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Archive for Sunday, April 13, 2008

U.S. economic ‘crisis’ is overblown

April 13, 2008

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— During presidential elections, when candidates postulate this or that "crisis" for which each is the indispensable and sufficient cure, economic hypochondria is encouraged, so a sense of suffering is rampant. Recently The Wall Street Journal, like Joseph Conrad contemplating the Congo, surveyed today's economic jungle and cried, "The horror! The horror!"

Declines in housing values and the stock market are causing some Americans to delay retirement. A Kansas City man had been eager to retire to Arizona but now, the Journal says, "figures he'll stay put for another couple of years." He is 59.

So, this is a facet of today's hydra-headed "crisis" - the man must linger in the labor force until, say, 62. That is the earliest age at which a person can, and most recipients do, begin collecting Social Security.

The proportion of people aged 55 to 64 who are working rose 1.5 percentage points from April 2007 to February 2008, during which the percentage of working Americans older than 65 rose two-tenths of one percentage point. The Journal grimly reports, "The prospect of millions of grandparents toiling away in their golden years doesn't square with the American dream."

Oh? The idea that protracted golden years of idleness is a universal right is a delusion of recent vintage. Deranged by the entitlement mentality fostered by a metastasizing welfare state, Americans now have such low pain thresholds that suffering is defined as a slight delay in a subsidized retirement often lasting one-third of the retiree's adult lifetime.

In 1935, when Congress enacted Social Security, protracted retirement was a luxury enjoyed by a tiny sliver of the population. Back then, Congress did its arithmetic ruthlessly: When it set the retirement age at 65, the life expectancy of an adult American male was 65. If in 1935 Congress had indexed the retirement age to life expectancy, today's retirement age would be 75.

The standard definition of a recession - two consecutive quarters of contraction - means we still are likely several months short of being in one. The 9.9 percent first quarter decline of the S&P 500 barely ranks among the 40 worst quarterly losses ever in the index's history. Leave aside the 39.4 percent decline in the second quarter of 1932. The economy experienced no long-term trauma because of the declines of 10.3 percent, 14.5 percent and 23.2 percent in the third quarter of 1998, the third quarter of 1990 and the fourth quarter of 1987, respectively.

Yes, in January single-family homes in major metropolitan areas lost 10.7 percent of their value from last January. To find such a large decline in a year you must peer back into the mists of prehistory, all the way back to ... the 1990s. Furthermore, the vast majority of homeowners will remain well ahead, even after the market corrects for housing inflation.

By one measure, between the beginning of 2000 and the middle of 2006, as the consumer price index was rising 21 percent, average housing prices rose 93 percent - and much more in some markets (Miami 180 percent, Los Angeles 175 percent, Washington, D.C., 150 percent).

Not long ago there was broad agreement that too much of Americans' wealth was tied up in the nation's housing stock, and that the principal impediment to homeownership was not a scarcity of cheap mortgages but the prevalence of high housing prices. Hence deflation of housing prices would be desirable.

So far during this "crisis," the homeownership rate has declined just three-tenths of 1 percent since it peaked in 2004. At 67.8 percent, it remains higher than it was when President Bill Clinton left office.

Subprime mortgages are a small minority of mortgages, and only a minority of subprime borrowers are not making their payments. Casting this minority of a minority as victims of "predatory" lending fits the liberal narrative that most Americans are victims of this or that sinister elite or impersonal force, and are not competent to cope with life's complexities without government supervision.

The politics of this may, however, be more complex than the compassion chorus supposes. The 96 percent of mortgage borrowers who are fulfilling their commitments, often by scrimping, may be grumpy bystanders if many of the other 4 percent - those who found the phrase "variable rate" impenetrably mysterious - are eligible for ameliorations of their obligations.

What next? Adults still burdened with student loans have not yet announced their entitlement to relief, but as they watch this subprime drama, might.

George Will is a columnist for Washington Post Writers Group.

Comments

Mkh 6 years ago

verity,I should have made this more clear before, but your IRA is only "screwed" if you keep it in US dollars. You can of course switch your IRA to holdings of gold, silver, and other resources that represent real valued currency...not fraudulant federal reserve notes.

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Mkh 6 years ago

Sure jonas, it would be futile to say the dollar didn't come back if it in fact did. Nevertheless, I will put your fears to rest.But look at what is happening jonas, the is no sign that the dollar will come back. The IMF and the Fed have both admitted that the dollar is currently valued to high and will continue to drop. The Council on Foreign Relations have come out advocating the full destruction of the dollar. Alan Greenspan has recently been over in the Middle East telling OPEC to dump the dollar. And the Fed will continue to lower interest rates till no end.So why would you think it would come back? Fiat currency always fails eventually, because it's a fraudulant system based on the fractional reserve banking scheme of the elite.

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jonas 6 years ago

So, Mkh, if the dollar Does come back, are you going to retract that statement?

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Mkh 6 years ago

ARWN,The dollar most likely is not going to stablize in anyway which will make it worth "more". The dollar is crashing and it is not going to come back. People like verity who have their savings in IRAs are completely screwed...to suggest otherwise is dishonest, among other things.

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another_right_wing_nut 6 years ago

I mean 14-after. See what I mean?ARWN

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another_right_wing_nut 6 years ago

jonas:Well shoot. I was again referring to the 17-after graph. I'll get my eyes straight someday.ARWN

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jonas 6 years ago

ARWN: No, that's the problem is that the numbers are not relative to each other. It's very clear that the graph uses nominal numbers precisely because of that. It means that they are calculated using a straight one to one ratio in terms of total dollars spent. The nominal method does not take into account inflation during that time at all, so they are counting dollars with less total purchasing power in the early point of the graph. Assuming that I'm correct, that is why the figures seem to balloon outwards as time passes in the graph. In reality, the deficits/surpluses in the modern times, in terms of real purchasing power of the dollars calculated, would be much more comparable to the surpluses/deficits of the earlier years. This is, again, only for the graph in your 9:17 post, that lists total surplus/deficits. The 9:14 post's graph of percentage to GDP would not change depending on the methods of calculation.

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verity 6 years ago

Nut,Again you purposely misinterpreted what I said, and tried to put words in my mouth.

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another_right_wing_nut 6 years ago

verity:Heaven forbid you have to work a few extra years of your life. Let me guess though, this is all President Bush's fault, right?ARWN

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another_right_wing_nut 6 years ago

jonas:Re: nominal vs. real GDPI could not find out, even after viewing the source of the graph -- http://www.whitehouse.gov/omb/budget/fy2009/pdf/hist.pdf -- however, it doesn't really matter, as long as the same way [of calculating the GDP] was used for every year. It doesn't matter because the numbers would be relative to each other.ARWN

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another_right_wing_nut 6 years ago

Mkh:I was referring to inflation being back to the 'norm' and the dollar being 'worth' more.ARWN

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Mkh 6 years ago

ARNW:Then don't take it out until the dollar stabilizes .. ?--------------------------------The dollar is going to stabilize...?

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verity 6 years ago

Nut, Thanks for your advice, I'm too stupid to think of that myself. That wasn't the point and you are being disingenuous to try to make it the point.What I do know is that my paycheck doesn't buy nearly what it did last year, or the year before or the year before that. And the same applies to most of the people I know. Prices are rising much fast than salaries for most of us common people and I may need to cash in just to live.

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jonas 6 years ago

If we want to talk about the other graph, though, the problem is only not bad in relation to one period of time: World War II. I really hope we're not getting to That point anytime soon.

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jonas 6 years ago

Wrong graph. I was referring to 9:17, not 9:14's.

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another_right_wing_nut 6 years ago

jonas:The graph was simply spending vs. deficit.verity:Then don't take it out until the dollar stabilizes .. ?ARNW

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i_tching 6 years ago

Your home is worth less, perhaps even less than what you paid for it. Same goes for your 401K. The dollars you are paid are worth less, and you have been working more hours to obtain fewer of them. That is, if you still have a job.Those fiscally responsible Republicans have spent us into the biggest debt-hole ever in the known universe, yet they keep borrowing and spending more.Everything is just fine.

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verity 6 years ago

Mr. Will has been looking down his nose at what he considers the stupid common people in this country for years and then this morning on Washington Week he had the gall to call Senator Obama an elitist. Back at ya, Mr. Will.And if people have worked hard and saved their money so they can retire early, why shouldn't they? Yes, it's a disappointment to see the value of your savings go down and become worth less. I don't know about you, but my IRAs certainly have taken a hit in the last six months.

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jonas 6 years ago

"You look at the real numbers"Are those the real numbers, or the nominal numbers? They look like nominal numbers. You should consider this when you present such a long timeline of economic data as evidence of. . . . whatever.

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jonas 6 years ago

"What else have you lied about today?"Here's a nice graph of the exchange rate trends over the last 120 days, which shows as little as a week or two ago the Canadian dollar was worth slightly more than the US dollar. While, of course, the word was "now," perhaps some leeway is appropriate given that the exchange rate was not even close for quite some time. http://www.x-rates.com/d/CAD/USD/graph120.htmlWhat else have you obfuscated about today?/first time I've ever used obfuscate in a sentence, neato!//Note there are /some/ positive aspects to a weak dollar///slashies!!!

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another_right_wing_nut 6 years ago

WOW! You look at the real numbers and you see how 'good' it has been. And how much the tragedies of 9/11 really affected us [as a country].I love the projected loss for 2008, after the decent gain we've made over the past few years.http://www.uuforum.org/deficit.htmARWN

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another_right_wing_nut 6 years ago

beatrice:And I continue. While Wikipedia is not the perfect in terms of reference, I point you to this graph of deficit compared to GDP. While it has increased, it is not anywhere near as bad as it has been. http://en.wikipedia.org/wiki/Image:USDebt.pngARWN

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another_right_wing_nut 6 years ago

beatrice:According to Google's currency calculator, 1 Canadian dollar = 0.978569 U.S. dollars.What else have you lied about today?ARNWPS - You get my point. While it doesn't completely disarm you of all credibility, it does make people think twice about what you say.

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beatrice 6 years ago

In the past 7 years, the defict and gas prices have doubled, while during the same period the dollar has been devalued at an alarming rate of almost 50 percent against other major world currencies. The Canadian dollar is now worth slightly more than an American dollar. In 2000, the American dollar was worth roughly 1.47 Canadian. But that is no reason to be alarmed? Right.Why didn't Mr. Will discuss the U.S. government practice of corporate welfare and the bail-out of Bear Sterns? If no crisis, why the bail-out? Perhaps we just need another big tax cut for the wealthy, deficit be damned.

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jonas 6 years ago

ARWN (I'd spell it out but it's so Long!!) Perhaps it's just how you define a "true" republican. I don't see a whole lot of those anymore. I think, though, that you may be on to something anyway. There are discrepancies in the platforms of the two parties, with one more than the other portraying an agenda of personal responsibility, and the other a more socialist perspective. The implementation of those platforms is where it gets pretty fishy, if you ask me, but perhaps just the message gets leaked out to the public at large with any great regularity. However:"My young, naive, immature gut feeling is that this is because many Republicans have a sense of fiscal responsibility."My young, perhaps overly cynical view on this matter is that many republicans, being hammered on the head with individualistic dogma for so long, are simply too embarrassed to call attention to themselves. I spent three years working at a collection bureau in town, and I think that view tracks with at least my personal experience. However, I don't think I should say that is empirical proof, especially after laughing at Balik for his reliance on anecdotal evidence.

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ralphralph 6 years ago

Everything (nearly) spends time on a truck before you buy it. Diesel fuel is over $ 4 gallon. Even someone from, say Mizzou, can predict the effect of that info. .... okay, maybe not Mizzou, but probably Iowa State.In any event, things start to go up, and other things have to go up in response, and the cycle begins. The first thing this time, again, appears to be oil, and there was a time lag, but here comes everygthing else. Are there any trustbusters left out there? Too much power is in too few hands in the oil business.Add to that the sunken dollar and the selling-of-our-collective-soul-to-China thing, and you get doo-doo that is probably a little deeper than Mr. Will foresees, and it's liable to get deeper still before we can start shoveling it out. Ultimately, though, Big Oil will again kill the goose trying to squeeze out more and more golden eggs, the whole works will go bust, and we'll start the cycle anew. Was anybody in our federal government alive, and not totally wasted, during at least part of the 70's and 80's? We've seen this critter before, but we're feeding it anyway.Have a nice day.

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another_right_wing_nut 6 years ago

jonas:You're absolutely correct that pinning it on the Liberals probably wasn't the thing to do. However, I rarely hear [if ever] a true Republican talking about how bad life is right now. My young, naive, immature gut feeling is that this is because many Republicans have a sense of fiscal responsibility. We have a tendency to understand that if we are taking in Y and are spending X, that we shouldn't expect the government to come 'save' us if our spending becomes Y + N. People need to understand that if you charge a $2000 TV to your credit card, and you have $100 in your savings account, and 'make' $200 in net income a month, that you are going to be in debt. And I'll tell you what, life has a MUCH brighter outlook if you are not having to worry about paying off bills [bills that you shouldn't have to begin with]. I can ascertain that the attitude of people comes down a few levels when you have these 'barriers' to overcome. As a direct result, we [as humans] have a tendency to start to look for ways out, instead of looking for ways to fix the long-term portion of the problem. I just get so very sick and tired of people b*thcing and moaning about something that is entirely their fault.ARWN

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Finding_Uranus 6 years ago

It does seem the liberals gloat over bad news, whether truly bad news or not. I think after January the rhetoric will drastically change. The bitternes Obama referred to seems to be owned by liberals. I can see why.

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jonas 6 years ago

Bozo: I didn't really expect to agree with your synopsis, but I find that I do, for the most part. It's possible, though, that I have a greater faith in our ability to adapt over the long term, than you apparently do. Or than reality dictates, perhaps. I think that we're in a very transformative stage in terms of the entire world's economy, due to the vast leaps in information and communication tech. over the last two decades. Where we go is up to question, but a lot of the reaction I've seen to this transformation has been fear and protectionism which, while understandable, won't help anyone in the long run, either. One thing you do have spot on, though, is the energy matter. As the economies of India and China improve, so will the living standards of over a third of the people on the planet. Were they to all desire consumption rates and comfort standards that we here in the US do, there is absolutely no way that our planet's resources could support them. As I look at it, though, who's to say that they are less deserving of it than we are?

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jonas 6 years ago

ARWN: Fiscal responsibility is too boring!! Spend spend spend! While much of what you said is pretty sensible, I'm going to have to take some issue with "Why is it so hard for Liberals to understand that if you spend what you cannot afford, it isn't anyone's fault but your own?" I don't think you can seriously suggest that this is a mentality that is only symptomatic of liberals, either in our society or in our government. Are you seriously going to try and justify that claim?For the record, I've never blamed either the dems or the repubs, or the president for that matter, for this current recession. (I might have toyed with the notion during the last one, but I was young and innocent then! ;) ) If you want to know why people aren't blaming it on our new dem congress, it's the same reason that they were or were not blaming it on the president in the first place. Partisanship.But, you probably knew that, didn't you?

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another_right_wing_nut 6 years ago

The sad part is not the fact that people purchased sub-prime mortgage's, but rather that they "blame" other people for their problems. Why is it that we have become a society built around the idea that the government should fix our problems? This is especially disturbing coming from the Liberals who not two seconds previous talked to their neighbor about their disdain for President Bush.It is just plain funny to me that we put so much blame on a person that has so very little power to change it. If we lived in a monarchy, and President Bush had complete control over every aspect of every corner of the government, it would be a different story. Instead, we have this system called 'checks and balances', which allow us to be a democracy.In 2006, people voted for change, right? Why are we not blaming the Dem politicians that got voted into office for our lack of change? That is why we voted them in, right? What has our Democratic congress done for us since they took majority? Have they corrected the current economic issues? If our economic-state is so terrible in Kansas, why has Governor Sebelius done nothing to fix it? Oh wait, that's right, we cannot blame them [or her] because they don't have the power! Complete nonsense! The simple fact is, they promised change and have done no changing.When I applied for my first credit card and received a credit limit of $1,000 USD. I knew that I couldn't afford to charge that much. So, what did I do? I only charged what I could afford. Why is it so hard for Liberals to understand that if you spend what you cannot afford, it isn't anyone's fault but your own? Yes, the credit card company gave you the limit, but so what? Where has fiscal responsibility gone?OK, enough ranting.-Another Right Wing Nut

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just_another_bozo_on_this_bus 6 years ago

You may be right, in the short term-- the house of cards that is this economy, built on a lot of smoke and mirrors and cheap energy, might survive without a major crash. But without serious restructuring, and some major programs to find alternative, sustainable sources of energy, coupled with serious conservation efforts, it's only a question of time till it unravels with devastating consequences. Billions of people on this planet are condemned to permanent poverty by the current system, and a debt-ridden US can't remain largely immune to sharing in that fate forever, if for no other reason, 5% of the world's population won't be allowed to use 25% of its energy forever.

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jonas 6 years ago

sigh. . . let's revise that to be "Personally, I find the likeliest scenario to be. . . " Have to watch that sort of thing with the present company, or this will just slip into another debate on the differences between typing and grammar errors.

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jonas 6 years ago

Maybe. It's right around where I expected it would probably be. Personally, I find the likelihood to be a soft recession like the one we had right at the start of the Bush term, with decent growth after a couple of quarters to get us back to where we were. In that matter, I suppose I sort of agree with Mr. Will. A recession and an election year, always a bad combination. I hope I'm not mistaken, but certainly admit the possibility.

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just_another_bozo_on_this_bus 6 years ago

No, Jonas, I don't, but surely that bit of information is all we really need to assess the condition of the whole dang economy.

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jonas 6 years ago

bozo: Do you have the aggregate data on the economy of the Legends? Hahahahahahahaha.

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just_another_bozo_on_this_bus 6 years ago

From the Bureau of Economic Analysishttp://www.bea.gov/newsreleases/national/gdp/gdpnewsrelease.htm"Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- increased at an annual rate of 0.6 percent in the fourth quarter of 2007, according to final estimates released by the Bureau of Economic Analysis. In the third quarter, real GDP increased 4.9 percent."Considering that anything less than 3% growth is generally considered stagnant, the latest growth figure of 0.6% would indicate that we're heading into a recession, and most economists are now saying that we are.

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jonas 6 years ago

"But that was also the case last fall, but the crowds did not seem to be as large then. I mean you could barely move in either Cabella's or NFFO."Seem, eh? I don't know, Balik, you have quite a history of saying that things seem to be what you think they ought to be, so I'm not sure how much we can trust your observations or viewpoints. At any rate, I think the methodology you've apparently employed in order to make these conclusions would give a scientist the shivers, at the very least. By the way, I hope you don't expect me to adopt this first-name-basis kick that you've gone on. I have no particular inclination to be so informal in my dealings with you.

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gccs14r 6 years ago

I imagine that lots of the folks out shopping are pre-spending their tax returns.

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bisky1 6 years ago

not to worry guys I can fix this "crisis" in one day, all we got to do is get hussien elected and the press will immediately pronounce the economy sound and bozo and others of his ilk will believe it to be true and move on to injustices more to their liking.

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Daytrader23 6 years ago

The average American is months behind what the charts show on Wall st. How many are shopping on credit? I would say that more than 75% are buying on their credit cards or their tax returns. We are only in round three of this twelve round credit crisis. America and Americans are too far in debt and bill collector is coming. Earnings are down, GDP is down, sentiment is down, the Dow is down, the dollar is down, do you see a trend yet? Also he fails to mention that prime mortgages are failing as well. If you think sub prime was bad, the prime mortgage holders are just now starting to fall which will make the sub prime debacle look like a warm up. This is more than just a "minor correction".

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Say_Hi_Its_Tom 6 years ago

"We spent the afternoon yestersday at Nebraska Furniture Factory Outlet, Cabela's, and The Legends. If this is a bad economy, you sure wouldn't know it from the crowds there. It took us quite awhile to find parking spaces and the stores were packed." -balikHow VERY true. We go there often, vs. Lawrence, which is an absolute debacle for shopping, and you'd think we were in an economic boom. These people aren't just lookers either, the checkout lines are long and the pick lines at NFM warehouse are longer, and people have trailers hooked to their trucks being stacked high. The shops in Legends and the restaurants are busting at the seams with shoppers. The far-left of Lawrene can not understand this, understandably.It is a good indicator, contrary to what bozo says. The liberal media is actively campaigning for the Democratic Party, as it is a wing of the Democratic Party and policy maker for them as well. It has latched onto the economy and is making it the story of the year. Next year, you'll not hear a peep about it from them.Hard times? If a Dem is sworn in next January, oh you'll see hard times.

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situveux1 6 years ago

"...a vast fraud perpetrated on the world, and encouraged by the anything-goes attitude fostered by BushCo."Thanks for that fact filled, in depth analysis.

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offtotheright 6 years ago

"Casting this minority of a minority as victims of "predatory" lending fits the liberal narrative that most Americans are victims of this or that sinister elite or impersonal force, and are not competent to cope with life's complexities without government supervision."Insanity people! Government has no place in this. Let the mortgage companies go under! Billary is wanting to bail them out. These are private companies and the government should step back and let them fail!You can't make your payment? Tough tooties.....

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balikbalik 6 years ago

Brian:"The Legends is probably the most popular shopping destination in Kansas City at this particular moment in time."But that was also the case last fall, but the crowds did not seem to be as large then. I mean you could barely move in either Cabella's or NFFO.

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cool 6 years ago

WRONG GEORGE, who paid you to write this propaganda ?http://www.youtube.com/watch?v=lowq9v...

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Mkh 6 years ago

Oh my. Will someone please kick George Will in the face for me?No matter what the bow-tie crowd does to try and spin it, the bottom line is that this economy is in free fall and we are only at the Start. The Start! I cannot stress that enough. Go back and read some history about what America was like in 1929. This is the worse the economy has been since the Great Depression and we will be very lucky if doesn't get worse. The next 18 months will be very rough, we could possibly rise that out, however the Fed has been doing everything to prolong the crisis. Therefore we are now in real danger of having "hyper-inflation" after our current battle with stagflation. If this happens, we will be in store for the greatest Depression anyone has seen.The dollar is the key to everything, as long as the dollar continues to be destroyed things will get exponentially worse. And the current policies seem to be purposely destroying the dollar. The real issue here is other nations giving up the dollar as the world's currency reserve, which has been occuring at an alarming rate. When the dollar is no longer the world's reserve currency the US automatically becomes a Third World nation.Fiat currency does not work, and we are going witness exactly why.

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just_another_bozo_on_this_bus 6 years ago

Even in the deepest depths of the Great Depression, economic activity didn't completely stop. You could easily find lots of folks who were getting along quite nicely. Of course, you could also find millions of folks barely clinging to earthly existence. Kinda like now, if you think about it.

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jonas 6 years ago

Speakout: I think that by the time there's no one shopping at the Legends anymore, we will be in serious, serious trouble. That idea reminds of the time that Lunacydetector tried to prove that there was no global warming by posting that it was sixty below zero in February. . . . . in Nome, Alaska. This is not to say that there is no method for critically examining the difficulty of the current recession, or if we're even in one right now. But, as Bozo said above, anecdotal evidence can be misleading. The Legends is probably the most popular shopping destination in Kansas City at this particular moment in time. Kansas City has a large enough population to support it, even in times of economic hardship.

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mick 6 years ago

Will can use a thesaurus and knows what to say to keep getting published but not much else there. An argument can be made that the downturn is very much understated. The downturn of the 90's was due to the internet bust. It was the economic engine that fueled the economy. The only thing to fuel the economy since then has been credit. The national debt has nearly doubled to $9 Trillion and the dollar has lost half of its value. We are seeing the long term results of Greenspan and the Era of Greed ushered in by Reagan et al.

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just_another_bozo_on_this_bus 6 years ago

Anecdotal evidence can be very misleading. Overall, retail sales are down significantly, and the subprime debacle could be just the beginning of a serious impending credit crunch, and given that US consumer spending is financed to a very large extent by the availability of easy credit, the fact that there are shoppers in one shopping center doesn't prove much. How are retail sales just a little to the east in KCK?

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Speakout 6 years ago

Bozo, I think Balik is right. If we are in an economic shutdown, why are people still shopping till they drop? I have seen the same and ask myself where these people are getting their money and who are these people. I haven't been to the Legends, but I see it around. This is surely perplexing to me. But the main question is: Are they buying or dreaming?

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Pogo 6 years ago

I just love how rich guys love to tell me how good I got it. Dope.

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just_another_bozo_on_this_bus 6 years ago

Thanks for that in-depth economic analysis, balik.

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balikbalik 6 years ago

We spent the afternoon yestersday at Nebraska Furniture Factory Outlet, Cabela's, and The Legends. If this is a bad economy, you sure wouldn't know it from the crowds there. It took us quite awhile to find parking spaces and the stores were packed.

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just_another_bozo_on_this_bus 6 years ago

Will also ignores that the smoke-and-mirror investment strategies typified by the subprime collapse could very likely be just the tip of the iceberg of a vast fraud perpetrated on the world, and encouraged by the anything-goes attitude fostered by BushCo.

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jmadison 6 years ago

Will chooses to ignore the devastating effects of the falling value of the dollar which has been a policy of the Bush administration. The high cost of oil is partially due to the decreasing value of the dollar vis-a-vis international currencies. Part of the cause of a previous economic calamity was a devaluation of the pound when it was supreme as an international trading currency. Bush and his pals have dug us into a hole from which it will take years to recover.

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