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I believe Goldenboy is missing the point, we have 140 million working Americans today that are better off than the working Americans were in 1981-82 because of low inflation and low interest rates.
Unemployed are always going to be worse off regardless of the recession severity although their unemployment compensation is going further today than it did in the 81-82 recession. He is missing that reality.
So Obama can do anything during his Presidency in terms of policies and never take the blame for their results? Wow, that is a great gig....
j-mac
Bull****! First off, you do not even understand the relationship between asset prices and inflation/disinflation. They didn't have to bail out nearly every western financial institution on the plant in 1982. No, that didn't come about until the S&L crisis (which can be directly attributable to the policy objectives of the Reagan administration). There was a reason why adjustable rate mortgages were prohibited.
See the "Garn–St. Germain Depository Institutions Act 1982".
Do you understand the relationship between unemployment and low/disinflation? If not, you are in no position to make such an argument.
To be fair, the lobbyists have always had (at least in the last 30 years) special access, and since the corruption cannot be controlled by either the lobbyists or the government as they're symbiotic to each other and the corruption it breeds - I can't see a way for such special access and consideration to continue without the byproduct of the corruption.I don't disagree with you on the level of corruption that exists in the government as it pertains to our elected officials being bought off by special interests in today's climate. However, corporations as such being made up of people, ie; the board, which answers to shareholders that invest in these companies do have interests that they would like to see protected especially in today's Obama world of destructive policy aimed at them.
What is different say, from a corporation like say Boeing lobbying the reps on capitol hill over regulation that effects their bottom line, and say OOIDA lobbying on behalf of truckers in this country?
j-mac
What you ignore is the impact on the individuals and with 140 million working Americans they are all better off during this recession than the 81-82 recession due to cost of living.
Why did the 60's conservatives oppose the JFK/LBJ tax cuts???Nope, we need more taxpayers not higher taxes and that is something you simply cannot get through your head. Raising taxes does nothing to put people back to work. You just don't have a clue and obviously have never run a business. Cutting spending sends a dollar to the bottomline just like cutting spending will reduce the deficit because the revenue keeps coming in. Amazing lack of knowledge about business that many have here.
You are missing the forest for the trees. Were people in better financial shape during that period? Where consumers more or less indebted than they are now? Did Americans witness the value of their homes collapse while still being contractually obligated to make payments on a mortgage that far exceeded the value of their homes in 1982? Did the financial system essentially fail in 1981/1982?
NO! You had people actually taking out 17.5% mortgages! :lamo Must have been tough.
I just love the lack of understanding the educational elite have about human behavior and cost of living. Keep reading your books and keep ignoring reality. Do you understand how the misery index affects people? Were you better off in 1981-82 with high inflation, high interest rates, and rising unemployment than you are today? Your speculation is just that, speculation. Keep ignoring the facts and human behavior. How are the working Americans worse off today than they were in 1981-82? How are you worse off today than then?
Bailouts actually were uncalled for in a private sector economy. The short term pain would have led to a stronger economy today. Obama and liberal micromanagment of the economy is typical and makes things worse as did Bush with the bailout.
people were dumping their homes faster then than today and the working Americans were suffering more then than today. That is reality. Very few were buying homes because of the high interest rates so it was tough, a lot tougher then than today when there are lines for the latest IPhone.
Unless you weigh in the fact that inflation is being artificially suppressed right now through the printing of worthless money
Taking this view, the 1981/1982 recession was worse than the depression because you had high inflation. From 1929 - 1933, prices had decreased by 50%; so taking your view, it must have been a blessing for Americans to watch prices fall.
Wait, you mean to tell me that inflation also takes into account asset valuation such as real estate, commodities, investments, etc...?
Prove that foreclosures were higher today than they were in 1981/82. Prove that less homes were being purchased in 1981/82 (on average) than today.
You may now attempt to weasel out of actually supporting your argument with something other than talking points.
Noticed the only one weaseling out is you, are you worse off today than you were in 1981-82? That is what people today are seeing and feeling thus the very low JAR of Obama.
Prove that foreclosures were higher today than they were in 1981/82. Prove that less homes were being purchased in 1981/82 (on average) than today.
You may now attempt to weasel out of actually supporting your argument with something other than talking points.
You can't blame one person for the economy.
I blame Obama for being incompetent about his understanding of the private sector economy and his strong desire to micromanage the economy from a strong central govt. and then people like you supporting him.
Okay, so we don't blame Obama then?
Noticed the only one weaseling out is you, are you worse off today than you were in 1981-82? That is what people today are seeing and feeling thus the very low JAR of Obama.
Many homeowners already are at the financial edge:
43% of American households spend more than they earn each year.
– Homeownership Preservation Foundation data of 60,000 homeowners
52% of employees live paycheck to paycheck.
– The MetLife Study of Employee Benefit Trends: Findings from the 2003 National Survey of Employers and Employees, November 2003.
Nearly 42% of all American households do not have enough in liquid financial assets to support themselves for at least three months.
46% of American households have less than $5,000 in liquid assets, including IRAs.
- Asena Caner and Edward N. Wolff, “Asset Poverty in the United States: Its Persistence in an Expansionary Economy,” Levy Economics Institute of Bard College, 2004.
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