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On The Losing Side Of A Credit Battle
The Daily Reckoning ^ | 10-6-2009 | Bill Bonner

Posted on 10/06/2009 10:03:21 PM PDT by blam

On The Losing Side Of A Credit Battle

By Bill Bonner
10/06/09 London, England

Where have all the jobs gone
long time passing
Where have all the jobs gone
long time ago
Where have all the jobs gone
Gone to graveyards everyone
When will they ever return
Oh when will they ever return

– Sung to the tune of “Where Have All the Flowers Gone?”

“Many lost jobs in US will never come back…” says The Wall Street Journal.

Need we explain why? Because they’re not lost, waiting to be rediscovered. They’re not missing in action, to be repatriated after the fighting stops. Instead, they’re dead. Gone forever.

[snip]


TOPICS: News/Current Events
KEYWORDS: credit; economy; jobs; recession
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1 posted on 10/06/2009 10:03:22 PM PDT by blam
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To: blam

Liberals will never grasp this either...


2 posted on 10/06/2009 10:05:24 PM PDT by The Magical Mischief Tour
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To: blam

Oh no, it’s all the poor folks fault. $77 million profit, and raises, and special dividends.

parsy, who is disgusted


3 posted on 10/06/2009 10:07:26 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: blam

yuppers.

We need to cut spending. We need to stop wasting money tax dollars on every little project. We need to make cuts in entitlements, thats where the real money is spent anyways.

We need to bust up the entitlement culture big time.

Then we can cut taxes and make work worth it again for even the poor and unskilled. Make it better than welfare like it use to be.


4 posted on 10/06/2009 10:07:37 PM PDT by GeronL
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To: parsifal

No-one is going to blame the “poor folks” for taking what was offered and following the incentives. We just need to turn it around and make work the better alternative, as we cut taxes and stuff to make this country a good place to start and grow a business again.


5 posted on 10/06/2009 10:09:20 PM PDT by GeronL
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To: GeronL

I don’t know how tax cuts will help. We already have excess capacity. I don’t think tax cuts will go into production or investment in new equipment. It might help some small firms survive. Probably we need to get involved in protectionism, although that can cut two ways. Only answer I see is massive deficit spending, followed by hyperinflation.

parsy, who says what a way to run a country


6 posted on 10/06/2009 10:13:37 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: GeronL

He is a clueless lib troll. The Dems want thing to get worse. Entitlement culture. If they pull off a depression, they will gain more power. See FDR.


7 posted on 10/06/2009 10:14:51 PM PDT by Frantzie (Do we want ACORN running America's health care?)
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To: parsifal

deficit spending will extend the recession just as FDR did. The depression was not really over until FDR stopped breathing.


8 posted on 10/06/2009 10:22:32 PM PDT by GeronL
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To: Frantzie
They think it will help them like it does in some other countries. But I doubt it will work here.
9 posted on 10/06/2009 10:23:55 PM PDT by GeronL
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To: GeronL

Not if we follow it with lots of paper money, pay off the debts, and start over. I don’t see another way. Too many debts coming due.

parsy, who could use a couple of trillion dollars


10 posted on 10/06/2009 10:24:37 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: The Magical Mischief Tour

I’m grateful I have a job. I despise it but it helps pay for college. One thing I will say I’m doing more is spending quite a bit less and putting money away regularly something I never used to do. Maybe I should cash out of bonds and buy a few lumps of bullion.


11 posted on 10/06/2009 10:35:35 PM PDT by utherdoul
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To: The Magical Mischief Tour
Liberals will never grasp this either...

Not only do they grasp it, the planned it! When are we going to learn that after seventy plus years all those unintended consequences were intended after all??

12 posted on 10/06/2009 11:00:28 PM PDT by Mind-numbed Robot (Not all that needs to be done needs to be done by the government)
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To: parsifal
I don’t know how tax cuts will help.

Given your posting history, parsy, that statement is definitely true.

13 posted on 10/06/2009 11:05:33 PM PDT by denydenydeny ("I'm sure this goes against everything you've been taught, but right and wrong do exist"-Dr House)
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To: denydenydeny

Well think about it. What would tax cuts stimulate? Outside of moving money to lower income people who have higher marginal propensity to consume, no benefit that I can see. Who is likely to invest in new business with current demand levels? What new product would draw money in? We already have massive excess capacity. If there is a way it would help, I would love to know.

parsy, who just don’t see any real benefits to society at large


14 posted on 10/06/2009 11:09:25 PM PDT by parsifal (Abatis: Rubbish in front of a fort, to prevent the rubbish outside from molesting the rubbish inside)
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To: blam
Intelligent Investing Panel
Going Great Guns
Forbes
David Serchuk, 04.23.09
"Thomas:...But, you know, you could always find another job that would pay all right, and pay slightly above minimum wage, could allow you to at least live and have a home in most communities. And I think that's slowly changed."

"Sonders:...we have gone from a couple decades ago being a manufacturing economy to more of a service-oriented, information economy. That has just displaced permanently a lot of workers,..."




...question is, "Who's really afraid and so concerned about personal security?" ...not out-of-style Americans like me. ...must be the distinguished, worldly, globe-trotting Galts.


15 posted on 10/07/2009 12:06:58 AM PDT by familyop (Randian "objectivism" is all about me, me...)
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To: parsifal

You appear to assume that everybody has nothing better to do than spending their time thinking about ‘poor folks’ in some negative fashion, like they were never poor themselves or never had a poor relative. Well, they’re not because it just doesn’t make any sense to do so. Now sometimes, they’re thinking negative thoughts about the power hungry charlatans that feed off of poor folks, like in the Democrat Party. Makes a lot more sense to do that, obviously.


16 posted on 10/07/2009 12:16:44 AM PDT by Post Toasties (Conservatives allow the guilty to be executed but Lefties insist that the innocent be executed.)
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To: parsifal
"Well think about it. What would tax cuts stimulate? Outside of moving money to lower income people who have higher marginal propensity to consume, no benefit that I can see."

It would do some good...in the USA of yesterday.

A working class man isn't even allowed to make useful little gadgets out of circuit components by himself. The corporate-sucking, anti-competition committees (planning and zoning fascists in most counties) have outlawed all useful kinds of small businesses.

There's nothing conservative, properly capitalistic or American about today's government or big business at any level. Although there's no single, comprehensive, great conspiracy to do so, we're seeing a many-pronged campaign of economic cleansing. It just sort of came together that way, but our superiors dismiss it with their yearning for depopulation (to the extent of decreasing the big number to a half a billion--the estimated population of their beloved, filthy Renaissance).


17 posted on 10/07/2009 12:18:33 AM PDT by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote)
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To: parsifal

Tax cuts, BTW, would deprive the various offices of anti-competition (including family-busting social programs) of their jobs and control. ...problem is, neither Republicans nor Democrats will cut funding for such offices, because both political parties thrive by the various revenues from the same pool of favored constituents (free traitors and their relatives in government and academia). Even Reagan did not cut taxes. He only lessened the tax increases by advocating small cuts in social security, etc. (while increasing funding for the anti-family social programs). We’re seeing the beginnings of a worldwide fascist plutocracy.

We need men as leaders at every level of government and business. We haven’t had men as leaders for a very long time.


18 posted on 10/07/2009 12:30:33 AM PDT by familyop (cbt. engr. (cbt), NG, '89-' 96, Duncan Hunter or no-vote)
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To: parsifal

It’s quite simple, tax cuts mean more money in my pocket. More money in my pocket means I can pay off any debt I have. More money in my pocket means I can buy things which in turn employs someone to make the things I want to buy. Tax cuts are the only way to bring us back.


19 posted on 10/07/2009 1:48:49 AM PDT by snippy_about_it (Looking for our Sam Adams)
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To: parsifal
"I don’t know how tax cuts will help. We already have excess capacity. I don’t think tax cuts will go into production or investment in new equipment. It might help some small firms survive. Probably we need to get involved in protectionism, although that can cut two ways. Only answer I see is massive deficit spending, followed by hyperinflation."

Tax cuts mean that social programs which is government spending will have to be cut. Tax cuts along with other red tape bureaucracy encourages growth in the private sector, which means jobs.

Protectionism will give to 50% unemployment instead of 25%. It didn't work for the soviets, and it won't work here.

Massive deficit spending leading to hyperinflation is not an answer, it's certain doom, and may already be a certainty.

20 posted on 10/07/2009 3:53:51 AM PDT by Nathan Zachary (rong east)
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