Quote:
Originally Posted by sailaway21
Once again rick displays that his economic knowledge begins and ends with the "shift-4" key of his computer. Either of those two assumptions are preposterous on the face of it and it's hardly worth explaing why to someone not listening..
|
Of course I listen. I just don't agree with you and these days it appears I have some pretty good company. When the Federal Reserve, and the Secretary of the Treasury set policy that I happen to agree with, apparently they can't find "shift-4" either. I'll take that level of economic knowledge in a New York Minute.
Quote:
Originally Posted by sailaway21
That housing markets are in disarray and starts at a sixteen year low just might have something to do with the fact that there is already a tremendous over supply of new, uninhabited houses on the market. But then, Rick has always thought that the economy begins and ends with housing..
|
Oh boy, where do I begin. Have you read nothing that I post? Talk about not listening Sailaway.
Yes this crisis began with real estate, it was caused by real estate and by real estate alone. Or to be more accurate it was caused by the financing mechanism put in place to handle the mortgages. Catch up on your reading sir. Our system has frozen over the inability to determine the quality of underlying mortgage backed securites. To Illustrate the point. The two Bank failures in the last 4 days. Both Carlyle Group and Bear Stearns folded because of mortgages. This is the crisis. It has how did you put it? "begins and ends with housing." Your attempt to foist the failures of our banking system on my shoulders is confusing at best. I have been out in front of issue and attempted to explain what was going to happen to our economy to this group 100 times since last August. You just didn't listen.
Quote:
Originally Posted by sailaway21
Interesting factors that make the relative strength of the economy impressive: Crude Oil over $100 a barrel-can't imagine how that would effect the largest industrial economy in the world. There are two wars going on. Unemployment is at historic lows. Don't bother preaching to me your version of the unemployment numbers; I live in Michigan which leads the nation and we're at 7%, a very low number historically speaking. People are leaving Michigan for work elsewhere and that's the good news; there is work elsewhere. In the meantime, the rest of us in Michigan continue to get up and go to work even though the auto industry is in the dumps and has been..
|
I can't believe you wanted to type this. Look at what even you are saying. Crude oil over $100 a barrel? Sailaway, who do you think caused that to happen? Democrats? This administration caused this by starting a war in Iraq they had no business starting. And to suggest that 7% unemployment is a good economy, shows what you think of your neighbors who can't find a job. Maybe if that happened to you there would be at least some understanding of the pain this can cause.
Quote:
Originally Posted by sailaway21
The economy is bigger and more complex than anyone can understand or even imagine. The only thing that we're really good at is saying what it did six months ago and, even then, our impressions are subject to revision. That Rick continues, inexhaustably, to focus on his travails in the Florida condo market reminds one mostly of a welfare queen confronted with an empty Cheese-Doodles rack at the 7-11. That I persist in answering him doesn't say much for me either.
|
What we do understand is the economy can not function without financing. Or have you not noticed that our leaders are in full panic over this crisis and the man you spent the last 6 months quoting in this forum has now done a 180 and disagrees with you as well.
I'm surprised at you. You live in one of the states that's been hit the hardest and yet do nothing to study why this happened to the people of your state. It turns out you're just another republican rat who's shocked that the lights have been turned on and you have no where to hide.
While you're pondering this why don't you take out an ad in the local paper and tell your neighbors how you don't want the dollar to fall so that Ford and GM and Chrysler can export more autos and put them back to work. If I were you, I wouldn't put my name or address in that ad.
At least Ben Stein found the backbone to put the blame where it belongs. There's a lesson in there for you Sailaway.