Today in the economy

[Kirkland Laing]

There's no point posting the day-to-day stuff. Everything is fucked and getting worse. The forecast is shitty with increased risk of shitty.





It's all Obama's fault.

....that's about the jist of what Warren Buffet said

The facts and the evidence appear to indicate the opposite. I'd ask you to provide evidence for your claim but we both know I'd be wasting pixels.

You don't think over half a million jobs lost every month, huge falls in production, global trade halving, huge and increasing losses by the banking system, the freezing of 40% of the world's credit, etc. etc. are having any effect on the stock market?

[Kirkland Laing]

[El Kabong]

Oh you're always sooo right Kirkland and that's why a larger Capital Gains Tax, Cap and Trade regulations, and taking away the secret ballot for unionization will really help our economy....those are the points of contention that Buffet has and I am sure he has those for a good reason.


No one is saying anything bad about Obama (because they have seen what happens to guys like Santelli and Cramer, Barry sicks his thugs on them) only about his policies which are bad for the economy....sorry to tell you but Buffet a HUGE Democrat said Bush and Paulson did the correct things.

[Kirkland Laing]

Oh you're always sooo right Kirkland and that's why a larger Capital Gains Tax, Cap and Trade regulations, and taking away the secret ballot for unionization will really help our economy....those are the points of contention that Buffet has and I am sure he has those for a good reason.


No one is saying anything bad about Obama (because they have seen what happens to guys like Santelli and Cramer, Barry sicks his thugs on them) only about his policies which are bad for the economy....sorry to tell you but Buffet a HUGE Democrat said Bush and Paulson did the correct things.

It's amazing how much wrongness you manage to pack into a few sentences.

Higher capital gains to 1990s levels will have as much effect on the economy as they did in the 1990s, a period when America saw its fastest economic growth for decades, balanced its budget, didn't suffer a financial meltdown and consequent depression, etc. etc.

Cap and trade and greater unionisation will both help the US economy greatly. They won't help corporate profits but seeing how corporations have just made Americans their indentured servants for the next couple of decades I don't think there'll be too many tears shed for them by Americans except for the clueless ones who listen to talk radio and are told that lower capital gains taxes for centimillionaires and billionaires will help the economy (against all the evidence of the last twenty years).

Nobody set any "thugs" on CNBC. All that happened was that a bunch of comedians took the piss out of them. You can watch the second and third parts of the pisstake here :

Jon Stewart Rips Into Jim Cramer Again (VIDEO)

Jon Stewart Slams Jim Cramer, Whole NBC Family (VIDEO)

The only Obama policies that are bad for the economy are the ones where he's carrying on Bush administration policies, like with the financial crisis. Everything else is a good policy. I didn't hear you complain when Bush was bailing out the financial system with ten trillion.

And Buffett isn't a Democrat. He's an independent.

Everything is fucked Lyle as you'll eventually realise. And you're going to spend most of your working life paying tribute to the government to pay the debts run up by slightly more legit versions of Bernie Madoff. But none of this is Obama's fault. He's making mistakes which will cost you more in the long run but the hole we're in wasn't created by him, it was created by the GOP over the last eight years.

The markets will continue to reflect the current situation, which is that the debts are so great that there isn't a political solution to the crisis, or even if there was it isn't affordable, or maybe there just isn't a solution. That's where we are right now.

[El Kabong]

Kirkland in the 1990's the economy was on the rise and not on the decline.....do we not need people to invest in these companies that are having troubles? Not all of them deserve their low prices.....I may just sink a couple hundred bucks in GE right damn now

We need to be rid of the Capital Gains tax all together.

Sure John Stewart can rip on Jim Cramer because EVERYONE knew the debt ratio of Bear Sterns and it was common knowledge that a business that was at the top of their field since 1923 was going to fold. John Stewart and Stephen Colbert are pretentious assholes who really don't mock news anymore they are news...Chris Matthews and Keith Olberman aren't far off from Stewart just a 100% in the bag for Obama pundit who doesn't care about anything other than riding that wave of fan approval.

Are you sure it's just a coincidence that anyone who says anything negative about Obama is just attacked from all sides

1. Rush, sure he's the opposition but he's not an elected official and doesn't represent any vote against Obama. Neither W nor his people ever attacked Chris Matthews or that fucking prick Keith Olberman.

2. Rick Santelli, he's just a trader or a trader and a guy who is on tv he's irrelevant to Obama but he must have touched a nerve to get called out BY NAME by Robert Gibb who questioned what type of house Santelli has.....WHAT THE FUCK?!?!?! What type of House does Obama have and how much did he end up paying for it, I can bet you neither you nor I could get such a sweetheart of a deal.

3. Jim Cramer...ok so Cramer said for people to buy Bear Sterns, worse things have happened.

John Stewart has said and done some stupid shit before too I am sure, yet he figured he was fully qualified to bitch about Republicans or those people who simply disagree with Obama.

It's amazing that the same fucking people who have the "Dissention is the highest form of Patriotism" bumper stickers and the people toting the water for Mr. Obama.

[Kirkland Laing]

Kirkland in the 1990's the economy was on the rise and not on the decline.....do we not need people to invest in these companies that are having troubles? Not all of them deserve their low prices.....I may just sink a couple hundred bucks in GE right damn now

We need to be rid of the Capital Gains tax all together.

Sure John Stewart can rip on Jim Cramer because EVERYONE knew the debt ratio of Bear Sterns and it was common knowledge that a business that was at the top of their field since 1923 was going to fold. John Stewart and Stephen Colbert are pretentious assholes who really don't mock news anymore they are news...Chris Matthews and Keith Olberman aren't far off from Stewart just a 100% in the bag for Obama pundit who doesn't care about anything other than riding that wave of fan approval.

Are you sure it's just a coincidence that anyone who says anything negative about Obama is just attacked from all sides

1. Rush, sure he's the opposition but he's not an elected official and doesn't represent any vote against Obama. Neither W nor his people ever attacked Chris Matthews or that fucking prick Keith Olberman.

2. Rick Santelli, he's just a trader or a trader and a guy who is on tv he's irrelevant to Obama but he must have touched a nerve to get called out BY NAME by Robert Gibb who questioned what type of house Santelli has.....WHAT THE FUCK?!?!?! What type of House does Obama have and how much did he end up paying for it, I can bet you neither you nor I could get such a sweetheart of a deal.

3. Jim Cramer...ok so Cramer said for people to buy Bear Sterns, worse things have happened.

John Stewart has said and done some stupid shit before too I am sure, yet he figured he was fully qualified to bitch about Republicans or those people who simply disagree with Obama.

It's amazing that the same fucking people who have the "Dissention is the highest form of Patriotism" bumper stickers and the people toting the water for Mr. Obama.

If you eliminate CGT you just create another bubble, but more importantly you cost the country revenue which has to be replaced. But before I bother explaining the whole thing explain to me why abolishing CGT is a good idea. Explain exactly how it would benefit the economy. Nobody is going to invest in anything just because they won't eventually pay as much tax on any profits. Reagan cut CGT and investment fell to the lowest level since the US civil war. Clinton raised it and investment hit record levels. Why does the evidence disagree with you?

Bear folding was not common knowledge at all. If it was common knowledge why were the clowns who do stock punditry claiming it was a good investment the day before they went bust? Name one person who publicly said Bear was shaky even two weeks before they went bust.

Rush Limbaugh has publicly said he hopes the president fails, at a time when America is still fighting two wars. If somebody had said they hoped Bush failed a few years ago what would the reaction have been?

2. Santelli is a failed trader who is famous for standing on a stock exachage floor berating people who got 2% of a ten trillion bailout while surrounded by people who caused the crisis in the first place and then got 98% of the bailout and who would all be out of work if they weren't bailed out. That's why there's so much mockery of him.

3. You admit it was just people taking the piss and no thuggishness invlolved, excellent.

Don't forget to explain how abolishing CGT would help the economy. Use facts and evidence only in your answer and don't forget I'll be using them in my reply. Unless you can actually make a coherent argument you'll just end up being horribly wrong again.

[killersheep]

3/12/09

France - CPI

Actual0.40%|Forecast0.20%|Previous-0.40%


The Consumer Price Index (CPI) determines the rate of inflation (i.e., the rate of price changes) experienced by consumers when purchasing goods and services. An upward trend has a positive effect on the country's currency. CPI is one of the most closely watched indicators and will usually have a high impact upon release.The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates to bring prices down. Higher interest rates attract foreign investment, thus lifting demand for the country's currency.

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Switzterland - Interest Rate Statement

Actual-|Forecast | Previous0.50%

Four times per year the Swiss National Bank (SNB) Governing Board meets to set the nation's short term interest rate (i.e., "three-month libor"). Shortly after the meeting they release a statement that contains the decided rate, a brief commentary of the economic conditions that effected their decision, and most importantly, clues regarding the outcome of future meetings. The decision on where to set interest rates depends mostly on inflation. The primary objective of the central bank is to achieve price stability; when inflation rises above an annualized rate of approximately 2%, they will respond by raising interest rates in an attempt to bring prices down. A rising trend in interest rates has a positive effect on the nation's currency. Short term rates are the paramount factor in currency valuation; traders look at most other indicators merely to predict how interest rates may change in the future. High interest rates attract foreigners looking for the best "risk-free" return on their money, which can dramatically increases demand for the nation's currency.

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USA - Core Retail Sales

Actual0.70%|Forecast-0.10%|Previous0.90%

Derivative of Retail Sales that omits the Automobile Sales component. Retail Sales with the exclusion of this volatile component is thought to be a better indicator of the underlying trend in consumption. Automobile Sales make up roughly 25% of Retail Sales, but they can be very volatile from month to month and can distort the picture.

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New Zealand - Retail Sales

Actual-|Forecast-0.10%|Previous-1.00%

Determines the worth of sales at the retail level. Traders pay close attention to Retail Sales as it is usually the first significant indicator of the month that relates to consumer behavior and is susceptible to surprises. A rising trend has a positive effect on the nation's currency as Retail Sales make up a large portion of consumption, which is a key driver of the economy and has a sizable impact on GDP.

[killersheep]

Kirkland in the 1990's the economy was on the rise and not on the decline.....do we not need people to invest in these companies that are having troubles? Not all of them deserve their low prices.....I may just sink a couple hundred bucks in GE right damn now

You do know that after the IPO of a stock new monies in DO NOT go to fund the company, right?

[Kirkland Laing]

Kirkland in the 1990's the economy was on the rise and not on the decline.....do we not need people to invest in these companies that are having troubles? Not all of them deserve their low prices.....I may just sink a couple hundred bucks in GE right damn now

You do know that after the IPO of a stock new monies in DO NOT go to fund the company, right?

A catastrophic global financial meltdown is the only time ever investors don't care about how much tax they pay on their gains. What with them losing half their wealth in the last year and a bit they don't have much in the way of gains taxes to pay right now. They're scred right now and all they want to do is not lose any more of their wealth. The capital gains tax is the least useful tax cut that the government could make as it would have zero effect whatsoever on the current situation, it'd just be another multibillion dollar giveaway to the wealthiest 1% to go with the all the others that there have been since 1980. But that's why the GOP want it! It doesn't matter what the economic situation is, their answer to everything is always to cut CGT and income tax.

And the facts and the evidence show that tax cuts since 1980 have progressively severely damaged the US economy. The reason the economy is so screwed right now is that far too much of the economic pie goes to a small number of people who don't spend it, something that would create economic growth for everyone, but invest it, causing bubbles to form in bloated capital markets. And then burst. The last time wealth was so concentrated at the top as it is now was 1929. Go figure.

Right now the GOP don't even believe in cutting CGT. when it was obvious the economy was slipping into recession in 2008 Bush cut taxes as a stimulus but he only sent a cheque to people making 50K or less. That's because they'd spend it, pumping money into the economy unlike GCT whose recipients would save or invest it. When his back was against the wall Bush didn't cut CGT or income tax he mailed a cheque to Americans who most needed it, what Obama is getting criticised for now. But that's what needs to happen right now. A massive redistribution of wealth from the wealthy to everybody else in America.