Quieting the R-word: US economy proving robust
US Features
May 19, 2008, 12:41 GMT
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Talkback
..who knew!
We did
Unless we can get oil down we will hit a recession. The USA can't sustain $70/bbl oil let alone the $120s we have been seeing.
We need to drill in Alaska, off shore, Colorado, the Dakotas and Wyoming instead of exporting trillions of dollars to countries that hate our guts.
We desperately need to knock the price of oil down or there will be a recession.
Just remember it is an election year and these are the same people that told all of us that there was WMD's in Iran. Typical of a neo-con right wing nutjob.
...after 90 days of doom and gloom, perpetrated by theliberal drive-by media template...surprise!...it has not materialized! The Libnazi media:
Bury the story.
The poor sod above seem to think gas was going to stay the same forever, when conserivatives have been preaching domestic production, and refining expansion for 30 years.....stymied by libnazi stonewalling on the permit processes for decades.
Typical Libnazi left wing nut jobs.
'Just remember it is an election year and these are the same people that told all of us that there was WMD's in Iran.'
They are the CIA, MI5, Interpol, the FSB, the DPSD, the BND and the Chinese MSS as well as the companies that sold him the stuff to make it and a whole lot of dead Kurds, Iranians, Marsh Arabs and shiites?
'Typical of a neo-con right wing nutjob.'
' Deutsche Presse-Agentur' are 'right wing nutjobs'? Who knew?
Bush lying...to congressmen and women...who we are expected to believe swallowed it hook, line and sinker.
Doesn't say much for Hillary, does it???
You are right SP4, does not say much for Hillary.
Does not say much for all of the hook, line and sinker crew that greenlighted this war over 'nothing' and the fools that support the dead end fight.
'Does not say much for all of the hook, line and sinker crew that greenlighted this war over 'nothing' and the fools that support the dead end fight.'
Can America Win The War? Yes, We Can!
..The more we see of Obama, the more cracks we see in the facade of that optimism. A new poll from Rasmussen suggests one of the clearest divides between John McCain and Obama:
If John McCain is elected President, 49% of voters say it is at least somewhat likely that the United States will win the War in Iraq. A Rasmussen Reports national telephone survey found that just 20% believe victory in Iraq is likely if Barack Obama is elected in November.
There are very few things the United States government has done more consistently well throughout its history than win wars against our enemies. It's the most basic, traditional function of government - yet the public recognizes that Obama lacks faith that we can win, whereas McCain has proposed a positive vision of victory by the end of his first term. Which is why I think the following would be a guaranteed applause line for McCain on the stump:
Can America win the war against its radical Islamist enemies?
Yes we can!
Can we finish the job our troops have worked so hard and sacrificed so much to do in Iraq and Afghanistan?
Yes we can!
So tell me - why is it that Senator Obama suddenly runs out of hope and optimism when it comes to fighting our enemies?'
But the war isn't the only area where Obama's decided lack of confidence in the traditional functions of our government and the dynamism of our economy leads him down the path of pessimism and a cramped view of the future of American liberty.
Read On...
The most eye-poppingly Carterish of these was Obama's recent declaration that
'We can't drive our SUVs and eat as much as we want and keep our homes on 72 degrees at all times . . . and then just expect that other countries are going to say OK.'
Yes, we can! Obama suffers from a failure of faith in American markets and American liberty, the very same lack of faith that gave us Jimmy Carter and malaise the first time around.
...An interesting part of the Associated Press report on the operations in Mosul to destroy al-Qaeda in Iraq’s last territorial stronghold. Nouri al-Maliki left Mosul and returned to Baghdad when Nancy Pelosi showed up in a surprise visit, and apparently the surprise went both ways. Pelosi sounded like General David Petraeus, although I doubt the suspension of disbelief was all that willing:
The prime minister returned to Baghdad from Mosul — where he has been overseeing the crackdown — to meet with House Speaker Nancy Pelosi, who made a surprise visit to Iraq on Saturday.
Pelosi, a top Democratic critic of the U.S.-led war in Iraq, expressed confidence that expected provincial elections will promote national reconciliation.
She welcomed Iraq’s progress in passing a budget as well as oil legislation, and a bill paving the way for the provincial elections in the fall that are expected to more equitably redistribute power among local officials.
“We’re assured the elections will happen here, they will be transparent, they will be inclusive and they will take Iraq closer to the reconciliation we all want it to have,” said Pelosi. She also met with Iraq’s parliament speaker Mahmoud al-Mashhadani, U.S. Ambassador Ryan Crocker and Gen. David Petraeus, the top American commander in Iraq.
Pelosi, who also traveled to Iraq in January 2007 shortly after the Democrats assumed congressional control, has been a sharp critic of the Bush administration’s conduct of the war and has pressed for the withdrawal of U.S. troops from the country this year.
Let’s see. Iraqi Army taking control of national security — check. Maliki building support from Sunnis and Kurds — check. Congressional benchmarks for provincial elections, de-Baathification reform, oil revenue distribution, and general national reconciliation being met — check.
And Nancy Pelosi acknowledging all of these signs of the surge’s success … checkmate.
hotair.com/archives/2008/05/18/guess-who-realized-the-surge-is-working/
This is because, if it becomes the dems war, she cannot very well wak around saying we're losing.
Democrats - They'll believe anything another dem tells them.
Wake Up America
The dollar has dropped over 40 %
, the euro has gone up from 85 to 155
Profit growth has either slowed or stopped for most of the S&P 500,
and in actual measurable factors we have been in a recession since at least last August 2007.
The price of food and energy is taken out of the cpi,
and if your wondering why your account has nothing in it at the end of the month--gas has tripled---actually it has gone from 10 a barrel in 1998 to 130 barrel now 1300%
Milk-40%
MEAT-35%
eGGS-40% IN A YEAR
Bread and cereal--wheat alone made a run from 4/bus to over 20 before backing off a bit
And to top it off the top 1% now makes 26% of all earnings
With the bottom 50% making 20%
Think about it---By the time you are told we are in a recession---it will be over
If these hook line and sinker persons went into this war for the right reasons, I would contend that it says something about them.
Bush, a straight forward political entity, had nothing to gain by this war, and had everything to lose.
Fortunately, even Nancy Pelosi now admits we are being successful(!?). That means, even if Bush has no brain, it certainly proves he has a backbone.
Johnny McCain, the most honest of all the candidates, is out front (as usual) about this war. He voted for it, endorses it's successful conclusion and is willing to prosecute it to that conclusion. he has never reneged, never offered some kind of backpeddling excuse and takes all his repsonsibility for his actions. Regardless of your bigotry toward republicans, any reasonable person must conclude he is being honest.
Well, ppperfect, we are dealing with a genuine hero here, so what else would you expect?
Hillary has the distinction of voting for this war too. I'd have to say, whatever her reasons, she displayed some backbone in the pivotal moment, regardless of her reasons. The woman, after all, has been the engine of success for the last 30 years. If she wins this nomination, regardless of how, she will have earned it.
That tells me something, pppperfect.
What's it tell you?
Wake Up America
SP4 - we are awake.
The dollar has dropped over 40 %
SP4 - The drop has energized our exports. and is driving american profits with sales overseas. This ia Amnerica's hedge: trade!
, the euro has gone up from 85 to 155
SP4 - A fact that has the euro gov'ts losing bu cu exports daily and has econ ministers crapping their pants.
Profit growth has either slowed or stopped for most of the S&P 500,
and in actual measurable factors we have been in a recession since at least last August 2007.
SP4 - Nonsense real econoimic growth has been in the positive since 2001. The Bush juggernaut econmy has recorded record growth, record tax receipts, historic hih employment numbers, and low inflation. Dow jones stocks and profits are at historic highs. Caterpillar, IBM, and others are recording record profits.
The price of food and energy is taken out of the cpi,
and if your wondering why your account has nothing in it at the end of the month--gas has tripled---actually it has gone from 10 a barrel in 1998 to 130 barrel now 1300
SP4 - the price we pay for 30 years of libnazis stifling domestic production, stifled energy growth, endless regulation, etc. Bush has fought for these things for seven years against the luddite libnazis.
Milk-40% -
SP4:see above - by the way, perhaps the dems can cancel the 300 billion unfunded farm bill now, don't you think?
MEAT-35% - see above - ditto
eGGS-40% IN A YEAR - see above - ditto
Bread and cereal--wheat alone made a run from 4/bus to over 20 before backing off a bit -
SP4 - the result of libnaiz and republicans subsidizing grains-for-fuel. how about that dem 300 billion farm bill???? Get back with us on how it helps to pay subsidies to millionaires, besides buying their votes?
And to top it off the top 1% now makes 26% of all earnings
SP4 - 1% of the wealthiest americans all pay 35% of all taxes. 35% pay 53% of all taxes. If that is not graduated taxation, I do not know what is. We achievers are paying enough. Another fact you had better get used to; when you tax us, we will go into the 600,000 page tax code and shelter the money that is stimulating the economy. Think about that, Adam Smith, and get back to us soon.
With the bottom 50% making 20%
SP4 - With the bottom 64% paying only 50% of all taxes. - If you want to help these folks, get them enough job skills to fill one of the jobs that go begging every day in America: Mechanics, welders, Aviation workers, Oil field service workers, etc., etc, etc. Believe me, if they will train, we can find them work that will make them one of the 35%!
Think about it---By the time you are told we are in a recession---it will be over
SP4 - We were already told we were in a recession and it never happened! We were told how bad the economy was when we had 4.4% unemployment, 4.9% economic growth and record tax receipts. Pick a story and stick to it.
Also, Find another topic you actually know something about.
Man you attacked the wrong person
I am a republican, a conservative, and in the financial business...
I was also in upper management for over 20 years--wrote P&L projections etc.
And I do know 1 hell of a lot more about the economy than you do.
If things are broken, they have to be fixed , no matter what party is in charge.
The misconception you seem to have is that the economy is the total result of the party in charge.
This is not the case.
The economy flows back and forth no matter what, and the most we can do is help it going up , and try to make the fall softer.
All basic materials are traded in US dollars, and when the US dollar drops 40% we in America instantly pay up 40% for those products, plus inflation.
Other countries whose currency has gone up against the dollar may actually pay 40 % less.Get IT??
And as far as your statement that the top 35% of earners pay 53% of taxes----They DAMN SURE SHOULD--THE TOP 25% make 65.23% of all earnings
Therefore they are not paying their fair share--35% paying 53%
25% making 65.23%
And on top of that the average guy pays SS and medicare taxes on 100% of what he makes
The rich quit paying after the first 97k
7% more they are underpaying!
Get over yourself.
You don't know everything.
The top 25% of earners pay an average effective tax rate of 15.86%--not your stated 35%
SP4.............May 21st, 2008 - 18:07:27
Man you attacked the wrong person.
sp4- nonsense, he was exactly who I wanted to attack
I am a republican, a conservative, and in the financial business...
sp4 - so be it. How are things?
I was also in upper management for over 20 years--wrote P&L projections etc.
sp4 - excellent. we need good managers.
And I do know 1 hell of a lot more about the economy than you do.
sp4 - I offer my opinions, offer yours.
If things are broken, they have to be fixed , no matter what party is in charge.
sp4 - I would agree. I have a whole list on where to start. I'd love to see yours.
The misconception you seem to have is that the economy is the total result of the party in charge.
sp4 - I never said that, but others say that here on this website every day. I'd agree that is is the governing party's repsonsiblity to act proactively. That has had a checkered, set of results, don't you think Mr. Director?
This is not the case.
sp4 - see above.
The economy flows back and forth no matter what, and the most we can do is help it going up , and try to make the fall softer.
sp4 - I woud agree that, while we cannot manage a free economy, you can have positive and negative effects on it, by legislation, foreign policy, etc.
All basic materials are traded in US dollars, and when the US dollar drops 40% we in America instantly pay up 40% for those products, plus inflation.
sp4 - only those items in which a currency change happens. I buy stuff all the time that is domestically produced and do not get the currency stab, but it WILL inflate relative to foreign influences (and tarrifs, etc). I realize the manufacturer may, or may not, have hidden costs also due to imported labor or mat'ls). Nonetheless, in the world we live in, that is correct, when you DO buy those foreign goods, hidden or not.
Other countries whose currency has gone up against the dollar may actually pay 40 % less.Get IT??
sp4 - Oh yeah, got it. in other words, if it is american, and you sell it in Europe, their price just went down, if they have to pay in dollars. I even think i've said that.... about 3000 times on this site...That is my point: this dollar 'weakness' has a hedge factor. I don't need to have you agree with me on that, I see it every day.
And as far as your statement that the top 35% of earners pay 53% of taxes----They DAMN SURE SHOULD--THE TOP 25% make 65.23% of all earnings
sp4 - according to your standards....
Therefore they are not paying their fair share--35% paying 53%
25% making 65.23%
SP4 - THAT DEPENDS ON YOUR POINT OF VIEW - WHAT IS 'fair' You're the exec so you should know what you are trying to achieve - WHAT ARE YOU TRYING TO ACHIEVE?
And on top of that the average guy pays SS and medicare taxes on 100% of what he makes
SP4 - TRUE - SHOULD HE PAY LESS??? YOU'RE THE MANAGER, WHO'S GOING TO PAY IT???
The rich quit paying after the first 97k
SP4- NONETHELESS THEY DO PAY MORE.
7% more they are underpaying!
SP4 - OK, but they still pay more in taxes.
Get over yourself.
sp4 - I've heard this all my life. Want to see what runaway taxation will produce???
Not me, I aleready know.
Mr. Director - I've done those things too, and suspect I'm older than you.
I know I pay a bundle. I know someone thinks it's not enough. I know...and so do you director....that once you start making these big earners squeal...they run straight to the 600,000 page tax code, or offshore, and the shelter industry gets the $$ instead of producing the small businesses that are the fastest source of job growth, and tax money, which we desparately need (RIGHT DIRECTOR!?) in America.
You can have it your way sir, but if you are who you say you are, you and I saw it in the 70's....didn't we...we saw the 13% inflation and the 20% interest rates. We saw the 8% unemployment....gas shortages, wage - price controls...a DOW at 800, flat for 14 years....remember Mr. Director...do you?
Ronald Reagan came in, deregulated oil and gas, and it plummeted. He deregulated airlanes; Air travel is so cheap now, it's almost cheaper than staying home! He deragulated trucking and the cost to transport plummeted. He advanced free trade, something I was very against and I was wrong! It works!
Most of all, he paved the way for the leveraged buyout, the single most effective way to get shareholder value up. It transformed, bloated, underperforming co's. with robber-baron exec's (know any?) into lean running companies.
Mr. Director, you are like a lot of folks: you have not decided what you want.That's OK with me, but I've picked a course. I like the new world. It rewards folks with iniative. Perhaps this is why so many are trying to come here.
The fact is, no one thinks the poor should be taxed less than I. If they are not taxed, they will earn and spend more, and not be poor. No one believes in a flat tax more than I. The tax code is rediculous. SocIAl Security? Perhaps you can spend some time explaning to the folks on this site what a debacle of an investment this is, and how the most moderate of plans would, eventually, generate more wealth for them AND the system?
Nonetheless, I have spent a lifetime watching the tax-the-rich crowd, and it always ends up taxing the not-so-rich, because taxing the rich just does not solve the problems and creates so many more. Even folks like Chuck Rangell are now seeing the folly of it. Hopefully, we can see some progress, but I'm not hopefull.
I've offered my beliefs up for judgement, and/or ridicule, you are welcome to offer your own.
Best of luck.
There is any number of thing s that could be done to improve our current situation.
Here are just a few.
1. The biggest problem that caused what we had in the 70’s was the price fixing creating an inflation spring that bit us in the ass a short time later. Instead of fixing the problem they simply tried to muzzle the beast and it broke its chains. We must be sure to allow a free market and not cause this again.
2. Put pressure on congress to drill in Anwar, and run an information campaign to enlighten the public to the fact Anwar is nothing but a huge almost lifeless area, with not even any trees. That it is a very small area of it we need to use, and it could actually supply 7 to 10% of the daily world supply.
3. Drill off of Florida and other parts of the Gulf of Mexico. The Chinese are already stealing the oil 50 miles off the coast of the keys with side shaft tech.--taking the oil from under this country. And we aren’t--crazy.
4. Make an emergency rule that all the unnecessary flavors the refineries are forced to make of unleaded are cut back to the 3 needed. We not produce 34 just in gas--each time they switch over to a new flavor we lose production, and it causes headaches with the inventory of all those types and where they can be sold.
This can be fixed very easy in NO Time, and less expense
5. Put much higher margin requirements on the trading of all commodities--this will have an instant effect of taking out a big piece of the speculation money and let the market be a discovery mechanism it was created to be in the first place.
6. Require SS and Medicare tax to be paid on the first 200 k of earnings instead of 97k, and then on anything over 5 million.
7. If you are in the bracket that makes 65% of the earnings, then you should pay 65% of the taxes---If in the bracket where you make 50 k or below --no tax--make it fair for all not just some.
8. Stop the 300 billion giveaway to farmers (mostly big corp.--the small farmer is mostly gone)This is the amount of the total budget of 7 or 8 average size states--all designed to buy votes, and prop up someone’s earnings that make big political donations.
9. Have a real war on waste in Gov.--ever look at the % of gdp that is paid to Gov. employees--some great--others doing nothing--Example--My local County school district--1 of the bigger ones in the country---Has more management people employed than teachers--at twice their pay??
These are just the smallest portion of things that could make a big change--add Nuclear energy--more wind farms---More loans for small business etc. --the problem is the leadership in both sides of congress doing what it takes to keep their gravy train coming in.
Best of Luck to you also
... I'd even greenlight the crap I disagree with!
You're points are well-made. We have waited on this while we've entertained some of the worst rules and legislation ever passed so now we are finally seeing some common sense come back.
The CEO of Shell was pillorieing the Congress for restrictive drilling and refining laws the other day. I suspect it went in one ear and out the other, but it was good to finally hear.
We are finally seeing some of the scrutiny on the commodities and financial markets that is long overdue. Perhaps we will start seeing this synfuels mess and stuff like Bush's steel tariffs revisited soon. Still, watching this 300 billion unfunded farm stinker float through Congress, with bi-partisan support, just brings me to tears.
Honestly, it would warm my heart to actually renegotiate Nafta, but you can imagine, after looking at this farm bill, what we'd end up with, so I'm uncertain how it would play out.
Maybe this gas thing and the dollar will make us start thinking about our manufacturing and production for the first time in 15 years. This would be encouraging. I get tired of going to facility after facility and seeing nothing but imported plant and equipment, and now, imported employees.
You did touch on something: it's not just fuel and food going up: when the dollar tanks, anything we get overseas gets whacked, too. The dollars value is reflected on what is bought with it and America now imports goods, from auto parts to fasteners to food and then manufactures with them, marks it up and exports it. Good? Sure, but there is a weakness you are correct about: it'd be better to make the parts here, but we've made our bed...on steel, on bearings, and a zillion other things.
Not good.
Stay in Touch.
SP4
What economy is proving robust? What rock have they been living under?
Maybe the 'million dollar' man isn't having a problem with the economy, but, surprise, surprise, a few of us aren't in that catagory~!
The National Association of Realtors said existing home sales fell 1 per cent in March, sparking a sell-off of homebuilders.
Ford Motor Co, the second-largest US carmaker, blamed falling truck sales on the surging price of petrol in the United States.
The blue-chip Dow Jones Industrial Average was down 145.99 points, or 1.16 per cent, to 12,479.63. The broader Standard & Poor's 500 Index fell 18.42 points, or 1.32 per cent, to 1,375.93. The technology-heavy Nasdaq Composite Index dropped 19.91 points, or 0.81 per cent, to 2,444.67.
For the week, the Dow dropped 3.9 per cent, the S&P 3.5 per cent and the Nasdaq 3.3 per cent.
The dollar fell to 63.44 euro cents from 63.57 euro cents on Thursday and dropped against the Japanese currency to 103.39 yen from 104.11 yen.
Gold rose 7.50 dollars to 925.80 dollars per fine ounce.
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