I thoght it was solely to blame on the previous administrations failed policies?
Bill Hahn Jr. wrote:Actually, I would bet that a large number of them became entreprenuers, and another large portion of them found a way to adapt and make a good career in another industry. I have no doubt that some people who lose their job settle for a lesser one, but many Americans adapt and find a way to be better when confronted with this type of obstacle.
While unemployment did not rise, we can presume that the folks who lost jobs, in many cases, had to settle for lower paying positions.
Bill Hahn Jr. wrote:I don't believe our economy had an unstable foundation because of the shift from manufacturing to service. Had it not been for the massive housing bubble, and the banking and investment crash which was tied into it, we would not be anywhere near where we are now. These things had nothing to do with shift in the economy away from manufacturing. They were the result of extremely poor policies which not only encouraged, but just about forced, bad lending practices, as well as the derivatives market which became basically a legalized gambling market on failed mortgages. Either one of these was a bomb waiting to go off, and unfortunately, they were both tied together so tightly that they were doomed to set each other off one way or another.
So, as we shifted more and more to a service economy rather than a manufacturing one, the economy adapted. At the same time, we became more and more driven by excessive consumption and consumerism...instead of saving, or investing, we were spending. Like how! All this spending kept the economy humming along for years, even as we lost manufacturing jobs overseas. But it did nothing for our ability to build a strong foundation.
Trouble was brewing...this economic resilience was not infinite, nor was our ability to obtain even more credit. Soon enough, the loss of manufacturing crimped the economy, and its ability to create new jobs faltered; this occurred in mid-2007. Many are unaware that the bank crises, real estate devaluation, stock market losses, and recession of 2008 were preceded by this negative job growth some time earlier...we'd been adding new jobs for many years until that critical July of 2007. Every month since, we've lost more jobs. it's a helluva roll to be on, and it shows no signs of letting up.
Then there are fools like Trump who tells homeowner that have an "upsidedown mortgage" to just walk away and let their house to foreclosure. What is up with that? So as long as the house is appreciating during a bubble, i should honor my obligations, but as soon as it starts to deppreciate, then I should walk? No sir... If you still have your job and can afford your monthly payment... Then you have to pay it... It's the right thing to do. A lot of our current problems are from that kind of mentality.
Greedy Capitalist Pig wrote:
I don't believe our economy had an unstable foundation because of the shift from manufacturing to service. Had it not been for the massive housing bubble, and the banking and investment crash which was tied into it, we would not be anywhere near where we are now. These things had nothing to do with shift in the economy away from manufacturing. They were the result of extremely poor policies which not only encouraged, but just about forced, bad lending practices, as well as the derivatives market which became basically a legalized gambling market on failed mortgages. Either one of these was a bomb waiting to go off, and unfortunately, they were both tied together so tightly that they were doomed to set each other off one way or another.
Bill Hahn Jr. wrote:
Two things were happening simultaneously, and our great leaders were too optimistic to see them coming...too many bad mortgages were being written, while too many people getting those mortgages were losing their jobs.
Bill Hahn Jr. wrote:While I'm not one to feel the need to dwell on a blame game, the problem I see is this:
I'm not at all interested in finding who to blame...think of my PM
Misinformation Peddler wrote:
...they are talking about passing another form of stimulus, which needs to stop. This group is spending money faster than any, and it need to be shut down before they are able to do any more damage.
Moderate Voice of the People wrote:I absolutely believe that people like you and I are better suited to speak about what will help job creation, as we are not only working people, but we have experience in small business management (I'm making an assumption that you do here, based on the company that bears your last name). This is a big issue for me. Our country was founded on the premise that we essentially run ourselves, and the government is not it's own separate class. The notion that we should "let the guys in charge" make the decisions because we aren't as qualified is one that I believe leads to the ability of the government to take more and more liberties away with the approval of the masses. I also do not believe for one second that this group saved us from anything. If you look at the stimulus package, it was never designed to save the economy, it was designed to further agendas. It is merely the claims that have been made for so long that it's stuck in the minds of many.
As for the wherefores and hows of their approaches, I don't know that you or me are any better suited than the folks in charge of making these calls. A complete economic meltdown was averted by this crew, and we should not lose sight of this fact. Massive indebtedness has occurred before; it's not inevitably a hole we could never climb out of.
Moderate Voice of the People wrote:I contend that this is exactly the case, which is exactly why they need to be stopped dead in their tracks. I think you're more correct in this statement than you may even realize. There is a point of no return to their idea of what this country should be that we need to avoid, and they are trying desperately to get us there before it's too late for them.
Keeping folks in a jobless state for the time being may well serve their ultimate purpose of furthering Government as Parent. Making and keeping folks dependent may well be the spirit of the hour in this regard. All involved also realize that the best way to keep funds flowing in that direction is to not "cure" joblessness all too quick.