Worse than the Great Depression

[tubeyou9878]

So the rich go bowling, and the rich go to all the stadiums and ball parks? The rich number maybe 1% of the population. Sure they spend money, but they are concentrated. The rich aren't spread out everywhere. Most of them live in the cities. The poor buys all the gas, fast food, clothes, cars and most just want to get by. Poor people only need a garden and gun to go hunting, maybe fishing pole. The rich need huge sums of cash. If the poor quit going to the movie theater and watching TV

[tubeyou9878]

This next depression the rich must pay with their businesses destroyed. It's time to make others pay instea dof poor people all the time. Poor people could figure each Cop killed would probably ge tthem $500 in cash. A business man might have a few thousand.

[jjrglobal]

@tubeyou9878

You stupid piece of shit the poor have never paid for anything, how could they? They have no money. The businesses you want destroyed are the same businesses that provide the goods and services that ALL of us rely on to live. How bought we just kill you and people like you for freeloading? You fuckin bum

[tubeyou9878]

@jjrglobal yeah.and.those.same.businesses­.that.push.for.war.to.make.mon­ey.Theones.that.make.anything.­that's.used.in.war.Those.shoul­d.be.destroyed.

[uzijohn]

@tubeyou9878,

I could tell exactly "who you were" by the ignorance and stupidity of your comment!

Time to put down the keyboard, go get some "Malt Liquor" and leave the thinking to those better equipped.

[lennhart]

@jjrglobal Check econ 101. Wealth is created ONLY by 'work'. Every major economist form Marx to Milton Friedman are agreed on this point. Declines in GDP are --by definition --DECLINES in work. Check the vast stats available at the Bureau of Labor Statistics, the U.S. Commerce Dept - B.E.A. and the Census Bureau: EVERY DEMOCRATIC ADMIN SINCE WWII as presided over greater job growth and GREAT GDP gains than has ANY GOP administration since World War II.

[lennhart]

@lennhart Moreover, the long term effects of the GOP policies of Reagan, Bush and Shrub have resulted in the FACT that China, literally, OWNS OUR ASS! Check the CIAs own World Fact Book. CHINA with whom Bush, in advance of Nixon's cermonial trip, laid the groundwork for what has come to pass, i.e, CHINA is atop the CIAs list with the WORLD'S LARGEST POSITIVE CURRENT ACCT BALANCE. Guess what: the U.S. is on BOTTOM with the largest NEGATIVE C.A.B., formerly called the balance of trade defcit.

[Hellserch]

We have to stop deluding ourselves in the developed world and recognise that we are coming against natural and unnnatural limits: energy, manufacturing, industrial production, climate destruction, the list is relentlessly boring.  This Depression or World Descent is something that nobody can escape, due to the interconnectedness of the planet and the determination to maintain the madness.

[fridaysabtu]

Please watch my video

It's about climate change, earth catastrophe and our planet as we lives in.

Does climate change can affect economy growth?

watch?v=j7I_eFoIk64

[horny4Utube]

so true and only 10,ooo views. No one cares. They're all going to sit there and buy their cash for clunkers cars and bribe induced homes and then become indentured servants to China when the their wealth overpowers our debt.

[manlyinternet]

I'm from New Zealand and its clear to me the USA is and will be the sole global power for at least the next 100 years, Its time people stand back give the US the credit for providing the globe the stability needed for international trade, the very trade that will drive the next boom. Just don't lose your job or you'll be burning your laptop to stay warm and cook your food.

[jjrglobal]

I'm not sure how you are drawing these conclusions. New Zealand Australia, and asian economies should recover much more quickly than the US. US stocks are over valued, most don't even pay dividends.

[brianpez]

forget wingmills this country better start making gin mills. No manufacturing ,big govt.,higher taxes, Higher unemployment .wow. Bernanke theory on how to get us out of this mess based on the last depression wont work. Times have changed its called globalization. We were an industrial nation back then now were just a bankrupt creditor nation that makes nothing. The next 20 will look nothing like the last 20 . much work to be done. will get much worse before it gets better. Oil the guns my sheep

[kahanasam]

US is totally bankrupt - stone broke.

What is left of the liquidity in the system has been siphoned off over the ponzi schemes based on hedonics and imputation on accounting services in the USA.

The future = today in Britain - British Airways asked the staff to work for free for one month.

The USA infrastructure has been left to rot. Driving big ole trucks have wasted billions. Oil will go the highest bidder and America won't be able to afford to eat.

This man speaks the truth.

[themeaningoflife38]

the banking industry is legalized fraud

[Melville10]

I imagine Goldman Sachs wasn't pleased seeing one of their former employees tell it like it is.

[nima99saha]

are we in a depreasion?

[jjrglobal]

We're not yet, but it is unavoidable. The more the government does the worse it will be. Keynesian economics doesn't work, free markets do.

[moniequa]

I don't know why people are so negative, at least Obama is trying to do something for the country.

[cmoursler3]

I dont know why you all so negative, hey you know a loaf of bread is 3000 dollars, are you using your left leg cause I am reallly hungry.

[moniequa]

I'm sorry I really can't tell if we are in a recession, depression, deflation, inflation, or excitation. I see no shortage of food, oil, or houses but I do see people buying stuff they don't need, homes they bearly can afford.

If you're hungry go to soup kitchen there is plenty of food there.

[cmoursler3]

hi, I am not hungry yet. I don't plan to be as I am setting aside food storage. My little tongue in cheek post isn't about now. It's about two years from now. We are monetizing our debt. I don't know if you understand that, we are buying our own debt and we are printing money, kind of like you take a pitcher of cool aid and dilute it. That is what we are doing with the dollar, weakening it. This causes first deflation, then hyperinflation. Check out the what happened with the cont.

[cmoursler3]

weimar republic in Germany. We are making our dollar worthless, therefore it will take alot more of our dollar to purchase items. However, because we are facing massive layoffs and people don't have jobs, grow therir own food, and in debt up to their eyeballs, they aren't going to be in a position to buy these goods at greatly increased prices. In the twenties, the germans were burning money and eating bark. It can and is happening here, just cause you can't see it yet, doesnt mean it isnt.

[moniequa]

If we are in a depression why people are still buying, really I don't see anybody riding bicycle or walk to work. I do see people driving big expensive cars to malls and buying expensive stuff. Suites are still 500 a piece.

[Spurgeon687]

He has spent more money in 100 days than every US President combined. He is borrowing 3 Billion dollars a day!!!!!! We will NEVER be able to get out of debt. He is trying to make people dependent on the government so they will vote Democrat.

[moniequa]

Well because we love to spend he is just doing what we love to do. People are still buying

[Spurgeon687]

do you understand that the USA is broke? The money you see being passed around has been borrowed. When you spend on your credit cars things are great until the bill comes. Hyperinflation is on the way and then a loaf of bread will cost $200. Thats when Obama will direct you to a government food line and you can salute him.

[Mongodelight]

the great depression was a walk in the park compared to the storm thats coming now

[Mongodelight]

why the hell dont u buy gold and silver bulllion now on your credit card?????? huge inflation will eat the debt up while the precious metal will skyrocket. i know it will happen. do it. do it. do it. dont be a fool.

[moniequa]

Why do you care if people buy gold or not? What in it for you? Do you know that gold, just like oil, is in a bubble too?

[jjrglobal]

Thats exactly what I've been saying. Leverage yourself to the hilt, it will likely be an easy payoff. School teachers in Zimbabwe make 3 trillion a month on a dollar that just a few years ago was close to a USdollar. Makes it pretty easy to pay off a five million dollar house

[sankofa669]

@Mongodelight Maybe you can answer this questions for me, how can people except Federal Reserve Notes (so-called u.s. dollars) for Gold and Silver bullions when the FRN's are not worth anything? Why exchange useless papers for precious metals? What sense does that make?

[lennhart]

@Mongodelight considering the fact that free market/GOP prezzes have presided over every U.S. 'depression' and/or 'recession;', I would suggest you re-examine your prejucide re: the 'free markets'. Secondly, cite a SINGLE instance in which Keynesian principles have failed! Are you quite sure you know what Keynesian economics is. Have you actually READ Keynes? Have you actually considered the sorry records of every GOP regime since WWII?

[jjrglobal]

@lennhart

So you're attaching Keynes to the Democrats? Well thats your first mistake. You think Hoover was Laissez Faire and FDR's policies were 180 degrees of Hoovers, when the fact is FDR took the exact same Keynesian type policies of Hoovers and simply made them bigger. You want an example of Keynesian principle failure. The Great Depression, the stagflation of the 1970's, and every other time his ideas have been tried. Tell me when Keynesian ideas worked

[lennhart]

@jjrglobal not necessarily. I simply cited the overall DEM record vs GOPPS. However, I have read enough Keynes to know that Keynes, famous for his 'landfill analogy' would not have supported NON-PRODUCTIVE stimuli, i.e, those which wind up in tax havens offshore. Keynes understood and supported the labor theory of 'value'. Keynes WOULD never have supported 'supply side' or 'trickle down theory.

[jjrglobal]

@lennhart

Explain "Trickle Down "theory and why you believe that it doesn't work or explain how a demand driven consumption economy can possibly work without supply. Demand doesnt mean shit, theres always demand, which is why supply side economics is correct. Ive never heard of a damn thing trickling up.

[lennhart]

@jjrglobal Trickle down is a MYTH that tax cuts will 'trickle down', stimulate investment, create jobs. THAT HAS NEVER HAPPENED.Every Dem president has presided over greater GDP and job growth than GOP Prez since WWII. Job Growth Per Year Under Most Recent Presidents Johnson 3.8% Carter 3.1 Clinton 2.4 Kennedy 2.3 Nixon 2.3 Reagan 2.1 Bush 0.6 -Bureau of Labor Statistics, Current Employment Statistics Survey With every supply side tax cut, the economy has contracted.

[jjrglobal]

@lennhart

First of all, its retarded to gauge any policies success under any presidents actual term. As I'm sure you know policy doesn't effect the real economy immediately, it sometimes takes years for business to react.,so concentrate on the long term logical effects. Does an employee have a better chance of getting a raise if their employer has more money in their pocket or less money in their pocket?

[lennhart]

@jjrglobal That's a bullshit rationalization. EVERY GOP candidate has always held a DEMOCRATIC president accountable for his performance. Economic effects are very rapid in an electronic economy. In fact, employees have NO CHANCE of getting a raise when ELITES are funneling monies OFFSHORE. You INDULGE the ILLUSION that the U.S. is still a productive nation. Clue --the U.S. is on the BOTTOM of the CIAs world fact book with the WORLD'S LARGEST NEGATIVE Current Acct Balance.

[jjrglobal]

@lennhart

Just because political parties hold incumbents accountable doesnt make it a good measure of success. A law passed today WILL NOT result in a hiring or a firing tomorrow, it is ridiculous to think that it does. Your concentrating on politics, I'm concentrating on reality. Why do you suppose that corporations offshore jobs? You think they're just unpatriotic pricks, or perhaps other countries are more business friendly with lower tax burdens. Giving more money to the gov. wont help.

[lennhart]

@jjrglobal Nonesense. The figures are compiled by various government agencies using the same statistical methodogies that are used by every economist, think tank or university. These are the numbers that you get at the BEA, the Bureau of Labor Statistics and the U.S. Commerce Dept. Businesses and universities cite these figures.

[lennhart]

@jjrglobal Why should I 'explain' trickle down theory? It's not my theory; I would not want my name on it. I am NOT debating THEORY. I posted reulst proving that 'trickle down' theory has NEVER worked in practice. If you think so, prove it.. 2) EFFECT on wealth distribution can be described mathematically; when I'm done with my equations. I won't put them on YouTube. The equations will describe the EFFECT of tickle down theory; I leave EXPLANATIONS to republicans and witch doctors

[jjrglobal]

@lennhart

The only way that I know of for any employee of any private company to get hired or get a raise, is for that company to be successful, and profitable. When the government takes more money from a corporation or the "rich" they are diminishing the profits for the company or the person who owns the company, thereby making it more difficult for the co. to hire or give raises to employees. Unless you get a check from the gov, the only way for you to get ahead is by higher company profits

[lennhart]

@jjrglobal If folk were getting raises during all those GOP years, then why do living standards decline during GOP regimes. Secondly, is being out of work during a recession preferable? I ask that because EVERY recession/depression AT LEAST since WWII has occurred during a GOP regime. I have previously posted the govt's own stats which indicate that EVER DEM regime has presided over GREATER GDP and JOB GROWTH than ANY GOP regime at least since WWII.

[jjrglobal]

@lennhart

Statistics can be made to mean whatever you want them to mean. An example that has been used recently is the stagnate "household income" during the Bush years.Household income only grew 4% during Bushs term, yet personal income grew by 51%. The reason household income fell is because the number of income earners per household fell by the exact same percentage of the difference between the two statistics.Statistics dont mean shit , so dont let them overrule common sense

[lennhart]

@jjrglobal It is a TIRED OLD CLICHE that stats can be made so ambiguous. Stats can produce CURVES and analyzed with calculus thus removing ANY ambiguity. The transfer of weath UPWARD to just ONE PERCENT of the total population, for example, is NOT a mere matter of interpretation; it is a MATHEMATICALLY demonstrable fact of American life.

[jjrglobal]

@lennhart

Wealth is not merely transferred from one class to another, wealth is also created. The important part of your statistic that you leave out is that even though the gap between the top and bottom may have grown, ALL classes have increased their wealth. You would rather everyone get poorer so long as it decreases the gap, where as I would rather the poor get richer as the rich get richer, even if that means a bigger gap between the two, everyone is still better off.

[jjrglobal]

@lennhart

I think you give the presidency far more economic power than it actually has. A president in office cant effect the economy to the degree that you believe he can. Look at the crisis we have today, you can date the problems we have all the way back to FDR and his idiotic Fannie Mae, or even to Woodrow Wilson and the creation of the Fed. It takes years or decades for policy to effect the real economy, unless you do something stupid like scare the hell out of employers with uncertainty.

[lennhart]

@jjrglobal Theory theory theory...I posted FACTS. And the facts are inarguable. WEALTH HAS NEVER TRICKLED DOWN following a GOP tax cut. Rather --the OPPOSITE has occurred. The rich have gotten richer and EVERYONE else --including you --has gotten poorer.

[lennhart]

@jjrglobal but your definition of success is a form of CORPORATE SOCIALISM, i.e, fascism in which ONLY corporations SHARE THE WEALTH that is transferred upward when UNFAIR tax burdens are placed upon individuals. I believe in INDIVIDUAL FREEDOM but corporations are a mere LEGAL ABSTRACTION, words on paper despite the idiotic decree by SCOTUS that betows upon mere words on paper PERSON-HOOD! Absurd.

[lennhart]

@jjrglobal Any study of the stats proves that TRICKLE DOWN theory has NEVER worked. You don't have to argue THEORY with me to prove me wrong --just SHOW ME THE VERIFIED AND OFFICIAL STATS that prove that what the GOP BELIEVES will happen, happened. Problem is: the STATS prove OTHERWISE and they do so conclusively. Only an IDIOT or a Republican believes in TRICKLE DOWN THEORY.

[jjrglobal]

@lennhart

Only an idiot would believe that wealth trickles up. Poor people dont typically employee anyone. Poor people aren't responsible for economic growth. Unless you get a check from the government I dont see how the government stealing money from the private sector can possibly benefit you.

[louis12346]

Obama and Peloski & Bush are on credit card shuffle scamBarack is asking you to bend over just a little more. BARACK OBAMA SUPPORTED THE BANKER BAILOUT , ALONG WITH HIS PAL JOHN MCCAIN, THAT IF DIVIDED TO EVERY WORKING PERSON WOULD BE $55,921.05 CHECK IN THE MAIL.

8.5 TRILLION DIVIDED BY 152 MILLION WORKING AMERICANS!

No man escapes when freedom fails;

The best men rot in filthy jails.

And those that cried "Appease! Appease"!

Are hanged by those they tried to please

,___,

[O.o]

/)__)

-"--"-

[dylanbryson]

1920 recession, they did nothing. came back around very quickly. 1929, they tampered with it... world depression. i wish politicians would read a history book. wouldnt matter because they want this to happen though. depressions have been scientificly created since 1913

[lennhart]

@dylanbryson recessions are caused when wealth does NOT trickle down, instead contracts, concentrating in very few hands. Supply side economics does NOT work because elites simply invest their windfalls OFFSHORE --NOT in expansion or new jobs. Besides, the U. S. occupies the bottom of the CIAs World Fact Book with the World's Largest NEGATIVE current acct balance, formerly called the balance of trade deficit. China, which supports the dollars, is on TOP with the largest POSTIVIE c.a.b.

[aviomaster]

722 military bases around the world ,, LARGEST USA military base outside USA , camp "BONSTEEL" built in KOSOVO 1999 .. HUGE ... FOR WHAT .. WHO is paying for all of this .

[classicgamesarcade]

In the 30's most people didn't have mortgages, credit cards that's why it could be worse.

This guy knows his finance.

[browbill]

I get the erie feeling we are in for a lot more than S.S. failing. The entire system will fall apart if our government messes this up. So far they are risking hyperinflation, and have not put a dent in it yet.

[dave777blaster]

The only way to settle the mess is allow SS and SA to fail.

at least until the economy is greatly improved.

this will lessen the burden on the economy

Its a harsh measure but it will allow breathing room .

I tend to believe it is really worse than the Great Depression .who will pay the quadrillion in derivatives to keep the banks afloat .

The whole world is in for a very rough ride.

buckle up your seat belts

[dave777blaster]

SA and SS checks to fail in 2009

[tito2b2]

What the hell happened to Fred. He looks like shit and malnourished. Maybe the depression hit him first. For Christ sake Freddy, eat some cabbage!

[sungmee45]

Watch your mouth, do not take my Lord Jesus Christ name in fain. He did nothing to you. Don't you know you will stand before the Lord and be judge. Repent and seek his forgiveness.

It will get worst! I wouldn't be surprise what he said to be true.

[tito2b2]

Jesus is my Lord. But He's no GOD as much as you think he is. Why can't you just accept other people?? Fat americans need to stop eating pizza!

[FGTBOGSAT]

Watch the Peter Schiff videos. He has been pretty accurate in economic forecasting.

[ShmuelSpade]

You should at least add the keyword "Reuters" to this.

[RP4409]

This guy is a crock of shit...he is one of the crooks...

"the fed did it" period

[lezlitaz]

so....does he think the banks issuing these cards and credit dont know the risk....or could it be that the risk and result are known and planned

[jjrglobal]

The issuers know the risk, but with cheap money through low interest rates they can still make a killin. They get money at 1.25% and charge 17%, as interest rates go up, and they will go up, these lending standards will tighten considerably.

[lezlitaz]

i agree

[libertyeconomics]

This guy misses the point. The promiscuous lending is a SYMPTOM of the Fed pumping "liquidity" into the loan market.

[jjrglobal]

I agree. The poor lending standards are also a symptom of the Community Reinvestment Act that was really pushed during the Clinton Admin., and Freddie and Fannie didn't even follow any of the same rules as regular banks creating moral hazzard in more ways than one.

[lennhart]

@libertyeconomics the point is that banks lend MONEY that does not exist.

[sharpsteve2003]

Great post 5 stars shared and posted around.

The Federal Reserve, Stealing the American Dream since 1913.

[automaticAEV]

what do you guys think of faz or fas for hedge??

[realdlj]

I have used the tripple long etf's i think they are awesome.

[automaticAEV]

what one would you buy today?