Obama knows the economy is going to improve. So do the Rethugs

[NNN0LHI]

Our economy has always been cyclic. At least it has since I can remember. Bunch of new cars get bought flooding the used car market and car sales drop off dramatically ... until those new cars begin to wear out. Everything wears out.

Hell this house I am living in was a repo that I bought from the bank back in 1989. Low-balled the hell out of the bank too. They were asking a hundred and twenty something and I offered them $85,000 knowing the house had been empty for nearly a year and you can't hardly get insurance on a house thats been vacant for more than a year. They counter-offered with $95,000 and said don't bother making any more offers because thats as low as they were going.

A neighbor lady who was a realtor was all pissed off because this house went for less than a hundred thousand as this house and all the others were sold initially for over a hundred thousand. She was concerned about her homes value.

I agree that this recession is one of the worst ever but it seemed like all the recessions I went through was one of the worst ever.

One big difference this time. I can never remember having a Dem President and Dem Congress ready to infuse money into the economy like this time. Oh, the Dems and Rethugs used to get together and throw us a few crumbs and call that a stimulus. But I have never seen this kind of money used*. And I think it is going to work. And work fast.

Thats what the Rethugs are worried about.

And I don't care about the growing debt either. If the Rethugs and Bush taught me anything it is if you leave them a surplus and a growing economy all they will do is give it all away to their wealthy cronies if they get the chance. Thats for sure.

Everything is going to be alright.

Don

[WI_DEM]

1. Eventually but how long will it take and how many people will have to suffer before it does?

how many will be pushed permanently into poverty?

[Raven]

2. You know, I think you may be on to something. I am a Planner in a Town in SWNH

and we are beginning to see just the slightest stirring of commercial development. I think some developers are seeing an upturn in the near future and are beginning to try to get into position for it.

Another thought: The best job opportunities I ever had came in 1974, 1981 and 1991. All bad economic years.

[kentuck]

3. I wish I were as confident...

I think this recession may take years to recover?

[NNN0LHI]

6. Whenever I got laid off I was always called back a year or two before the recession completely ended

Thats the way it always worked. Got to get the equipment maintained and ready to run. Thats the time to do that.

Some jobs lag but others don't.

Don

[lumberjack_jeff]

4. I don't share your confidence.

http://theautomaticearth.blogspot.com/

[bluestateguy]

5. This could play out like Reagan's first term

Unemployment worsened in 1981-82, at one point reaching 10.8%. GDP was negative as late as Q3 of 1982.

GDP began growing again in late 1982, at first slowly, and then very fast in 1983 and the first half of 1984.

In 1983 hypothetical matchups for the 1984 election between Mondale and Reagan showed Mondale slightly ahead.

I don't think I have to tell you all how that election turned out.

The problem, though, is that I think unemployment will still be on the high side (maybe 7-8%) by 2012, but we will be moving in the right direction again.

[NNN0LHI]

7. I remember back then it was like pulling teeth just to get a 13-week extension on my unemployment

Then Reagan would come out for the signing like he was really giving us something.

Don

[bluestateguy]

12. Yes, well, Obama won't do that

Reagan's approval numbers tanked in 1982, as he appeared indifferent to the human suffering of the recession. That's not the way Obama will act.

[MarjorieG]

8. Obama saying not your average recession. We're more globally connected.

I'd feel better with a better bill. More state aid.

[amborin]

9. it will snow again in downtown LA, also, it did once in 1988

[Pale Blue Dot]

10. If the Republicans thought it was going to get better, they would have voted for the stimulus.

Now they have something to campaign on in a year and a half.

[scheming daemons]

11. EVENTUALLY, it will get better

..it always does.

The question is... how long does it take and how many people's lives are ruined in the meantime.



Crossing my fingers that I can hold on to my job until it all does get better.



I remember thinking in 1982 that things were REALLY bad and that there was no end in sight...... but this time feels worse.

[shraby]

13. Big difference this time. The stock market

is all screwed up with bogus numbers and deregulation, the banks have hidden their losses and pass them on to other buyers using bundling and derivatives which is also a scam. We have people like Madoff scamming people with numbers going into the billions, companies closing their doors all over the country.
Other recessions weren't as nation-wide as this is and other countries weren't in as deep doodoo as we are. Now most of the world is hurting.

[NNN0LHI]

14. I don't know for its day the Savings and Loan scandal was pretty damn big

Then we had the Dot-Com bust.

I think we have been through some pretty precarious times before.

Don