Meltdown

[Sammy]

You must be internet-illiterate.

From the man who is incapable of adequately describing the characteristics of a musical performance.

By the way, I don't think anyone around here is jealous of your record collection.  I'm sure you consider it a wonderful collection (and you should because you bought it), but that's no reason to think others want anything to do with it.

[Coopmv]

From the man who is incapable of adequately describing the characteristics of a musical performance.

By the way, I don't think anyone around here is jealous of your record collection.  I'm sure you consider it a wonderful collection (and you should because you bought it), but that's no reason to think others want anything to do with it.

Do your thread-crapping elsewhere.  This thread is meant for discussions of economic issues and I do not consider you to be remotely qualified to join the discussions. 

[knight66]

I am calling time on this specific exchange guys, back to the thread topic, grim though it is.

Thanks,

Knight

[Sammy]

Do your thread-crapping elsewhere.  This thread is meant for discussions of economic issues and I do not consider you to be remotely qualified to join the discussions.

I have a four-year degree in economics (specializing in public finance), a Masters in micro-economics and 35 years appraising, buying and selling a wide variety of real estate.  What I don't have is a penchant for making definitive pronouncements about highly complex matters that even divide the best economists. 

[Parsifal]

La comedia e finita!

[ibanezmonster]

Contrast that with what today's Democrats want to do.  Based on the Senate Democrats' budget projections, there will still be a $500 billion deficit ten years out.

I'm trying to find out how a $500 billion deficit is still a bad thing when the GDP is what, $15 trillion?... and ten years seems to be a reason amount time for cutting for cutting the massive amount of debt that there is now.

[Todd]

I'm trying to find out how a $500 billion deficit is still a bad thing when the GDP is what, $15 trillion?... and ten years seems to be a reason amount time for cutting for cutting the massive amount of debt that there is now.

The point is that the Democrats' own budget, which presumes a pretty decent economic growth scenario over the next decade, doesn't even attempt to bring the deficit down more, let alone reduce the debt.  They are opting instead for structural deficits, which means increased dependence on the government, and attendant rent-seeking by a variety of parties, and they are in no way Keynesian, which some profess to be.  The US national debt would be $20 trillion+ at the end of the ten years if the budget were followed.

[snyprrr]

$125 Million going to Syrian rebels...hey!, don't WE need that?

[Todd]

$125 Million going to Syrian rebels...hey!, don't WE need that?

Defense contractors and their shareholders do.

[ibanezmonster]

The point is that the Democrats' own budget, which presumes a pretty decent economic growth scenario over the next decade, doesn't even attempt to bring the deficit down more, let alone reduce the debt.  They are opting instead for structural deficits, which means increased dependence on the government, and attendant rent-seeking by a variety of parties, and they are in no way Keynesian, which some profess to be.  The US national debt would be $20 trillion+ at the end of the ten years if the budget were followed.

Oh, okay, gotcha. Just had a mixup between what you referring to as deficit, which you meant as yearly.

[Coopmv]

The point is that the Democrats' own budget, which presumes a pretty decent economic growth scenario over the next decade, doesn't even attempt to bring the deficit down more, let alone reduce the debt.  They are opting instead for structural deficits, which means increased dependence on the government, and attendant rent-seeking by a variety of parties, and they are in no way Keynesian, which some profess to be.  The US national debt would be $20 trillion+ at the end of the ten years if the budget were followed.

You are absolutely correct.  It is all smoke and mirrors for the Democrat controlled US Senate when it comes to deficit projection.  They also paint the rosiest economic scenario.  What can I say, they all love big government.  I cannot stand big government, particularly the federal government that is growing bigger by the day.  The US national debt may well hit $20T by 2016.  There are trillion dollars additional liabilities that are not even being counted.  I cannot wait to see the verdict for the case of City of Stockton (now bankrupt), CA pensioners vs. the bondholders and certainly hope the bondholders prevail.  There is no right for any government to borrow money from private investors to pay out unsustainable pension benefits, then refuse to make the bondholders whole. 

[Karl Henning]

Thank goodness the problem is as simple as the fact that there are Democrats . . . that certainly relieves the Republican party from any resp0nsibility!

[Todd]

Thank goodness
the problem is as simple as the fact that there are Democrats . . . that certainly relieves the Republican party from any responsibility!

At least the Republican budget proposals attempt to bring the deficit down more aggressively over the next ten years.  Democrats don't even pretend anymore.  I guess you could call such honesty refreshing.  These are merely bargaining positions, of course, so perhaps something more like the 1990 budget deal comes about. 

[snyprrr]

then refuse to make the bondholders whole.

but it's only riiiiiiight, Coop, it's only riiiiight

those nasty bondholders... bad.... bad boys!



Every time someone tells me they work for the gov, I really get a look... sometimes I'll just ride them. Sorry, but would most of them compete in the private sector?


btw-last unemploy check... now I get to call and see if they can't find some 'available funds'... thanks everybody!!!

and trust me... it hasn't been but gas and milk money

[Karl Henning]

. . . and trust me... it hasn't been but gas and milk money

Hey, I knew that . . . .

[Brian]

Unsurprisingly, Stephen Colbert is having a LOT of fun with the discovery that Reinhart/Rogoff's economic paper was mistaken. Part 1, part 2.

[Todd]

Unsurprisingly, Stephen Colbert is having a LOT of fun with the discovery that Reinhart/Rogoff's economic paper was mistaken.

Well, in their defense, Excel is a tough program to master.  Wait, no it's not.

Fortunately, the Fed just keeps on buying bonds at a trillion dollar a year pace, and the federal government keeps on running annual deficits larger than the GDP of most countries.  (It's currently hovering around the GDP of Turkey or the Netherlands, depending on which measure you prefer.) 

[Brian]

Well, in their defense, Excel is a tough program to master.  Wait, no it's not.

Fortunately, the Fed just keeps on buying bonds at a trillion dollar a year pace, and the federal government keeps on running annual deficits larger than the GDP of most countries.  (It's currently hovering around the GDP of Turkey or the Netherlands, depending on which measure you prefer.)

So what you're saying is that every year we should invade the Netherlands and sell it to China.

[Todd]

So what you're saying is that every year we should invade the Netherlands and sell it to China.

Yes.

[snyprrr]

Yes, I spent my last unemployment money on a Roger Sessions Symphony!

I have appeal meeting coming up, but, it's still only $70 a week. I am preparing myself for some kind of retail humiliation, if ANYTHING ... my whole 'customer is always right' attitude left the building a long time ago. I don't think I can handle today's demanding consumer... narf narf nom nom...

gulp, the NEW REALITY is hitting home hard fast soon now ahhhh!!!!!!! It seems that the foreclosure thing is finally starting to hit in this most prosperous of counties.

A good percentage of my high school chums are now about ready to move out of from wherever they have been (their own places)... ONLY chums with government jobs (and the lawyer) HAVE jobs. I won't comment.

I can feel my bowels turning to water, and I buy Sessions? I guess I figure hunger goes better with Sessions?

Haven't had a full time job since Dec '08, right before I sought console here. No love, no job. Only Roger & Me.