Obama: 'Millions of jobs' in danger next year

It was the business as usual: Dem administration undo what the previus Rep administration did and Rep admin undo what the previous Dem admin did.
www.nytimes.com...

In the case of Bush undoing Clinton, he allowed nearly no-holds-barred scenario -- get rich any way you can with my blessing. He was a fair guy though; he wouldn't forget about next-door Marge and made it possible for her and millions of others to buy a house. The economy got busy building houses, and since the economy machine must be oiled to run properly the demand for oil went up. (I suspect that as an oil man, he could pass the word on the oil pumping guys to take it easy and let the price of oil go nicely up, so the rich would get richer.)

When it turned out that next-door Marge actually couldn't make the mortgage, oil demand went down.

I will always remember George Bush as a generous guy who sent me a check -- some economic stimulus package. So I don't like the idea of Obama undoing Bush's policies.

You just made my night dear, please tell me that the quote above is just your way of been sarcastic.

Because if not you have a lot to learn about your politicians and from where the crumbs they throw to the hard working tax payer comes from and whom are the ones paying for those crumbs and the big piece of bread to the rich .

We are trickle down economy after all Google that one.

According to Biden, J.O.B.S. is a three letter word.

Whether it's Millions or Trillions doesn't matter because now that Obama is Prez everything will be free, remember?
.. who needs a job anyway?
Jobs are so old school.

Enjoy Utopia Eloi.

I can't be more sincere than that.

So you think that Obama got no plans for his rich Exxon friends, right?

Now think about it. When supply doesn't meet demand, prices are going up. About a year ago, George Bush figured that the oil prices were going up too fast and might hurt the economy. At that time, next-door Marge had a hard time to make the mortgage on her house that George said she could afford. When she would be faced with still higher gas prices, she would be late with her mortgage payments. In other words, George Bush saw the mortgage bubble bursting, putting Marge and his rich friends in the investment banks in jeopardy. So he ordered new oil fields to find and new drilling done to increase the oil supply an keep the gas prices from going up.

But Exxon didn't like this idea at all for obvious reason. What to do, what to do?



Do I have to tell you more? Yes? Okay . . .

Obama will not stop undoing just Bush's policies; he will also undo Lincoln's policies in his second term and sell our white asses to Kenya.



[edit on 11/23/2008 by stander]

I'm really getting tired of hearing about Bush. Let him fade away already

reply to post by FearSoul

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Your signature should be changed.
The President governs, not rules.

The problem with falling prices is that there are two sides to everyone's story: The side the spends money and the side that earns money (or gets it from someone else's earning).

Sure, falling prices may be good from a spending perspective, but from an earning perspective they become disasterous. Your bread may be cheaper, but imagine you work at the bread factory. Over there, because prices are lower they are getting less money flowing in, so they have to cut costs, which usually means laying off people. Then those people out of work have less money to spend, which means more prices falling across the board, and thus more people losing their jobs in other businesses, making the problems worse, etc. Soon you have millions out of work in every industry and trade, and nobody spending anything. Industry grinds to a halt, money vanishes into thin air. This is a "depression."

The problem gets worse when you consider debt. If you have any debt, inflation is great because it "melts debt away." Many people bought houses in the 1970s for, say, 50 K that they could (until recently) have sold for 500 K. Meanwhile their mortgages remained the same over all those years, even though the value of their house went up ten times. So when they sold, they reaped huge rewards and profits. But if prices are falling across the board, it becomes harder and harder to earn the money you need to pay off your debts. Rather than melting, in deflation, debts become ominous, doubling or tripling or more in terms of how hard it is to pay them off. Think about how much debt there is right now: Among consumers, businesses, and the government. At every level, the globe is drowning in debt. This makes falling prices much scarier.

It seems funny to many to talk about deflation because we see so much news about the crazy amounts of money our government is creating and giving away: 200 billion here, half a trillion there, etc etc. However, at the same time there is massive loss of money in the stock markets, the housing market, and other forms of investment/earnings. Right now, it looks like more money is being destroyed than is being created. Something like $10 trillion has disappeared from the stock market since the beginning of this year. That's more than all the government bailout money so far, many times over. When you factor in the real estate market and international markets, (never mind derivatives, which is still a frightening unknown even to the "experts"), the picture is even grimmer.

So, although the debate is still raging, it looks like deflation, rather than inflation, may turn out to be the real problem next year and beyond.


[edit on 23-11-2008 by silent thunder]

Cheap is good, especially for this up and coming generation. Everything is going to be so cheap by the time I'm out of school that I'll be buying up everything like an land baron and laughing about it.

You won't be buying much if you can't earn ir borrow the money to buy it. When everything gets cheaper, everyone has a harder time making money (and borrowing money). Businesses have less money to hire new grads: they are usually firing people in such times. Or maybe you are one of the lucky few "independently wealthy." If so, your money is probably tied up in the stock market or the real estate market. Take a look at the news: falling, falling, falling. Even the rich (most of them, anyway) are losing their millions like butter melting in the sun.

Sure, there's always a few lucky people who can somehow make money in any environment (The Kennedy family made much of its fortune in the depression, for example). But for 99% or more, its going to be harder and harder to be a "land baron." Roll the dice, son: those ain't good odds.

[edit on 23-11-2008 by silent thunder]

reply to post by silent thunder

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I'll just leave you to contemplate your response... but not before I rub it in.

[edit on 24-11-2008 by cognoscente]