We're in a Recession Because the Rich Are Raking it in

[Peter Parka]

So far nobody has addressed the topic proper and the original auther is american. LMAO

Aileen Wurnoz was American but I couldn't give two shits about what she might have said about USA politics. What's your point other than getting more tokenz for the arcade?

 

[Azazel]

I gained, vast, tremendous knowledge by being obsessed with hating the United States and Thank You.

​

 

[kelvin070]

You should read your article's more carefully.

" The problem isn't that typical Americans have spent beyond their means. It's that their means haven't kept up with what the growing economy could and should have been able to provide them."

For most people (who still earn a full time income mind you) there's isn't enough money to support the household.

Not to mention when the majority of the money is going to wealthy people, those people save it. They're not stupid...sure they have a nice big house three cars and a pool, but they want to keep it.
Saved money does not reenter the economy until the saver has an emergency of some sort.
People in the lower classes (Like myself) can't afford to save money... with the rent and the car payment and utilities, there isn't much left over at the end of the month.

There topic addressed.

The inequality problem has not been addressed for decades. Will Obama's socialist policies help? Time will tell and the window period will be at least 10 years. So for the next 10 years dont expect too much cuz the national debt has already hit $13 trillion.

 

[kelvin070]

Americans’ credit scores at new lows

The credit scores of millions more Americans are sinking to new lows.
Figures provided by FICO Inc. show that 25.5 percent of consumers — nearly 43.4 million people — now have a credit score of 599 or below, marking them as poor risks for lenders. It's unlikely they will be able to get credit cards, auto loans or mortgages under the tighter lending standards banks now use.

http://www.msnbc.msn.com/id/38205674/ns/business-personal_finance/

Like I said earlier it all boils down to savings and living within your means (watch the video pls)

 

[kelvin070]

This is another valid point:

John Maynard Keynes never argued that government should borrow money indefinitely to stimulate the economy. He argued that it should stimulate the economy to reduce fear, so that business activity could begin to return to normal and to get credit markets working again. In other words, government must wait until sentiment improves enough before stepping back and letting the private sector take up the slack. He never proposed that governments borrow so much they dig themselves into holes deeper than BP ( BP - news - people )'s wells. Debts have to be paid back at some point.

http://www.forbes.com/2010/07/07/st...hip-managing-rein.html?boxes=Homepagetoprated
Obama brainwashed and deceived you guys into believing thats more jobs have been created. He will make the same false claim again. Those jobs were created from borrowed money.

 

[kelvin070]

Take the cue from Singapore.
Singapore’s Economy Leads Asia’s Rebound With Record-Breaking 2010 Growth

Singapore's economy grew at a record-breaking pace in the first half of 2010, boosting Asian economic growth that is outpacing the rest of the world.

Singapore's Ministry of Trade and Industry reported yesterday (Wednesday) that gross domestic product (GDP) grew by 18.1% in the first half of the year, expanding 26% in the second quarter from the previous three months, and 19.3% in the second quarter from the same 2009 period.

The rise is the country's biggest since record-keeping began in 1975.

"We have long been bullish on Singapore's growth outlook this year. But these numbers are running well ahead of even our estimates," Frederic Neumann, regional economist at HSBC in Hong Kong, said in a note to The New York Times.

The rapid growth prompted the government to predict GDP will rise 13%-15% in 2010 - almost twice as much as the original 7%-9% estimate and four times the pace of the U.S. economy.

"Singapore will be among the fastest-growing countries not just in Asia, but the world, this year," Song Seng-Wun, a regional economist at CIMB Research Pte in Singapore, told Bloomberg. "Price pressures are already evident and we expect the central bank to be watching if inflation expectations are raised because of these numbers."

 

[Minor Axis]

Assuming I agreed with your conclusions, I gained, vast, tremendous knowledge by being obsessed with hating the United States and Thank You.

I think your ability to have an intelligent conversation in this forum has been compromised. You love criticizing the U.S. while always giving your home country a pass, especially galling in issues where Singapore is guilty as hell.

The problem is everyone here understands your unshakable one-way anti-U.S. disposition. Why should anyone take you seriously? Actually I'm surprised anyone bothers to reply to your posts. I had to force myself to peak in.

 

[kelvin070]

I think your ability to have an intelligent conversation in this forum has been compromised. You love criticizing the U.S. while always giving your home country a pass, especially galling in issues where Singapore is guilty as hell.

The problem is everyone here understands your unshakable one-way anti-U.S. disposition. Why should anyone take you seriously? Actually I'm surprised anyone bothers to reply to your posts. I had to force myself to peak in.

:24: I don't take anybody serious here and I don't expect others too. My topics are all taken from well known publishers. They are being reproduced here with a little bit of crap on my part.

 

[Francis]

Hey TinGirl, don't get influenced by some of the grumpy guys here.

This from the man who ignore people to whom he cannot or is not willing to answer tough questions.. :24::24:

 

[kelvin070]

Hey Minor Axix, you are great man. Soon after your posting the herd will come along. LMAO

 

[Minor Axis]

This from the man who ignore people to whom he cannot or is not willing to answer tough questions.. :24::24:

He's here just for the laughs...Haha. :smiley24:

Hey Minor Axix, you are great man. Soon after your posting the herd will come along. LMAO

At times I do have sympathy for you. Living under a repressive regime has got to suck now and then. See, it's hard to stay on topic with you.

 

[Francis]

[Our economy can't thrive when the richest 1% get an ever larger share of the nation's income and wealth, and everyone else's share shrinks. /QUOTE]
http://www.alternet.org/economy/147469/we're_in_a_recession_because_the_rich_are_raking_in_an_absurd_portion_of_the_wealth/

The way I look at it, you guys have spent beyond your means and there is nothing more left to spur the economy. The US has one of the lowest savings rate and the highest comsumption rates.

Again, your OP missed the point ..

I should read If America Overspent we the rest of the world are in big deep shit!!

If the US was to save like Japan did, Singapore and other nations would become 3rd world nations again.. The world depends on consumer buying power and it best remember that due to the domino effect from nation to nation..

No economy is as consumer driven as the North America one ( US and Canada ).

Your chart is great but tell me, what good will all those products do for you if you have no market to sell them to ? What happens when you have way to many Widgets in stock and too little people to buy them

 

[kelvin070]

Again, your OP missed the point ..

I should read If America Overspent we the rest of the world are in big deep shit!!

If the US was to save like Japan did, Singapore and other nations would become 3rd world nations again.. The world depends on consumer buying power and it best remember that due to the domino effect from nation to nation..

No economy is as consumer driven as the North America one ( US and Canada ).

Your chart is great but tell me, what good will all those products do for you if you have no market to sell them to ? What happens when you have way to many Widgets in stock and too little people to buy them

Thats great contribution there. Awesome. I appreciate contribtion instead of personal attacks. Thamk you :clap

 

[kelvin070]

 

[kelvin070]

Asia has fully recovered and is booming now
Obama's Economic Dilemma: To Spend or Not to Spend

Read more: http://www.time.com/time/politics/article/0,8599,2003961,00.html#ixzz0u2SLgKLp

But the rest of Summers' stack stinks of depressing, and even alarming, news. Job growth has been anemic. Unemployment is hovering just below 10%. The number of people who have been unemployed for more than six months is approaching 7 million, and millions more are believed to have stopped looking. Foreclosures and bank closings are exceeding last year's levels, while home sales have slumped. And the $787 billion stimulus (now revised up to cost $862 billion) passed by Congress last year to kick-start the economy will soon run down, shutting off the cash spigot just as states compound the dampening economic effect with severe budget cuts and layoffs of their own. And that low inflation may be veering toward unwanted deflation. "We had a major economic acceleration coming out of the economic crisis, and it was very impressive," former Federal Reserve Chairman Alan Greenspan said in a July 9 public appearance. "And then it's like we've hit an invisible wall."

Read more: http://www.time.com/time/politics/article/0,8599,2003961,00.html#ixzz0u2SixdR6

 

[kelvin070]

Blame Yourself For The Recession
Here is another story abt living within your means.
http://www.forbes.com/2010/07/15/re...hip-managing-rein.html?boxes=Homepagetoprated

Americans are a frustrated lot these days, casting blame in every direction for the economic mess we're in. Who should we really blame?

Some would pick President Obama, for recklessly increasing the size of government, others his predecessor George W. Bush, for starting two costly wars and cozying to the rich. Some point to Alan Greenspan, as the godfather of financial deregulation. Others blame those fat cats at Goldman Sachs ( GS - news - people ), Morgan Stanley ( MS - news - people ) and other Wall Street banks. New York Sen. Charles Schumer turns to China as the source of all our problems, blaming the Chinese for buying up our debt and producing products better and more cheaply than we can. Huh?

We should all be looking closer to home--in the mirror, to be precise. Much of the blame for the Great Recession belongs with you, me and just about everybody else. As a nation, we came to feel entitled to the high life even if our earnings could not keep up. Somehow the can-do attitude of America's Greatest Generation was replaced by a self-entitled attitude of "I want the best and I want it now." It is time for us to take responsibility and make changes to our policies and consumption habits, or we'll end up mired for decades in BP ( BP - news - people )-like tar balls.