Friday, September 04, 2009

Good question…

…from Robert Reich.
Why aren't we hearing more about the worst job and wage situation since the Great Depression?

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Anonymous Terry Parkhurst said...

Maybe the reason we aren't hearing about the loss of jobs and wages is the president really isn't as concerned with the Average Working Stiff as those who supported him from the get-go might have thought. In fact, President Obama might not even be the socialist that opportunistic television entertainers such as Glenn Beck like to portray him as being.

In fact, President Obama might be just like many economists; someone who bases financial health on what a balance sheet shows, rather than who got hired today. If that wasn't the case, why isn't the president more concerned with why the likes of Bank of America is sitting on the money it got through TARP, to help B of A after it acquired the shakey house of Merrill Lynch, rather than freeing up the credit market?

Economics really is the ultimate numbers game. President Obama and the Office of Management and Budget knows that. It is indeed a rude awakening for those who thought the president was something he is not.

6:06 PM  
Anonymous Terry Parkhurst said...

Correction: second sentence, second graff, should be: ...why isn't the president more concerned with why the likes of Bank of America, who is sitting on the money it got through TARP, monies given to help B of A after it acquired the shakey house of Merrill Lynch? B of A was given that money (with the expectation) it would free up the credit market.

6:12 PM  
Blogger Demeur said...

Well you must understand the U.S. economy is not like a speed boat. It's more like an oil tanker you can't make it turn on a dime.
In looking at recessions of the past this one is following a similar pattern although it is deeper than recessions past.
As with past recessions it will be over when the banks have worked through the losses from subprime and deravitives. We may just see a default on the latter just as China is considering that right now.
The only thing that concerns me is the Alt-A loans that are set to reset in the next few months. If those can be delt with then we may have a chance.
I'm sure Obama is concerned with this otherwise there would have been no stimilus package. It's just that it's a two year plan that will take time. Remember it took 8 years to get here.

7:52 PM  
Anonymous Terry Parkhurst said...

If you consider bundled derivatives as part of the problem, you could say it took 30 years to get here. Then too, if you consider the establishment of the entities known as Fannie Mae and Freddie Mac - hope those nickanmes are correct - as also part of the problem, then you could say it took 40 years to get to where the country has been; or it might be.

That guy from Crawford certainly added to the mess, what with deciding to start a pre-emptive war against the "guy who tried to kill my dad," and also encouraging mortgages to people who might have been better off, continuing to rent. But forgive me for saying it, he wasn't the only one who started the economic fire that threatened to consume America, if not the world.

Congressman Barney Frank's friend who sat at the head of either Freddie or Fanny, should be in prison, for his role in what occurred, last year. Congressman Frank should be ashamed of the association.

There are also a full cast of supporting players, in investment banking, mortgage companies and credit card issuing companies. The Federal Reserve might also have had a role in the matter; although we'll likely never know much more about that matter, than conjecture.

However, it is indeed encouraging and appreciated to hear that there might be hope for a brighter future than the economic turmoil of the past year-and-a-half. I hope you're right about that Demeur. Your comments remind me of that old saying, to wit, "How long does it take a bear to walk out of the woods? About as long as it took him to walk into it."

10:35 PM  

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