Where is the economy going 2 (to)?

c.i. wrote :



personally i have no problem keeping "cool" - it's still barely above freezing here and it just stopped snowing

it seems to me that there are at least some banks/lenders that are beginning "to pull the plug" on other less stable corporations and borrowers in general . i am a little concerned about a "domino effect" at least for the next two - to possibly five years .
someone will have to pick up the pieces eventually . will the U.S. government have sufficient taxing powers and financial resources to stop the bleeding ?
(from reading other posts : no one and nobody wants to pay more taxes :wink: - so where is "good" money to come from ?)
hg

hbg wrote: (from reading other posts : no one and nobody wants to pay more taxes - so where is "good" money to come from ?)
hg

It's called mortgaging our children's future. People are ignorant about most things financial; they followed Bush like sheep with a chicken's brain. They still won't admit the boondoggle that we now call "Iraq." Some estimates puts the cost at three trillion dollars. That money is needed at home to stabilize our economy. People just don't understand the damage Bush has done to the world economy with his tax cuts for the wealthy, the growth of our government, and the long-term financial crisis for those now losing their homes and cars. They were all asleep at the wheel.

c.i. :
it seems to me that canada is now "trying to catch up with the U.S. " , when it comes to fiscal (im)prudence .
the previous liberal govrnment had amassed a surplus of $22 biilion when they were voted out of office a little over a year ago .
the new "conservative"( ) government with the help of a finance minister who some years ago ran ontario almost on the rocks - he was ontario's finance minister - has now let it be known that the surplus is down to $2 billion !!!
economists , bankers etc. have repeatedly warned the federal government to be prudent - all to no avail !
some taxes were cut , money is needed for the war in afghanistan , handouts to industry - POOF ! it's gone .
of course , people thought that it was great that the sales tax was being cut by 2% - they'd be able to buy more junk at walmart .
i'm getting a little too old to really care !
hbg

I speak mostly from frustration; people follow the president as if he makes no mistakes after all the evidence to the contrary. After they realize all the damage done, they still vote in the same people who created this mess.

That old saying, "we have found the enemy, and it is us" is so true today, it's mind-boggling.

amen , brother !
(getting religion in my old age )
hbg

Our government is worried about inflation while thousands (millions) of families are losing their homes and cars. People are worried about keeping their jobs as thousands of companies lay off people earning middle class salaries/wages.

Consumption of everything is down; and it's not the fault of inflation. It's the fault of "NO JOBS" and the credit crunch based on the subprime mortgage debacle.

Bear Sterns lost almost 50 percent of their value today. That's only the beginning.

Most of us knew what Bush was going to say today about our economy before he even opened his mouth with his no credible rhetoric. The important ingredient missing from his speech is how long it'll take before we see the improvement he says we'll have?


Bush acknowledges weakness in US economy

c.i. quoted :

"Every time, this economy has bounced back better and stronger than before"

just keep bouncing , c.i. and all will be well !
here is hoping you have plenty of "bounce" left !
hbg

Unfortuhnately, the ball blew up in his face a long time ago; he just doesn't acknowledge that he's the problem.