and we are seeing business levels at 1997 paces...our economy is contracting, not growing, despite what Obie and the goobs in Washington are saying,..contraction is a terrible thing, nothing to celebrate..
The economy is changing...the old ways of doing things are gone. I have paddled upstream with this all along...The current recession is a result of a market adjustment.
Those adjustments are in the housing, automotive and credit markets. Unfortunately those adjustments are three of the most viable parts of our economy.
The costs for these products went upside down. The average median income per household did not keep up with the pricing structure of these markets. A perfect example of this was the predatory subprime mortgage lending practice of late. When housing costs got so high the only way people could qualify was sub-prime (and many economists decried this from the start) there should have been a halt to the practice. However there was no check and balance in the system to detect it.
Auto prices went thru the roof...foreign manufactures were and are making vehicles that far outpace the quality of American made vehicles...and have been doing so for years...
The credit market went absolutely insane...credit card offers to people who didn't even have a job..ARM/Sub-Prime mortgages where people could barely make in the inital payments and then were mortified by the payments adjustments when the interests rates changed.
The contraction you are seeing must take its course before the economy will rebound...the markets are just now beginning to see bottom..or at least where the bottom is.
The Obama stimulus package is nothing more than a feel good campaign all politicians play. It is an attempt to get major players to get good fuzzy feelings that all is well.
If you get this one point you will rest easier at night. The President and the politicians do nothing to help the economy...the only thing they understand is to throw money at the problem...never worked before and it isn't going to work now.
The money brokers, the bankers, and the international money markets are going to be the deciding factors in this economy. When those folks get comfortable then it will be over...and not before.
The one thing I admired about Bill Clinton (and by his own acknowledgement!) he wasn't an economist so he stayed the hell out of the economy for the most part and the 90s boomed!!!!
Rat :loser: