Robert Reich: Recession to Last 2-3 Years

[vsnips]

Robert, your a racist sumbag

[Panpiper]

'Spending' is not the panacea of the economy. 'Savings' are every bit as much spending as anything else, except savings get spent by those who borrow the savings, specifically investment spending. The politics that emphasizes spending above all, effectively 'de'emphasizes investment. And we wonder why the economy is in a crisis. The current economic crisis is the result of absolutely fallacious economics by economists who don't know the first thing about economics.

[rigoletto68]

Shiller NYT June 6th

"HOME prices in the United States have been falling for nearly three years, and the decline may well continue for some time. Even the federal government has projected price decreases through 2010. "

[rigoletto68]

Bright man....good to hear the truth for a change...this type of media is banned form the mainstream news.........sad....

[macdogq]

well said.

[MeBoReDsOiLoGiN]

Robert Reich is HORRIBLE!!! look him up and find out for yourself.

[jboogie2192]

Im moving to japan. LOL. Hell nah but I do think things shall get better but he is true.

[davidmesaaz]

It will the way that we are handling it right now...

Barney Frank is giving money to banks that are in his district.

We really don't know what Obama will do with the Banks. Is he going to tear up all trade deal? Raise taxes?

[wavernr]

And he proposes to do this by giving jobs to folks who don't want them? He's not a very bright feller is he?

[snappa52]

People are discouraged because they keep getting refused by employers, or there is no work. It is not because they dont want to work.

[phnixlady]

Absolutely. Firstly, no jobs! 2, It is hard to get in, new requirements, off-the-wall certifications in every tiny task, and ageism/racism are rampant here in CA. I would not need the certifications if I just got here, tho. Argh. l,p

[pmamae1]

Slash Taxes acroos the board, cut the capital gains tax in half and pull the troops out of Iraq and Afghanistan. Poof, economy will be on it's way to recovery.

[rspark09]

Agree on taxes, but War booms economy with jobs and manufactoring, our problem is we sold all of our assets to foreign interests.

[kbr7171]

Reich refer to people wwho think this will turn in 4Q '09 or 1Q '10 as Pollyana'a and then goes onto to say that he believes it will last 2-3 years. Well We've been in a depression since Dec '07 so if it turns on 4Q '09 or later that's TWO YEARS!!!!

[JXjohn]

save first, then spend what you have.

[alfy1234]

I guess we will keep printing money forever. Here comes the 50.00 loaf of bread. Maybe he's not seeing the same things some of us are.

[allgoo19]

According to the definition of "recession" in econimcs, economic downturn continues for 2 qtrs.(6 mon).

If it keeps going for 2-3 years, it's not a recession any more. It's a depression.

Why people are afrid to use the term? It's exactly what it is.

[stargen5]

recession, depression, self-fulfilling prophecy...that's why you can talk yourself into a real depression, and even worse...that is why people cannot talk about it.

[ApocalypticMetalHead]

Robert Reich predicts shit, he knows no more than the average couch politician. To say this recession/depression will get better in 2-3 years is an easy thing to do.

[stargen5]

Of course he is full of shit! He gets paid for giving speeches...not for doing anything for the economy. What do you think he's doing there.

[FoShizzle951]

Not really. People predicted in the 1930's the Great Depression would last 2-3 years. Obviously, they were wrong. So Robert Reich could be right.

[ApocalypticMetalHead]

"Could" being the key word here, that's my point.

[changiz110]

there is no recovery as long as there is off shore accounting and banking.

rich dont pay tax

[Dutch2123]

OK, Just went out to FORA's website. This speech was filmed on January 14th, not the 21st. So this was taped before the Banks almost collapsed again. At this point we can only hope for the best, but prepare for the worst. It's going to be a long road to recovery!

[pmamae1]

I do not believe this war is "booming" the economy too much. Simple fact is that the current wars are "low-intensity" conflicts. They aren't like WWII where the nation is on a "total war" footing producing thousands upon thousands of tanks, ships, and trucks here at home. Most of the stuff these days gets refurbished. I do not believe a lot of stuff is getting replaced. There aren't any new M1A1 tanks getting produced to replace the ones haji is blowing up. The only profiteers are KBR, etc.

[BRYAN351]

pmamae1, the last time I heard, no M1A1 Abrams tank has EVER been destroyed in combat. The tank (as well as their crews) are just that damn good. This is why none have been replaced.

[pmamae1]

In the words of Animal Mother "Flush out your head gear new guy". ...Your statement was correct back in Desert Storm Days when we were fighting Army vs Army, but Haji HAS infact blown up quite a few M1A1 Abrams in Iraq over the years. Especially in 2004-2005.