GROWTH WILL LAG FOR YEARS!

[Teatownclown]

Get used to it...

It's not Obummer's fault. We lived way past our means for too long. Still, too many suffer from affluenza. 20-30 years of much different living.

The entire world is boring and in the doldrums. Don't look for it to change much. Anemic growth and high unemployment are here to stay.
Young people especially will need to understand how to cope with much less. Thermostats at 80 degrees plus in the summer and 70 degrees and lower in the winter. Life is not easy.

Even if Europe Averts Crisis, Growth May Lag for Years

http://www.nytimes.com/2011/09/30/business/global/even-if-europe-averts-crisis-growth-may-lag-for-years.html?_r=1&hp

"Now, just as the United States economy is held back by households whose mortgages are still underwater and won't begin to spend again until they have run down their debts, Europe can't begin to grow again until its countries learn to live within their means. That means running down their debts during years of austerity and tax increases.

In short, it still means years of painful adjustment."  ......

"We need to do a lot to get over the crisis but once we are over it, it will be the U.S. facing years of fiscal retrenchment, not Europe," said Holger Schmieding, an economist at Berenberg Bank in London."

and a self perpetuating misery setting in: ..."Indeed, a quick resolution of the crisis could increase confidence in these battered economies, and lead to a return to positive growth. But the danger is that the strict austerity measures being adopted will only worsen economic downturns that some think could drag on for a decade in Greece, Portugal and Spain. The threat is that, in turn, slow growth may make it harder for governments to pay down their debts."


We are all to blame....not one politician, not one President, and not Congress. I think the sprint to "world economy" may have constipated growth through over spending. Buckle up. Get the kids bedrooms readied back up.

[AquaMan]

Well, aren't you all sweetness and light.

I dunno. I know how to suffer under Republican leadership. Had plenty of those times. Not sure how to suffer under a Dem. Though, I'm sure some of you can help me out....

[Teatownclown]

Well, aren't you all sweetness and light.

I dunno. I know how to suffer under Republican leadership. Had plenty of those times. Not sure how to suffer under a Dem. Though, I'm sure some of you can help me out....

I know. For a change, everyone will learn to live within their means. For those that do not know how or refuse to acknowledge reality through changing their behavior, a hard lesson is coming. I would hope I might be wrong. Even China's banks are broke. Ain't that some sh!t.

[Gaspar]

Only if you are standing in a bucket trying to lift yourself up by the handle.

[Teatownclown]

Only if you are standing in a bucket trying to lift yourself up by the handle.

That's a good world metaphor!

The problem Gassie, someone stole the handle (what Jethro Tull tune is there this quote?)...Locomotive Breath.

[we vs us]

Supposedly recovery from credit crises are historically much slower and much more painful than traditional recessions.  Essentially the debt has to be payed down on corporate and individual balance sheets throughout the economy, and that just takes time barring large scale restructuring or forgiveness.  A standard recession, based on imbalances in supply and demand, usually have robust and  very fast recoveries as the imbalances are solved and normal production kicks in. 

So yes, in some sense (historically speaking), this crises was always going to go on for much longer than normal, and growth was always going to lag for years.   

[Townsend]

http://www.thedailybeast.com/cheats/2011/09/29/biden-economy-our-fault-not-bush.html

Biden: Economy Our Fault, Not Bush's

Yep, we did it. That's how some conservatives will translate Vice President Joe Biden's comments on a Florida radio station Thursday. Biden said in a live interview that voters have a right to be upset with President Obama about the economy—and not the Bush administration. "Right now, understandably—totally legitimate—this is a referendum on Obama and Biden and the nature of the state of the economy," he said about the 2012 election. He added that the American people will decide whether to accept the solutions offered by the Obama administration—or choose the Republican nominee. The vice president went on to say that while polls still blame the Bush administration, that's not relevant because "we're in charge."

Does this mean that the Tea Party will push back and say "dammit, it's still Bush's fault."?

[Teatownclown]

http://www.thedailybeast.com/cheats/2011/09/29/biden-economy-our-fault-not-bush.html

Does this mean that the Tea Party will push back and say "dammit, it's still Bush's fault."?

He needs to be replaced by Hillary....define "we"...I already did. It's you, me, and those politicians behind the tree.