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ORIGINAL: StrangerThan

the article talks about business, government, etc. Doesn't talk much about what would be like for you, me, the rest of the population.

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ORIGINAL: EbonyWood

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ORIGINAL: StrangerThan

the article talks about business, government, etc. Doesn't talk much about what would be like for you, me, the rest of the population.

I think it does by inference, in terms of long term unemployment, reduced equitable assets, reduced consumer activity and a stock market that will be depressed for a long time to come, to the point of having permanent damage to retirement fund real value.
 
The vast majority of people are already having to accept a reduced standard of living. I don't think that's necessarily a bad thing culturally to shift from a nation too used to excess, but the pain not being shared equally is.
 
I think one 'man in the street' outcome not discussed will be greater social unrest, and a return to previous era paranoia.

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There can't be a double dip recession when we are still in the first one..

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ORIGINAL: Fellow

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We've been out of the first one for over a year, with healthy growth well over 3% and as high as 5% at times.

The GDP growth numbers are not telling the real story. The deficit spending accounts like growth.
Some point out US is following Japan footsteps (hiding bank losses) and it will face a decade of depressed economy.

The United States seems to be getting hit by "the perfect storm" of several events that are knocking us on our collective asses.
Everything everywhere is being cut to the bone, and many "programs" will be nothing but bone soon, with nothing left to cut.

Here is an interesting quote:
William Black: Well I said it from the beginning, Geithner and Summers were selected and promoted, and the same is true with Bernanke, because they are willing to be wrong and have a consistent track record of being wrong. That's useful for senior politicians but disastrous for the country.
.....
It seems to me things are much more serious they seem for some. The whole economic structure and ideology needs to be corrected and there can be only a self-correction (long stagnation).

Here is M. Moore observation:
"To understand what's happening, we have to focus on the bottom line, just like they do. And what the bottom line says is that the entire business world has figured out how to make huge buckets of money without hiring us to work for them. I'm not sure how in the long run this benefits these companies. Maybe the same robots who make most things now are also programmed to buy them? But the upshot is this: We have to face the fact that most of America's CEOs don't want the economy to get "better." Because for them, it couldn't get better—they've got profit coming out their ears, while with 9.5 percent unemployment their entire workforce is too scared to ask for a 25 cent-an-hour raise. They'd be happy to have things stay just like they are now. Forever."

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ORIGINAL: Fellow

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We've been out of the first one for over a year, with healthy growth well over 3% and as high as 5% at times.

The GDP growth numbers are not telling the real story. The deficit spending accounts like growth.
Some point out US is following Japan footsteps (hiding bank losses) and it will face a decade of depressed economy.
Here is an interesting quote:
William Black: Well I said it from the beginning, Geithner and Summers were selected and promoted, and the same is true with Bernanke, because they are willing to be wrong and have a consistent track record of being wrong. That's useful for senior politicians but disastrous for the country.
.....
It seems to me things are much more serious they seem for some. The whole economic structure and ideology needs to be corrected and there can be only a self-correction (long stagnation).

Here is M. Moore observation:
"To understand what's happening, we have to focus on the bottom line, just like they do. And what the bottom line says is that the entire business world has figured out how to make huge buckets of money without hiring us to work for them. I'm not sure how in the long run this benefits these companies. Maybe the same robots who make most things now are also programmed to buy them? But the upshot is this: We have to face the fact that most of America's CEOs don't want the economy to get "better." Because for them, it couldn't get better—they've got profit coming out their ears, while with 9.5 percent unemployment their entire workforce is too scared to ask for a 25 cent-an-hour raise. They'd be happy to have things stay just like they are now. Forever."

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ORIGINAL: Musicmystery

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There can't be a double dip recession when we are still in the first one..

We've been out of the first one for over a year, with healthy growth well over 3% and as high as 5% at times.

But tax cuts funnel money up, without benefits trickling down. We saw this in the 80s, and now again in 00s. Whether that's as it should be or not matters not for this point--the widening poor/middle-class vs. wealthy gap has widened quite considerably, and with incomes soaring for the top 20%, we have created two economies, with the top one responsible for the growth figures, the bottom one still stuck in high unemployment and stagnant growth due to uncertainty and tighter credit.

Is this sustainable long term? Arguable, I suppose, though social unrest will come with continuing this way.

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ORIGINAL: Musicmystery

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There can't be a double dip recession when we are still in the first one..

We've been out of the first one for over a year, with healthy growth well over 3% and as high as 5% at times.

But tax cuts funnel money up, without benefits trickling down. We saw this in the 80s, and now again in 00s. Whether that's as it should be or not matters not for this point--the widening poor/middle-class vs. wealthy gap has widened quite considerably, and with incomes soaring for the top 20%, we have created two economies, with the top one responsible for the growth figures, the bottom one still stuck in high unemployment and stagnant growth due to uncertainty and tighter credit.
Is this sustainable long term? Arguable, I suppose, though social unrest will come with continuing this way.

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ORIGINAL: servantforuse

There can't be a double dip recession when we are still in the first one..

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ORIGINAL: Musicmystery

No, you just usually start chanting and defending before you actually read what was said.

Welcome to the reader's club.

Now, read it again where I talk about two economies.

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ORIGINAL: wittynamehere

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ORIGINAL: servantforuse

There can't be a double dip recession when we are still in the first one..

Nicely said. The stimulus package and other artificial measures only disguised the problems for a year or so. We're still in the same depression we were in during the fall of 08. And this monster isn't going to be dealt with by printing dollars out of thin air or borrowing them from China. As Marini said above, we're witnessing something really huge. The more people who wake up and smell the coffee and start taking precautions, the better we'll be as a continent. Huge turmoil and changes are here to stay and will only be deepening for likely quite a few years yet.

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ORIGINAL: servantforuse

When Bush was president I argued on here that we weren't in a recession. The numbers proved it. Now I'm saying we are still in a recession and theyr'e telling me we are out of it. Ask the 10 million or so people who are still out of work if this recession is over. They will probably not agree.

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When Bush was president I argued on here that we weren't in a recession. The numbers proved it. Now I'm saying we are still in a recession and theyr'e telling me we are out of it. Ask the 10 million or so people who are still out of work if this recession is over. They will probably not agree.