United States Heading towards a Depression?

I agree Mia. This first time homebuyer credit is just encouraging more people to run off and buy houses they cant afford. Same with the damn Cash for Clunkers.

I work in a dental lab as a Systems Administrator. Most people that actually make the teeth make between $8-$10/hour. When Cash for Clunkers came along, we have about 10-15 brand new cars in the lot, all purchased by the lowest paid employees. I wouldn't want to buy a car on what I make, how in the hell are these people affording $400/month car payments?

Just because the carrot is dangled in front of you, doesn't mean you have to take it. Some people will never learn. We are just encouraging behavior that got us into this mess in the first place....

 

That cash for klunkers thing as it turns out apparently resulted in a fuel savings of either, the SAME or 1MPG on average savings.

In other words, the goal of the program was not realized.

What people should have done was do what I did. I went out and bought a NEW/USED vehicle for 1/2 the cost of the vehicle new. Low mileage, one owner, lease vehicle in perfect shape. Got the warranty, spent half the money, have HALF the payment, and a vehicle that is broken in, tried, tested and true. Let someone else take the depreciation. My car before that was $115/mo. and was originally a $38,000 vehicle over 10 years ago when I bought it.

What we need to create here are smart consumers aware of value and cost. Not idiots that are promised the world and told they can afford something they cannot because the gov-a-ment says they can.

If I ever pay more than $250/mo for a car payment, someone kick me in the head. There are morons out there that pay $800 or more per month for car payments... That's insane. Buy the thing outright, or get a low manageable payment. Those of us with that $250 payment can make that $800 payment if we have the cash. In the end, we end up paying the car off before it's worth less than we owe on it, but are not strapped by the HUGE payment/burden.

 

Cash For Clunkers was great for the economy, of Japan.

Edmunds showed pretty clearly that Cash For Clunkers cost the American taxpayers $24,000 for every car sold.

It looks like CIT wasn't making enough campaign contributions.

Obama didn't even decide to run for President on his own. He was selected by limousine liberals on the basis of his looks and his (they thought) lack of history.

On the topic of the economy, the National Association of Manufacturers is very clear on what the United States needs to do in order to succeed:

The Facts book points out several major cost drivers that are hurting U.S. manufacturing competitiveness, investment and job creation:

· U.S. Does Not Keep Pace with Falling Corporate Tax Rates: The United States now has the second highest corporate tax rate among our major trading partners, trailing only slightly behind Japan. U.S. corporate tax rates have been essentially unchanged for the past two decades, while all of our major competitors have been lowering theirs.
· High Health Care Costs Hamstring Competitiveness: The United States has the most expensive health care in the world relative to the size of its economy. Manufacturers want to continue offering flexible, generous health benefits without increasing the cost of doing business.
· Regulatory Compliance Costs are Large and Growing: Manufacturers spend an estimated $162 billion annually to comply with economic, environmental and workplace safety regulations as well as tax compliance – equivalent to a 12- percent value added tax.As an example, U.S. industry is faced with the highest pollution abatement costs compared to its major trading partners – even higher than the so-called “green economies” of Western Europe.
· Energy is Critical to the Industrial Sector: U.S. manufacturers consume roughly one-third of our nation’s available supplies. Most of the manufacturing sector’s energy comes from fossil fuels, with natural gas representing the single largest energy source. The rise in fossil fuel prices since 2002 has raised production costs as well as concerns about the availability of secure, reliable and affordable energy supplies.
​

Looking at the agenda of the Obama administration and thier cronies in Congress, the U.S. economy is heading for a lot of pain over the course of the next seven years.

 

George Bush never knew what hit him. The Republican tried to pass Fannie Mae and Freddie Mac regulatory reform in 2005 but the reform was blocked by the Democrats.

The following people are supposed to fix the George Bush mess:

1) President Barry Obama: Obama was a lawyer on behalf of ACORN. Sen. Barry Obama was No. 2 on the Fannie/Freddie list of favored politicians after just four short years in the Senate.

2) Barney Frank's husband was an executive running Fannie Mae. At the same time Barney Frank was the House Banking Committee Chairman and writing housing and banking laws.




3) Rahm Emanuel is the White House chief of staff helping President Obama dig out of the mess that Freddie Mac helped create. Rahm Emanuel, served on the board of directors of the federal mortgage firm Freddie Mac at a time when Freddie Mac misreported profits by billions of dollars in order to deceive investors between the years 2000 and 2002.

http://abcnews.go.com/Blotter/story?id=6201900&page=1&page=1



4) Christopher J. Dodd chairman of the Banking Committee is received Countrywide Financial VIP loans for homes including a home in Ireland.

 

And now the inmates are running the asylum.

This is the change the American people voted for -- I hope they are enjoying the unemployment checks.

 

I agree, it is very clear.

First all the loud mouth chicken hawks should move to Singapore or south American, to continue with their tradition of not serving their country.

Second, they should become even more of loud mouth coward and while hiding under their bed, make as much propaganda as they can that USA should get involved in even more wars and how soldiers have to be send to different part of the worlds to kill or to be killed.

It is very clear that loud mouth chicken hawks are the future of USA and the solution to all it's problems.

 

This just showed up in my Inbox and was good for a few laughs:

The economy is so bad, that I got a pre-declined credit card in the mail.

The economy is so bad, that when I ordered a burger at McDonald's, the kid behind the counter asked, "Can you afford fries with that?"

The economy is so bad, that CEO's are now playing miniature golf.

The economy is so bad, if the bank returns your check marked "insufficient funds, you call them and ask if they meant you or them.

The economy is so bad, Hot Wheels and Matchbox stocks are trading higher than GM and Chrysler.

The economy is so bad, parents in Beverly Hills have fired their nannies and learned their children's names.

The economy is so bad, a truckload of Americans were caught sneaking into Mexico.

The economy is so bad, Dick Cheney took his stockbroker hunting.

The economy is so bad, people in Africa are sending money to America.

The economy is so bad, Motel Six won't leave the light on anymore.

The economy is so bad, Exxon-Mobil laid off 25 senators.
​

 

willy, was that you trying to be a smart a*s again? You should be careful about what you say to customers before your manager decide to fire you.

 

The program was a complete success.

It was an indirect way for the government to help the banks and automakers to try and keep them solvent.

I thought everyone knew this.

 

Winner Winner Winner! Govt. Spends 26k of taxpayer money per car. Auto sales upswing for two months and then crash again! Spin the wheel and get in line for a taxpayer bailout! Who is next!

 

OH, but it worked!!!!!!!!

 

Where is the change that the people were promised?

 

Obama isn't doing any of the good things that W was, that is the change part. Well he has quadrupled all the bad things as well. I would call that change in a demented sort of way.

 

After health care, cars for crap, taxes, taxes and more taxes and of course Afghanam the change will be in your pocket. And that's all the change we'll have!

 

80% Chance Of A Market Crash Over The Next Year: We are probably not even one-third of the way through this deleveraging cycle.

http://www.businessinsider.com/henr...-of-a-market-crash-over-the-next-year-2009-11

Morgan Stanley: Here Comes A Brutal 2010

http://www.businessinsider.com/morgan-stanley-here-comes-a-brutal-2010-2009-11

 

Everyone I have talked to has been down 70% this year!!! Its gonna get much worse before it gets any better. I really wish our current president would have at the very least held a simple job at a McDonald's before he got elected. His inexperience is worse than expected!

 

I wonder what jobs George W held that taught him to...

start 2 wars with incessant military spending, while...

spending on stimulus checks and bailouts, while...

letting Katrina drown, while...

doing nothing about energy policy and letting gas prices hit $4.

 

What is important is that we know who to blame! As long as we know who to blame, we shouldn't be bothered by trillions of dollars in new entitlement spending. Just let it roll.

 

Bush raised the gas prices for his buddies pulling all the oil out of Iraq.

Bush also sent a hurricane to kill minorities in cajun country because they didn't vote for him.

Bush didn't spend enough on stimulus checks so Obama had to increase spending elsewhere.

Bush had the military crash bomb laden jets into the towers.

Bush didn't spend enough on the wars so Obama has to add to that as well.

Bush also made the bird flu, swine flu, AIDS and Hep C to kill minorities.

Geesh, get it together man, how do you expect people to get a clue on Bush if you leave out the details!

 

Funny how no one seemed to complain back then... Don't remember people losing jobs, homes, etc... Things were pretty good for quite some time. A huge amount of growth and prosperity, even amid two wars, nutjob islamoterrorists started.

Things took a turn when Democrats infiltrated Congress again, and now the White House.

Thankfully its only going to last another year... Its will be tough, but luckilly its not forever!