Glenn Beck..."The Great Depression Ahead" Part 1

3-9-09. Glenn Beck talks with the author of the book "The Great Depression Ahead", Harry S. Dent Jr. Its a look into the future and what we might see happen in the coming years ahead.

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News & Politics

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• Glenn Beck
• Harry S. Dent jr

[high5flyer]

Wow! You couldn't be anymore wrong. Take it from true history & someone who actually was a big part of it. Henry Morgantheau (Sec. of Treasury under FDR) said after 8 years of keynesian thinking to Congressional Democrats that the stimulus has not worked! The only difference is we are now in more debt! The truth is both HH's & FDR's spending habits to fix the economy in fact prolonged the depression. It was actually WWII where money went towards a useful purpose that ended the Great Depression.

[lumberjak5010]

The US WILL compete on the world market once our standard of living levels off with all the other countries. It's simple math. To sell a car or tv to someone making $3000 a year, the maker has to be earning the same amount or be priced out of the market and not be able to sell his product. Our union auto workers are making 65 times what an auto worker makes in China or India. Who will buy an American product that costs 65 times what the same product costs in most other countries?

[dannydarias1]

@bmer650 That is wishful thinking. Just go to any shopping center and you will see how many of the stuff we use daily is made in china. So tell me which way you want China's currency to go? Up, prices here will rice (who wants higher prices?), down, prices go lower (they are stealing our jobs!). 2 things need to happen to solve this. Either China obey human rights, forcing their wages and producing prices higher accross the board or we end up with much lower wages in the US. Not rocket science

[bmer650]

@dannydarias1 China is a currency manipulator, and the Chinese government is subsidising Chinese businesses to destroy the rest of the westerns worlds ability to compete. The Chinese GVMNT is giving money to Chinese firms to buy up western factories and businesses. Do you really think that products we buy are much c heaper. We are being DUPED, Big USA corporation that are selling out the USA are making bigger a bigger profits, China is now selling direct retail this will kill our economy

[dannydarias1]

@bmer650 I wish this country was able to play on a level plain field, but how is that even possible? How can a US worker compete against an average income of approximately $3000 dollars a year. By making Chinese products more expensive you are only making matters worst for the same people you are trying to help. Prices will shoot up. The only way for the US to start being more competitive is by cutting taxes and stopping the free-loading now.

[bmer650]

@dannydarias1 this is such a short term view first we can not afford tax cuts,  all the big corporations will do is spend that money saved overseas. If we make Chinese products more expensive this will spur homegrown investment and will provide a long term solution for our economy.

all i am talking about is a fair playing field here. We cant sell our products in China without either starting a JV where the foregn brand can only own 49% or buy paying +100% duty on imports into China

[dannydarias1]

@bmer650 The only thing we gain from higher tariffs is higher prices for consumers and corporations, which will turn mean less jobs. It's like saying we need higher taxes. Let's be honest with ourselves and face reality, we cannot compete with Chinese wages.The only thing that the US government can do that will actually make sense is a massive TAX CUT. This will immediately increase corporate spending and spur job growth. Lower tarriffs can also help companies import raw materials = more jobs.

[bmer650]

@dannydarias1, yes this will timulate home grown product manufacture and create jobs. We are loosing our middle class. The countires backbone. And all because big corporations are making short term big profits from making crap in China.

The US will loose its place and the military disctaorship that is China will soon dominate the world.

The USA usualy rebounds stronget than before. Not this time our foiundations have been given to China. Corporations have become to powerful

[dannydarias1]

@bmer650 I see, so are you suggesting that we slap higher tarifs on imports from China? If that's the case, bad move. Consumers will suffer with higher prices. Not a good idea. Just let the economy collapse now and avoid all the long pain.

[nhbright]

Harry said seel the market short in November. This would have been a bad move.

[bmer650]

Why are we so weak in the USA... You try and import any product into China. It is almost impossible. If you do the duty rate is around 100%. Why dont we do that for all Chinese made products? I'll tell you why big business is making huge but short term profits, but this will kill the US in the long term. Why are we so scared of China? China wants to control raw materials, manufacture and now importation and retail, look on EBay and see all the Chinese factories selling direct to end users