• Sprott Money
    05/05/2016 - 06:02
    Why is a Deutsche Bank mouthpiece suggesting “negative retail deposit rates or perhaps wealth taxes”? The answer is to (supposedly) stimulate our economies.

US Economy Will Return To December 2007 Employment Levels... In 2021!

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Wed, 07/21/2010 - 11:40 | 480869 NOTW777
NOTW777's picture

all said while seals are clapping for the destruction of US by barney and dodd;  lets hear what the king has to say.

Wed, 07/21/2010 - 11:47 | 480891 suteibu
suteibu's picture

He's saying a lot of stuff.  What he's not saying is that he just took over commerce in this country.  Control financing, control commerce.

Wed, 07/21/2010 - 12:17 | 480963 GIANTKILR
GIANTKILR's picture

I puked a little at that shamful display! What nerve!

Wed, 07/21/2010 - 11:43 | 480873 jkruffin
jkruffin's picture

Is Benny Boy going to be televised?  If so, what time does he start lying on air?

Wed, 07/21/2010 - 11:46 | 480886 firstdivision
firstdivision's picture

2pm EDT

Wed, 07/21/2010 - 11:54 | 480907 DavidC
Wed, 07/21/2010 - 11:44 | 480875 Miles Kendig
Miles Kendig's picture

Jobs?  Work?  The only job all loyal Americans need to concern themselves with is to SPEND.  Spend like there is no tomorrow.  Spend to save everyone else.  After all, if China is still willing to trade worthless junk to us for worthless pieces of paper that keep Americans at home, spending then why try to produce anything but debt that can never be repaid....?

Wed, 07/21/2010 - 11:46 | 480884 Duuude
Duuude's picture

 

Plenty of work here...

All of these places exist just outside Washington in what amounts to the capital of an alternative geography of the United States, one defined by the concentration of top-secret government organizations and the companies that do work for them. This Fort Meade cluster is the largest of a dozen such clusters across the United States that are the nerve centers of Top Secret America and its 854,000 workers.

 

http://projects.washingtonpost.com/top-secret-america/articles/

 

In the article top rankers say that nobody knows what anybody else is doing.

 

 

Wed, 07/21/2010 - 11:53 | 480905 Miles Kendig
Miles Kendig's picture

There is another mega cluster in my area with the Lawrence-Livermore/Cal, Silicon Valley & SF fed action in full swing.  850K  hmmm.  That's way less than the number committed to supervised incarceration here in the US.

Wed, 07/21/2010 - 13:00 | 481076 carbonmutant
carbonmutant's picture

"supervised incarceration" is than an HR term?

 

Wed, 07/21/2010 - 16:36 | 481741 Miles Kendig
Miles Kendig's picture

Yep.  And it applies to more than regular cube dwellers... be they voluntary, involuntary or indentured.

Wed, 07/21/2010 - 13:09 | 481083 sethstorm
sethstorm's picture

The problem is that you have to have a sponsor to get a clearance.

Once you get that, it's fine.  Before that, it's a clusterfsck of "who you know".

Wed, 07/21/2010 - 12:15 | 480957 Caviar Emptor
Caviar Emptor's picture

Right on there bro. After the 9/11 disaster, with bodies still burning, the mayor of New York City (Rudy Giuliani) had this advice: Shop! He counseled us to patronize the restaurants and shops and carry on our normal economic activity (as did President Bush a day later) . Was it stupendous callousness? Nope. It was fear. Fear that the economy would collapse if we failed in our one and only mission as American citizens in the global economy: shop till you drop. Aspire to ever larger homes and SUVs, ever flatter TVs and snazzier jeans. 

In the moments after the World Trade Center fell, the Pentagon burned and America was under attack, the preoccupation of our high officials was that we not retrench from being the world's fattest consumers, pigs at the trough feasting on an omnivorous diet of anything and everything paid for with non-existant funds (credit). To Giuliani and Bush, the darkest thought was not so much about the victims. It was about the potnetial collapse of the economic bubble. 

 

Wed, 07/21/2010 - 13:29 | 481131 aheady
aheady's picture

NOT junk.

Wed, 07/21/2010 - 13:51 | 481188 Red Neck Repugnicant
Red Neck Repugnicant's picture

Perfect post!  I absolutely agree!

shop till you drop. Aspire to ever larger homes and SUVs, ever flatter TVs and snazzier jeans.

And shop 'til we drop, we did.  Keep Amurica rollin'.  Somewhere on YouTube there is a video of Bush telling everyone to "go shopping." 

It also speaks to why interest rates were keep too low for too long.  The primary concern the Bush administration had was that GDP would increase during his presidency.  If it couldn't happen naturally, they would artifically juice the economy with reckless, careless fiscal policy.  Whether it was interest rates, or war, or encouraging the use of exotic mortgages (see Greenspan), or the creation of an entirely phoney economy, the Bush administration was going to get their GDP numbers. 

And they did.  In the fucking ditch. 

Wed, 07/21/2010 - 14:23 | 481284 Reductio ad Absurdum
Reductio ad Absurdum's picture

You're still here?

Wed, 07/21/2010 - 14:47 | 481394 Red Neck Repugnicant
Red Neck Repugnicant's picture

Strange. 

That's what your wife said when I stayed for a cigarette this morning.

You two really are soulmates.

Wed, 07/21/2010 - 11:43 | 480876 DoctoRx
DoctoRx's picture

Don't know about 2021, but a balanced economy involves rewarding savers and not parasites or speculators.  Too many imbalances and command and control aspects of this economy for our good IMHO . . .

Wed, 07/21/2010 - 12:41 | 481019 Johnny Bravo
Johnny Bravo's picture

What the article doesn't talk about is that eventually, all the baby boomers that CAUSED this economic crisis will start retiring.  That should help free up some jobs eventually, as the population has not grown faster than them for ages.

Wed, 07/21/2010 - 13:46 | 481176 RockyRacoon
RockyRacoon's picture

That would be me, Johnny. 

And I had you in mind while plotting the ruination of the country.

Wed, 07/21/2010 - 14:26 | 481296 Reductio ad Absurdum
Reductio ad Absurdum's picture

If you want to free up jobs Bravo, just stop Mexicans from pouring over the border.

The only reason the population of the U.S. is growing is due to Mexican migrants and their absurdly large families.

Wed, 07/21/2010 - 14:31 | 481318 Johnny Bravo
Johnny Bravo's picture

I should listen to your investment ideas then, since they worked out so great on a macroeconomic scale...

Wed, 07/21/2010 - 15:27 | 481538 RockyRacoon
RockyRacoon's picture

They worked out great for me.

You are the one who is struggling.

At your age I had a full business started, after spending 4 years in the Air Force.

Keep in mind:  The fat lady has not sung, the big turd has yet to hit the fan.

'Tain't over 'til it's over....

Wed, 07/21/2010 - 14:45 | 481388 tmosley
tmosley's picture

I wouldn't count on them retiring.  Decimated 401Ks and being forced to prematurely dip into retirement savings for living expenses is taking its toll on most of the boomers.

Wed, 07/21/2010 - 14:49 | 481403 Johnny Bravo
Johnny Bravo's picture

Here is what I think would be the ideal solution, if I were in charge.

I'd let the baby boomers retire on social security earlier.  (Maybe 60 or 62ish)

Then, raise taxes on my generation to pay for the shortfall in revenue.  Sure, we'll pay more, but at least we'll be able to get jobs.
I'd be willing to pay more in taxes to create opportunity for my generation... 

Wed, 07/21/2010 - 15:10 | 481502 ColonelCooper
ColonelCooper's picture

Johnny,

You're a student right?  With no undue disrespect, WTF do you know about taxes?

Federal Income Tax

State Income Tax

Payroll Tax

Capital Gains Tax

Property Tax

You're a bright kid, and you potentially have a good future ahead of you.  But until you get out there for real, and claw your way up to wherever it is you're gonna end up, you have no idea what taxes mean.

We don't need more taxes.  We need to quit spending money on bullshit that the government has no business meddling in.  This runs the gammet from porkbarrel to foreign policy.  We are taxed enough.  Even if I agreed with your principle, how are you going to fund the $109,000,000,000,000 in liabilities if you let the biggest percentage of them off the hook right now?

Epic Fail on that one.

 

Wed, 07/21/2010 - 18:43 | 482101 sgt_doom
sgt_doom's picture

Sorry, Johnny Bravo, but you've got it all wrong.

Firstly, during a recession (or really another Great Depression), one doesn't raise taxes -- although restoring taxes on the super-rich is in order (from the Bush tax cuts, and corporate non-payment of taxes).

Next, comes tax recovery, since over 70 percent of American-based multinationals and corporation pay no federal taxes (via profit laundering, profit shifting, transfer pricing, offshore hidden capital, etc., etc.).

Reinstitute what Bush wrought: put back the "high-roller division" in the IRS -- which Bush abolished, and was responsible for the greatest tax recovery on high net worth individuals and corporations.  Also, that administration eviscerated the SEC's risk management section, which was 100 strong, and reduced to one body.

Like your idea about early retirement, but it may be good for a temp fix, but the entire system be rotten, Johnny me boyo!

Wed, 07/21/2010 - 11:44 | 480877 Moric
Moric's picture

Just curious, but when exactly were baby boomers going to retire?

Wed, 07/21/2010 - 11:45 | 480883 firstdivision
firstdivision's picture

You need to work on your delivery on your jokes.

Wed, 07/21/2010 - 11:48 | 480888 Miles Kendig
Miles Kendig's picture

60..  No, 62.  OOps, 65.  Strike that, 67.  Damn, there is no money left so the boomers gotta keep slaving away at Wal-Mart greeting all of the under 50's coming in to buy worthless Chinese made crap.

Wed, 07/21/2010 - 11:51 | 480902 PC Load Letter
PC Load Letter's picture

Kinda hard to save when you don't have a job and are in the process of losing your house.....

Wed, 07/21/2010 - 12:00 | 480921 hedgeless_horseman
hedgeless_horseman's picture

Tyler: "I know who you are and where you live PC Load Letter, if you're not employed and on your way to saving 20% of your income in 3 weeks I will find you and kill you. Now go home..."

PC Load Letter stopped surfing the web and ran away in tears.

Tyler: "Tomorrow will be the most beautiful day of PC Load Letter's life. His breakfast will taste better than any meal you and I have ever tasted."

Wed, 07/21/2010 - 13:30 | 481134 aheady
aheady's picture

Awesome.

Wed, 07/21/2010 - 11:45 | 480882 BlackBeard
BlackBeard's picture

Nice.  The monkeys still use straight lines to project non-linear data.

Wed, 07/21/2010 - 11:48 | 480893 VK
VK's picture

ROFL! Indeed, just wait till the next leg of the collapse phase kicks in. Unemployment is going to soar and then they can shove their linear analysis up their proverbial behinds. Fraud is not conducive to economic growth. ZIRP is not conducive to savings. Farcism is not conducive for confidence. The titanic is sinking.

Wed, 07/21/2010 - 13:57 | 481204 carbonmutant
carbonmutant's picture

+10

Wed, 07/21/2010 - 13:58 | 481207 carbonmutant
carbonmutant's picture

+20

Wed, 07/21/2010 - 11:47 | 480889 Mont Bleu
Mont Bleu's picture

What a serious fallacy to compare expected recovery with post-2000 recovery rates.

Wed, 07/21/2010 - 11:49 | 480895 matthylland
matthylland's picture

like a lost decade...where have we seen that before?

Wed, 07/21/2010 - 11:56 | 480917 JLee2027
JLee2027's picture

Exactly.  The Lost Decade may have been tolerated by the Japanese, but it won't fly here.  

Throw the bums out.

Wed, 07/21/2010 - 12:44 | 481031 Johnny Bravo
Johnny Bravo's picture

The difference is that the Japanese actually have a sense of duty to their society.

Instead of paying CEOs 80 bajillion dollars for laying off workers, it is considered a shame to fire workers in Japan.

Maybe that's why despite low economic growth they have an unemployment rate of 5%, which is normal.

Wed, 07/21/2010 - 13:13 | 481096 sethstorm
sethstorm's picture

The United States had that in large amounts until businesses figured that they were better off screwing their fellow citizens.  The Japanese had very unique circumstances that gave them both US-inspired industry and their sense of duty. 

But don't tell that to the Chinese immigrants on contract labor that just assembled some latte-drinking person's Prius.  They might revolt and die in a huge "accident".

Wed, 07/21/2010 - 14:42 | 481378 Johnny Bravo
Johnny Bravo's picture

I think it was pretty common in the United States until the "Fuck Everybody Else, be Selfish"  message of Ronald Reagan.

Thu, 07/22/2010 - 17:45 | 484459 RockyRacoon
RockyRacoon's picture

76 economists, academics, gold analysts and market commentators who have developed sound rationale as to why gold could quite possibly go to a parabolic top of at least $2,500 an ounce to even as much as an unimaginable $15,000 before the bubble finally pops!


http://www.munknee.com/2010/07/these-70-analysts-have-sound-reasons-to-believe-gold-will-reach-parabolic-top-as-high-as-10000/

Wed, 07/21/2010 - 11:49 | 480896 NOTW777
NOTW777's picture

"keep in mind that the above scenario assumes that the economy adds 166,000 jobs a month each month, for just under 11 years straight!"

 

sure thing

Wed, 07/21/2010 - 11:51 | 480898 Bill Lumbergh
Bill Lumbergh's picture

These meetings are like bad reality television...every one knows the plot and admits the show is a waste of time but continues to watch on a regular basis anyway.

Wed, 07/21/2010 - 11:53 | 480904 financeguru500
financeguru500's picture

Are you talking about scripted reality television? Where it acts like it is reality television but in fact it was pre-written and comes off looking like acting skills of a daytime soap opera.

Yeah, i feel myself wondering why I even pay attention to these sort of things.

Wed, 07/21/2010 - 12:32 | 481001 crzyhun
crzyhun's picture

Yahhhh, good avatar...off to see and consult the Bob's on this jobs thing. They know what's up.

 

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