, and there's so much looking weird and unsettled that my chest gets a little tight.

On the other hand, my guy finally found a job - a contract position, but it's still work! - and I really like that.

But the general economy looks bad.

Posted by: Dianna at July 22, 2012 04:19 PM (mKMj1)

38 Maybe Obama got figures that show another plunge is almost inevitable, and that accounts for their attempt, apparently failed, to knock out Romney early?

Posted by: @ParisParamus at July 22, 2012 04:21 PM (+qRs2)

24 Another thing: Every time they print money like that, they're stealing from people in the future.

---

Don't worry, we've worked it out so that we're only stealing from 'people' who will get aborted anyway.

WINNING

Posted by: liberal genius at July 22, 2012 04:22 PM (HPQnO)

40 >Another thing: Every time they print money like that, they're stealing from people in the future.

Fuck it. I wanna be re-elected.

Posted by: Your President at July 22, 2012 04:22 PM (8sCoq)

41 There is really only one solution: Take the government out of business, both as a player -- e.g. "incentives," "grants," "bailouts" and all the other bullshit that Bark Obama has been using for 3 1/2 years to buy support for himself -- and as an inhibitor -- regulating, taxing, fining and fee-ing business to death -- immediately.

The government is broke. It has no money to spend. Therefore, every program that exceeds a realistic projection of income must be shut down, instantly. That includes all the bloated bureaucracies that essentially run business in this country. Pork projects have to go right away, too.

What's left of the government needs to take care of business (and citizens) by enacting a simple, fair tax code.

If these things were done, business could work itself out of the deep recession we're in now. Or not; maybe there is some basic flaw to the world today that makes it impossible to "grow" legitimate businesses.

But at least we'd do without leeches draining what's left of the blood from the country.

Another four years of the Choomer-in-Chief and there will be no economy and no businesses left. Count on it.

Posted by: MrScribbler at July 22, 2012 04:22 PM (wZI4b)

42 ZIRP is keeping the market at current levels.

Posted by: Journolist at July 22, 2012 04:23 PM (3gUvw)

43 What would be the point now?

Inflation is good for the govt. Bracket creep increases effective income tax rates, and allows for paying off debt with cheaper dollars effectively hiding the haircut the bondholders are taking from being plainly obvious.

Through recorded history, currency devaluation has been the first choice play for governments in trouble.

Posted by: @PurpAv at July 22, 2012 04:24 PM (yUa8k)

If you're not in an area that is suffering from the Drought....then it's not hitting you in the face every day.

But it's brutal...and heartbreaking to watch what the farmers are going through.

It will be hitting all of us soon.

In our food prices.

I've been watering the trees and shrubs around our house....in case wild fires break out.

But where I haven't watered, there are cracks in the soil 1/2 inches wide.

The heat just bakes all the moisture out.

I'm trying to remember why Cloud Seeding was considered a 'bad idea'.

Because it can cause flooding?

Was that it?

I dunno....in light of what this drought is doing, it might be time to revisit the idea.

Posted by: wheatie at July 22, 2012 04:24 PM (MbB0O)

45 New? When did the old one end?

Posted by: eman at July 22, 2012 04:26 PM (bbW7j)

46 Look on the bright side. This news means that the Obama campaign will become even more desperate and Obama himself even more reckless as he tries to cover up the fact that the emperor has no clothes. What will come out of his handsome mouth next?

Posted by: Cricket at July 22, 2012 04:27 PM (2ArJQ)

47 Pull my finger.

Posted by: the invisible hand at July 22, 2012 04:28 PM (QupBk)

48 Through recorded history, currency devaluation has been the first choice play for governments in trouble.
Posted by: @PurpAv

I agree that it's the first choice, but usually the people react poorly. I think this may be the first time we've seen a truly stealth devaluation; it won't show up for another couple years. That - and only that - seems to me the reason that the polls aren't showing a Romney landslide already, only gaining momentum through November.

But the crash seems to have come early. Think of it as the stealth falling apart.

Posted by: Dianna at July 22, 2012 04:28 PM (mKMj1)

49 If you discount Obama shoveling trillions down the sewer and having that counted as GDP, the old recession never did end, and we'd be considered in a depression.

Posted by: @PurpAv at July 22, 2012 04:28 PM (yUa8k)

50 When did the old one end? In the New Economy, recessions end when you've acclimated to a new level of suck.

Posted by: t-bird at July 22, 2012 04:31 PM (FcR7P)

51 The inflation caused by the drought will fell so yummy. I can't wait. It'll be like 1979 all over again just with a lot less polyester.

Posted by: eman at July 22, 2012 04:31 PM (bbW7j)

52 In the New Economy, recessions end when you've acclimated to a new level of suck. Posted by: t-bird at July 22, 2012 08:31 PM (FcR7P) Oh, I see. It's like marriage.

Posted by: eman at July 22, 2012 04:32 PM (bbW7j)

53 I think this may be the first time we've seen a truly stealth devaluation; it won't show up for another couple years.

I know a bunch of guys who are fond of rolling the dice and buying various model airplane parts direct from China to get the best possible prices. They've seen 30% price increases in the last couple of years. When you do overseas business, the devaluation is a lot more apparent than when dealing domestically.

It won't be much longer before outfits like Dollar Tree won't be able to hold the $1.00/$.99 line and will have to cave.

Posted by: @PurpAv at July 22, 2012 04:32 PM (yUa8k)

54 1/2 inch cracks wheatie? Was walking around my yard of brown grass the other day and fell in one. Took me 20 minutes to climb out. If I try to water my sewer bill skyrockets. And water rates increased on July 1 to boot. I think we're on 2 straight weeks of 100+ temps already. They're talking about a "cold" front Wed or Thur dropping temps to 97 for a couple days. And yeah, I'm worried about the farmers. The older folks who can't afford AC too.

Posted by: teej at July 22, 2012 04:33 PM (EYfcP)

55 When you have unmanageable sovereign debt, you default, or you inflate. For several years it has been clear that our political class will choose the hidden tax of inflation, over a selective or balls out default.

Posted by: toby928© at July 22, 2012 04:34 PM (QupBk)

56 It won't be much longer before outfits like Dollar Tree won't be able to hold the $1.00/$.99 line and will have to cave. Posted by: @PurpAv at July 22, 2012 08:32 PM (yUa8k) Two Dollar Tree just doesn't have the right ring to it.

Posted by: eman at July 22, 2012 04:34 PM (bbW7j)

57 >This news means that the Obama campaign will become even more desperate and Obama himself even more reckless as he tries to cover up the fact that the emperor has no clothes. What will come out of his handsome mouth next?

Bill Ayers' cock

Posted by: Jones in CO at July 22, 2012 04:34 PM (8sCoq)

58 Beat the heat and vacation in FL for the summer.

Posted by: @PurpAv at July 22, 2012 04:35 PM (yUa8k)

59 Posted by: teej at July 22, 2012 08:33 PM (EYfcP)

Couple the drought with increased fuel prices due to our smart diplomacy operations in the ME, and you have a very nasty situation.

Posted by: Hrothgar (CJSC Designated Serf) at July 22, 2012 04:36 PM (Cnqmv)

60 I can't wait. It'll be like 1979 all over again just with a lot less polyester. Posted by: eman

Oh, right, a lack of polyester and disco will go a long way toward reconciling me to recession.

Posted by: Dianna at July 22, 2012 04:36 PM (mKMj1)

61 When you have unmanageable sovereign debt, you default, or you inflate.

There is an option three, although I don't think anyone has ever actually tried it...unshackle the Kraken of industry and earn your way out of the hole.

But that's crazy talk...

Posted by: @PurpAv at July 22, 2012 04:36 PM (yUa8k)

62 You didn't build your business and I didn't build this recession. Fair?

Posted by: Barky O'Dogeater at July 22, 2012 04:37 PM (zMouK)

63 When you have unmanageable sovereign debt, you default, or you inflate. For several years it has been clear that our political class will choose the hidden tax of inflation, over a selective or balls out default. Posted by: toby928Â© at July 22, 2012 08:34 PM (QupBk) How much inflation covers $100 trillion of debt? Milk will be priced by the milliliter. How is that different from Mad Max?

Posted by: eman at July 22, 2012 04:37 PM (bbW7j)

64 It's debatable that we ever left the 2000 recession. All that "growth" under Dubya was on the banks' credit-card. The bill came due for the banks in 2008, and all the "growth" since then has been on the US's credit-card.

So, boned.

Posted by: Boulder Toilet Hobo at July 22, 2012 04:37 PM (QTHTd)

65 Everyone in DC expects to inflate their way out of the debt load, they laughed at Perot and they are laughing at the Tea Party.

Posted by: Jean at July 22, 2012 04:37 PM (dnFuB)

Too good to check

pibillwarner.wordpress.com

Video: Private Investigator Names Colorado Massacre Shooter James Holmes as Occupy Black Bloc Member.
Posted: July 22, 2012 in BLACK BLOC, BLACK BLOC TACTICS...KILL COPS!, Occupy Movement Terror Threat, Occupy Movement the Lunatic Fringe, OCCUPY WALL STREET
Tags: Video: Private Investigator Names Colorado Massacre Shooter James Holmes as Occupy Black Bloc Member.

Posted by: Hal Burton at July 22, 2012 04:37 PM (iYvMQ)

67 Two Dollar Tree just doesn't have the right ring to it.

They'll still call it Dollar Tree, just everything won't be a dollar anymore, only selected items...like a pack of gum.

Posted by: @PurpAv at July 22, 2012 04:38 PM (yUa8k)

68 But that's crazy talk... Posted by: @PurpAv at July 22, 2012 08:36 PM (yUa8k) We'd have to be sitting on trillions of cubic feet of natural gas and hundreds of billions of barrels of oil and millions of tons of coal to do that. So retarded, man.

Posted by: eman at July 22, 2012 04:39 PM (bbW7j)

69 My crystal ball is as murky as anybody's, but my best guess is at some point (maybe right now, maybe 10 years) it will be massive deflation at first as trillions of dollars of world wide debt goes unpaid and written off. Then, as people are scrambling for currency the central bankers will overreact, print crazy, and we will have massive or even hyperinflation.

As far as demographics goes, no matter what side of the abortion debate you are on, it can't be dismissed that 50 million souls since 1972 not here, will have a massive effect on stock market, real estate, etc.

Posted by: Guy Mohawk at July 22, 2012 04:39 PM (/inUg)

70 Too good to check
pibillwarner.wordpress.com
Video: Private Investigator Names Colorado Massacre Shooter James Holmes as Occupy Black Bloc Member.

Jumping to conclusions like that violates all norms of journalistic ethics 'n shit. Harrumph. Harrrumph!

Posted by: ABC News at July 22, 2012 04:39 PM (zMouK)

71 Barry, it won't work. We're talking about your Depression.

Posted by: t-bird at July 22, 2012 04:39 PM (FcR7P)

72 Sir, we're falling behind. May I suggest free birth control and penis pumps for all? - it's covered under Obamacare!

Posted by: The Obama Campaign at July 22, 2012 04:40 PM (0ZJ5N)

73 Julia is doing OK. The private sector is doing OK.

It's the school teachers, fireman and cops that are suffering.

You racist don't care.

Bo, come here fella, it's dinner time.

Posted by: Injuin Blackfoot Barry, The One Who Eats Dogs at July 22, 2012 04:40 PM (3ZjAP)

74 Frikkin html

Posted by: ABC News at July 22, 2012 04:40 PM (zMouK)

@55

Yeah, teej.....we never really fully recovered from last year's drought, did we?

There's been some rain...through the winter.

Some. Not a lot.

My daughter has a small place....and her 4 ponds are dry.

She has a little nursery business, and is having to use city water to keep things watered.

She was already hanging on by her fingernails.....so this may break her.

Posted by: wheatie at July 22, 2012 04:40 PM (MbB0O)

76 oof

Posted by: Boulder Toilet Hobo at July 22, 2012 04:40 PM (QTHTd)

77 But that's crazy talk...

Posted by: @PurpAv at July 22, 2012 08:36 PM (yUa8k)

Yeah, like actually using our own (and Canadian) resources to provide cheap reliable sources of energy close to home.

Posted by: Hrothgar (CJSC Designated Serf) at July 22, 2012 04:40 PM (Cnqmv)

78 The only hope we have is that the pain people are feeling out there transfers to the voting booth and Obama and the Democrats are swept from power.

The only thing - THE ONLY THING - that can save us is the GOP holding and gaining seats in the House, gaining the Senate and the Presidency.

Even then it might be too late.

Posted by: General Woundwort at July 22, 2012 04:41 PM (DWgdc)

79 it can't be dismissed that 50 million souls since 1972 not here, will have a massive effect on stock market, real estate, etc.

Not a problem, we're importing replacements already. That's what Germany and most of Europe did, but they were foolish and went with the Muslims rather than Hispanics.

Posted by: @PurpAv at July 22, 2012 04:41 PM (yUa8k)

80 .unshackle the Kraken of industry and earn your way out of the hole. That gives us hyperinflation, I think, since the money supply has been tripled (and counting). Nice little time bomb they've put in the system for us.

Posted by: t-bird at July 22, 2012 04:42 PM (FcR7P)

81 "And we've already tried that anyway. A couple of times. What would be the point now?"

Habit? Stupidity?

Or both even...

Posted by: Blacque Jacques Shellacque at July 22, 2012 04:42 PM (4s7w4)

82 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

You have an interesting thesis here. Please go on.

Posted by: Forrest Gump at July 22, 2012 04:42 PM (1grxW)

83 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

Cut. Jib. Newsletter.

Posted by: Rainman at July 22, 2012 04:43 PM (1grxW)

84 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

Hmmmm. Your theory would be better if I had some french fried potatoes.

Posted by: Karl Childers at July 22, 2012 04:44 PM (1grxW)

85 Yeah, like actually using our own (and Canadian) resources to provide cheap reliable sources of energy close to home.

Insanity, pure insanity. Reliable energy close to home? We'll be having none of that shit!

Posted by: @PurpAv at July 22, 2012 04:44 PM (yUa8k)

86 How long til the MSM starts accusing Romney of 'talking down the economy'?

Posted by: Jones in CO at July 22, 2012 04:44 PM (8sCoq)

87 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

This is the best economic analysis ever.

Posted by: Corky at July 22, 2012 04:44 PM (1grxW)

88 OK enough

Posted by: Injuin Blackfoot Barry, The One Who Eats Dogs at July 22, 2012 04:45 PM (3ZjAP)

89 >>>but they were foolish and went with the Muslims rather than Hispanics.

G_ddamn you! I'll cut your f*cking head off for Allah!

Posted by: Lettuce Pickers Union for Shariah at July 22, 2012 04:45 PM (0ZJ5N)

90 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

Sean Penn would approve of this message.

Posted by: I Am Sam at July 22, 2012 04:45 PM (1grxW)

91 The ag sector was one area of the economy that performed well since 2009. The drought, as widespread and brutal as it is, has reversed that!

I borrowed $300,000 to put in this year's crop, and will get no income (beyond insurance proceeds) to pay it back. I get to absorb that cost into my net worth while borrowing a sum of at least as much to feed my animals until I get the crack at another crop in 2013, which will likely cost another $300,000 to put in, plus interest.

This will be a common situation for every neighbor I have.

The ag economy is about to stall as well, even as commodity prices increase to record levels.

Posted by: CausticConservative at July 22, 2012 04:46 PM (gT3jF)

92 #2 Been one for years.

Posted by: pawn at July 22, 2012 04:46 PM (iMsF6)

93 That gives us hyperinflation

I don't think so. You can inflate money supply and not have "inflation" as long as the real value you're adding to a society is increasing accordingly.

Posted by: @PurpAv at July 22, 2012 04:46 PM (yUa8k)

94 "THE ONLY THING - that can save us is the GOP holding and gaining seats in the House, gaining the Senate and the Presidency."

That's an encouraging thought: Our hopes are riding on a largely feckless GOP.

What a fucked up deal...

Posted by: Blacque Jacques Shellacque at July 22, 2012 04:46 PM (4s7w4)

95 We can't use all that fossil fuel because it will cause AGW to destroy the Earth. And puppies.

Posted by: Emma at July 22, 2012 04:47 PM (bbW7j)

96 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

This is even better than riding on the bus with my sister!!!

Posted by: Rosie at July 22, 2012 04:47 PM (1grxW)

97 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

This is why we must vote for Pedro.

Posted by: Napolean Dynamite at July 22, 2012 04:48 PM (1grxW)

98 Better be stockpiling your shit, cause when the price of corn hits the food market this fall, you are going to be fucked.

Dogs don't eat much corn, I'll be OK, like Julia.

Posted by: Injuin Blackfoot Barry, The One Who Eats Dogs at July 22, 2012 04:48 PM (3ZjAP)

99 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

Beans and franks! Beans and franks!!!

Posted by: Warren at July 22, 2012 04:48 PM (1grxW)

100 What am I going to do with a stockpile of my shit?

Posted by: Waterhouse at July 22, 2012 04:49 PM (4gues)

101

On the whole missing generation thing, and because we haven't had a good ol' screaming generational bitch fest lately, it's going to be very very interesting indeed to watch Gen X react when the Boomers refuse to/can't afford to retire. This has been discussed for years in relation to law firms, though the death of Big Law may take care of it for people. Particularly in the Big Law firms, the Gen X era lawyers were more or less told to be patient and stick it out as junior partners because the Boomer senior partners would have to retire/move to emeritus status per the partnership agreements and then a whole bunch of slots would open up when there were more partnerships positions than junior partners. Well, guess what? The Boomer partners are starting to hit the mandatory 65 ceiling and they don't like it one bit and all hell is breaking loose. Toss in the Gen X attitude that fuck you Boomers you fucked this all up and now I have to pay for it and yeah. It's going to be fun.

Here SMOD SMOD SMOD.

Posted by: alexthechick - SMOD 2012 at July 22, 2012 04:49 PM (Gk3SS)

102 I know! Price controls!

Posted by: Emma at July 22, 2012 04:50 PM (bbW7j)

103 As a practical matter, Romney better prepare his three letters on his first day in office. We may be in for a long series of one-termers.

Posted by: @PurpAv at July 22, 2012 04:50 PM (yUa8k)

104 The fact is that government has to cut back vast sections it's taken over, and those of us under 50 need to admit we're never, ever going to see any social security payments.

That might save us. Might.

Posted by: Dianna at July 22, 2012 04:51 PM (mKMj1)

105 We can't use all that fossil fuel because it will cause AGW to destroy the Earth.

And puppies.

Posted by: Emma at July 22, 2012 08:47 PM (bbW7j)

Tragic how all those puppies perished during the medieval warming period.

Posted by: Hrothgar (CJSC Designated Serf) at July 22, 2012 04:51 PM (Cnqmv)

106 21 Maybe theecomomy is being trashed on purpose and the election is being thrown by the dems so that when everything grinds to a crushing halt it will be under a Repub administration.How's it feel being a pawn?

Posted by: 'lil miss DAve at July 22, 2012 08:12 PM (xbXzy)

I work with lawyers, and they said this was good stuff.

Posted by: Benny at July 22, 2012 04:52 PM (1grxW)

107

(1grxW)....Haa! You're cracking me up.

Thanks, man....I needed that.

Posted by: wheatie at July 22, 2012 04:54 PM (MbB0O)

108 The fact is that government has to cut back vast sections it's taken over, and those of us under 50 need to admit we're never, ever going to see any social security payments.

When I talk to my investment guys about my retirement planning, we never ever factor Social Security into it at all. The one guy said that they consider it irresponsible to tell anyone under 55 to expect to receive a penny.

Posted by: alexthechick - SMOD 2012 at July 22, 2012 04:56 PM (Gk3SS)

109 Our oil really belongs to the Native Americans, like the Heckawee and Boston Cherokee tribes.

Posted by: Emma at July 22, 2012 04:56 PM (bbW7j)

110 Atc Not n th lawyern biz but seeing the same. The old farts w no life wont leav, despite massive savings, 401k, n sweet sweet pensions, n things like soc sec which will b extinct bfore i get there. N its really pissn me off. Id lik to start a fam n even pretend retirmnt will b possible one day n these asshats who voted for moderates that r wonderfully nonpartisan for decades wont buzz off so i can join the halfway normal family-paying workforce.

Posted by: Infidelswine at July 22, 2012 04:57 PM (rqHr5)

111 To add to the anecdotal evidence, this is the first week in 4 years I have not netted at least $100 for a week's eBay listings. I only took in $65.

My specialty is getting antiques and collectibles at bargain prices and passing that on to buyers. I do this because I have a local auction which sells things cheap.

I am going to add practical things to my inventory. I think people are not in the mood for frivolous things. And I think we are in a recession.

Posted by: Miss Marple at July 22, 2012 04:57 PM (GoIUi)

112 those of us under 50 need to admit we're never, ever going to see any social security payments.

There a lot over 50 who know they'll never see anything either.

Posted by: @PurpAv at July 22, 2012 04:57 PM (yUa8k)

113

The reason to keep printing money is so we can continue to borrow from ourselves while we are running these huge deficits. That is how the printed money gets into the system, treasury buys our bonds with newly printed cash. It keeps interest rates low which is good for the economy. The other side of that is that it drives down the value of the dollar because there are more of them. That can either be good or bad for the economy, consumers have to pay more for imports, manufacturers though sell their exports at a more competitive price.

When it ends is when we have to pay the piper. Our bonds are sold to real investors and the fed isn't there to keep the price up and the interest rate down. That all starts to flip, bond prices tank, interest rates spike. If fixed income investors were buying bonds at these prices and interest, they are for one stupid and two going to be hosed. They can wait ten years getting 1.9% or whatever it is or they can sell and take a haircut.

I don't think many fixed income people are buying bonds at these prices.

Posted by: robtr Rum Liberation Front at July 22, 2012 04:57 PM (MtwBb)

114 Idiotic foreign policy - check. Put stranglehold on domestic energy - check Steal trillions from taxpayers and funnel to cronies - check Push politics of racial division - check Push class warfare - check This is really reminding me of someone from history's not to distant past but can't quite put my finger on it.

Posted by: teej at July 22, 2012 04:59 PM (z+Xap)

115 #111 The old farts in this family are trying to earn money to help our kids, who cannot find good-paying jobs. And we have 3 grandchildren that we would like to help get through college.

So my husband is working in Africa (so he's not taking a job from you) and I am selling stuff on eBay. We are in our 60's.

Plenty of jobs in the gold fields of Africa, if you care to go.

Posted by: Miss Marple at July 22, 2012 05:00 PM (GoIUi)

116 Recession? Recession! We are approaching the cliff. We are strapped into our seats on a bus getting ready to go over a cliff! It is not going to be a recession in any terms other than a Book of Eli type of world. Gird your loins! ... no, not those loins! the other ones!!

Posted by: and irresolute at July 22, 2012 05:01 PM (Q492A)

117 Europe's gonna bring this whole house of cards down shortly . Benny can't print right now , he's painted himself into a corner by keeping the markets goosed . No crashy , no printy .

Posted by: Bill D. Cat at July 22, 2012 05:01 PM (Gw2RW)

118 When Japan is overrun by the Chinese and North Koreans my Hello Kitty collection will be worth a fortune!

Posted by: Emma at July 22, 2012 05:04 PM (bbW7j)

119

At usdebtclock dot org, the US National Debt just passed $15.9 Trillion today. It hit $15 Trillion back on November 16, 2011. What scares the crap out of me is the Gross Debt to GDP ratio of 104.17%. It hit 100% on Monday, November 21st, 2011. Four years ago, it was only 71.9%

Debt with no economic growth. I'm not the smartest bulb in the bunch, but that looks like the car is out of the ditch and the driver is sipping the Slurpee all the way to Greece.

Oh, and FoxNews should have the usdebtclock up in the corner and make a special announcement the 4 times a day America goes another $1 Billion dollars into debt. Announcements every $10 Billion, $100 Billion.

Posted by: Stateless_Infidel at July 22, 2012 05:04 PM (8UijS)

120 Ms maple Believe me i dnt hate all elderly, n i completely undrstand why many r still working. Im talkng about the ones w sweet extravagant pay n benefits who r workng for big corps n gov n such who hav more than i prob ever will n just wnt go enjoy it so i can hav a chanc at gettng startd. Believ me u talkng about 100 bucks a week r not apart of this group. N id lov to go to somewher like the dakotas to cash n but i am less than two yrs nto a mortgage w a wife.

Posted by: Infidelswine at July 22, 2012 05:07 PM (rqHr5)

121 Believ me u talkng about 100 bucks a week r not apart of this group. N id lov to go to somewher like the dakotas to cash n but i am less than two yrs nto a mortgage w a wife.

Posted by: Infidelswine at July 22, 2012 09:07 PM (rqHr5)

There is some of that but there is a lot more who have retired before they wanted to because they couldn't get a job. Several have retired at 62 even though that is a bad deal just to have income. Others have all of a sudden figured out they were disabled which is at an all time high. If they say had a mild heart attack they apply for disablity or some other disease they had. Labor participation is at an all time low and a lot of those folks who left are older folks.

Posted by: robtr Rum Liberation Front at July 22, 2012 05:11 PM (MtwBb)

122 Ms Marple, linky?

Posted by: Jean at July 22, 2012 05:14 PM (dnFuB)

123 Oh i am well aware n we can thank barky, the dems n all the mushy rinos for that. My wife really wants her own biz but the realist n me knos thats most likely a fools errand right now.

Posted by: Infidelswine at July 22, 2012 05:15 PM (rqHr5)

124 But we have to keep electing "moderate republicans" because, because, because they're electable. That's someones mantra but I can't remember who it is has been saying that long as I've been around here.

Posted by: teej at July 22, 2012 05:16 PM (Os+6p)

125 #121 Let me tell you something. When we had kids in school I stayed at home and my husband held a job here. He was't happy with it, but we had a mortgage and security and my folks needed care because they were sick.

We have often talked about how we wish we had done this 20 years ago. We would have our mortgage paid off and lots of money in the bank.

Check the Dakotas and see what is available. Talk to your wife about a chance to get financially independent. Rent out your house and GO. This is your chance, when you are young, to get ahead of the game. You can have an adventure!

Posted by: Miss Marple at July 22, 2012 05:19 PM (GoIUi)

126 My wife really wants her own biz but the realist n me knos thats most likely a fools errand right now.

Posted by: Infidelswine at July 22, 2012 09:15 PM (rqHr5)

Depends on what she does and how good she is at it. I helping my sister with her small business and some are doing gangbusters without much start up costs.

Posted by: robtr Rum Liberation Front at July 22, 2012 05:20 PM (MtwBb)

127 A post america world! Wher all r boned, young, old, n between, all races, all classes, but as long as we stick it to the mostly european-descended male christians itll feel good!!

Posted by: Infidelswine at July 22, 2012 05:20 PM (IuQi3)

128 #123 Linky to hat? My eBay store? You can find me searching for christa9848. I have both auctions and a store.

Posted by: Miss Marple at July 22, 2012 05:21 PM (GoIUi)

129 Linky to hat? My eBay store? You can find me searching for christa9848. I have both auctions and a store.

Posted by: Miss Marple at July 22, 2012 09:21 PM (GoIUi)

what do you sell?

Posted by: robtr Rum Liberation Front at July 22, 2012 05:22 PM (MtwBb)

130 "125 But we have to keep electing "moderate republicans" because, because, because they're electable.

That's someones mantra but I can't remember who it is has been saying that long as I've been around here.

Posted by: teej at July 22, 2012 09:16 PM (Os+6p)"

Lay off that shit would ya? The fact that the demographics have change so much in the U.S. that getting a conservative enough politician elected President to suit you is damn near impossible isn't the fault of the people that bring up that fact.

Posted by: lowandslow at July 22, 2012 05:22 PM (GZitp)

131 No, the Africa jobs

Posted by: Jean at July 22, 2012 05:23 PM (dnFuB)

132 131, the demographics have shifted conservative, if you ignote the participation bump Barry generated in 08.

Posted by: Jean at July 22, 2012 05:26 PM (dnFuB)

133 Listen to the lady young ones. There have been times I have not done things like that because of "family responsibilities". Couldn't risk the well being of those I loved. Now this skinny 57 year old doubts if he could handle the physical demands of the oil fields.

Posted by: teej at July 22, 2012 05:26 PM (L2I78)

134 #130 Depression glass, old toys, china, old tools, model railroad stuff, pretty much anything old that I can get cheap.

Posted by: Miss Marple at July 22, 2012 05:28 PM (GoIUi)

135 Im envious of the days where a wife could sta home n raise kids n still b middle class. N believ me i work a job that i dont like bt pays a littl more. Im temptd to do somthng crazy lik mov a long ways but id really need to kno we could make it alrght. Im not old old but not young enough to b stupid outside of mine n my friends homes. It mostly just makes me deeply despise lefties knowng their utopian anti free entrprise n anti capitalism regs n spendthrift ways ruined the greatest nation n history.

Posted by: Infidelswine at July 22, 2012 05:30 PM (IuQi3)

136 #132 You need to search on line for available jobs overseas. There are sites which cater to people looking for such stuff. I would Google " mining jobs available Africa."

Australia, central Asia, Indonesia and Mongolia are also looking for people. Pay is pretty good in some countries, better than you think. And as an ex-pat you can get a big tax break.

There are gobs of Aussies who just migrate around Africa and Asia working in mining. They end up buying homes in Thailand and such (to avoid Australian taxes).

The down side for us is that I only see my husband twice per year. However, it isn't as hard as those whose husbands serve in Afghanistan, and no one is shooting at him.

Posted by: Miss Marple at July 22, 2012 05:33 PM (GoIUi)

137 #136 Get thee and your wife to the Bakken fields. Rent a tiny apartment or buy a camper to live in. Vow to live like misers for 3 years. Rent out your house.

You can do anything for 3 years. That used to be the enlistment time in the Marines.

Are you tough? Do you want to make money? Are you sick of trying to muddle along in this economy?

GO. You will never have a better chance to make it.

Posted by: Miss Marple at July 22, 2012 05:36 PM (GoIUi)

138 Regarding that retire early/disability thing. I'm 57 and considered obsolete in today's job market. In addition, most hardware design/development has been moved offshore so the job market sucks and is never coming back in my lifetime. It followed the production facilities. Who could have guessed that would have happened? (/s)
I was severely injured on the job a few months ago (company negligence) and suffer from serious back injuries that I may not recover from. I'm currently recieveing medical treatment under Workmans Comp (what a scam, I can't sue for gross negligence) I have been looking at my long term options in the even that I really don't recover.
According to the SS website I am entitled to more monthly income if I go out on disability now than I get if I wait to retire and the kicker is that I get to keep this higher benefit amount when I reach retirement age.
So I ask you, what would you do in my situation?

Posted by: pawn at July 22, 2012 05:39 PM (iMsF6)

139 #134 teej, could you handle working support? Not working on the rigs, but maybe maintenance or supplies? From all accounts they are paying a lot up in the Bakken.

My husband is a portly 60-year old who smokes. He has made it in Ghana and Laos (Ghana right now).

Too often we are stopped by our fears. I know we wouldn't have done this if we hadn't felt that it was our only chance.

Posted by: Miss Marple at July 22, 2012 05:40 PM (GoIUi)

140 #139 Take the disability. Then have your wife open an eBay account and look around for things to sell. My sister has a friend whose husband buys discarded electrical components from demolition and resells them on eBay. he makes a tidy profit.

I don't mind paying disability for you. I do mind paying it for drug addicts and fake mental illnesses.

Posted by: Miss Marple at July 22, 2012 05:43 PM (GoIUi)

141 When I talk to my investment guys about my retirement planning, we never ever factor Social Security into it at all. The one guy said that they consider it irresponsible to tell anyone under 55 to expect to receive a penny.
Posted by: alexthechick - SMOD 2012

Your investment guys and mine are on the same page.

What utterly defeats me is mine - and he's really, really smart and a good guy - voted for Obama in 2008. I quizzed him, once, on all the things about Obama he did not know.

It finished with me asking why on earth he thought electing an empty suit covered in Marxist pocket lint was a good idea.

He didn't have an answer. He's not a political junkie, and didn't see all that we did.

To quote you, "Here, SMOD!"

Posted by: Dianna at July 22, 2012 05:44 PM (mKMj1)

142 #142 Agree. Also recommend stocking up on food, which will go sky high by January.

Posted by: Miss Marple at July 22, 2012 05:44 PM (GoIUi)

143 "the demographics have shifted conservative"

Bullshit. Just because a bunch of non partisan voters want to vote out a sitting politician doesn't mean we've become more conservative. We've moved so far left as a nation that it would be unrecognizable to most people from 50 years ago, hell even twenty years ago. With every entitlement, with every call for social justice, with every push for equality, with every surrender of our rights we move left.

Posted by: lowandslow at July 22, 2012 05:45 PM (GZitp)

144 Sorry to hear it pawn. Hope u recover. I hav a sistr who has gotten real sick from (not proven, but we kno) work n has just gone on disability w her insurance n dont kno if itll ever go away. Shitty times for everyone. I def feel for those who r really hit worse than others these days. Makes me angry. For the mushy centrists - wake up, america really is on the verge of bad bad things.

Posted by: Infidelswine at July 22, 2012 05:49 PM (IuQi3)

145 Ms. Marple.

Thank you and you are right about fear. Younger folks need to realize that the old formula that worked for the majority in the past here(American Dream) is dead or will die very soon.

My wife left with ALL the money a few years ago. Left me with a son to put through college. I have paid more into that account that I will ever recieve unless I live to 85+ or so. Probably won't make it though. Life on painkillers is not much worth it.

Posted by: pawn at July 22, 2012 05:52 PM (iMsF6)

146 #137 - Miss Marple, I admire you more than I can say.

By the way, folks, be very careful about accepting any job in Mongolia. There's some rather interesting unrest - and it's only interesting if you're safely across an ocean from it - getting going there.

Remember, these are the true descendants of the Great Khan.

Posted by: Dianna at July 22, 2012 05:52 PM (mKMj1)

147 If we were honest with ourselves and put a percentage of Americans that are as conservative as most on this website, conservatives that want entitlement reform, conservatives that want to ban gay marriage, conservatives that want to ban gays in the military, conservatives that want to really reform tax law, conservatives that would end most immigration because we believe people that don't want to take part in our western culture shouldn't be here, etc., etc.; wouldn't even be 20% of our population anymore.

Posted by: lowandslow at July 22, 2012 05:54 PM (GZitp)

148 #145 Americans pretty much have the same character: they do not like being told what to do.

Welfare recipients resent being asked about their life styles. Businesses resent EPA meddling. Students don't like required classes. Gun owners despise Dianne Feinstein. Most of us are sick of Obama.

Really, I think Romney should tell everyone he's not going to boss them around in their lives.

We are descended from the people who left Europe because they were sick of the class and social structure. Those genes run in our blood.

Posted by: Miss Marple at July 22, 2012 05:55 PM (GoIUi)

149 #147 pawn, that just stinks. All I can tell you is that thee are evil folks, which probably includes your wife.

So, take the disability and set up an eBay account in your son's name! I am always happy to help anyone get started. You can make money on almost anything.

Posted by: Miss Marple at July 22, 2012 05:58 PM (GoIUi)

150 Could handle something like that. Better would be a chromatography lab on site or close to analyze the make up of the oil but don't know if they even do that. And if so, some young chemist with a degree might need it more than me. I'm getting by. Don't hate my job but despise most I work with. No family other than sisters. Very few friends but the ones I have are incredible people. And they are right here. They have families I dearly love. Someone in my circumstance might come in handy in the times ahead. For them, I must stay. Safe travels to your husband Miss M. May he return to you safely

Posted by: teej at July 22, 2012 05:58 PM (bxpf3)

151 #152 Thanks teej! I hope things work ok for you. We WILL make it through this. Hard times don't last forever.

Posted by: Miss Marple at July 22, 2012 06:02 PM (GoIUi)

152 You got a double-dip recession? You didn't build that! Someone else made that happen!

Posted by: markn at July 22, 2012 06:39 PM (9jSp5)

153 Too All,

My point, aside from my personal situation, is that for some (many?) disability represents a better long term deal than retirement. The way the money is currently dispersed represents an incentive to go on disability.

Posted by: pawn at July 22, 2012 06:43 PM (iMsF6)

154 "for those on a fixed income" You mean like a salary?

Posted by: John Thompson at July 23, 2012 03:10 AM (Ni+Ei)

155 "If you take out DEFICIT spending by the Government... ie Putting more crap on the credit card to buy stuff today... we never came out of the Recesion, which, makes this a Depresion. Future Historians will look at our statistics and wonder that we could allow the Bean Counters in Washington, to lie about the state of the economy this much... Posted by: Romeo13 at July 22, 2012 08:06 PM (lZBBB)" You're correct. Depressions aren't linear downward statistics. The las depressions charts looked very similar to our economic data, especially if you remove the dubious accounting tactics. The reason we don't have soup lines is that we are using deficit spending to give out food debit cards. All you have to do is look at what a dollar would buy before Nixon completely killed the gold standard and what it will buy today.

Posted by: Ann NY at July 23, 2012 03:40 AM (EMwuK)

156 "36 O Lord, do we have the strength to carry off this mighty task in one term? Or are we just jerking off? Posted by: Reverend Obama at July 22, 2012 08:18 PM (0ZJ5N)" He didn't have to, he got a good head start from Bush sr, Clinton, and W (who only vetoed one bill in his presidency abd that had nothing to do with spending) all under the guiding hand of Greenspan. Yes Obama doubled down, just like Nixon did after Johnson and Carter did after Nixon, but make no mistake, RINO republicans share the blame as well. At this point every person in the government would have to be at least as conservative as Ryan, but preferably more like Rubio and Rand Paul to stem the bleeding. We need an army of Reagans now and I'm not too hopeful.

Posted by: Ann NY at July 23, 2012 03:57 AM (EMwuK)

157

Basic economics explained.

Individually, we are all service providers.
How that service is utilized is critical, because wealth is actually created in only two ways.
One, by mining the earth for valuable materials, two, by manufacturing products.
Services, in general do not create wealth.
Service providers such as doctors, lawyers, salesmen, accountants, stock brokers, speculators, politicians, barbers, bloggers, the media and all of government DO NOT create wealth.
Services only provide support to those who do create wealth.
A nation of service providers will quickly stave to death.

When production exceeds consumption, living standards go up.
When consumption exceeds production, living standards go down.
Borrowing can offset low productivity until a nation's credit limit is reached.

Posted by: Terry Phillps at July 23, 2012 04:39 AM (D6lW7)

158 141Driver hit the nail on the proverbial head. Barry&Co are in bed with the bankers and big business crony capitalists, so it stands to reason why they've done this QE bullsh*t. QE puts more money into circulation, making it worth less, which results in people and smaller businesses having to pay more for products and services. Furthermore, it makes commodities more expensive since they're traded in American dollars, AND makes imports, everything from TV's to auto parts, more expensive since our currency is, again, worth less. So technically we're paying more for.just about everything, which, translated, equals inflation. Oil, imports, food (remember, the Inland Empire no longer produces much in the way of produce any more due to enviro regs, plus corn and soybeans were the preferred crops due to subsidies up until recently), etc., are more expensive due to QE. We should be paying south of $3 for gas, right now. Loaves of bread go for $3 where I live and they look smaller than they used to look. So who does the Fed and Treasury policy help? Wall Street. On paper, they're making record profits, and the likes of lefties are apoplectic about it, claiming CEO's are making record salaries and whatnot. Truth of the matter is CEO's made more at the end of Clinton's 8 years than at any other time in corporate history. If we're paying X more for Y product, then Z profits are the result. The profits look great on paper, but what are these companies actually measuring? The inflation we're paying on finished goods and services, mostly due to QE. So most of these profits are an illusion. The other effect of QE is it's a hidden tax. If technically you're paying more, in dollars and cents, for goods and services, then the government is receiving more in tax revenue, which is the other effect that Bernanke, Geithner, and Co are after. Here's the rub: The whole fucking house of cards is gonna fall. These academic types and asshats who are nothing more than shills for the banking cartels have backed the once-great United States into a corner, and in the meantime have taken us taxpayers and folks on fixed incomes to the cleaners. Another angle on QE being a tax is the Congress went R in '10. All of a sudden the D's and 'ol Barack's sphincters clenched, they were counting on massive tax increases to partially cover their spending bills, ObamasCare, etc. When things didn't go as planned they needed another round of QE in order to bring in more revenue to the Treasury in the form of devalued dollars, which is why the D's are agitating for more QE at this moment. Why? They can't hold a gun to our heads in order to confiscate our wealth, so they do it through monetary schemes like QE and call it "stimulus", to give it a warm, fuzzy name they think us proles will swallow whole. It erodes personal wealth, and makes it virtually impossible for people to save money, the latter being a big no-no in the statists' world. I can't stress enough it's a tax and a scheme to line the pockets of the bankers and big business. The Occupy crowd should have marched on the Federal Reserve and the White House, rather than wasting their time blocking commerce in Puget Sound, Oakland, etc. They're just tools of big business at this point, putty in theirs and Obama's hands.

Posted by: franciscodanconia at July 24, 2012 03:41 AM (3ToUK)

159 American voters did this to themselves. STOP IT!!!

Posted by: Daniel at July 24, 2012 07:54 PM (k8J0e)

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