Contributors to this thread:
Are We Headed for a "Great Depression"?
"Over 1,100 leading economists sent a letter to President Donald Trump urging the president to reverse course on recent trade tactics — lest the US repeat one of the biggest mistakes of the Great Depression.
The letter, organized by the conservative-leaning National Taxpayers Union, warned that recent tariffs and trade protectionism were harmful to the US economy. The economists cited a 1930 letter that warned Congress against passing the Smoot-Hawley Act, a large package of tariffs that many studies cite as a major reason for the depth of the Great Depression."
I still have mixed feelings and hope he just gets a better deal with our trade partners. We will see.....
We discussed this in my economics program a few years back. It was brought up as an item of discussion and yes, it could happen again. Only this time it would pale the Great Depression.
So now the lefties want an economy by consensus too!
Except for government interference, the Great Depression would not have been so great. Our history has been scrubbed so many times that reality is hard to come by. This country used to suffer from a much more volatile economy so there is plenty of historical examples. For instance, there was an equally bad depression in 1920 which the government did nothing about and it corrected itself in less than 18 months.
Let the free market work without all the idiot politicians trying to control things and, yes, on the small scale, we will have more corrections, but overall we will have a more stable economy without being forced to carry buggy whip manufacturers into the 22nd century, if you will.
Some people think we just had one. The difference between 1929 and today is there is lots more gov't social safety net spending than there was then. People don't hardly notice a down turn. What do you call an economic condition that adds more people to welfare and food stamps than at any other time in history? I'd call it a depression...
Will we have another one? As sure as it will rain somewhere today...particularly at the debt levels we see today. And not just federal debt. Personal debt is way up (mostly credit card and student loans), corporate debt is way up (bond issues and just plain old borrowing)...Some people think the next down turn will occur when the bond markets wake up and start treating a lot of corporate as junk, which a lot of it is.
Upward movements in long term interest rates will bankrupt some of these over extended companies because they cannot pay back the debt they have today at current rates and with higher interest rates appearing to be on the way, they won't be able to refinance today's debt at lower rates.
Downturns in the markets are a natural process of capitalism. The down turns are supposed to be used to flush out the weak hands. Instead the powers that be have been propping up the weak hands and letting them continue to go further and further in debt. The problem is, unlike the Federal Government, these weak companies cannot print their own money or influence interest rates. Market forces will eventually catch up to them...JMO
No....but if you are worried about your investments in the stock market there is an easy solution; rotation.
You can hedge, buy/sell or rotate your investment allocation when the market is over sold...or vice versa. Before the "buy and hold' crowd blasts that strategy....I'm not talking go all in...then sell everything at the perceived peak.
There are happy mediums where you may not always outperform but you protect a significant amount of your assets from a huge drop.
"Some people think we just had one. The difference between 1929 and today is there is lots more gov't social safety net spending than there was then. People don't hardly notice a down turn. What do you call an economic condition that adds more people to welfare and food stamps than at any other time in history? I'd call it a depression..."
BINGO!!! My property lost A ****ING THIRD of it's worth, my business and most all the other in my industry shrunk, and the foreclosure rates of people who for DECADES had no trouble paying their mortgage skyrocketed. In a way it was a blessing that my dad passed away 8 years ago so he didn't have to live through TWO depressions!
Record exports cut US trade deficit to $49 billion by AP3 May 2018640
WASHINGTON (AP) — Record exports trimmed the U.S. trade deficit in March, the first drop in seven months in a massive gap that President Donald Trump is determined to shrink with an aggressive America first policy.
The Commerce Department says the trade deficit — the difference between what America sells and what it buys in foreign markets — slid to $49 billion, down from $57.7 billion in February and lowest since September.
Trump has vowed to bring down America’s massive deficits, which he blames on bad trade agreements and abusive practices by U.S. trading partners.
Exports rose in March to a record $208.5 billion, led by shipments of civilian aircraft and soybeans. Imports slipped 1.8 percent to $257.5 billion.
The United States ran a $20.5 billion surplus in the trade of services such as education and banking. But that was offset by a $69.5 billion deficit in the trade of goods.
Top administration officials are visiting Beijing this week for talks aimed at reducing America’s huge trade deficit in goods with China, which fell 11.6 percent in March to $25.9 billion. Trump is threatening to slap tariffs on up to $150 billion in Chinese products, and the Chinese have targeted $50 billion in U.S. products, including soybeans and small aircraft.
The administration is also seeking to renegotiate the North American Free Trade Agreement with Mexico and Canada, and has slapped tariffs on imported steel and aluminum.
Despite the reduction in March, the trade gap is up 18.5 percent to $163.4 billion so far this year.
The president views trade deficits as a sign of economic weakness that can be brought down by more aggressive trade policies. Most economists say they are caused by bigger economic forces, mainly the fact that the United States consistently spends more than it produces.
The trade gap has continued to rise since Trump entered the White House partly because the U.S. economy is strong and American consumers have an appetite for imported products and the confidence and financial wherewithal to buy them.
Ultimately time will tell, but right now I think I would trust a person who's spent their entire working life in the private sector MAKING MONEY over some idiotic career politician who is about as qualified to run the American economy as I am doing brain surgery, and this INCLUDES the equally incompetent TV talking heads and their "polls". And this goes for BOTH sides of the aisle.
April unemployment 3.9% .... Trump Approval 51% ...
Previous to the election of President Trump we had 12 years of liberalism with 4 years of a nation recovering from a terrorist attack before that. Thank God we had conservative leaders like Newt Gingrich before that to force Slick Willy to follow their lead to a degree. Of course this nation was facing economic peril, and we have struggled. This nation was poised for a great economic recovery and then OBOZO was elected. That America hating race pimp set us back years, instead of a booming long term recovery we could only pee out a shadow of that. Now we have a president who has set the stage and created an environment for great economic prosperity. The swamp, led by the likes of Mueller and the liberal power snakes in Congress, are attacking Trump at every turn trying to not only slow him down but throw him out so they can once again seize their power. Every citizen in this country should be cheering for President Trump, he has every career politician and every blind dumb sheep against him.
Trax , holy crap can you sling some BS. Bill Clinton presided over an amazing economy thanks to tech and Silicon Valley. Newt was a reptile standing in the way.
But this one really made me spit out my bourbon. “The nation was poised for a great recovery before OBOZO was elected...”.
Dude, we were losing over 200,000 jobs a month and hundreds of thousands of homes were going into foreclosure per month. Banks were about to shut their doors and all 3 car companies were about to go under. And do you think that would’ve solved itself? At least be a man and admit Obama stopped the bleeding. Hate him all you want but don’t be factually incorrect for the sake of a few pats on the back from some yahoos. You’re better than that.
y f IMposter. You are a LYING, PHONY, FRAUD. Can you put anything on here that isn't a LIE??? And to think that you think Trump LIES. You make Trump look like a saint. 8^)))
,"....... holy crap can you sling some BS."
You must have been looking in a mirror when you typed this! You are ****ing nuts.....really. Get some help.
What a F’ing idiot...Pat, get rid of the fool!
MT in MO's Link
Slick Willy Clinton was just smart enough to bow to the likes of Newt Gingrich, Dick Armey and John Kasich. Willy was clueless but he signed Newt’s legislation which balanced the budget. Newt’s Contract with America was everything Willy was against. Parasite Barack Hussein OBOZO is perhaps the dumbest person to ever reside in the White House, but that is not what makes him the worse president. Obama is an America hating race pimp, a statist and socialist who was selling we the people and our sovereignty as a nation to the global cabal. His goal was to see this nation sink so other “less fortunate” could rise. He is and was a traitor. Economies run in cycles, administrations can only lessen or increase their effects. OBOZO was in a great position to see this country boom with new business and prosper, we were entering a cycle of recovery. He instead created an environment that stifled business growth, sending business overseas and incentivizing retraction instead of growth. He took an opportunity for record setting robust growth and flushed it down the toilet like one of his stinking turds. He has been a blight on this nation, a cancer. Blind dumb sheep like Paul Zeidan continue his work, sheep like him are the turds I speak of.
Pretty interesting article that pretty much explains why one should not trust everything the economists say...
Yes, this country has been running on the edge of a big financial default, $20 Trillion + $200+ Trillion of unfunded liabilities and fiat currency it is not if but when. Social engineering from LBJ to current city, county,state and Fed without balance budget control is coming due. What is sad the real estate mortgage is back to no-doc that what brought the housing market down, Canada is going down the same road now. Illinois taxes of 100% are just paying the state pension program and it is or about to be rated in junk bond status. Gold/silver, Bible and bullets are going to be the only safe investments. As I referred once before, Trump will either go back to the Gold Standard or call a Jubilee which will cause some pain but will stop the death spiral. Anyone else has a better solution out of this let here it. Money talks and BS walk and PZ is disqualified from this discussion since he is a good socialist-progress-communist.
Do the math. What happens when the interest on the national debt becomes so big that it overwhelms the rest of the budget. Government will try to inflate their way out of it.
Kevin ,(and anybody else's thoughts also),
What's your opinion of the recent tax cuts regarding the national debt?
They should have been accompanied by even larger spending cuts.
Let's all remember that Al Bundy scored four touchdowns in a single game while playing for the Polk High School.
Haha! You so called fiscal conservatives got sold out by a con man that convinced you that the debt and deficits only matter when a Dem is in Office. Years from now history will remember who blew the deficit up and who voted for it. Congratulations. You own this now.
y f IMposter. "You so called fiscal conservatives got sold out by a con man". Hey i didn't vote for obama. 8^)))
PutZ, in typical Soros-DemocommiE fashion, you are all too conveniently forgeting Obama's DOUBLING of the debt!!
Wont I love it when Obama and all his cronies end up in pink jump suits picking up trash along the highway for Joe Arpaio.
I've seen Clinton speak after he was president. His comments would be easy to find.
He admits to presiding over one of the biggest booms in history; the internet revolution. made his job real easy with money flooding in....though he left out that part. In fact the speech I saw he emphasized finding the "Next Internet" boom.
I think its funny how almost all of these politicians think. They never want to run a tight ship....just always looking to spend money on something.
I also think its funny that so many polarized citizens get bogged down in Trump debate when Congress is the real problem.
Woods, where are you that property values dropped by a third?
I might have to take a road trip.
I was not fooled by anyone. Trump is what I expected in some areas, in some, better than expected. And no, I did not vote for him, nor did I vote for the evil queen.
and yet, the Trump economy is still on a roll and this country is better off than it has been in over 8 years ... and buttwipe libs like PutZ would love to put an end to this ...
Economic collapses are orchestrated by the FED. Policy of this sort does not cause collapse. If a collapse does occur, the excuse (for public consumption) may well be connected to this policy but (as in 1928-1930) the real reason is FED policy.
According to my personal education experience, Great Depression thesis topics are up and running among college students. It’s an extremely actual topic. Since a trade war with China is increasingly global, another actual issue is small business development problems. So It’s no wonder that marketing plan template
is the most popular search request among students looking for homework help at AnswerShark
Well glory be.....we have yet ANOTHER talking anus here on the CF to go with Paulabe and Fruitfly!
No, just a spammer. Trying to drive traffic to her text link.