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Surprised Reich ( labor sect under Clinton ) agreed that the May drop was indeed bad news.
I always considered him to be a hardcore liberal, but evidently he is not a denier like LordBalfour.
LOL
It's a one month decline - and a narrowly concentrated decline at that. In the millions of dollars shown on the attached chart on post #19 (which only goes up to April) the amount was $362,517. This puts at only slightly below April and March and still WAY above where it was last year - or for that matter ANY other month prior to the financial collapse of nearly 2 years ago. It's NOT great that it went down, but its just a one decline and doesn't necessarily mean it won't shoot back up again next month just as it did after the drop in September of last year.
You folks like to foam at the mouth over any excuse.
LOL
And many economists were saying the stimulus WOULD work. That's why virtually EVERY MAJOR country on earth launched a similar stimulus package of some kind (China, India, Australia, you name it)....and guess what? They were right.
The fact is, economists fall on BOTH sides of the aisle since there are two main schools of thought.
Ken
They were right?
OMG, have you bothered to read about what is happening in Europe? Their stimulus was about as effective as ours...meaning, not at all.
It's a one month decline - and a narrowly concentrated decline at that. In the millions of dollars shown on the attached chart on post #19 (which only goes up to April) the amount was $362,517. This puts at only slightly below April and March and still WAY above where it was last year - or for that matter ANY other month prior to the financial collapse of nearly 2 years ago. It's NOT great that it went down, but its just a one decline and doesn't necessarily mean it won't shoot back up again next month just as it did after the drop in September of last year.
You folks like to foam at the mouth over any excuse.
LOL
OMG, have you bothered to read about what is happening in Europe? Their stimulus was about as effective as ours...meaning, not at all.
You have no idea how well the stimulus worked - because you have no idea what would have happened WITHOUT IT (unless you are claiming to have some kind of alternate-reality time machine). This much is clear however - all those folks who's jobs were funded by stimulus money would have found themselves on unemployment - thereby spending less (and therefor having a ripple effect on OTHER peoples jobs) and costing the government unemployment compensation.
One month does not represent a trend. I think the trend that is worrisom is the drop in the Money supply due to banks not lending. The last time there was a trend like this was during the great depression. We have a debt driven economy if banks are not lending the money supply is shrinking which means that there is less money is circulation to spend. Banks got in trouble because of lack lending standards and crazy, if not nefarious, reserve requirement ratios. Moreover, at the same time the credit worthiness of the nation has taken a plunge due to job losses, pay reduction and mortgage delinquencies, as well as other issues. So unless banks return to the irresponsible, risk taking practices of the last 10 years...they economy cannot be jumped started in the private sector.
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