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The press is all glowing over the "strong economy"

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WI_DEM Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 11:52 AM
Original message
The press is all glowing over the "strong economy"
Yes the stock market was up over 11,000 for the first time since May of '01--Unemployment (they say) is under 5%. But how come they never comment on the five million plus Americans who have been plunged into Poverty during Dubya's rein of error and the fact that many American's simply couldn't make it financially unless they are working two or more jobs. Not to mention that the Credit Card debt in this country is a time bomb just waiting to go off.

Well, of course the answer is simple. NBC is owned by GE, CBS is owned by Viacom and ABC is owned by Disney--all big corporations. They have to slant the news to fit the perspective of those who pay their salaries.
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Ezlivin Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 11:57 AM
Response to Original message
1. And if geologists are right, we're at Peak Oil. This is the best
it'll ever get.

Like James Howard Kunstler said yesterday in his weekly post:
Many of my readers, I sense, wonder why things aren't falling apart across America right now, given the hallucinatory nature of our economy. The answer is that Peak Oil is not the end of anything, it's the peak of everything. We're getting more oil now than ever before or ever again, and it is making us crazy. It makes it possible for me to succumb to the invitation to fly across North America for a one-day meeting. It keeps feeding the spreading tumors of suburbia. It supports the illusion that burning liquid hydrocarbons results in the creation of wealth.

When the TV news cut away to a commercial break, it was an advertisement for some kind of snazzy new mortgage deal featuring 30-second approvals. Getting a mortgage now is easier than stepping off a curb (except, who walks anymore?). This is exactly what is making it possible for people to buy houses so far away from anything that they end up peeing on their car seats to get there in the evening. It also unleashes magical streams of liquidity for the playas in the the financial markets to convert into personal fortunes. Unfortunately, they have to pee on their car seats, too, because the stupidity of our culture is absolutely democratic and the playas get stuck on the freeway just like everybody else, only they pee on real leather seats.

Peak is making us insane and passing peak will make us more insane. There may be no moment of clarity, only new kinds of delusion and disorder. We'll keep behaving the way we do until we can't, and then we won't.
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lectrobyte Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 12:04 PM
Response to Reply #1
4. Kunstler rocks. I think it will be more of a gradual descent, but no
less pretty at the bottom than he predicts.
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AX10 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 11:58 AM
Response to Original message
2. disappointing earnings send stocks lower
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wisteria Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 12:02 PM
Response to Original message
3. The jobs still aren't there- bad jobs and what is really needed-
good jobs with security and benefits. This economy benefits business and the rich.
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Jayhawk Lib Donating Member (587 posts) Send PM | Profile | Ignore Tue Jan-10-06 12:52 PM
Response to Original message
5. I agree the economy is bad.
It is really bad here in Wichita Kansas. Kansas is a right to work state. The aircraft manufacturing business is bad with thousands of aircraft workers laid off which is really hurting other businesses. A lot of machine shops that do contract work for the aircraft business are really hurting.I do not see any turn around coming soon.

I am not sure what the Republicans did to cause it to get this way and I cannot see what the Democrats can do to make it better.

I am for sure going to vote for every Democrat that runs because something needs to be changed even though I am really unsure of what can be done by them to turn things around.
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Sadie5 Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 12:58 PM
Response to Reply #5
6. As I see it
Everything started unraveling when the CC industry raised interest to sky high rates overnight. Cards that were between 8-14% suddenly jumped to between 23-29%. This added many dollars to the CC bill each month. Along with every other things Bush has done against working people I believe the banking laws which he immediately signed into law, after being placed in office did lasting damage.
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Fredda Weinberg Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 01:08 PM
Response to Reply #5
8. It's called guns & butter
I took economics in the 80's to figure out why Volker sank us into a deliberate recession - turns out you can create the illusion of a healthy economy by disposing of $$$ into weapons, that are quickly consumed and must be replaced. Great for GDP but it starves out the consumer economy. That's where the bread comes in ... or more accurately, doesn't.

LBJ tried to have expensive social programs at the same time we were ramping up for Vietnam. What we have no is equivalent to Vietnam at its height and tax cuts taking the place of the Great Society.

In short, the worst of both worlds.

Economists know what's going on ... that's why you hear the rosy scenario from political hacks and financial interests. In high school, we were taught that the sum of the economy was the stock market - but if you listened carefully you discerned that it was just a zero-sum game where those with inside information always came out ahead.

The long term prospects are bleak. Sorry.
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earth mom Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 01:07 PM
Response to Original message
7. I have a friend who has worked in the same jewelry store for 8 or 9 years
and she says the past 6 months have been really bad and this was the worst Christmas the store has had since she's been there!

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Loonman Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 01:09 PM
Response to Original message
9. Then how come I haven't had a raise since 2000?
Working class always gets screwed.
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medeak Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 01:10 PM
Response to Original message
10. .China to invest less in US dollar
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Metta Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-10-06 02:00 PM
Response to Original message
11. More smoke and mirrors.
Yet more Republican shucking and jiving of the real story about the nature of our world. Conveniently overlooking statistics that don't suppport their worldview. We certainly have a host of problems. We also have a host of resources many of which are being un, or under-utilized. The rule of money talks; everything else walks. Manipulate the public. We've seen it all before, not all that long ago. We do what we can to take care of ourselves and each other.
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