The US Economy

One could say that poised before a slot machine in Vegas.

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As far as consumer confidence, I'm anxiously awaiting to see what Christmas sales will bring. Nothing like a good ole Christian Holiday to bolster the economy.

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Praise money!

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Lightwizard wrote:

Apparantly there are people her who have forgotten about Black Monday and the ensuing severe downturn of the economy during Bush I. Hint: it's the reason he lost the election.

WRONG AGAIN!

Bush I lost the election because we read his lips and then watched them go back on their word (his lips, that is). Bush I sealed his fate by raising taxes after swearing he wouldn't. Period.

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That's the ticket. Actually, I've never bought stock with the idea of speculating for months or even a few years. Bought stock shortly after the Black Monday debacle (I had little in the market at that time) and for the next three years. Real property and bonds seems to be the best bet right now but nobody is ever 100% accurate or wise about their investments. That's why I seldom have had more than 30% of investments in the market and more likely on 20%. Economics still bares a resemblance to alchemy -- the polarity of all the "experts" is astonishing to read.

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(Too many of them are paid mouthpieces for Wall Street).

Speaking of property, anyone see "Glengarry Glenn Ross" lately?

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No need to shout, scrat. You can scream all day that I'm wrong without examing your own failings.

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LW, Seems you and I have the same outlook and opinion about wall street pundits. Our equity holdings, however, is 35 percent vs yours at 20 percent. We hold mostly cash, annuities, and bonds. Our bond portfolio pretty much keeps us on even-keel when the stock market does it's yo-yo tricks. We're doing pretty good for this year, ahead a little for this month, and compared to last October, look'n good. Wink

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Lightwizard wrote:

No need to shout, scrat. You can scream all day that I'm wrong without examing your own failings.

Thanks for giving your permission. Cool

Oh, and if you point out anything you consider to be a "failing", I'll consider considering it. :wink: Can you say the same? Care to reconsider your comment regarding why Bush I lost his try for reelection? Alternatively, care to support your claim?

Or is it just easier to complain that I used bold text to make my point?

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hi, guys and girls : the conservative ontario government left a debt of about 5(FIVE) billion dollars behind - and counting. i guess the TAX DIVIDEND came right out of our own pockets - to be repaid with interest(i'm glad i'm holding some bankshares, so perhaps i'll profit from the debt - NOT a dirty word if i am getting a part of it, of course !). waiting for the next TAX DIVIDEND - but not holding my breath. yours very truly and most obedient etc. etc. hbg.

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This just in...

Quote:

I don't think Bill Clinton deserves any credit for creating the 1990s boom. The idea that Clinton's teensy-weensy economic plan - "Putting People First" - launched the high-tech boom of the 1990s is laughable. As were the predictions from Newt Gingrich and others that Clinton's plan would "destroy" the U.S. economy.

Presidents like to claim they "create jobs." Well they do - a few thousand of them, mostly around Washington, D.C. But they don't create millions of jobs in the private sector, at least not with any precision or in a way that can be replicated by flipping some job-creation switch. Even the New Deal was largely ineffective until the onset of WWII. What creates economic growth are billions of decisions all over the world, made according to a timeline that only vaguely coincides with the political calendar.

It now looks like the economy's about to take off again. President Bush will surely claim more credit than he deserves. President Bush's tax cuts were in, my book, a good idea. But they surely didn't restructure the U.S. economy.

All of this is the real "voodoo" economics. And by all of this, I mean the nonsense spewed by Democrats and Republicans alike about the economy. Not only does this voodoo economics ascribe powers to presidents they don't have, but it allows the personality of the president to color the morality of material progress. When President Reagan was in office, wealth creation was evil. When Clinton was in office, it was good.

--- Jonah Goldberg is editor of National Review Online, a TownHall.com member group.

Full article at: http://www.townhall.com/columnists/jonahgoldberg/jg20031022.shtml

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All caps on the internet is shouting -- in bold, it's more like screaming. Trying to qualify it by suddenly using lower caps in bold won't cut it. I'm not giving Clinton any more credit than he deserves for the turnaround but the economy did overheat and Black Monday is not called Black Monday for nothing. The economy was bad and the raising of taxes certainly didn't help Bush, especially since he tried to look the other way like the problem really didn't exist. Like father, like son.

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Scrat, It's true; government do not create jobs; private citizens do. Government requires tax money to do their work, and that requires commercial enterprise to develop and retain workers in the commercial world that pays the salaries and wages. If there are no commercial enterprise, there would be no taxes for government to collect to maintain a government work force. Simple economics, that. Presidents do not have much influence on our economy; they must get congress to approve all legislation that affects our economy.

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Yep, c.i., the Wall Street pundits are advertiser and promoters owned by the extremely wealthy investors who want you to believe what they want you to believe. You know your own portfolio better than I so 35% is a bit more than any financial advisor would likely tell you was comfortable but the truth is, a few times I have been up to 40% and lucked out. I just am not as much of a speculator anymore. However, I do have to remember than buying Texas Instrument just before they announced the invention of the microchip put me through college! (Inside tip, before it was illegal).

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LW, Our son bought Compaq when it was $16 a share when he was a young man. It split about a dozen times since then, and he made a bundle. He's now 39 years old.

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BTW, he sold all his Compaq holdings when it was over $50/share. Wink

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A lighting and art client of mine was a big Compaq stock holder and did extremely well -- he spent some of that with me, so I'm not going to complain. Silicon Valley may have prospered in the Nineties but Orange County never fully recovered from the late 80's, early 90's recession (which it was). The center we are is in a very high end beach resort community and has languished the entire time (although we don't need the walk-in it as we got in early on the Website and E Bay bandwagon and have thousands of works for sale at phenominal prices). They are doing some major renovating right now but I'm not sure they still know what they are doing. Sunset Beach is one of those coastal "pockets," where there are only two roads inland, several miles apart ending on PCH to get to the complex. It started off in the 80's as a destination shopping area and then died in the late 80's -- two large chain restaurants moved out and the spaces have been vacant. You can almost tell how prosperous this area is by the restaurant business. It's still slow. As Orange County is perceived as a bastion of the conservative, you'd think differently. South Coast Plaza was predicted twenty years ago to be turned into a major US financial district. Never happened. We do have a major concert hall finally! I'm anxious to go to the new Walt Disney Hall designed by Frank Gehry in L.A., though.

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LW - Yes, I know (as does everyone) that using caps = shouting. I meant to shout. Now, did your complaint at my shouting accomplish anything? Perhaps you'd like to dissect my grammar or spelling next? Rolling Eyes

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