Posted on 07/12/2009 10:20:02 AM PDT by Pride_of_the_Bluegrass
Yep, hard to spend money you don’t have, unless you’re in
government, then it all belongs to you.
I’m agreeing with Robert Reich????? Help, i’m melting, melting....
The painful truth is that tthe US Economy has changed and it is going to proceed forward under the laws of gravity. The excesses of the past (And the past comprises about the last 40 years) are being absorbed and what emerges will be a very different economic picture - One of slow growth (If any) and reduced purchasing power.
Inflation will accomplish both of these outcomes.
It’s a Recession when the guy next door is laid off and unemployed.
It’s a Depression when you’re laid off and unemployed.
It’s a Recovery when the Democrat Politicians are laid off and unemployed.
Certainly while 0bama is in power!
I think this recession has done me a huge favor. I haven’t been “poor” since I left home at 19 and made my own way. I’ve always afforded whatever I wanted or needed.
In the last four months, I’ve learned to be cheap. I don’t pay retail for anything I absolutely don’t have to. No $4.00 cups of coffee. No fast food. No lunches at restaurants that cater to the business crowd. (I’d forgotten exactly how good PB&J tastes!) No bottled water. No running out daily for tonight’s dinner ingredients. Buying my clothes at the Salvation Army saves bunches. Online purchasing of close outs saves an amazing amount of money.
It’s been easy and fun to focus on keeping the money in my pocket.
We should have listened to Dr. Doom
http://www.nytimes.com/2008/08/17/magazine/17pessimist-t.html?_r=1
It will begin when we bring manufacturing back to the states.
I hate to say I agree with Robert Reich, but . . . I agree with Robert Reich.
That will happen when we want to live at the same standard of living as the rest of the world or even lower. No Thanks.
It won’t come back until people living on credit are wiped out of the system!
The middle class is being destroyed and all their wealth is being hoovered up by the evil psycho twins of Washington DC and Wall Street.
This guy is brilliant! He must have been reading some of my replies here on FR. We are on the “frippery” slope. A consumer driven economy with basically non-necessity based employment (fripperies) can’t restart without demand rise which can’t come because lower demand for fripperies. Add 60 to a 100 trillion real deficit, and a half dozen more bubbles to burst, like prime mortgages, credit card debt, commercial real estate collapse and we have THE GREATER DEPRESSION of 2010 thru .....????
I have never pushed the panic button until now and I am pushing and holding it in. I hope I am wrong, and we recover, but I just don’t see the dynamics that will permit that to happen. What will happen, IMHO, is massive gov’t printing of money. A Basic Income Grant to each American from gov’t to pay for necessities and the related inflation.
After run of hyperinflation, which will also be used to pay off our international creditors and the deficit, a new American currency will be created, as in Weimar, and we will restabilize. But, probably a decade or two in the future after complete collapse of what we know now.
Hopefully, we will emerge as a kinder, gentler nation, but who knows. Maybe it will be Mad Max world.
parsy, who is prepared to weld iron grating to the front of his Dodge truck and put spikes on his wheels. (I ain’t wearing no silly looking muzzle though. That looks so gay.)
My son was cut to 4 days a week, he doesn’t have any vacation time but he asked the boss for a week off and he said sure, he was supposed to go home today but called the boss and asked if he could have some more time, the boss told him he didn’t need him until Thursday.
They used to do all the dirt work and sewers in new subdivisions and the only thing keeping them afloat is the old, old, rich customers who need a little work on their properties.
They used to do some state work but that has dried up and they don’t do Federal contracts. My son will be the last to go before the business closes but....
Well, then, Bob...your guy is screwed.
Wow, you are a CNN/MSNBC story waiting to happen. Sounds like the CNN the woman the other day talking about all of the good coming from the current economy -- sure people are going homeless but they are learning to live with less which helps everyone, mostly the environment.
Should the dollar collape, be looking for the Balkinzation of the USA into 4 or 5 separate nations. DC will become slum (most of it already is) and war with the Federal forces will be short since the military won’t get paid.
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