COVER STORY

The U.S. Economy Faces the Guillotine

America is on the road to recession, and many predict a worldwide slowdown. But it's a new economic order, and the emerging markets could take the lead.

By Daniel Gross | NEWSWEEK

From the magazine issue dated Feb 4, 2008

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Posted By: Nins @ 07/10/2008 7:29:35 PM

Comment: Know why McCain wants to distance himself from former Senator Phil Gramm? It is not just because of Gramm's recent obnoxious remarks calling Americans "a nation of whiners" and that unemployed Americans are in "a mental recession." In fact, those remarks were so obnoxious that I wonder if they were engineered just to provide McCain an excuse for publicly distancing himself from Gramm. This issue is a lot deeper than it looks on the surface.

When Gramm was a Senator he was chair of the Committee on Banking, and in that capacity he was able to push through the legislation now known as the "Enron Loophole." This loophole allowed US investment banks to bypass the Federal regulations governing futures trading, and is the reason why the investment banks were able to falsely inflate the prices of oil, wheat, corn and other commodities through massive futures trading, causing your costs of gas, heating oil and food to go through the roof.

Gramm was a member of McCain's campaign team, but now Gramms' name is turning to mud. In addition to the Enron loophole, Gramm pushed through the Gramm-Leach-Biley Act in 1999, which got rid of the laws that seperate banking, insurance and brokerage activities in America. Essentially, this Act did away with all of the good laws written after the Great Depression to protect us from another Wall Street/Banking Industry collapse. That's right, Gramm stripped the system of it's safe guards nine years ago, and guess what? The value of the dollar has nose-dived, Wall Street is highly unstable, and we are in the midst of a recession.

Now you could say that this is not Gramm's fault, that he didn't know what the outcome of his actions would be. However, it turns out that the same investment banks that benefited from the Enron loophole and from the Gramm Act gave more than a million dollars to Gramm's campaign. Uh oh. A Congressional hearing is going to be convened to investigate this. And McCain wants to have noting to do with Gramm, wants us to forget that Gramm has been a key player on McCain's campaign team. Gramm was McCain's campaign CO-CHAIR and LEADING ECONOMIC ADVISER.

With Gramm in the driver's seat as his leading economic adviser, now you know why economists and analysts are saying that McCain's economic policy plans are untenable.
Posted By: jessieflower @ 04/17/2008 8:56:40 AM

Comment: I know we are going to be okay. It's rough out there but it could be worse. We could be starving right now having all sorts of chaos. We just need to stop feeding this presidential popularity contest and aim our vote towards the best possible candidate to get us back on track. We all know who wants us to die fighting in Iraq and we know "race" is not going to improve the economy. Stop the maddeness and think.
Posted By: David Donar @ 04/15/2008 3:33:14 PM

Comment: The government sat on its butt while the economy ran amok. Just like feral dogs roaming the street, we have no control and now a recession plagues us.

http://politicalgrafitti.blogspot.com/2008/04/feral-reserve.html
Posted By: catholight @ 03/19/2008 8:46:00 AM

Comment: Wed., March 19, 2008

Our leaders such as the Secretary of the Treasury are lying to us. Last week I saw him say that housing prices have climed about 100% from 2001 to 2006!

I live in the San Francisco Bay Area where housing prices have climbed about 300% from 1998 to 2006. Those amazingly inflated house prices have not occurred everywhere in the U.S. but they have occurred in at least four states: California, Nevada, Arizona and Florida. Huge increases in prices occurred in Phoenix, Las Vegas, Reno, and Sacramento to name just a few!

Thank you.
Posted By: kesavan1965 @ 02/23/2008 11:36:50 AM

Comment: America has grown in the past 3-5 years steeply. I feel it is a kind of correction. If in a system, anything is steep, then some where you have to flat it out. Look at the first one to get hurt... Home and related Credit. Everybody wanted to grow in the system, the individual, infrastructure companies, real estate promotors, bank, credit organisation, and insurance and other player who are indrectly supported and benefited. Well, as we go forward we will witness growth. Again to say this is only a correction. We are in a global village. Time has come to come out of the barrier and to make use of one of us. Fundamentals of Economic Principle is at work. Let us march forward....
Posted By: phiomalibumalibu @ 02/21/2008 2:45:35 PM

Comment: It's true, we have outsourced millions of jobs to India and China. The shoe has dropped and now Millions of Americans will begin suffering. It's so interesting to see so many Indians in my building at work. We had a pot luck over Christmas and 90% of the attendents were from India. We're talking a major Entertainment Company, not a manufacturing company. We need to stop onshoring and offshoring. Americans are losing their homes, jobs and livelihood. Perhaps it will be the same with the weather and traffic -- everybody talks about it, but nobody does anything about it.
Posted By: wothe @ 02/10/2008 12:31:38 PM

Comment: Why is this so complicated. Large Compaines have outsourced million of jobs to India and China in India the average pay is .44 per hour in China .04 an hour. They did this and their CEOs and President and board are racking in the money.
They can't sell their products to India and China's population but they don't care as long as the top people in these companies get their money.
So the recession comes and hopefully not a depression but I would bet on a depression.
Which no one alive today was around during the last one 1929.
Posted By: milldog @ 02/04/2008 3:58:01 PM

Comment: I think this is a good article
Posted By: milldog @ 02/04/2008 3:57:19 PM

Comment: This is a gay article
Posted By: mkoss @ 02/01/2008 1:12:42 AM

Comment: I didn't know where else to put this but I had to write it down somewhere because I'm uncontrollably angry. The covers for Newsweek since Christmas have included dramatic pictures conveying hopeful images of all three leading Democratic candidates, a picture of Bush titled "The Party's Over", and a cover of Mitt Romney titled "A Mormon's Journey" just so everyone remembered he has no substance, just an odd religion. I grew loving Newsweek and reading it out on the farm was probably was the galvanizing factor that caused me to pursue a career in law. But the frustration I feel from it 's complete and unbashed bias has driven me to the point where I can't read. Please, someone tell me I'm seeing things that aren't there.
Posted By: rebbalattefatty @ 01/30/2008 9:54:19 PM

Comment: everything is up and down.. if it was steady.. there would be no opportunity for new people to make money

I just donated two cars for cash and invested in real estate... try it..! i donated on autogiver.com

if you donate to cancer patients.. you get a bigger write off... i think.. check it out.
Posted By: Houlbelat @ 01/30/2008 6:36:22 AM

Comment: If you cannot grow taller, another way of gaining height is simple. Just chop off the legs of others trying to rise higher than you.
Posted By: stefano rollero @ 01/30/2008 6:04:08 AM

Comment: I do not believe that you go into a global recession, but to a sharp reduction in growth. From trade, finance, exchange rates between currencies, the impact on confidence: there are many channels of transmission involving a passage of shock from the rest of the world. A recession in the United States and an economic slowdown elsewhere entail a net fall of the profits of enterprises. That is why Bags suffer.
Central banks must do a good job from "inspectors" to avoid creating the famous speculative bubbles, on effective measures that China and India continue to grow with production methods related to the exploitation of workers, and environmental pollution. Steps incisors of the United States and Europe to increase production of petrolo OPEC. Act signal and decided to peace in the Middle East.
Stefano Rollero, Ttaly.
Posted By: eddiewhere @ 01/30/2008 2:47:20 AM

Comment: Who will emerge stronger after this Recession. THE ANSWER IS OBVIOUS, CHINA, SAUDI ARABIA, United Arab Emirates and the E.U. America will find itself in a situation where global governance will have to be shared with the countries above. Inotherwards, Arab money would be funneled through the IMF and WB to advance their agenda's. That means that these entities could threaten global governance and encourage capitalism without social justice. If we can fuel alternative energy programs which promote a massive expansion of our economy by creating millions of jobs we might be able to prevent a long term recession.

DUBAI and othe ARAB interest already have the CLINTON's in their pocket. WE NEED REAL CHANGE FROM THE ESTABLISHMENT
- Posted By: stefano rollero @ 01/30/2008 06:07:00
  
  Comment: I do not believe that you go into a global recession, but to a sharp reduction in growth. From trade, finance, exchange rates between currencies, the impact on confidence: there are many channels of transmission involving a passage of shock from the rest of the world. A recession in the United States and an economic slowdown elsewhere entail a net fall of the profits of enterprises. That is why Bags suffer.
  Central banks must do a good job from "inspectors" to avoid creating the famous speculative bubbles, on effective measures that China and India continue to grow with production methods related to the exploitation of workers, and environmental pollution. Steps incisors of the United States and Europe to increase production of petrolo OPEC. Act signal and decided to peace in the Middle East.
  Stefano Rollero, Ttaly.
  - Posted By: eddiewhere @ 02/05/2008 01:59:37
    
    Comment: What do you mean by central banks. Do you mean offshore.
Posted By: eddiewhere @ 01/30/2008 2:45:47 AM

Comment: Outsourcing is the main cause of this economic situation. American money is leaving our economy and being injected into other countries economies. It is common sense that deficits are caused because more money going out of the economy than is coming in . Our banks are increasingly financed by foreign entities. As a result we are in debt and cannot even bail ourselves out. American products cannot compete with imports because of cheap labor. We cannot change this.
SO, what we need to do is get the money FLOWING back into the American ECONOMY. We have to start selling our products especially our technological services to CHINA and INDIA, Saudi Arabia, United Emirates so we can get our money back into the U.S ECONOMY
Posted By: Houlbelat @ 01/30/2008 2:02:43 AM

Comment: What else to expect from an IQ 91 Gullible Cowboy President?
Posted By: HeidiSheister @ 01/29/2008 4:24:32 PM

Comment: LOL... great article.. reminds me of the time i clicked a link on this website

and the bums eyes started spinning pretty hilarious.... I think it was Autogiver.com
Posted By: willid3 @ 01/29/2008 3:39:31 PM

Comment: i don't think the decoupling theory holds water. Unless China and India economies are a lot different that I have heard. If their economy is not based on 60% or more on consumers in their countries, then they are exporters first , consumer second. If here largest export market is the US, then they are in big trouble. If even there indirect biggest market (Say China) is in that situation, then they are in big trouble.
Posted By: willid3 @ 01/29/2008 3:36:32 PM

Comment: unless the economies in india and china are based on domestic consumption and not exporting. And they have to not be exporting to the US or to country that is tied to the US, they are in big trouble since they can't sustean their own economy at its current pace.
Posted By: willid3 @ 01/29/2008 3:34:53 PM

Comment: i don't think the decoupling theory holds water. Unless China and India economies are a lot different that I have heard. If their economy is not based on 60% or more on consumers in their countries, then they are exporters first , consumer second. If here largest export market is the US, then they are in big trouble. If even there indirect biggest market (Say China) is in that situation, then they are in big trouble.
Posted By: forparity @ 01/29/2008 1:45:49 PM

Comment: We were on the road to recession during the entire 2000 election cycle. For the year, gasoline prices were up 56%; the NASDAQ would be off a record shattering 58%; heating oil prices were thru the roof; CA was in still in the midst of a prolonged energy crisis; the coutry's economic growth was in serioius decline (GDP); hundreds of companies were closing their doors - folding; the hiring benge of the late 90's irrational and accounting fraudulent bubble had ended and millions of Americans were starting to loose their jobs; the tax revenue lost from a $10 Trillion hit in the stock market crash would result in a $Trillion in expected surplus turning into instant huge federal and state budget deficits; Bin Laden had announced and repeated his declaration of a holy Jihad against the US and his successful terrorist attacks were accelerating against us.

The media? Shhhh - they wanted another Democrat to win in 2000 - so the economy was not an issue.
Posted By: SecondComingChrist @ 01/29/2008 1:25:42 PM

Comment: The government $150 billion tax rebate program may provide a slight relief on gas money, but it won't do much to stimulate the economy because $600 to $1200 is not enough to cover one monthly mortgage payment. The key to revive the economy is to stimulate the housing market. There are two ways to stimulate the housing martket without costing any money up front. Please check it out at: blog.myspace.com/secondcomingchrist. God bless.
Posted By: HeidiSheister @ 01/29/2008 3:30:18 AM

Comment: WOW... if you have any extra cars to donate for a tax write off.. go to autogiver.com
Posted By: Change is a verb not a platform @ 01/28/2008 4:04:21 PM

Comment: What to do with any refund from the Government
1. Put into savings
2. Pay down debt
Posted By: wehavebeenhereB4 @ 01/28/2008 9:54:38 AM

Comment: what are we talking about here? to me the headline of the article is pretty clear: the current world in which we live in depends on average Americans unecessarily spending themselves into debt (which we will soon STOP !!) The posted comments i read are vicious and arrogant. For an average American like myself to point this out, and to speak out (regarding) the obvious facts only lables me an Arrogant Ignorant American ??!! How could i possibly think that the whole world revolves around US!!!! How small of me... According to the fear articles everywhere i turn, doesn't it???? So to you, the BIG, big deep thinkers, you know the ones, those that hate Americans, hiding behind your comments as if you actually would LOVE to see Americans prosper and continue to lead the world in which we know. To you i only say....turn off all the F%@#*@G lights you have on while you're wasting away hunched over your silly little laptops. STOP wasting your time HATING the current administration...they will be gone soon enough and WE will still be here to pick up the pieces, Do something constructive, show some LOVE and respect for this, the most amazing country the WORLD has ever made, of course by GOD with mans help...(as it should be). What man ALONE is currently doing is NOT Gods will....the destruction of America is mans will. alone. Now here's the truth. as I see it..if WE truly have something here, in America, then there will be a fight for it...and it will be the fight of ALL fights...for what would the WORLD be without the U.S. of A ??? Where would a simple average, loving man have a place to raise his children and share with them the beauty of this world? Why are we fighting each other? we are not the uber rich, we are not evil guys, we are not that different, when will WE unite? Globally, we are the power base, we are the ARmies, we are the BACKS , the POWER.........if there is a reason for our being then our being is to REASON. and then the ACTION will follow..we need to reason with each other first....i believe collectively our common needs and dreams will be quite similiar to each other as well as those of our CREATOR...regardless of origin, race, or skin color. Disagree? let's talk.....Thank you brothers.
Posted By: stavros @ 01/28/2008 6:19:13 AM

Comment: The American economy, government, legislatures etc etc, are being run people who share MY SUPERVISOR'S mentality! DUMB. Dont have a clue as to what is going on, and sneaky and underhanded as they can possible be. It all fits........ WE hired a bunch of dumb a___ to make decisions on our behalf, represent us as a whole nation, people who couldnt care less about US. Poeple who are ready to cut our throats if it means a profit for them, and then hiding it and blaming it on someone else! WHEW! I am on the next flight to Australia!
Posted By: wolfdognm @ 01/27/2008 11:58:49 PM

Comment: The media and the Bush Administration keep talking about a possible coming recession, but the recession had already hit the USA last year. We are already in a recession due to the reckless lending practices of mortgage lenders, the greed of relaters that jacked up housing prices beyond the affordable in many parts of the USA. As well, as the devaluation US dollar, increasing gas prices, increasing prices on goods due to the low dollar, and an ill auto-industry that tried to keep selling SUVs after their popularity started dropping in 2002. Bush Jr should have realized that supply-side economics did not work under Reagan, and I'm sure that his father, Bush Sr, warned him about such too. However, Bush Jr did not listen. Thus, here we are with another Reagan-like recession.
Posted By: wolfdognm @ 01/27/2008 11:58:12 PM

Comment: The media and the Bush Administration keep talking about a possible coming recession, but the recession had already hit the USA last year. We are already in a recession due to the reckless lending practices of mortgage lenders, the greed of relaters that jacked up housing prices beyond the affordable in many parts of the USA. As well, as the devaluation US dollar, increasing gas prices, increasing prices on goods due to the low dollar, and an ill auto-industry that tried to keep selling SUVs after their popularity started dropping in 2002. Bush Jr should have realized that supply-side economics did not work under Reagan, and I'm sure that his father, Bush Sr, warned him about such too. However, Bush Jr did not listen. Thus, here we are with another Reagan-like recession.
Posted By: eddiewhere @ 01/27/2008 11:42:07 PM

Comment: Outsourcing is the main cause of this economic situation. American money is leaving our economy and being injected into other countries economies. It is common sense that deficits are caused because more money going out of the economy than is coming in . Our banks are increasingly financed by foreign entities. As a result we are in debt and cannot even bail ourselves out. American products cannot compete with imports because of cheap labor. We cannot change this.
SO, what we need to do is get the money FLOWING back into the American ECONOMY. We have to start selling our products especially our technological services to CHINA and INDIA, Saudi Arabia, United Emirates so we can get our money back into the U.S ECONOMY.
Posted By: eddiewhere @ 01/27/2008 11:24:54 PM

Comment: Who will emerge stronger after this Recession. THE ANSWER IS OBVIOUS, CHINA, SAUDI ARABIA, United Arab Emirates and the E.U. America will find itself in a situation where global governance will have to be shared with the countries above. Inotherwards, Arab money would be funneled through the IMF and WB to advance their agenda's. That means that these entities could threaten global governance and encourage capitalism without social justice. If we can fuel alternative energy programs which promote a massive expansion of our economy by creating millions of jobs we might be able to prevent a long term recession.
Posted By: blacksheepwiggins @ 01/27/2008 11:03:09 PM

Comment: p.s.- many people will refuse to accept the accusations. all i can say is read the book "none dare call it conspiracy" (you can find at amazon). then ask yourself,.... how they could have known all of this 35 yrs +/- ago if it wasn't true!!!
Posted By: blacksheepwiggins @ 01/27/2008 10:59:12 PM

Comment: amen JJBlogs!!!

every recession and depression is a transfer of wealth. from the poor and middle class over to the rich robber baron international baking carels. the great depression of the early 1900's is a prime example. what a great engineered economic crisis that was.

too bad few people truely understand how it all works.
- Posted By: wolfdognm @ 01/28/2008 00:00:42
  
  Comment: The media and the Bush Administration keep talking about a possible coming recession, but the recession had already hit the USA last year. We are already in a recession due to the reckless lending practices of mortgage lenders, the greed of relaters that jacked up housing prices beyond the affordable in many parts of the USA. As well, as the devaluation US dollar, increasing gas prices, increasing prices on goods due to the low dollar, and an ill auto-industry that tried to keep selling SUVs after their popularity started dropping in 2002. Bush Jr should have realized that supply-side economics did not work under Reagan, and I'm sure that his father, Bush Sr, warned him about such too. However, Bush Jr did not listen. Thus, here we are with another Reagan-like recession.
Posted By: JJBlogs @ 01/27/2008 10:52:09 PM

Comment: This recession is being fabricated. Multinational corporations who are involved in this this stand to make 2 to 3 times as much money if the globe were not in a recession. You are just contributing to their fear-mongoring. This hype is economic terrorism, and you are purveyors of it.

Why don't you actually do some work and find out who is behind this? Let me give you a hint on where to start. Remember Enron, hyping their stock? Well this is exactly the reverse, and multinationals like Sallie Mae, Citi and other Big Names are only writing down because they do not want to pay any taxes.. Sure, there will be sacrifices, but those 'sacrifices' will be bought up by the bigger banks. Tell me, If Company 'A' is writing down 40 billion, and company 'B' is writing down 11.5 billion, how in the heck can company 'B' buy or merge with company 'A'?

Do the math, if they are losing as much as they say they are, 1 in 25 households would have their house foreclosed, or would be filing for bankruptcy. Do youselves and everyone else a favor and stop playing into their fear and games. get to the bottom of it, find out who to sue and who gets life in prision for terrorism, or better yet I would love to see them hanged for treason, publicly. These companies are trying to avoid paying taxes, and will collect one way or another on those 'write downs'.

There are real people out here who actually believe there is a recession and are falling into panic! Show some backbone and do your job and actually get to the bottom of this for once. Do what Journalists are supposed to do and expose the scandel, name names and let the heads roll. As far as I am concerned, you are a mouthpiece, adn have no business publishing anything. I do not have the contacts you guys do or I would do it myself, Im not a journalist, just a number cruncher. I've already done the math on all the write downs, it does not add up.

Dont like it? Prove me wrong. I gave you the tips on where to start now get to work.
- Posted By: nawawimohamad @ 01/28/2008 01:38:05
  
  Comment: A recession is still a recession no matter how you calculate it. The big American companies will be bought over by bigger Non- American companies, then the Americans will be at the mercy of others, do you want it that way? After invading Iraq Bush still could not find enough oil there to pay back all the war expenses. Now somebody said that he has started begging for more oil from the other Arab states. Do you want it that way?
  - Posted By: sharonsj @ 03/18/2008 14:10:35
    
    Comment: If you don't have enough money to pay your bills and get the necessities of life, that's reality, not fabrication. You remind me of the media morons who claim the recession is psychological. Right now I spend every winter trying to keep warm and avoiding having the electricity turned off. I do agree that the problem is the multinationals, abetted by corrupt politicians, who place greed above all. We need to get rid of them in more ways than just voting....
Posted By: nawawimohamad @ 01/27/2008 10:50:21 PM

Comment: The US had voted the wrong president. Bush has made all the wrong decisions, made the wrong laws, done all the wrong things, made the wrong moves, fight the wrong wars and spending money wrongly. It is therefore unevitable that the Americans will have to bear all the consequences! The US should do things based on its own needs and interests and not what the campaign contributors, lobbyists and self interest policy makers want the US to do for them. Unfortunately there is no candidate that is really independent of these elements.
Posted By: JJBlogs @ 01/27/2008 10:47:40 PM

Comment: This recession is being fabricated. Multinational corporations who are involved in this this stand to make 2 to 3 times as much money if the globe were not in a recession. You are just contributing to their fear-mongoring. This hype is economic terrorism, and you are purveyors of it.

Why don't you actually do some work and find out who is behind this? Let me give you a hint on where to start. Remember Enron, hyping their stock? Well this is exactly the reverse, and multinationals like Sallie Mae, Citi and other Big Names are only writing down because they do not want to pay any taxes.. Sure, there will be sacrifices, but those 'sacrifices' will be bought up by the bigger banks. Tell me, If Company 'A' is writing down 40 billion, and company 'B' is writing down 11.5 billion, how in the heck can company 'B' buy or merge with company 'A'?

Do the math, if they are losing as much as they say they are, 1 in 25 households would have their house foreclosed, or would be filing for bankruptcy. Do youselves and everyone else a favor and stop playing into their fear and games. get to the bottom of it, find out who to sue and who gets life in prision for terrorism, or better yet I would love to see them hanged for treason, publicly. These companies are trying to avoid paying taxes, and will collect one way or another on those 'write downs'.

There are real people out here who actually believe there is a recession and are falling into panic! Show some backbone and do your job and actually get to the bottom of this for once. Do what Journalists are supposed to do and expose the scandel, name names and let the heads roll. As far as I am concerned, you are a mouthpiece, adn have no business publishing anything. I do not have the contacts you guys do or I would do it myself, Im not a journalist, just a number cruncher. I've already done the math on all the write downs, it does not add up.

Dont like it? Prove me wrong. I gave you the tips on where to start now get to work.
Posted By: JJBlogs @ 01/27/2008 10:46:54 PM

Comment: This recession is being fabricated. Multinational corporations who are involved in this this stand to make 2 to 3 times as much money if the globe were not in a recession. You are just contributing to their fear-mongoring. This hype is economic terrorism, and you are purveyors of it.

Why don't you actually do some work and find out who is behind this? Let me give you a hint on where to start. Remember Enron, hyping their stock? Well this is exactly the reverse, and multinationals like Sallie Mae, Citi and other Big Names are only writing down because they do not want to pay any taxes.. Sure, there will be sacrifices, but those 'sacrifices' will be bought up by the bigger banks. Tell me, If Company 'A' is writing down 40 billion, and company 'B' is writing down 11.5 billion, how in the heck can company 'B' buy or merge with company 'A'?

Do the math, if they are losing as much as they say they are, 1 in 25 households would have their house foreclosed, or would be filing for bankruptcy. Do youselves and everyone else a favor and stop playing into their fear and games. get to the bottom of it, find out who to sue and who gets life in prision for terrorism, or better yet I would love to see them hanged for treason, publicly. These companies are trying to avoid paying taxes, and will collect one way or another on those 'write downs'.

There are real people out here who actually believe there is a recession and are falling into panic! Show some backbone and do your job and actually get to the bottom of this for once. Do what Journalists are supposed to do and expose the scandel, name names and let the heads roll. As far as I am concerned, you are a mouthpiece, adn have no business publishing anything. I do not have the contacts you guys do or I would do it myself, Im not a journalist, just a number cruncher. I've already done the math on all the write downs, it does not add up.

Dont like it? Prove me wrong. I gave you the tips on where to start now get to work.
Posted By: ajvenom @ 01/27/2008 10:35:37 PM

Comment: It's been slumping for over 30 years.....the governement and big business has done a good job of hiding it.
Posted By: pinkpanther87413 @ 01/27/2008 10:32:13 PM

Comment: THIS IS AMERICA! IF WE ALL GOT THE BALLS TO GET IT DONE WALA NO RESESSION OR DEPRESSION!
IF YOU DON'T LIKE IT LEAVE! AT LEAST IT'S AN IDEA AND NOT A CRAPPY INSULT OR BEST GUESS. THIS WILL WORK, FOR THE NEXT 15-25 YEARS. ALL WE HAVE TO DO IS COMMIT SIN AND INVEST INTO OUR OWN COUNTRY, INSTEAD OF REBUILDING OTHERS. LET THEM WATCH AND COPY THE WAY IT SHOULD BE!

Vietnam AND PRIOR TO
If we spent 2 Billion dollars-A DAY, 2 Billion dollars CAME BACK into the American economy-A DAY, and 100 MILLION recouped in taxes-A DAY

Iraq
We spend 2 Billion+ dollars-A DAY, 300,000$, COMES BACK to the American economy-A DAY, and 10,000- recouped in taxes-A DAY

Vietnam and Iraq are the same? Bring back the great American war machine, to American soil, use the gas tax, as it was told to us, why, its there, ie: the roads
Hey
WE JUST EMPLOYED 12 MILLION, REBUILDING EVERYTHING, WITH ALT ENERGY, MAKING FAR MORE INCOME THAN MIN WAGE!

DEMOCRATIC CORE- RUN THE COUNTRY, NOT RULE THE WORLD!

TO BAD IN IRAQ WE OUTSOURCE EVERYTHING, INCLUDING INTELLIGENCE, FOR ANOTHER BILLION-THIS, IS THE BIGGEST DIFFERENCE BETWEEN VIETNAM AND IRAQ, MR PRESIDENT, HIDING UNDER THE TABLE

MY MATH IS OFF! WE WOULD EMPLOY MORE LIKE 35 MILLION! REBUILDING FACTORIES, STAFFING THEM, BUILDING WIND FARMS, STAFFING THEM, REBUILDING ALL ROADS IN OUR COUNTRY, STAFFING THAT, AND RECOUPING 100 MILLION A DAY IN TAXES, EQUATES, COUNTING THE 2 BILLION SPENT INSIDE OUR BORDERS, A DAY! YA 35 MILLION EMPLOYED AT BETTER THAN MIN WAGE IS FAR CLOSER THAN JUST 12 MILLION EMPLOYED-SORRY FOLKS MY MATH WAS OFF
Posted By: ajvenom @ 01/27/2008 10:32:02 PM

Comment: We've been in a recession for over 30 years. Our, government and big businesses have done a good at hiding that fact while they were getting their greedy hands on all the easy money and leaving a tab for "Joe Public" to pay later. Let the fat cats pay for it. Oh sure, they'll dangle our job over our heads or stress how we need to help the poor. The working middle class always gets ripped off...but we can at least honestly say that "we can stand on our own to feet nomatter what. I just feel sorry for the poor and good luck to the soon to be worthless fat cats when their money isn't worth squat. Luckily I invested in gold and euros......even the thai baht is doing well...especially when you could but them for nothing.
Posted By: JJBlogs @ 01/27/2008 10:31:02 PM

Comment: This 'recession' is fabricated. The 'entities' who are causing this stand to make 2 to 3 times money as much if the globe were not in a recession and they had to do it the old fasioned way - through working. You are playing directly into their fear mongoring. You are at the mercy of 'the' multinational corporation, this is contrived. This hype is economic terrorism, and you are purveyors of it.
Posted By: ajvenom @ 01/27/2008 10:15:35 PM

Comment: It's been slumping for over 30 years.....the governement and big business has done a good job of hiding it.
Posted By: keynesco @ 01/27/2008 10:12:38 PM

Comment: Oh come on Jtalbott. We did not "ship all our jobs to Mexico." And, Bush did not "let all the Mexicans come over here." The Mexicans came here for higher paying jobs in comparison to what jobs are paying in Mexico - no one gave them a ticket. I live in Mexico and the Mexican peso is one of the few currencies that has not appreciated against the dollar. It still takes eleven pesos to buy one dollar - the same as a year ago and the same as three years ago. The Mexican economy is still struggling in relation to our economy - which is also struggling.

If anything, NAFTA kept the peso from declining further (to twelve or fifteen pesos to the dollar) although I am not sure the social costs caused by NAFTA to Mexico and the United States were worth it.
Posted By: SunnyOutLook?? @ 01/27/2008 10:09:11 PM

Comment: Look Its time for America to take care of our own house. Stop promoting free trade. See where it leads us. Free trade is an illusion coz it was US who propped up the world. Now the emerging markets are tied to export-based growth and they are concerned that US is protectionistic. So they start to buy into our icon foundations hoping that they can have leverage over us (which they are lying their ass off). Why care about them? Let them figure out how to deal with free trade. America can no longer afford to be as nice and as 'altruistic' as before..believe me these nations from Singapore to China to Middle East DO NOT LOVE the US. So why should the US have to act as it they still need us (or want us) to be the leader of the world??
Posted By: fork21797 @ 01/27/2008 10:04:44 PM

Comment: The root of the perceived problem is lack of demand for goods and services. "Free money" is sending the wrong message to the consumer, store owners, and global markets. Yes, there was a short spike this week with the announcements of rebates, etc. But the deeper problem is over-reaction by the Federal Reserve. Lowering the interest rates in a knee jerk reaction is not strategic and only delays the inevitable pain any economy (going through a natural contraction) must endure.

Recessions are not all that bad; pretending, wishful thinking, and band-aids do not help in a recession that is occurring right now. The stock market for some unknown reason seems to be the health meter of the American economy. Maybe rebates should be spent on learning exactly what equities are and are not. Will rebates help the poor get a better job? Will rebates make the unemployed feel better? How about the average two parent working family that is bumping up to or in the AMT plan? How many of these checks will go for alcohol, cigarettes, guns, or gambling? Did anyone think of the unintended consequences of free money?

One way for demand to increase for goods and services is through fair and meaningful tax cuts. If one reviews the increases to State and Federal taxes, one would see a system of aggregate negative impact on growth opportunities for business and most importantly a forced retarding of consumer demand. Something has to give in a recession. Rebates may help the alcoholic for a week or two, a gambler for a day at the track, or a smoker for a few months, but at what cost? I don't want to sound all negative, because some of the rebates will go to good causes and help at least for a short term families that are really feeling the pinch. The answer however, is never in free money give-a-ways! It is a slap in the face of hard working folks that do save for tough times and are prepared to buy the necessities and forgo on the luxuries in order to avoid unnecessary debt.

Lastly, is this the beginning of a series of free money give-a-ways? Will young people begin to depend on the rebates as a source of regular income? What impact does this have on Social Security? Why now? Is there anyway to stop this rebate proposal from happening?
Something is intuitively wrong with free money give-a-ways (because there is a price to pay at some point). The public deserves to be better informed: the rebate remains a debate.
Posted By: fork21797 @ 01/27/2008 10:03:49 PM

Comment: The root of the perceived problem is lack of demand for goods and services. "Free money" is sending the wrong message to the consumer, store owners, and global markets. Yes, there was a short spike this week with the announcements of rebates, etc. But the deeper problem is over-reaction by the Federal Reserve. Lowering the interest rates in a knee jerk reaction is not strategic and only delays the inevitable pain any economy (going through a natural contraction) must endure.

Recessions are not all that bad; pretending, wishful thinking, and band-aids do not help in a recession that is occurring right now. The stock market for some unknown reason seems to be the health meter of the American economy. Maybe rebates should be spent on learning exactly what equities are and are not. Will rebates help the poor get a better job? Will rebates make the unemployed feel better? How about the average two parent working family that is bumping up to or in the AMT plan? How many of these checks will go for alcohol, cigarettes, guns, or gambling? Did anyone think of the unintended consequences of free money?

One way for demand to increase for goods and services is through fair and meaningful tax cuts. If one reviews the increases to State and Federal taxes, one would see a system of aggregate negative impact on growth opportunities for business and most importantly a forced retarding of consumer demand. Something has to give in a recession. Rebates may help the alcoholic for a week or two, a gambler for a day at the track, or a smoker for a few months, but at what cost? I don't want to sound all negative, because some of the rebates will go to good causes and help at least for a short term families that are really feeling the pinch. The answer however, is never in free money give-a-ways! It is a slap in the face of hard working folks that do save for tough times and are prepared to buy the necessities and forgo on the luxuries in order to avoid unnecessary debt.

Lastly, is this the beginning of a series of free money give-a-ways? Will young people begin to depend on the rebates as a source of regular income? What impact does this have on Social Security? Why now? Is there anyway to stop this rebate proposal from happening?
Something is intuitively wrong with free money give-a-ways (because there is a price to pay at some point). The public deserves to be better informed: the rebate remains a debate.
Posted By: jtalbott @ 01/27/2008 9:49:47 PM

Comment: why after we shipped all our jobs to mexico that bush lets all the mexicans come over here ? is it that the jobs didn't go to mexico ? mexico should be flying high , but still they come.
Posted By: keynesco @ 01/27/2008 9:45:02 PM

Comment: Look people, please, at least get the economics right. The reason the Canadian dollar his more valuable in relation to the US dollar is that there have been fewer Canadian dollars in the international market relative to the number of American dollars. It's just supply and demand. More important are the reasons for this glut of dollars. First, we continue to run big deficits in our trade with the rest of the world. How have we done this? Our trading partners (mainly China) have gladly bought up our debt and refused to allow their yuan to appreciate against the dollar - they are worried that if the dollar falls in value (which it is beginning to do) against the yuan, the United States will not be able to afford more Chinese plastic crap. Their economy gets hurt.

Second, the U.S. persists in considering itself the savior of the so called "free world." We have spent billions in dollars and killed God knows how many people in avenging itself for 19 lucky Saudies who managed to proof that you do not need highly trained pilots to crash planes into buildings. This is crazy. Even policemen go broke occasionally and we are broke in this arena.

Third, our energy needs require us to buy oil from other countries - mainly the Middle East - and, guess what? - they gladly take our dollars (for awhile anyway) and this also props up the dollar. If Euros were used to buy oil we would be in the pits and so would our dollar. (Guess who we also buy oil from? You guessed it! Canada. More dollars chasing fewer Canadian dollars means a rising value of the Canadian dollar.

It's not the lack of a Ron Paul or a need to adjust our TV and newspaper reporters and stations or the influence of any liberals or a communist plot. We just can no longer afford to do what we have been used to doing. We are like the British Enpire of old - we are financially unable to sustain purchases of plastic, oil, our soldiers abroad, etc. The dollar will continue to decline (as it should) and we will just have to do with less. Period.

P.S. Ron Paul would really mess things up! Doing away with the Fed and going back to the gold standard would be an economic disaster - you just cannot afford to base our economy on some commodity like gold. There is no automatic salvation. We just need to elect really smart leaders who will recognize economic reality and leaders who will not act like John Wayne.
Posted By: nomadboy @ 01/27/2008 9:41:36 PM

Comment: Daniel Gross should be ashamed. There is no recession. A recession is defined as two consecutive quarters of negative growth int he Gross Domestic Product (GDP). GDP is defined as C + I + G + (X-M) with C meaning consumption, I meaning Investment, G meaning government spending, X meaning exports and M meaning imports. The second quarter of 2007 showed a positive growth in the GDP of 3.8 %. The third quarter showed a positive growth of 4.9 %. The 4th quarter results for 2007 will not be released until January 30th. If it shows negative growth in the GDP (and it won't), and the first quarter of 2008 shows negative growth in the GDP, then will will know we are in a recession the end of July at the very earliest.

The left-wing media can't use the Iraq war anymore, because it's going better than they had hoped, so now they're going with a ficitional recession.
Posted By: calvaryson @ 01/27/2008 9:21:22 PM

Comment: THERE IS NO RECESSION! This is so unbelievable. The democrats along with the media are beating the recession drum so loud and long and so frequently that people are actually starting to believe it. For the record, a recession is defined as 6 consecutive months with a negative growth Gross Domestic Product (GDP). How many have we had as of January 27th 2008? None - Nada - Not one - Zip - Zilch - Zero!! But the Democrats need the economy to be bad so they will have a juicy campaign issue. Unfortuately the media helping them out and Americans are buying it. Sad!!
Posted By: inthenow @ 01/27/2008 9:14:18 PM

Comment: I said all of this and more ten years ago. No one listened. Obviously, my fellow Americans were too busy waving flags and riding what they thought was the gravy train. It is time to hold our leadership accountable and demand the long-term action plan and not an excuse for the direction this country is going. That includes all the pillars in current government, and future administration hopefuls. So far, the proposals they provide for an economic fix border line on the absurd and are nothing short of an obscene juggling act garnished with interest rate cuts that install a false sense of optimism. Then, just when the circus couldn???t get anymore thrilling, they provide a cash hand out to pacify the public and a majority of it will ironically go directly from the IRS to the various financial institutions to which most Americans owe personal debt. Wow, what next...
Posted By: freewolf13 @ 01/27/2008 9:07:01 PM

Comment: america has had leaders that were on the take to special interest groups so long we are lucky we really arent with out food,fuel,and about everything else,the oil crunch started in the 70,s what did our leaders do ,nothing what are they doing today,nothing,but look guys bigger trucks an subs,with higher fuel.in forty years we wont have the oil to run them or the tractors to run the farms,then no food,no jobs,money isnt worth the paper its printed on,then what.no matter who you plan on voting for try to get them to answer why we havent done nothing,or what do they plan on doing.maybe bush is in iraq to give us a few more years of oil.we the people better start thinking or our grandkids will live a very bad life.
Posted By: C. MacLean @ 01/27/2008 9:05:38 PM

Comment: Did we really think we could go to war against a major oil-producing country, underwrite millions of bad-risk mortgages, run up a trade deficit into the billions, and continue to spend trillions more than we save, and NOT trigger a recession?

All of this was predictable, and all of it triggered by capitalism at its most excessive. Greed has ruled the day, and now we are paying the price.

No wonder most of the rest of the world hates us; we have been arrogant, greedy and irresponsible. Too bad it will be our children who will pay the worst price.
Posted By: jchrome @ 01/27/2008 8:55:52 PM

Comment: Here's a good question (that the media won't have an answer for). Why is the U.S. media so short on "facts" when it comes to understanding and/or explaining the global economy? Answer: They don' t care about the facts they just want to sell newspapers, etc. The media reminds me of that commercial about the caveman that pushes everyone else out of the way so that he can be the 1st to buy food (which he pays for with his teeth). When he finally sits down to eat he realizes he's sold all of his teeth. In a nutshell if the media keeps engaging in fact-less speculation then they won't have any advertisers to support their business objectives.
Posted By: Runningbug @ 01/27/2008 8:29:38 PM

Comment: Calls to buy American are ridiculous! I'll buy the best made product at the best price...which cuts out many American products from cars to shoes.
Posted By: firstcitytrading @ 01/27/2008 8:23:39 PM

Comment: Who cares what Europe and Asia do? Their countries are crowded and nasty,so lure em over here and charge them double for everything. That'll take care of the weak dollar. Then build a wall between Canada and the US and make THEIR whiney butts pay full pop for everything for a change. Now that their currency is appreciating vis a vis the dollar they can afford it. The final piece of my plan is to annex Mexico. Let's just get it over with. That eliminates any concern we have with energy cause it belongs to us then. Good supply of labor, lots of nice beaches and enough tequila to make us temporarily forget what the politicians of BOTH parties have done to this country.
- Posted By: marko1965 @ 01/27/2008 22:41:51
  
  Comment: Great idea. Build a wall blocking Canada and the US. Canadians don't want Americans bringing guns into our country and it would put thousands of Americans to work.
- Posted By: Ivey League @ 01/27/2008 21:16:51
  
  Comment: Canda is your largest trading partner and we have always paid full price for everything. When your dollar was worth twice as much as ours, you bought our wood and other natural resources for half price. Who is kidding who here? As for our whining, I think we are rightfully complaining about your weak gun laws and the smuggling of American guns into Canada that are killing our citizens. Maybe that wall between Canada and the US is a good idea though, because people like you would stay in your own country with no universal medical care, a useless expensive war, rampant racism, a bad history of slavery and handguns all over the place. Nothing like Canada where handguns are illegal, healthcare is free and no history of a slave trade. Build that wall fast.
Posted By: christo3 @ 01/27/2008 8:19:11 PM

Comment: Ron Paul is echoing these problems every time he speaks. We need to learn to stop spending and to start saving. Maybe we all should start to give this guy some support because he speaks reality unlike alot of BS that the others speak.
Posted By: nevpat @ 01/27/2008 8:13:42 PM

Comment: What a blatant misleading title! There is no proof that we are either in a recession or going into one anytime soon! Let me guess! Daniel Gross is a liberal who is trying to manipulate people into voting Democrat! What a typical liberal scare tactic!
- Posted By: pinkpanther87413 @ 01/27/2008 22:26:31
  
  Comment: NO I VOTE DEM TO SAVE THE LIVES OF OUR CHILDREN IN A REGION WE CREATED A FRANENSTEIN AS STATED BY MRS BHUTTO IN 1980 IN CONCERNS TO BIN-LAUDEN AND HUSSAIN PAID WITH HIS LIFE FOR VENGENCE AS DID BHUTTO KILLED FOR INSULTING A BUSH!
Posted By: quest @ 01/27/2008 7:56:19 PM

Comment: I am not an expert on economics, however I have been seeing a problem snowballing for years.We have become accustomed to being a nation of credit.We readily crank up the printing presses to put more money into circulation; banks have become big business(new,elaborate ones on every main street corner;too big of a gap between the pay scales on the social ladder;money readily available without much scrutiny; too large of a gap in what lenders are borrowing versus loaning money for; we will see a similar event in the auto industry as the mortgage industry; we are living beyond our means and are we happier???
Posted By: Pepaw @ 01/27/2008 7:46:53 PM

Comment: If we go back to buying American we can buoy ourselves up and let the others figure it out for themselves.
Posted By: Pepaw @ 01/27/2008 7:43:57 PM

Comment: If we go back to buying American we can buoy ourselves up and let the others figure it out for themselves.
Posted By: pinkpanther87413 @ 01/27/2008 7:36:43 PM

Comment: Remember, remembe,r the fith of november.
the gunpowder treason and plot!
I see no reason why the fith of November, should ever be forgot
THERE IS SOME THING VERY WRONG WITH THIS COUNTRY!
IT'S NOT OURS ANYMORE? A DICKTATOR RUNS THE SHOW, AND HE CANNOT BE REMOVED-WHY YOU ASK?? WOULD YOU WANT CHENEY RUNNING THE SHOW? AS LIKE HIS FATHER COULD NOT BE SHOT, OR FIRED! AS DAN QUAIL IS NOT COMPENTENT TO RUN A HOT DOG STAND, NOR IS CHENEY! TO BAD THE CLIMBING POWERS TO BE, ARE WHERE OUR COMPANIES WE MADE RICH, LEFT TO, WHEN THEY TOOK "WE THE PEOPLE" TO THE CRAPPER AND FLUSHED! ANY BETS, BUSH WILL NEVER PAY FOR HIS PROFITERING FROM ENRON, WORLDCOM! AS KEN LEIGH HAS YET TO SEE A COURT ROOM, AND THE TREASONIOUS TRADRES WHO OUTED A CIA UNDERCOVER OPERATIVE, STILL LIVE! SAD!
FROM A VETERAN
Posted By: barro16 @ 01/27/2008 5:20:49 PM

Comment: Media and NBC have been hoping the downfall of the US for decades. Please move to Europe and get it over with.(and take alec baldwin)
Posted By: barro16 @ 01/27/2008 5:19:08 PM

Comment: Media elites have been hoping for a US downfall for decades. This is old hat.
Posted By: lolalaska @ 01/27/2008 3:56:37 PM

Comment: All the more reason to stop breeding....especially since all we seem to do is give our kids EVERYTHING.
Posted By: Ron Paul For Pope @ 01/27/2008 3:22:33 PM

Comment: In anticipation of the new economic order, I have been stocking up on goats. Although some have rotted and some have run away, I believe I am sufficiently capitalized now.

If anyone with some extra cantaloupes would like to trade, please let me know.
Posted By: marko1965 @ 01/27/2008 2:41:59 PM

Comment: I live in Canada and here there doesn???t seem to be a great sense of urgency regarding a severe economic downturn. Canadians may well be wrong, and we could be in for a surprise, but so much of the recession seems to be uniquely American. In Canada's case the economy is still fairly robust; housing prices continue to rise, we don???t have sub-prime mortgages so unless employment numbers drop significantly we are unlikely to see significant home foreclosures and bankruptcies. Most importantly, by not being drawn into a costly and pointless invasion and subsequent occupation, Canada has managed to reduce its debt during a time of economic strength thus providing the strongest antidote to a recession; consumer confidence.
I imagine many other countries have a similar, somewhat optimistic outlook on the future which could present a unique situation where the US must weather a protracted recession virtually alone. While there is no question that global economies are linked and when one is affected we are all affected, I think the severity of effect will be the current administrations lasting legacy.
The real question is whether the US can do something to change the way it has recently spent money and collected taxes. The US is very quick to whip out its credit card to pay for things it can???t afford, but when they need to be taxed to pay their bills everyone acts as though it???s someone else???s problem. This may have worked in the past, but with decades of military occupation costs looming and a large chunk of the population either about to lose their homes or be helped in a costly bailout, I can???t see how the US will avoid a costly, protracted and most likely lonely recession.
Posted By: Watchman3839 @ 01/27/2008 12:30:53 PM

Comment: These same emerging markets continue to climb in population while the supply of global grain and other food supplies continue to dwindle. The economic prowess of China and India will be short lived if production comes to a halt due to mass starvation and civil disorder in the form of riots. The rise in the price of commodities will easily bring the chaos factor in a whole new light. It is a historical fact that nations lacking the basics to survive will tend to put their focus more on military intervention to gain what they lack regardless of the consequences. It is a dangerous climate we find ourselves in, this is however only the beginning.
Posted By: Holly Garfield @ 01/27/2008 10:21:40 AM

Comment: Very good article on the situation. Decoupling may be real, but today the emerging markets are still at the mercy of the US economy, at least with the current level of spending changes. We are still the center of the global finance industry, and that is the weak spot. Hong Kong still echoes Wall St. and Hang Seng changes are roughly 3 times Dow industrial changes. Decoupling is still not enough to buffer the US damage of a recession. It also means that a US recession may cause a global deeper recession. This is the key difference with the past. Now a slowdown in the US can create a global cycle that can feed on itself. The good news is that the US problems seem to stay within the finance/housing industries for now, and sovereign wealth funds have the means, and the interest, to support the US where internal controls may fail. Inflation is under 2.5% for now and unemployment is staying low and flat. As long as US consumers can pay their bills (except for those who are overextended at the start) and US business can keep their bond payments up then we will be able to muddle through with what we have until the damage is repaired.

I do find interesting the situation where the heads of many large financial institutions got into trouble by ignoring high school economics, though. Supply/demand principles and business cycle principles were ignored on the way to the subprime problem. Bond insurers dove headlong into consumer bond insurance, with a completely different type of dynamics. Rating agencies based mortgage backed securities ratings on a bubble that had been developing for years. Builders created an oversupply of houses in an overpriced market. Fortunately, most other industries seemed to keep their heads, and that is what is keeping us afloat for now.
Posted By: lnardozi @ 01/26/2008 6:31:53 PM

Comment:

Ron Paul for the long haul!

Dr. Paul WILL put thousands of REAL dollars in YOUR pocket. Wanna see how?

Dr. Paul???s 4 point economic stimulus plan even includes legislation and is viewable online. http://RonPaul2008.com

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