"No President has done worse by the middle class in modern times."

Discussion in 'News / Current Events' started by Revmitchell, Jul 26, 2013.

  1. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    President Obama made his fourth or fifth, or maybe it's the seventh or eighth, pivot to the economy on Wednesday, and a revealing speech it was. We counted four mentions of "growth" but "inequality" got five. This goes a long way to explaining why Mr. Obama is still bemoaning the state of the economy five years into his Presidency.

    The President summed up his economic priorities close to the top of his hour-long address. "This growing inequality isn't just morally wrong; it's bad economics," he told his Galesburg, Illinois audience. "When middle-class families have less to spend, businesses have fewer customers. When wealth concentrates at the very top, it can inflate unstable bubbles that threaten the economy. When the rungs on the ladder of opportunity grow farther apart, it undermines the very essence of this country."

    Then the heart of the matter: "That's why reversing these trends must be Washington's highest priority. It's certainly my highest priority."
    Related Video

    WSJ editorial board member Steve Moore on President Obama’s economic speech at Knox College. Photo: Associated Press

    Which is the problem. For four and a half years, Mr. Obama has focused his policies on reducing inequality rather than increasing growth. The predictable result has been more inequality and less growth. As even Mr. Obama conceded in his speech, the rich have done well in the last few years thanks to a rising stock market, but the middle class and poor have not. The President called his speech "A Better Bargain for the Middle Class," but no President has done worse by the middle class in modern times.


    http://online.wsj.com/article/SB100...8626142861572144.html?mod=WSJ_Opinion_LEADTop
     
  2. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Yeah, I saw your thread. You have to realize that the WSJ is very biased in its editorial position and thus, even though a great paper for obtaining stock quotations, it does not have balanced and fair editorials.

    Obama has added more jobs in his term of office than were added under Bush in his eight years in office.

    The economy is doing quite well just now, thank you. Remember Obama inherited a huge mess from the Bush administration. We are finally climbing out of that hole.

    Charts shows the Dow still has quite an upward trend and should continue that trend. Of course, I realize you will never give Obama a positive comment. Sure there are areas that we hope will do better. However read what Fact Check says about the current economy.

    I hope they publish a fact check on the editorial you quoted from and I bet they will show it is quite false.

    By the way, aren't you the one who objects from people citing editorials?

     
  3. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    The DOW is in a false bubble as it is artificially propped up by the printing of money. If we were to stop printing money as we have been the market would crash. It is not a current indicator of a good market.
     
  4. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    If that is the depth of your understanding then I gently suggest you never invest any money on your own.

    Rev. there are leading and lagging indicators. Do some research and become knowledgeable ... please.
     
  5. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    Typical liberal redirect. Apparently you are not keeping up with what is going on. I suggest you actually watch and read the news rather than just headlines.
     
  6. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Ah Rev. your understanding of economics leaves much to be desired. I'd suggest you stop reading such biased web sites and newspapers and read from:

    The Economist
    Business Week
    Forbes
    Fortune

    These are just starters.

    Then learn how to read Kagi and Point and Figure Charts. Of course, the problem is you might have to change you opinion.

    Obama brought the economy out of free fall.
    Obama has created more jobs in his term, to date, than Bush did in eight years.
    Obama has turned around the free fall in joblessness.

    Bush took us from a federal budget surplus to a huge deficit that is still being corrected ... more slowly than I would like but.........

    You do not seem to understand what would happen if the feds stopped printing money. It is not nearly as simple as you seem to believe. There would be ramification, some good, others bad .... depends on your economic situation and where you are living. I will help you gain an understanding of these and others if you like.
     
  7. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    You are not paying attention to what I have said. I will try one more time just as a measure of grace.

    You cited the DOW as an indicator that the "economy is doing quite fine". I simply stated that using that as an indicator at this particular juncture is is misleading given that the one single thing that is propping up the DOW is the printing of money. That being the case the DOW cannot be used, at this particular time, as an indicator of a good economy. It may, under normal circumstances, be used an an indicator of the shape of the economy but right now at this time it is not. The reason it is not a good indicator of the shape of the economy at this time is because if the feds stopped printing money the DOW would nose dive as indicated by its response to the feds suggestion that it may go ahead and stop printing money.

    With those facts in mind none of the other things you have said are relevant to this point.The DOW is propped up by a false bubble(printing of money) and therefore it cannot be used as a legitimate indicator of the shape of the economy.

    What would happen if the fed stopped printing money is irrelevant to that point. But even with the negatives associated with not printing money that is still what should happen. However, that is another topic altogether.
     
  8. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    You are wrong about the printing of money and the DOW. That is the point I was making. It shows you have little idea of what drives the economy.

    Now there are political reasons for printing money ... but not in the way you believe.

    How is it that you say the printing of money drives the DOW and then a few lines later you say. "if the fed [sic] stopped printing money is irrelevant to the point." You brought up the printing of money ... is you post irrelevant?
     
  9. webdog

    webdog
    Expand Collapse
    Active Member

    Joined:
    Mar 31, 2005
    Messages:
    24,691
    Likes Received:
    0
    you cannot be serious. Your ignorance of what is to come following quantitative easing would be funny if not so sad. Everything, and I mean EVERYTHING is artificially inflated right now do to the fed's policies. Please take your head out of the sand!
     
  10. InTheLight

    InTheLight
    Expand Collapse
    Well-Known Member

    Joined:
    Dec 17, 2010
    Messages:
    16,175
    Likes Received:
    610
    I'm going to plow the middle ground here. Yes, the bond buying program by the Fed is helping the stock market. But so are corporate profits, strong corporate balance sheets, corporate cash reserves, etc. When Bernanke finally announces the buy back program will be tapered back and eventually shuttered there will be a correction on Wall Street, no doubt. EVERYBODY knows the program will end, it's not a secret.

    Ask yourself--why would the buy back program be halted? Because the economy is strong enough to stand without it. The fact that Bernanke is talking about it is all the evidence you need that the economy is improving.

    Corporations are (mostly) profitable. That has nothing to do with the Fed buy back program. Once the correction to the market is made to take into account the ending of the program investors will look at corporate earnings and realize the stock market is not a place they should be fleeing. It will bounce back after the correction.
     
  11. webdog

    webdog
    Expand Collapse
    Active Member

    Joined:
    Mar 31, 2005
    Messages:
    24,691
    Likes Received:
    0
    Are you taking into account the current housing bubble? This is what started the snowball rolling downhill last time, and will repeat itself again, but on a much grander scale than in 08.
     
  12. Aaron

    Aaron
    Expand Collapse
    Member

    Joined:
    Sep 4, 2000
    Messages:
    15,646
    Likes Received:
    223
    Headline: Obama Poops on the Floor

    CBT: Love that smell!
     
  13. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Web, policies, and I am glad you put in the plural, are different than Rev's simply blaming everything on printing money. It is far more complex than that and there may be a bubble ... there have been in the past and will be in the future ... but indicators are for an upward trend in the next year or so. Beyond that it is hard to tell. Much will depend on the 2014 and 2016 elections.
     
  14. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Thanks for a rational, thoughtful answer. Recently there have been articles on how manufacturing is moving back to the States. Innovation is the primary driving force in this, and no one comes close to matching US innovation. Let's hope it stays that way.

    3D printing is, IMHO, going to put a real hurt on Chinese manufacturing. If 3D printing is half as big as I think it will be millions of Chinese will be unemployed. This will be a huge problem for Beijing.
     
  15. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    I did not say that and you know it. But since you have no answer you have to fall back on to over exaggeration and misrepresentation. As usual.
     
  16. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Now you go to your familiar weaseling. Come on Rev. you have shown you are now knowledgeably on the economy and what makes it go.

    You have been shown in error on several issues today.

     
  17. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777
    Apparently you missed the news the day the fed said they were thingking of stopping the printing. It dropped some 200 points. And I said nothing about what drives the economy. That is another issue altogether. Once again I only spoke to the DOW as being an indicator of a good economy. If you want to have any credibility you need to stop misrepresenting what I say. As of right now you have none.
     
  18. Revmitchell

    Revmitchell
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 18, 2006
    Messages:
    38,273
    Likes Received:
    777

    Saying corps are mostly profitable does nothing to speak to whether the economy is strong. There are all sorts of levels of profitable None of that automatically makes a strong economy. As far as the "adjustment" that should have been allowed to happen a long time ago.
     
  19. Crabtownboy

    Crabtownboy
    Expand Collapse
    Well-Known Member

    Joined:
    Feb 12, 2008
    Messages:
    16,609
    Likes Received:
    155
    Rev the market goes up and the market goes down. The market moves on facts and the market moves on rumor. The movement of one day does not make a trend. The trend is definitely up. Charts show no indication of it being at the top of this movement. I will let you know when it appears to be topping over. The most reliable chart indicates the Dow will reach 17050 ... no prophecy of when this will happen.

    Look at the trend in the chart that appears in the pasted link below.

    https://www.etrade.wallst.com/cgi-bin/upload.dll/file.png?z0388100az4ab7c938224b4686a1d90a1b0b3d5a2c


     
  20. InTheLight

    InTheLight
    Expand Collapse
    Well-Known Member

    Joined:
    Dec 17, 2010
    Messages:
    16,175
    Likes Received:
    610
    I didn't say that corporate profit was indicative of a strong economy. I said that the stock market run up is being influenced by more than the "printing of money". Corporate profits are influencing the market more than the bond buy back program.
     

Share This Page

Loading...