@Foxfyre,
Foxfyre wrote:
I went back and re-read that WSJ piece very carefully, and maybe I missed it, but I couldn't find anything in it regarding wages or GDP.
No, you didn't see those words, mostly b.c the WSJ doesn't want to acknowledge the truth of them and how that relates to our current woes. But they are quite relevant.
Quote:
What I saw was a pretty good analysis for why the economy is not recovering from a recession that historically would have bottomed and there should be signs that we are beginning to come out of it now.
'Historically?' Why would you even write that? This recession is not based on the same factors that caused other recessions historically; unless you want to count our last Depression, that is.
Statements like this make me question your understanding of what is happening to our economy. It seems that you and others believe that things are just going to go back to being better without a lot of change; they will not. The rot which has been exposed must be excised and that, Fox, is going to be a hell of a lot more painful than you think. Get ready for a lot of new regulations and rules governing wall street.
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What I saw was observation of policies that are hindering or worsening that recession. It rightfully identified the stock market as the indicator that the Obama policies were not inspiring confidence. But nope, nothing about taxes specifically or the GDP or wages.
The WSJ believes in Government by Dow; if the Dow rises, the government is doing correctly. If it falls, they are doing poorly. But of course, this is an idiotic way to look at things and an indication that they don't think of anything at all past next quarter's profits.
Let us not forget that the WSJ editorial board cheered the rise of the market using these deriviatives and false securities and they consistently fought any and all attempts to regulate it. They don't exactly have a lot of credibility on these issues.
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I did watch President Obama recently telling people that the declining market is no big deal as it naturally goes up and down--it's like a political tracking poll which only underscores his earlier admission that he doesn't know squat about the market.
I guarantee he knows more than you do, a person who as of two days ago had effectively zero understanding of how the financial crisis happened, until it was patiently explained to you by OE and I.
Quote:But how utterly ignorant and insensitive a remark is that?
I agree, your comment about Obama not understanding the market was ignorant and insensitive.
Quote:Countless retirees depend on their investments to live. Others ready to retire, and who may be required to retire, have seen their 401k's and IRA's reduced by more than a half, in some cases by three fourths. Businesses with eroding stock can't get credit and jobs by the tens of thousands can be lost.
Yup. And you can blame that squarely on the greed on Wall Street, the desire for short-term bonuses for execs at the expense of long-term stability.
The other person you can blame that on? The retirees. They
knew that their portfolios could go up or down or lose ALL value, and that is what happened. Somewhere along the line, you older generation got the idea that the stock market was a money machine which could not fail. People bet their entire savings on this fact. And where are they now? It was a dumb bet and I have little pity for them.
Cyclotichorn