Morning AB, All...
As always, thanks to AB for posting this thread. Happy Easter to all, Jesus Christ is risen today.
I have a really good story about last night’s Easter vigil although your mileage may vary.
But first, about those “economists” on Fox’s Mike Wallace, I wanted to slap them until next Sunday.
Understand, for truth in posting here, that I think economists are like global warming scientists, they say what will promote their own careers, they lick their finger and hold into the air, they follow the TV appearances that they might hype their books, they look for the government grants.
In some cases, the administration itself may call on one who sells his or her self for the mighty dollar, to appear and hype their own needs.
Thus The Wise I shall tell you, with no hope of remuneration or personal greed, just what is going on with the economy.
You are all welcome in advance.
The heads of the mutual funds, the speculators, the hedge fund holders, all of them LOVE the stock market. It’s what they do.
Houses, no matter the clarion call that they all are going down in value, NEVER, over any discernible length of time, go DOWN in value.
Thus there are deals. The housing market has already, as expected and as common sense would dictate, begun to climb in terms of sales. Oh yeah, and spring is upon.
Now that the stock market went down to a little over 6500, it has begun to climb and will likely continue a slow climb for a couple of years but at some point it will be back to almost 14000. Still and so, those whose 401-K’s took a tank will likely recover most of it by hanging in there for, oh maybe another year.
Because Americans do what Americans do. Administrations might, just throwing it out there, abuse and mishandle the system for their own ends and I’m just sayin’.
Which is not to say that our economical health is perfect, oh no. For too many years Americans have abused the credit boom, come on, without credit cards and the ability to buy what we shouldn’t oughta, that economy would never have reached the burning point it did.
Also, the politicians will, if possible, abuse the system to the limits of their powers, though I know y’all might find that hard to believe.
So if giving $800,000 mortgages to school bus drivers gets me some votes, well somewhere there’s a dusty law or two that I can abuse to get my way.
The souffle does, thus, implode.
Americans have, of course, pulled back on their spending. So many of us are dealing with credit cards that we over-extended, those vacations and fine meals we had on them long forgotten but the max is reached, the interest is high, the piper must be paid.
Then there’s that mess with the automotive industry and let’s not give the unions any slack. Whatever and however you may argue it, the mighty car makers suffered for trying to please the unions and achieve CAFE standards the gubmint imposed on behalf of their contributing communist environmental wackos and for which most Americans care not a whit. I’m just sayin’.
It goes on, almost in a cycle. The economy downturns a bit. Americans pull back and ruminate on their spending habits. Politicians use the system to their own dishonest ends, along with unions and yeah, wall street speculators get in on the action while the going gets good.
I am reminded of the S&L crisis during the Clinton years, hell by manipulating that is how we ended up with Bill and Hill. There was the dot.com bubble.
That’s the REAL scoop and they have yet to ask the most ordinary ME to guest on the shows to lay it all on the line.
Of course not.
Because they all hope that they too may ride the crest of an economic wave someday and it would not do for us to learn from our mistakes.
Those weren't Economists, they were babbling fools. They compared the economy to botox injections and emergency room patients. That's not erudite, that's just plain dumb.