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Thread: The 'Financial Recession' Excuse

  1. #1
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    The 'Financial Recession' Excuse

    This is a pretty good read comparing recessions and the rapidity of the recovery:


    http://online.wsj.com/article/SB10001424052970204740904577193382505500756.html?m od=WSJ_hps_RIGHTTopCarousel_3


    Why did the U.S. recover faster from the Panic of 1907 than from the 2008 recession and the Great Depression?

    Commerce Department data released last Friday show that four years after the recession began, real gross domestic product per person is down $1,112, while 5.8 million fewer Americans are working than when the recession started.

    Never before in postwar America has either real per capita GDP or employment still been lower four years after a recession began. If in this "recovery" our economy had grown and generated jobs at the average rate achieved following the 10 previous postwar recessions, GDP per person would be $4,528 higher and 13.7 million more Americans would be working today.

    Behind the startling statistics of lost income and jobs are the real and painful stories of American families falling further behind: record high poverty levels, record low teenage employment, record high long-term unemployment, shrinking birthrates, exploding welfare benefits, and a crippled middle class.

    But, in fact, the 1981-82 recession was deeper and unemployment was higher. Moreover, the 1982 recovery was constrained by a contractionary monetary policy that pushed interest rates above 21%, a tough but necessary step to break inflation. It was also a recovery that required a painful restructuring of American businesses to become more competitive in the increasingly globalized economy. By way of comparison, our current recovery has benefited from the most expansionary monetary policy in U.S. history and a rapid return to profitability by corporate America.

  2. #2
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    Quote Originally Posted by RedPhoenix View Post
    Kinda reminds ya of Reagan doesn't it!
    Thanks tango.

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    1981-82 recession was deeper and unemployment was higher.
    So Obama did a better job than Reagan!!!

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    Quote Originally Posted by huskrthill View Post
    Thanks tango.
    You are welcome. Or your welcome, which ever one is correct.

  5. #5
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    Quote Originally Posted by RedPhoenix View Post
    So Obama did a better job than Reagan!!!
    I was trying to recall if Reagan spent the first 3 years of his Presidency blaming Carter...
    "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." Ayn Rand

    "Hillary has been cheated on more than a blind woman playing Scrabble. With gypsies." Dennis Miller

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    Quote Originally Posted by RedPhoenix View Post
    So Obama did a better job than Reagan!!!
    You credit regan with a recession that essentially started before he began work?

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    Quote Originally Posted by Red_in_Blue_Land View Post
    I was trying to recall if Reagan spent the first 3 years of his Presidency blaming Carter...
    Yes. He did.

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    Quote Originally Posted by bilsker View Post
    You credit regan with a recession that essentially started before he began work?
    I personally don't. But all the Obama haters HAVE to, to be consistent.

  9. #9
    Just so I know, when can I start blaming Obama? I rally need to know so I do not miss the official start time.

  10. #10
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    Red_in_Blue_Land's Avatar
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    Quote Originally Posted by RedPhoenix View Post
    Yes. He did.
    Cool, show me some quotes
    "The smallest minority on earth is the individual. Those who deny individual rights cannot claim to be defenders of minorities." Ayn Rand

    "Hillary has been cheated on more than a blind woman playing Scrabble. With gypsies." Dennis Miller

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    Quote Originally Posted by HuskerMark View Post
    Just so I know, when can I start blaming Obama? I rally need to know so I do not miss the official start time.
    6 years after he leaves office. Same as the pubs did with Clinton.

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    Quote Originally Posted by tango View Post
    Behind the startling statistics of lost income and jobs are the real and painful stories of American families falling further behind: record high poverty levels, record low teenage employment, record high long-term unemployment, shrinking birthrates, exploding welfare benefits, and a crippled middle class.

    There is no recovery. Period.

    The OMB reported that the economy will grow a paltry 2% this year and a miserable 1.1% next year.

    Furthermore, unemployment will rise this year to over 9% again next year, remain there for nearly the next three years.

    Additionally, teenage employment is the highest it's ever been in our lifetime at over 25%.

    When asked if there were more or less people employed after the last inauguration, the OMB official only had one simple answer to give. Less. That is the summary of what the nation has seen as far as a recovery is concerned.

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    Quote Originally Posted by Red_in_Blue_Land View Post
    Cool, show me some quotes
    Is your google broken?

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    Quote Originally Posted by Riverside Red View Post
    There is no recovery. Period.

    The OMB reported that the economy will grow a paltry 2% this year and a miserable 1.1% next year.

    Furthermore, unemployment will rise this year to over 9% again next year, remain there for nearly the next three years.

    Additionally, teenage employment is the highest it's ever been in our lifetime at over 25%.
    Economy growing is a recovery. Unemployment is down, you predicting it will rise to over 9% is not proof of anything. Just ask Fla about that.

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    Quote Originally Posted by RedPhoenix View Post
    Economy growing is a recovery. Unemployment is down, you predicting it will rise to over 9% is not proof of anything. Just ask Fla about that.
    I'm not predicting anything. I'm quoting by a OMB official testified on Capital Hill. Also, you're missing the point about the growth. With 2% growth and then slipping the 1.1%, the situation is essentially like an airplane that stalls at 90 miles per hour and is going 91 MPH. The economy is dangerously close to just that. Stalling.





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