The Economy going Forward

hminsky

NES Life Member
NES Member
Rating - 100%
60   0   0
Joined
Dec 2, 2005
Messages
7,545
Likes
3,179
What was it that caused the big depression in 1929? Or rather, what took so long to pull out of it?
There was the irrationally exuberant stock market. But when the stocks crashed, what took so long
to get things going again? Presumably the economists have studied that to death, so what's the conclusion?
Was it the bank failures themselves, causing it to be impossible to get credit for businesses for a long time? Public jitters about spending money? Something else? If the economists can't figure out what to do to best jump start things after studying
the 1930's for the last 60 years, then I say they're really not very much use.
 

drgrant

Moderator
NES Member
Rating - 100%
60   0   0
Joined
Mar 21, 2006
Messages
71,008
Likes
32,251
Yeah, Mass is more in the middle for total tax burden. No I'm not going commie just commenting that if you drop out the bottom there is healthcare available here, so at least there are some benefits to the high taxes. I like to bitch about the taxes but still the services we get still have a LOT of room for improvement- infrastructure being one.
MA probably has the dubious distinction of the worst roads in the US with probably top 10 spending/capita on “muh roads”. Lol.
 

enbloc

NES Life Member
NES Member
Rating - 100%
41   0   0
Joined
Sep 10, 2009
Messages
22,898
Likes
26,979
It will be interesting to find out if this was a deliberate release of a bio weapon by China. I would put nothing past the commies at this point.
At a minimum, they are watching closely at how we react and recover from this situation. Priceless Data & Intel...
 
Last edited:
Rating - 0%
0   0   0
Joined
Aug 24, 2019
Messages
344
Likes
423
I think we will bounce back from this ok. However there are a lot of big ifs involved. If people can get unemployment checks and if we can re-open some of the country back up. The economy tanked quickly but can bounce back quickly. Also some of the experimental drugs look promising. Like I said a lot of big ifs. Just my 2c.
 

daekken

NES Member
Rating - 100%
6   0   0
Joined
Feb 5, 2015
Messages
4,575
Likes
4,420
Location
NH
Daekken,
Glad you clarified that, I was beginning to wonder.
Stridently anti-communist, but 1848, 1905, and 1917 are still relevant. I don't think we're at that point now, but how many "wait until the EBT is shut off" threads have we had? Now, apply that logic to 3.3 million plus who were otherwise "getting by." Like it or not, people understand getting a check. A lot do not understand inflation, national debt, etc.
 

Admin

Staff member
Administrator
Moderator
NES Member
Rating - 100%
18   0   0
Joined
Feb 25, 2005
Messages
39,582
Likes
15,734
Location
Monadnock area, NH
JFC some of the "Sky Is Falling"crap is really getting exhausting.

We don't have limiting harnesses on our country and there isn't a democrat in power. Americans will do what Americans ALWAYS do when challenges come, roll up their sleeves and get to work.

Stay off of CNN and MSNBC
 

Lank

NES Member
Rating - 0%
0   0   0
Joined
Nov 11, 2009
Messages
4,626
Likes
1,418
Location
Run to the hills
I am going to do my best to hurt China and help America buy buying American made products. A recent purchase was from the All American clothing company. F Levi's...they are loony wokesters....
 

richc

NES Member
Rating - 100%
36   0   0
Joined
Oct 21, 2008
Messages
16,969
Likes
25,953
Location
metrowest
Hey Henry,

Former Fed Chairman Ben Bernanke is a recognized authority on the Great Depression. And he shared some of his insights here. It's an interesting read.


Stay well!

Rich


What was it that caused the big depression in 1929? Or rather, what took so long to pull out of it?
There was the irrationally exuberant stock market. But when the stocks crashed, what took so long
to get things going again? Presumably the economists have studied that to death, so what's the conclusion?
Was it the bank failures themselves, causing it to be impossible to get credit for businesses for a long time? Public jitters about spending money? Something else? If the economists can't figure out what to do to best jump start things after studying
the 1930's for the last 60 years, then I say they're really not very much use.
 

ASHDUMP

NES Member
Rating - 100%
6   0   0
Joined
Aug 1, 2009
Messages
5,031
Likes
1,158
Location
Massashootin'
JFC some of the "Sky Is Falling"crap is really getting exhausting.

We don't have limiting harnesses on our country and there isn't a democrat in power. Americans will do what Americans ALWAYS do when challenges come, roll up their sleeves and get to work.

Stay off of CNN and MSNBC
And Drudge..... I cant take more doom from him. I'm looking for opportunity. Not depression. I think all TDS participants are looking for gloom right now. Believe it or not this whole shitshow makes them feel good.
 

Varmint

NES Member
Rating - 100%
9   0   0
Joined
Jul 5, 2014
Messages
14,597
Likes
6,607
Location
North Shore, MA
Hey Henry,

Former Fed Chairman Ben Bernanke is a recognized authority on the Great Depression. And he shared some of his insights here. It's an interesting read.


Stay well!

Rich
and he helped create the coming New Depression, so he's over qualified.
 

jpk

Rating - 100%
3   0   0
Joined
Jan 5, 2013
Messages
18,978
Likes
12,999
if these shutdowns continue for another month or two, check back in 10-20 years for a possible return to normal. Whats going on now will have immense ripple effects of the economy for the average person. As usual the very rich will of course benefit.
I dont think people are going to tolerate a shutdown for another month.

I suspect we'll see an increasing number of people and businesses begin to give governors the big middle finger

The big 3 are looking to restart making cars within a couple weeks......"mid april" is whats being reported.
 

drgrant

Moderator
NES Member
Rating - 100%
60   0   0
Joined
Mar 21, 2006
Messages
71,008
Likes
32,251
I dont think people are going to tolerate a shutdown for another month.

I suspect we'll see an increasing number of people and businesses begin to give governors the big middle finger

The big 3 are looking to restart making cars within a couple weeks......"mid april" is whats being reported.
I think people will play along on round 1, but if this stuff re-emerges or rebounds in the fall the pushback is going to be immense. People are going to go "But you had like 4+ months to "hospital up" so we could handle this shit, no, we're not doing this again. "

-Mike
 

jpk

Rating - 100%
3   0   0
Joined
Jan 5, 2013
Messages
18,978
Likes
12,999
I think people will play along on round 1, but if this stuff re-emerges or rebounds in the fall the pushback is going to be immense. People are going to go "But you had like 4+ months to "hospital up" so we could handle this shit, no, we're not doing this again. "

-Mike
Dunno....I'm not so optimistic wrt peoples reactions when you take everything from them........

Even Cuomo is starting to walk back some of his state wide dumb donk tyrant bull shit

The tard mayor in LA threatening to turn off peoples power/water is probably going to get a lot of pushback

I expect we'll see a trend towards friends of governors and squeaky wheels will magically be deemed "Necessary" or "Critical" Services out of the blue......the corruption is coming.....
 

blindfire

NES Member
Rating - 100%
1   0   0
Joined
Jun 5, 2010
Messages
15,968
Likes
4,318
JFC some of the "Sky Is Falling"crap is really getting exhausting.

We don't have limiting harnesses on our country and there isn't a democrat in power. Americans will do what Americans ALWAYS do when challenges come, roll up their sleeves and get to work.

Stay off of CNN and MSNBC
And Fox. Hell...just don't listen to the news at all. It's too god damn depressing.
 

drgrant

Moderator
NES Member
Rating - 100%
60   0   0
Joined
Mar 21, 2006
Messages
71,008
Likes
32,251
And Fox. Hell...just don't listen to the news at all. It's too god damn depressing.
I have said before most of these people getting anxious about shit should just shut off their f***ing television set.

People have often blamed drugs and alcohol etc for a lot of the problems in this country, but the 24 hour news cycle is f***ing cancer. It distracts people from things that actually matter.

-Mike
 

bfm

Rating - 100%
14   0   0
Joined
Nov 19, 2007
Messages
7,362
Likes
5,531
Location
Somerville
I agree the US will get through this and the economy will recover.

But I would seriously be prepared for things to stay as they currently are until at least Memorial Day.

Just working out bankruptcies and which businesses qualify for what stimulus packages and who owes back rent etc will take months after that even if most people have or find jobs to return to.

So I do not see anything close to what we previously considered normal before Fall at earliest.

And that assumes we don't all just try to return to normal too soon and end up with a second wave of COVID-19 cases that is much worse than what we have now.
 

Varmint

NES Member
Rating - 100%
9   0   0
Joined
Jul 5, 2014
Messages
14,597
Likes
6,607
Location
North Shore, MA
I have said before most of these people getting anxious about shit should just shut off their f***ing television set.

People have often blamed drugs and alcohol etc for a lot of the problems in this country, but the 24 hour news cycle is f***ing cancer. It distracts people from things that actually matter.

-Mike
My wife puts on the local news sometimes (we don't have cable), and my kids tell her to turn it off. "Mom, it's all violence!" (before CV19) and now they say "It's all coronavirus!"
 

number9

NES Member
Rating - 0%
0   0   0
Joined
Nov 7, 2005
Messages
1,169
Likes
418
Location
Hanover, NH
That sword cuts both ways. You want a D president with that power??? :)
President Clinton used the line-item veto dozens of times until SCOTUS ruled on a case about it.

I can't see any downside to a line-item veto.
I can. The President is supposed to execute the law as it's written; they shouldn't get to interpret it a specific way. If they want to veto it, veto it, but don't pick and choose what you will and won't execute as that defeats the purpose of legislation.
 

Varmint

NES Member
Rating - 100%
9   0   0
Joined
Jul 5, 2014
Messages
14,597
Likes
6,607
Location
North Shore, MA
President Clinton used the line-item veto dozens of times until SCOTUS ruled on a case about it.


I can. The President is supposed to execute the law as it's written; they shouldn't get to interpret it a specific way. If they want to veto it, veto it, but don't pick and choose what you will and won't execute as that defeats the purpose of legislation.
I was thinking we should go back to bill's being about single items - not 1000-page pork sandwiches. I don't know how the founding fathers intended bills to look like. I'm guessing not 1000-page tomes.

If each bill was a single item - Congress could over-ride a veto if it was important. That's tough with massive bills full of crap.
 

enbloc

NES Life Member
NES Member
Rating - 100%
41   0   0
Joined
Sep 10, 2009
Messages
22,898
Likes
26,979
That sword cuts both ways. You want a D president with that power??? :)
I think I could stomach it because almost all the legislation coming out of Washington is restrictive and costly to all of us.
Republican legislation too. I can't recall the last law passed that I said "Oh! This is great Law! We needed this!"

Cutting legislation "both ways" is almost always a good thing. As long as the POTUS can't ADD line items, I'm good with it.

How did we ever survive without all these laws...?
 
Last edited:

number9

NES Member
Rating - 0%
0   0   0
Joined
Nov 7, 2005
Messages
1,169
Likes
418
Location
Hanover, NH
I was thinking we should go back to bill's being about single items - not 1000-page pork sandwiches. I don't know how the founding fathers intended bills to look like. I'm guessing not 1000-page tomes.

If each bill was a single item - Congress could over-ride a veto if it was important. That's tough with massive bills full of crap.
I guess I agree with your argument, but not the conclusion. I agree that bills are too long; obviously it's an easy out for a greasy politician to slip an unrelated rider into a bill that everyone wants to pass and get something he/she otherwise wouldn't. We should fix that problem, but I don't think the line-item veto is the way to do it.

(This is part of why I am strongly against President Trump's diversion of Pentagon funds to fund the border wall. Congress controls the purse strings, and Congress decided not to fund the wall; a POTUS shouldn't get to go raid someone's piggy bank to fund something that Congress has refused to appropriate funds.)
 
Top Bottom