Where is the US economy headed?

@maporsche,

You wrote:

Quote:

I was specific. Obama said that unemployment wouldn't rise about something like 8.5%, as you know, we are over 10%.

So you grab one statement and one number and declare his decisions on the stimulus and TARP were wrong?

You wrote:

Quote:

He said that he'd do something to regulate the banks and make sure that no banks are too big to fail, and that this won't happen again (for the same reasons). I haven't seen any progress there. Not that I'd expect a finished poduct by now; but we should have some progress being made.

The Obama administration is working on bank regulations; you don't seem to know this simple information has been out for several weeks now. It's not a simple matter to just write regulations; it's a difficult job to write legislation that considers all the pros and cons of what they wish to achieve by those regulations. There is progress being made; they want to do it right, and who can blame them for that?

You wrote:

Quote:

I find it rather arrogant that you feel that you can simply state that my opinions are wrong, and by implication, yours are correct.

Talk about arrogance, you said:

Quote:

I simply do not trust them, nor do I believe them.

I used to subscribe to Forbes, Money, and Business Week during my working days, but now only subscribe to the WSJ and the San Jose Mercury News. I don't always trust their conclusions based on my personal experience and observations, but I have usually made the right decisions concerning our investments. My wife lost 11% of her retirement investments last year. I lost 17% last year, but as you probably know the average loss was 40%. Our investments gained over six figures this year, and I withdrew over 40% of my gain last week.

I trust my judgment over what I read or see in any magazine or newspaper article, but they are the provider of information I need to make my decisions.

I have never worked for any bank or finance company, but have worked in management for several companies, and was responsible for budgeting and financial management of the companies and organizations I worked for. I also did consulting work that enabled me to buy income property, but sold after I retired.

I've been retired since 1998, and can still travel as often or to any place on this planet that I please. I believe that's a pretty good accomplishment that speaks to my financial success. Last time I calculated our net equity, it's worth more than 70% of our lifetime earnings.

How many on this planet can say the same?

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@cicerone imposter,

And you don't have anything to worry about CI.

Obama has YOUR back. Not mine. Not the 280 million Americans who haven't had the financial successes you have. Not our future generations.

But YOUR back he's got.

I am beginning to get a better picture of the lens you're viewing this whole ordeal through, and I'm not surprised that we disagree.

1 Reply

@maporsche,

maporsche, You seem to forget how many presidents I've lived through; Obama is a flash in the pants in my lifetime.

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@cicerone imposter,

cicerone imposter wrote:

You wrote:
Quote:
I was specific. Obama said that unemployment wouldn't rise about something like 8.5%, as you know, we are over 10%.

So you grab one statement and one number and declare his decisions on the stimulus and TARP were wrong?

No. I said that I don't think it's unfair to say that Obama's policies haven't exactly panned out the way he told us they would.

I gave you a specific example that supports my statment.

I think Obama's decisions on stimulus and TARP were wrong for a lot of reason, not just the one that you took out of context.

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@cicerone imposter,

Right, so please, let's mortgage my future to make sure you have a retirement better than most could ever dream of.

Obama has done exactly that to prop up a financial system that helped create the wealth you now enjoy. The wealth that was 'created' by policies that led to the current problems we're now in.

Pardon me if I think people in your situation should be required to feel more financial pain rather than pushing that pain on me and future generations.

1 Reply

@maporsche,

I'm not the one mortgaging your future; I'm one voter who pays my taxes as required by the feds and state.

The wealth we enjoy today is based on our responsible savings and spending plan when we worked.

That you believe "Obama propped up a financial system that helped create the wealth 'we' now enjoy" is based on ignorance. Many lost over 50% of their wealth in 2008; we lost a lot less based on our investment portfolio.

Why are you blaming me for your pain?

1 Reply

@cicerone imposter,

cicerone imposter wrote:

Why are you blaming me for your pain?

Did you say on another thread that the buck stops with the voter? Like you said, you've been voting for these jackasses for years. Don't you share some of the responsibility for getting us here?

I'm saying that tongue in cheek. I'm not specifically blaming you. But I do think that your generation is to blame for a lot of where we are today. It would be foolish to hold any animosity against any single person.

1 Reply

@maporsche,

Your perception of reality is really way off; you need to see a psychiatrist and a optometrist.

My one vote is hardly the deciding factor of any election. What I've said often is "We have found the enemy, and ...." You can fill in the blank.

My generation? Go see your doctor(s) - quick! Tell them you need a reality check up.

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@maporsche,

I agree wholeheartedly with CI. Interpret any way you want what Obama has achieved or underachieved. Ask me do I care? I don't give a rat's ass what you think! I will continue to voice my opinion. When I think Obama is wrong, I will say so. No one is above criticism, including myself. If this is America, under the constitution, I am guaranteed the right of free speech.

If you think you're right, so be it and amen, but I KNOW I'm right, capeesh?

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@realjohnboy,

I got what you meant. Thats what the Roosevelt administration did during the depression and we're still reaping the benefit from those "worker projects" today. I wonder when Obama will pay some attention to the people on the bottom.

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@cicerone imposter,

CI you said:

@maporsche,
maporsche, You seem to forget how many presidents I've lived through; Obama is a flash in the pants in my lifetime.

Flash in mine too!

0 Replies

@teenyboone,

teenyboone wrote:

Phony Michael Steele? The PUPPET of the Repugs? He's laughable for one and the people who pay him don't believe him. Obama is playing the hand he was dealt, from the 2 wars, the billion dollar bailout in Sept. 08, from Bush & Co., a plummeting stock market, unemployment, inflation, the trashing of the US Treasury by Bush & Cheney and the deaths of over 4000 servicemen in 2 wars over oil, that the US was "conned" into believal Iraqui oil would pay for the war! Oh yeah? Show me where a nickle went to pay for this unjust and unfair war that Americans are paying for with their blood!

Total and absolute baloney. Michael Steele is no puppet. I would love to see you have the guts to tell Michael that to his face. You sound more like a puppet of the Democrats than Michael sounds to be anything but speaking for himself. Your problem is you swallow all the bilge spoonfed you by the liberal media and the Democrats that want to keep you on their plantation. Sad situation, teeny, you could be thinking for yourself if you had the individuality to do it, bu instead you swallow the same koolaid served up by Teddy Kennedy's party and the likes of race hustlers like Jesse Jackson and the rest of that sorry lot. And last I checked, there is not much oil in Afghanistan.

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@okie,

Introduce to me Mr Steele: I'll tell him to his face that "you're a puppet" for the conservatives.

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Quote:

Black Friday draws large crowds, consumers spending on par with 2008

By Ylan Q. Mui
Washington Post Staff Writer
Sunday, November 29, 2009; 4:57 PM

More people joined in the post-Thanksgiving shopping bonanza this year, but they spent less money and hunted down bargains, according to an industry survey released Sunday.

The National Retail Federation, a trade group, estimated 195 million people visited shopping malls and online retailers between Thursday and Sunday, up from 172 million consumers last year. But the average amount spent per shopper fell nearly 8 percent to $343.31. The estimated overall tally for the four days was $41.2 billion, on par with last year.

NRF spokesman Scott Krugman said retailers' aggressive promotions -- such as $200 laptops -- combined with the popularity of relatively cheap items such as toys and home goods helped to push down the average spending per shopper, despite the larger crowds.

"The amount of shopper traffic well surpassed our expectations," Krugman said. "Retailers were really focusing on lower price points in terms of getting consumers into the store."

http://www.washingtonpost.com/wp-dyn/content/article/2009/11/29/AR2009112901907.html?hpid=topnews

This is not good news, but was expected by many of us. Consumers are relentlessly driving down profit margins, many retailers will not survive much longer, and the industry will not be able to come close to supporting their nut. Huge write downs of retail real estate values are imminent, as is another round of retail layoffs.

a huge secondary problem is for state budgets, after next year when the federal money runs out the the state income picture will likely be grim, sales taxes being as important as they are.

Last year the holiday sales picture got worse as the season progressed, as people bought the sales early and only came back out for deperation sales if the deals were too good to pass up. this year should be the same, their will be no good news in Dec.

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Shoppers scoffed up the "teasers" the retailers threw out there, but bought little else. That is my take.

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@realjohnboy,

and because of the black friday liability problem and the lack of willingness on the part of consumers to play the normal games retailers advertised their prices this year. Consumers made a plan, stuck to it, relied on phone and twitter to help each other find what ever unadvertised good deals were to be had, and left all of the crappy priced stuff that the retailers wanted to sell untouched.

This will continue, the mid jan profit figures are going to SUCK. The retail industry needs a new plan, cause right now they are like the airline industry, locked into constraints which make it impossible for the industry to make money.

1 Reply

@hawkeye10,

...but, hawkeye, my little chain of retail stores with annual sales of around $1M, had a 4% gain in sales vs last November w/o sacrificing profit margins. Go figure.

1 Reply

@realjohnboy,

Music right? So far all we have is the gross that comes from the financial transaction clearing houses, not individual retailer numbers. It will be interesting to see who is doing the sales, and in Jan find out who actually made money this season.

What would you say the mood of the shopper is? Word is that they either want quality or price, that they have done their homework.

Why do you think what you are doing is working?

0 Replies

@realjohnboy,

That's also my take on black Friday; shoppers were looking for bargains and hardly anything else. They bought small tv's and other electronics on sale, but big ticket items stayed in the stores. Some clothes were bargains, and that's what most shoppers bought, but not at profit margins for the stores.

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@okie,

I said;

@teenyboone,
teenyboone wrote:

Phony Michael Steele? The PUPPET of the Repugs? He's laughable for one and the people who pay him don't believe him. Obama is playing the hand he was dealt, from the 2 wars, the billion dollar bailout in Sept. 08, from Bush & Co., a plummeting stock market, unemployment, inflation, the trashing of the US Treasury by Bush & Cheney and the deaths of over 4000 servicemen in 2 wars over oil, that the US was "conned" into believal Iraqui oil would pay for the war! Oh yeah? Show me where a nickle went to pay for this unjust and unfair war that Americans are paying for with their blood!

Then you said:

Total and absolute baloney. Michael Steele is no puppet. I would love to see you have the guts to tell Michael that to his face. You sound more like a puppet of the Democrats than Michael sounds to be anything but speaking for himself. Your problem is you swallow all the bilge spoonfed you by the liberal media and the Democrats that want to keep you on their plantation. Sad situation, teeny, you could be thinking for yourself if you had the individuality to do it, bu instead you swallow the same koolaid served up by Teddy Kennedy's party and the likes of race hustlers like Jesse Jackson and the rest of that sorry lot. And last I checked, there is not much oil in Afghanistan.

Then I said:
You sound like the broken recording you are! Speaking of oil, what happened to the statement, " The war will be paid for with Iraqui oil"? Huh?
Down the rat hole where they found Saddam?

Reply report Sat 28 Nov, 2009 12:57 pm
@okie,
Introduce to me Mr Steele: I'll tell him to his face that "you're a puppet" for the conservatives.

Me:
Thanks in advance, CI!

1 Reply

Where is the US economy headed?

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