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Jim Quinn Explains Why We've Never Left The Recession

Tyler Durden's picture




 

Submitted by Jim Quinn from The Burning Platform

We've Never Left The Recession

It is three and a half years since the Great Recession hit in 2008 with the collapse of our financial system caused by the Wall Street banks and their captured politician cronies in Washington D.C. Their mouthpieces in the mainstream media have been telling the American sheeple that we have been out of recession and in recovery since the 4th quarter of 2009. It truly has been a recovery for the Wall Street bankers and the mega-corporations that have laid off millions and opened new factories in the Far East while generating record profits and rewarding their executives with millions in bonuses. The stock market has doubled from its 2009 lows. All is well on Wall Street – not so much on Main Street.

The compliant non-questioning MSM reported that GDP in the 1st quarter rose 2.2%, less than expected. This pitiful government manipulated result confirms that we are back in recession. The first quarter had the huge benefit of fantastic weather, an extra day, and a supposed surge in jobs. And this is all we got? Take a good long hard look at this chart.

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2012/04/Q1%20Prelim%20GDP.jpg

To factually assess the fake recovery reported by the Federal Government, Wall Street and the MSM, you need to check out the data on the BEA website regarding REAL GDP. The average schmuck still doesn’t understand how the government and Federal Reserve are screwing them through the insidious taxation of inflation. I urge you to look at this inflation adjusted data:

http://www.bea.gov/iTable/iTable.cfm?ReqID=9&step=1

According to the BEA, REAL GDP was $13.3 trillion in the 2nd quarter of 2008 before the crisis. As of today, the BEA says REAL GDP is $13.5 trillion. These government drones have calculated these figures by having the balls to tell you that the CPI is only up 6% since the 2nd quarter of 2008. Gas prices are up 20% since the 2nd quarter of 2008. Even the BLS manipulated inflation figures show that Food has gone up 11% since the 2nd quarter of 2008.

 

The truth is that inflation is underreported by the Federal government by at least 5%. Therefore, if GDP was properly adjusted for real inflation, we have never left the recession.

 

Even if we use the REAL GDP figures provided by the BEA, the result is absolutely horrific when analyzed in comparison to what our “leaders” have done:

  • Real GDP has gone up by $200 billion since the 2nd quarter of 2008, a 1.4% increase.
  • The National Debt has gone from $9.5 trillion in the 2nd quarter of 2008 to $15.6 trillion today, a 64% increase. Not too much bang for our Keynesian buck.
  • There were 146 million Americans employed in the 2nd quarter of 2008. Today there are 142 million employed Americans. The working age population has risen by 10.5 million over this same time frame. According to the fine drones at the BLS, almost 8 million Americans willingly decided to leave the workforce during this time and do not count as unemployed.
  • Profits of the mega-corporations making up the S&P 500 are at all-time highs.
  • Wall Street Too Big To Fail banks have paid out average bonuses of $130,000 per employee from 2009 through 2011. The average compensation is $350,000.
  • Wall Street banks reaped $102 billion of profits between 2009 and 2011, as Ben Bernanke bought their toxic debt and continues to loan them hundreds of billions at 0% interest.
  • Five million Americans lost their homes to foreclosure since 2008.
  • There will be at least 6 million more foreclosures in the next three years.
  • Consumer expenditures accounted for 69.7% of GDP in the 2nd quarter of 2008. After three years of supposed austerity consumer expenditures account for 70.7% of GDP.
  • Senior citizen savers are earning $400 billion less of interest income today than they were in the 2nd quarter of 2008, but don’t worry – Paul Krugman says that has only affected a couple senior citizens. These seniors need to embrace their poverty and learn to love the taste of cat food.
  • Real GDP went up by $73 billion in the 1st quarter. A full 70% of this increase was due to durable goods purchases by consumers. This increase was solely due to ALLY FINANCIAL (85% owned by the Federal Government) and the rest of the Wall Street banks peddling auto loans to subprime (aka deadbeats) borrowers.

Our beloved leaders have done so much for so few while impoverishing so many. It makes me so proud to live in the corporate fascist states of America.

The reality is that we have never left recession and are sliding deeper into an ultimate Depression. Enjoy your slavery and keep believing the government and MSM propaganda. Docile sheep are so much easier being led to slaughter.

 

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Fri, 04/27/2012 - 13:39 | 2380623 SheepDog-One
SheepDog-One's picture

Gas prices are only 20% higher than 2008? Gas was around $1.60 in Dec 2008, how is $4 now 20% higher? Now I know at one point gas shot up in 2008 but not for long, and when Obama took office gas was still around $1.60. Havent seen that level back in a very long time. So taking a real average of 2008 till now you'd have to say gas is over 100% higher.

Fri, 04/27/2012 - 13:44 | 2380634 SheepDog-One
SheepDog-One's picture

Oh, thanks for the down votes Jim and friends.

Fri, 04/27/2012 - 14:03 | 2380675 DoChenRollingBearing
DoChenRollingBearing's picture

@ SheepDog, + 1 for reality in gasoline pricing

Fri, 04/27/2012 - 14:34 | 2380723 SheepDog-One
SheepDog-One's picture

Well, I tries to keep it real anyway. I know we DID have a brief spike up in 2008 when oil shot up to $140's and gas shot up and all that, but it was already back down to $1.60 and oil back at $50 or so by Dec 2008, around the average for 2005, 6, 7, 8. So in REALITY, gas from those days compared to today is way higher than 20% higher.

Fri, 04/27/2012 - 14:04 | 2380679 Oh regional Indian
Oh regional Indian's picture

His point is well taken though, real prices up, glitter prices down.

Here in India, the 60$ tablet is making squibby waves alongside the flipping flopping Tata Nano as India is showered with cheap tech.

But food inflation is staggering. I see/feel it, almost weekly, it's up a notch. All the essentials. BAd weather.

Kind of perfect storm set up, globally, of which all of th eabove are symptoms.

ori

http://www.youtube.com/watch?v=t_GsLguye-0&list=UUzTWv2MUocaqZLm3LHNqK-Q...

Me ^^ Caveat Emptor...

Fri, 04/27/2012 - 14:26 | 2380727 DoChenRollingBearing
DoChenRollingBearing's picture

Caviar Emptor's biflation: Prices for necessities up, prices for assets and crap down.

Fri, 04/27/2012 - 14:27 | 2380728 SheepDog-One
SheepDog-One's picture

Sure I didnt disagree in any way, if anything we're worse that a recession and really in a papered-over depression.

Fri, 04/27/2012 - 15:06 | 2380865 cossack55
cossack55's picture

On the bright side, you boyz got that  way cool new ICBM.  Dem wid da mostest toyz winz.

Fri, 04/27/2012 - 13:56 | 2380663 Plymster
Plymster's picture

Yeah, I'm not sure how he's figuring that.  If you look at gasbuddy.com, the average price of gas on 4/27 2008 was 3.62.  Today it's 3.82.  Maybe he's looking at the average price YTD?

Fri, 04/27/2012 - 14:03 | 2380677 SheepDog-One
SheepDog-One's picture

I guess, but its pretty misleading as those years 2006, 7, 8 gas was well under $2.

Fri, 04/27/2012 - 14:10 | 2380682 Jim Quinn
Jim Quinn's picture

3.85 / 3.20 = 20%

Fri, 04/27/2012 - 14:13 | 2380698 SheepDog-One
SheepDog-One's picture

Fine with me, pick your aberation spike up in that year and go with that, instead of the mean average gas price of 2006, 2007, 2008 of more like $1.60. Why you'd want to look at it your way, I dont know.

Fri, 04/27/2012 - 14:05 | 2380683 Jim Quinn
Jim Quinn's picture

Can you read? I said 2nd quarter of 2008. I didn't say average 2008 price. Look at the chart.

Fri, 04/27/2012 - 14:11 | 2380687 SheepDog-One
SheepDog-One's picture

Just hit 'save' once....yea that IS what I pointed out! Cant you read? I said average gas price for those years was around $1.60, not the little spike up which is where you measure your data point from, so the real average price % gas increase from then to now is more like 100%.

Fri, 04/27/2012 - 14:12 | 2380695 Jim Quinn
Jim Quinn's picture

Math is hard for some people.

Fri, 04/27/2012 - 14:18 | 2380705 SheepDog-One
SheepDog-One's picture

Apparently its hard for you, since you pick a brief price spike outlier data point instead of taking the mean average from 2005 to 2009 which is well under $2. Fine with me, just pointing out that real gas % increase from those years is far higher than 20%...I'd think you'd take that as only strengthening the point you make in your article but I guess you want to cry about it instead.

Fri, 04/27/2012 - 14:34 | 2380741 Jim Quinn
Jim Quinn's picture

My entire article was comparing the 2nd quarter of 2008 to today. Did you get that?

If you are comparing a specific time period to another specific time period, you use the data from each of those time periods.

I don't skew my information to further my point. I use exactly the data that pertains to what I'm talking about.

Do you understand now?

Fri, 04/27/2012 - 14:37 | 2380754 SheepDog-One
SheepDog-One's picture

So its only the 2nd Q of 2008 thats relevant? Why is that? I look at the whole damn thing. In 2008 the wheels were falling off and the FED was lowering rates monthly, and oil shot up from under $50 to near $150 and then right back down. My only point is a more solid average from those years until now is more like a $2 increase, gas avg is more like a double instead of a 20% rise.

Fri, 04/27/2012 - 14:44 | 2380775 Jim Quinn
Jim Quinn's picture

Did you read the article? The 2nd quarter of 2008 was the last pre-crisis quarter when GDP topped out. That was the whole freaking point of the article. Every comparison in the article is between the 2nd quarter of 2008 and the GDP reported today. Why would I use an average price of gas over multiple years when I'm comparing the 2nd quarter of 2008 GDP to today?

You just want to argue for the sake of arguing because you're unwilling to accept the entire point of the article.

Fri, 04/27/2012 - 15:29 | 2380907 SAT 800
SAT 800's picture

You're right SheepDog and he's wrong; discussing one guarter in isolation is extremely stupid; it's an example of a waste of time, and also, how you create statistics that aren't actually useful.

Fri, 04/27/2012 - 15:46 | 2380952 Jim Quinn
Jim Quinn's picture

SAT 800 sounds about right. A perfect score is 2,400 and they give you 600 for signing your name.

I'm surrounded by morons.

Fri, 04/27/2012 - 17:20 | 2381175 DavidPierre
DavidPierre's picture

"I'm surrounded by morons"...

Because you stay in a House of Mirrors!

Sat, 04/28/2012 - 06:33 | 2381928 jeff montanye
jeff montanye's picture

oh give quinn a break.  he's right that on the basis of his article his data is consistent.  sheep's right that, in general, gas prices are worse than the chosen basis of the article.  over the long haul the burning platform is on the side of the angels and, generally, supportive of the critique of the corrupt power elite of the u.s. and the developed world generally. 

Fri, 04/27/2012 - 14:27 | 2380722 P'Od_Accountant
P'Od_Accountant's picture

I don't know where you got your numbers.  The fuel prices per the BLS are quite clear.   A simple average on 2008 data shows an average price of $3.75, if anything it's his gas prices increase is overstated until you take into account inflation.  Adjusting for inflation 2012 data back to 2008 at a conservative and more realistic 8% inflation rate means it's actually up over 40%, but just using the official number of 3% yields a 21.5% increase.   I think his calcs are correct.

Fri, 04/27/2012 - 14:32 | 2380732 SheepDog-One
SheepDog-One's picture

But the average for this whole time period, MINUS the brief oil and gas spike outlier in 2008, which BTW plunged right back down, is avg price for oil around $50, avg gas price $1.60.

Fri, 04/27/2012 - 15:03 | 2380861 Jim Quinn
Jim Quinn's picture

Wrong again.

The price started at $3 and was over $4 in August. It was still $3 in October. It only plunged in Nov/Dec.

Do you know how averages are calculated? ($3 + $4 + $3 + $2)/4 = $3.00

Do you need me to dumb it down for you?

 

Fri, 04/27/2012 - 14:51 | 2380813 Hohum
Hohum's picture

SDO,

Probably from April 2008.  Don't cherrypick, man.

Fri, 04/27/2012 - 13:38 | 2380625 DavidPierre
DavidPierre's picture

SmokeyQuinn:

In Your Own Words

The combination of your being a TOTAL  9/11MORON, grossly ignorant by your own choice, and intellectually lazy and dishonest makes you a lightweight shill who parrots your corporate masters’ propaganda and unquestioningly report the fabrications spewed by government.  The purpose of those who wield power is to keep the masses dumbed down and paranoid regarding terrorist threats and artificial enemies.

A person that is incapable or uninterested in critically thinking about 9/11Truth is a politician’s best friend.  Your ignorance is not a state of being uninformed about 9/11 or unaware about the implications of those issues.  You have made a choice: to be ignorant.  An informed, interested, questioning person is a danger to the government.  The combination of uninformed, ignorant by choice,  and intellectually dishonest will be fatal for the country.  Only a fool would believe there won’t be consequences.  That fool writes daily and has many opinions on his blog.

  “The one permanent emotion of the inferior man is fear – fear of the unknown, the complex, and the    inexplicable.  What he wants above everything else is safety.”  HLM

Critical thinking is the careful, deliberate determination of whether you should accept, reject, or suspend judgment about the fanciful NIST claims and the degree of confidence with which you accept or reject the “OffalCIAl  CONspiracy” Theory.  Critical thinking requires not only logic but a broad intellectual criterion such as clarity, credibility, accuracy, precision, relevance, depth, breadth, significance and fairness, and most important:  HISTORY and SCIENCE.

Critical thinking requires extensive experience in identifying the extent of your total ignorance in a wide variety of political and physical science subjects.

You will become less biased and more broad-minded, less of a pompous ass, when you become more intellectually empathetic and more intellectually humble.  Over the past few years I have observed little or no critical thinking skills on you part regarding the Truth about  9/11.  You deserve to get it good and hard, and you will.

“The men that American people admire most extravagantly are the most daring liars; the men they detest the most violently are those who try to tell them the truth.”  HLM

9/11 is the Litmus Test for any 21st century writer. http://www.youtube.com/watch?v=AVY-iQDO8pg

Fri, 04/27/2012 - 13:42 | 2380631 Chump
Chump's picture

Obnoxious troll is obnoxious.

Fri, 04/27/2012 - 13:46 | 2380638 barliman
barliman's picture

 

True

Obnoxious troll is a conspiracy monkey ---> Would be far happier on a conspiracy blog but comes here to fling poo instead.

barliman

Fri, 04/27/2012 - 13:48 | 2380646 i love cholas
i love cholas's picture

I hate when people use comment section to post their own faux ZH article. 

Fri, 04/27/2012 - 13:53 | 2380656 Jim Quinn
Jim Quinn's picture

Zero Hedge Troll of the Year arrives like clockwork.

Now log on as your 5 other aliases and agree with yourself.

Keep telling yourself you're not crazy.

 

Fri, 04/27/2012 - 14:21 | 2380712 DavidPierre
DavidPierre's picture

You've become my 'Useful Idiot' and I do appreciate the way you gamely get in the ZH fight ring and let me use you as a punching bag.

You're so fucking punch drunk you have no sense left.

Go back to your corner and wipe the blood and snot off your face.

It's Fight Club - You're Going Down

http://www.youtube.com/watch?v=WLNkIM7pcYE&feature=related

Fri, 04/27/2012 - 14:38 | 2380755 Jim Quinn
Jim Quinn's picture

Very original. You copy and pasted this comment from the beatdown I applied to your sorry ass yesterday.

Thinking is hard when you have a mad cow infected brain.

Fri, 04/27/2012 - 17:10 | 2381107 DavidPierre
DavidPierre's picture

from... www.TheBeastilityPlatform.com

before... Smokey deletes

 

Truth Hurts says:

Hey Admin: Why don’t YOU tell us about Building 7, specifically how it fell into its own footprint with a few small fires and inconsistent damage, and what in the world gave the BBC the idea that it had collapsed when NOBODY was expecting it to and before it actually did.

This should be funny!

ronnie says:

I find myself questioning Jim. Get the feeling he’s pro-Obama and can’t put critical thinking to the events of 9/11.

Can’t say that a part of me doesn’t enjoy him leading a good retard parade.

Then... the Kunt Doucheninger Wannabee responds with his usual moronic nonsense...

Administrator says:

Here they come. The 9/11 Truther dimwits have arrived on the scene. They will prove their position by saying what couldn’t possibly happen.

So Solly you retard.

It is your responsibility to prove that it was a conspiracy.

We always have so much fun kicking you nutjobs around.*

*{by using his delete button}

 

Fri, 04/27/2012 - 20:04 | 2381407 Jim Quinn
Jim Quinn's picture

It's killing you to be banned for life from TBP so you can't spew your hate mongering drivel.

Back to the barn you sheep fucker.

 

Fri, 04/27/2012 - 20:46 | 2381477 DavidPierre
DavidPierre's picture

It's a pity you have no delete button here.

 

Slapped around all day

A $5 Crack Whore

Flapping your lips

Begging for more!

Fri, 04/27/2012 - 14:44 | 2380776 barliman
barliman's picture

 

Punch drunk ...

First of all you "hollywood fan boi", this isn't Fight Club. The movie is no more realistic about fighting than Hollywood has ever been.

THIS is Zero Hedge - a blog of the financial variety - where anyone can come and get a wide variety of insights into the financial world free of the propaganda and possibly learn something (well, not you) along the way.

Take your conspiracy monkey poo to one of the 9/11 blogs and fling it there,

OK?  Bye bye, Cheeta.

barliman

Fri, 04/27/2012 - 14:40 | 2380766 trembo slice
trembo slice's picture

9/11 truth is suicide.  If you think you're going to stir the idle masses by talks of a false flag I think you're mistaken.  Why fixate on that which is likely to only alienate yourself from the people we need to convert into the Liberty movement?  I think it's much more constructive to focus on the failed economic and foreign policy this nation pursues.

You don't come off as crazy to those still asleep, and you still get to behead the crooked treasonous bastards in the end.

Fri, 04/27/2012 - 13:42 | 2380630 firstdivision
firstdivision's picture

QE Trade is alive and well bitches.  BTFD ---> STFPR = profit*

*all profit is in IOU's, so don't expect it to go far in a true SHTF scenario

Fri, 04/27/2012 - 13:46 | 2380640 navy62802
navy62802's picture

You just gotta make sure you turn that paper into something tangible before the paper is worthless. Lock in the value while it's still there.

Fri, 04/27/2012 - 14:05 | 2380680 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

That's it, get worthwhile stuff while you can for your paper.

Fri, 04/27/2012 - 13:45 | 2380637 Everybodys All ...
Everybodys All American's picture

Every time you hear "earnings" replace that word with "inflation" and you will begin to understand what is happening. This is not growth and never should be thought of as anything but misguided or worse.

Fri, 04/27/2012 - 14:06 | 2380647 SheepDog-One
SheepDog-One's picture

Corporations sitting on record high mountains of free 0% FED money and moving overseas. 

Sat, 04/28/2012 - 02:41 | 2381831 Seer
Seer's picture

Yeah, I do stuff like this to stay sane.  Real "earnings" is correlated to INCREASES in extraction and utilization of physical resources, and we know that this activity is running over a cliff.

Fri, 04/27/2012 - 13:47 | 2380643 barliman
barliman's picture

 

Bruce?

Anybody seen Bruce Krasting lately?

These are the sort of things he should be looking at in follow up to his "the recession is over, the recovery is real" article from a couple of months ago.

Yo, Bruce?

barliman

Fri, 04/27/2012 - 14:20 | 2380711 Dr. Engali
Dr. Engali's picture

Life has never been better...the dow is going up up up and my purchasing power is going down down down.

Fri, 04/27/2012 - 13:48 | 2380648 narnia
narnia's picture

Once you use GDP as a metric, they've won.  Don't you get it?

Fri, 04/27/2012 - 13:51 | 2380651 Sudden Debt
Sudden Debt's picture

Inflation is your friend

Fri, 04/27/2012 - 15:32 | 2380916 SAT 800
SAT 800's picture

I'm from the Government, and I"m here to help.

Sat, 04/28/2012 - 00:50 | 2381763 StychoKiller
Sat, 04/28/2012 - 02:14 | 2381820 Zero Debt
Zero Debt's picture

Who's your boss?

Fri, 04/27/2012 - 14:26 | 2380724 Matt
Matt's picture

That, and using the ever-changing CPI as a measure of how rapidly the currency is being debased.

Sat, 04/28/2012 - 04:06 | 2381863 Seer
Seer's picture

When destruction is measured as a plus...  Blue Pill shit for sure.

Fri, 04/27/2012 - 13:49 | 2380649 Sudden Debt
Sudden Debt's picture

It's like a checklist on how to destroy america if they wanted to...

Fri, 04/27/2012 - 14:16 | 2380702 Dr. Engali
Dr. Engali's picture

They only needed one item on the checklist......turn over the controll of the currency to a private entity.

Fri, 04/27/2012 - 14:37 | 2380752 lakecity55
lakecity55's picture

Look up Cloward-Piven.

Fri, 04/27/2012 - 14:41 | 2380764 SheepDog-One
SheepDog-One's picture

Yea its basically 'How to Fool the Fuktard Masses'. Well, good luck to them with all that.

Fri, 04/27/2012 - 13:58 | 2380668 DavidC
DavidC's picture

Thanks to Tyler(s) and others, we are aware of what's going on. The unfortunate thing is that for all their manipulation, the pwoers that be are lying to themsleves as much as the pouplace and when this bubble blows (for that's what it is with money having been flooded into the market)it really will take almost everyone with it.

DavidC

Fri, 04/27/2012 - 14:49 | 2380804 moonshadow
moonshadow's picture

oh i think they DO know(as much as any person can 'know' anything) and they're just pulling as much out of the system as they can for themselves and their buddies b4 the inevitable that even they suspect is coming

Sat, 04/28/2012 - 05:53 | 2381904 Seer
Seer's picture

Yup.

It wasn't until later on in life that I figured out that it's ALL based on an unsustainable paradigm.  The difference between myself and THEM is that up until the point that THEY figured things out (those that have) THEY were much more capable of pushing down on the accelerator that is sending our bus over the cliff.  And now that we're heading down hill removing our feet from the accelerator has no affect on gravity.  The bus was never designed to be stopped, so we can all forget about looking for the brakes.

Jumping out of the bus, for most, is going to hurt like hell; but, it beats the alternative.  And, yes, many of THEM are ignorantly still sitting in the bus (wealth does not equal wisdom).

Fri, 04/27/2012 - 13:59 | 2380670 williambanzai7
williambanzai7's picture

WELCOME TO THE RECOVERY

Fri, 04/27/2012 - 15:36 | 2380926 SAT 800
SAT 800's picture

beatings will continue until morale improves.

Fri, 04/27/2012 - 14:10 | 2380688 Mark123
Mark123's picture

BINGO!!!!!!!!  If there was ever a more obvious comparison to Mussolini style facism I have not seen it.....

 

Real GDP went up by $73 billion in the 1st quarter. A full 70% of this increase was due to durable goods purchases by consumers. This increase was solely due to ALLY FINANCIAL (85% owned by the Federal Government) and the rest of the Wall Street banks peddling auto loans to subprime (aka deadbeats) borrowers.

Fri, 04/27/2012 - 14:19 | 2380709 Chupacabra-322
Chupacabra-322's picture

@ Mark123,

The Fatherland- Socialist/Nazi Germany

 The Motherland - Communist Russia

The Homeland? – An Unspeakable Bastard crossbreed of the two above!


From Wiki

On 29 April 1945, the bodies of Mussolini, Petacci, and the other executed Fascists were loaded into a moving van and trucked south to Milan. There, at 3:00 am, they were dumped on the ground in the old Piazzale Loreto. The piazza had been renamed "Piazza Quindici Martiri" in honor of 15 anti-Fascists recently executed there.[122]

After being shot, kicked, and spat upon, the bodies were hung upside down on meathooks from the roof of an Esso gas station. The bodies were then stoned by civilians from below. This was done both to discourage any Fascists from continuing the fight and as an act of revenge for the hanging of many partisans in the same place by Axis authorities. The corpse of the deposed leader became subject to ridicule and abuse. Fascist loyalist Achille Starace was captured and sentenced to death and then taken to the Piazzale Loreto and shown the body of Mussolini. Starace, who once said of Mussolini "He is a god,"[123] saluted what was left of his leader just before he was shot. The body of Starace was subsequently strung up next to the body of Mussolini.

 

 

 

Fri, 04/27/2012 - 22:46 | 2381662 Sandmann
Sandmann's picture

This was done both to discourage any Fascists from continuing the fight

 

Really ? Evidence suggests it was done by MI6 agents on Churchill's orders to prevent details of secret talks with Mussolini becoming public - bit like Ghadaffi's execution really, saved a lot of embarrassment for MI6/BP/British Government to have him terminated too

Fri, 04/27/2012 - 14:12 | 2380694 JamesBond
JamesBond's picture

Who the fuck cares about GDP -

Those snorgees ads rock.

Fri, 04/27/2012 - 14:22 | 2380717 Paul451
Paul451's picture

Yeah.

Well, yeah, Jim.

No shit.

Fri, 04/27/2012 - 14:23 | 2380718 The worst trader
The worst trader's picture

Gas is $4.20 a gallon here and food has doubled. This is a depression............

Fri, 04/27/2012 - 14:30 | 2380735 SheepDog-One
SheepDog-One's picture

Yea, talk of 10% or 20% rises are ridiculous, everythings nearing 50% higher....hell I have eyes, I can see.

Fri, 04/27/2012 - 14:38 | 2380756 Paul451
Paul451's picture

Who you gonna believe: your government or your lyin' eyes?

 

: - )

Sat, 04/28/2012 - 06:03 | 2381908 Seer
Seer's picture

Over the years I've spent plenty of time arguing that PRICE is a meaningless target to focus on, that AFFORDABILITY is more important.  If you're unemployed then the lower PRICE values for, say fuel, really doesn't mean all that much.  We're nearing the obvious inelastic point of energy.  This will show up in production output (no, in the case of energy there will be NO ability to "channel stuff" to tweak  perceptions).

Fri, 04/27/2012 - 14:28 | 2380730 skipjack
skipjack's picture

"Consumer expenditures accounted for 69.7% of GDP in the 2nd quarter of 2008. After three years of supposed austerity consumer expenditures account for 70.7% of GDP."

 

And let's not forget - medical spending is included as consumer expenditures, reliably up at least 10% per year.

Sat, 04/28/2012 - 06:04 | 2381910 Seer
Seer's picture

Patient died, but the operation was a success!

Fri, 04/27/2012 - 14:35 | 2380744 trillion_dollar...
trillion_dollar_deficit's picture

Found out this morning there will be zero wage grow for my co-workers and I this year.

But hey, the company of 2000 just bought a new jet, is building a brand new facility for the corporate office, and is sending ~30 of the top level managers (and their families) to Destin for a "working" vacation next month.

Trickle down my ass.  

 

Fri, 04/27/2012 - 14:43 | 2380772 Paul451
Paul451's picture

Now correct for inflation and you've probably had zero wage growth for the last decade.

Sat, 04/28/2012 - 06:07 | 2381912 Seer
Seer's picture

Union/socialist complainers!  Those at the top are an inspiration to our very aspirations (so they say), if they aren't permitted to "achieve" these benefits then neither will you minions (of course, that is, you'd never achieve such levels anyway, as THEY aren't going to relinquish their positions)! </sarc>

Fri, 04/27/2012 - 14:41 | 2380768 The worst trader
The worst trader's picture

Fuck these guys! Bernack and oblamea  when the shit hits the fan I'm sure it will be Bushs fault again

Fri, 04/27/2012 - 14:45 | 2380779 The worst trader
The worst trader's picture

Alot of bottoms called this week, oh yea and green shoots.......won't be long...........

Fri, 04/27/2012 - 14:57 | 2380839 aerial view
aerial view's picture

Bottom line: more people are in more debt than ever before including students and living paycheck to paycheck in lower paying, unstable, longer hour jobs. The present economic stagflation will become the new accepted standard.  Welcome to THE NEW WORLD ORDER!

Fri, 04/27/2012 - 15:01 | 2380855 Chupacabra-322
Chupacabra-322's picture

@ aerial view,

All done by design, all done by Agenda. 

Sat, 04/28/2012 - 06:11 | 2381915 Seer
Seer's picture

I don't think that there's any "agenda."  The "design" is all Mother Nature.  This is about the unsustainable paradigm meeting the immovable object that is finite resources.

Fri, 04/27/2012 - 22:43 | 2381658 Sandmann
Sandmann's picture

It will burn nicely

Sat, 04/28/2012 - 06:10 | 2381914 Seer
Seer's picture

"The present economic stagflation will become the new accepted standard."

Oh no, this is just the start.  We're just peering over the edge.  As quickly as we all shot up we will shoot downward (and this might even be on a shorter time-frame given that social unrest is likely going to result in yanking out the cords).

Fri, 04/27/2012 - 15:15 | 2380864 ebworthen
ebworthen's picture

"What singer got eliminated last night on Idol?"

"Have you seen that video with the kittens and peanut butter?"

"If we vote for (Obama/Romney) everything will get better."

Meanwhile, in Kleptoligarchyville (reality), only three things are certain:

  1. Death
  2. Taxes
  3. Privatized gains/socialized losses
Fri, 04/27/2012 - 15:35 | 2380923 SAT 800
SAT 800's picture

The reason the recession is not over is because it's not a recession; it's the start of the Boom-Bust-Crackup that follows the inflationary party; see VonMises on Google for more.

Sat, 04/28/2012 - 06:16 | 2381918 Seer
Seer's picture

Yes, but the "cycle" is a much bigger one than people think it to be.  This is a 150 year to 200 year boom (fossil fuel driven).  I doubt that there's anything left to exploit that will keep us from experiencing a bust of a similar length of time (or continuing long beyond it... ).

Fri, 04/27/2012 - 17:05 | 2380937 JR
JR's picture

Government doesn’t produce growth; that’s why our fascism-cum-socialism society is failing.   Michelle Obama’s quest for a bigger piece of someone else’s pie is based on the false notion that there is a fixed amount of property that society must divide up.  The trouble with that, Michelle, is that there isn’t such a thing as a fixed amount of good ol’ American pie. Without either a free enterprise supply and demand economy or forced labor at the behest of a whip whereby more is produced to put into the pie, the pie doesn’t grow, it’s eaten away.  That’s Michelle’s mistake.

As with Mao’s Red China under his Law of Equality and Great Leap Forward into socialism, the wealthier quit producing and grew poorer while the poor, after demanding and getting their “share of the crops from the wealthier farmers,” became destitute.

Keynesian economics postulates that everyone can be made better off by letting the government rob people and giving money to bureaucracies to spend. Says Lew Rockwell of the Ludwig von Mises Institute, “Government is not productive. It is not creative. It does not bring blessings. Government spending drains resources from society, taking from those in whose hands it has the highest value and putting it into the hands of people who serve the state. Regulation forestalls choice. Taxation loots from people the reward of work and productive endeavor…”

Witness the recent General Services Administration spending spree conference for 300 employees at the M Resort Spa Casino in Las Vegas. The tab came to $823,000, almost $600,000 over the event budget.

“You can also understand how it is that governments cheer on inflation and taxation as productive devices. You can see why so many are still under the impression that disaster and war are economic stimuli… “

This is why the massive increase in government employment and the burgeoning numbers of, for example, Mexican women and children living at home on government assistance does not increase the economic pie.  It consumes the economic pie.

This is one reason, IMO, that many expensive restaurants are still in the black in America; in part it's because of the burgeoning numbers of government employees using state and federal credit cards for travel expenses and eating out and/or quarterly group meetings in higher-end hotels such as the Mariott where they listen to “speakers” while wining and dining   and/or those living high on the welfare hog where all non-discretionary costs are picked up by the taxpayers, leaving cash for restaurant dining.

No wonder, as Jim Quinn says, “the National Debt has gone from $9.5 trillion in the 2nd quarter of 2008 to $15.6 trillion today, a 64% increase.” Who sees these bills and okays them for the taxpayers? Anyone? It's unbelievable that hundreds of thousands of dollars such as the GS bill could go through supervisoral checks without an outcry.

Great article, JQ, as usual.

Fri, 04/27/2012 - 22:42 | 2381656 Sandmann
Sandmann's picture

fascism-cum-socialism

Wrong way around - Fascist politics emerged from Socialism - Mussolini was a Socialist revolutionary working with Lenin and Rosa Luxemburg and a paid agent of the British during WW1. Just as Lenin was a German agent.

Sat, 04/28/2012 - 01:43 | 2381805 JR
JR's picture

Very interesting! Sandmann. As John T. Flynn states, “Fascism is Fabian socialism plus the inevitable dictator.”

Here is an excerpt from the 2009 Web version of “Keynes at Harvard: Economic Deception as a Political Credo” by Zygmund Dobbs (1969 revised and enlarged edition), VII FASCISM—KEYNESISM—SOCIALISM, which ties it all together. Dobbs begins…

An amazing development of Keynesian theories is the fact that fascist governments found it easy to borrow them. This fact has been publicly acknowledged by Fascist forces.

Mussolini personally set his approval and signature over a book which proclaims:

Fascism entirely agrees with Mr. Maynard Keynes, despite the latter’s prominent position as a Liberal. In fact, Mr. Keynes’ excellent little book, The End of Laissez-Faire (l926) might, so far as it goes, serve as a useful introduction to fascist economics. There is scarcely anything to object to in it and there is much to applaud.

 

Keynes’ book, End of Laissez-Faire, was his most pronounced and clear cut advocacy of socialism. This Keynes work was not only enthusiastically embraced by Fascism but was listed as required reading by the League for Industrial Democracy and the Rand School of Social Science in the United States (both Fabian socialist). Harvard economic and sociological courses have repeatedly used the End of Laissez-Faire as required reading for undergraduates.

The above quoted fascist protagonist further writes that in so far as Keynes’ teachings are concerned:

All this is pure fascist premises and I cordially recommend Mr. Keynes to proceed to Italy and there to study Fascism with an open mind and with the same scrupulous care as he has studied Bolshevism. An essay from his pen on Fascism would doubtless prove a most valuable piece on constructive criticism.

The same collectivist formula fits both fascism and socialism. In his brilliant work, The Road Ahead, John T. Flynn states:

. . . the line between fascism and Fabian socialism is very thin. Fabian socialism is the dream. Fascism is Fabian socialism plus the inevitable dictator.

To the unsophisticated socialist follower the statement by a fascist that Keynesism “is pure Fascist premises” must come as a shock. However, history proves this to be true. Keynes’ socialist ideas have been studied and adopted in turn by Soviet Russia, Fascist Italy, Peron’s Argentina, Nehru’s India, Tito’s Yugoslavia and the State of Israel… (end of excerpt)

As to how “the Keynesian formula fits all totalitarianisms…read on...

http://www.keynesatharvard.org/book/KeynesatHarvard-ch07.html

Sat, 04/28/2012 - 06:26 | 2381924 Seer
Seer's picture

I'm sure that there's credible "facts" holding up your premise, but... maybe the entire premise is WRONG?  You're suggesting that "growth" is essential (based on your statement that govt doesn't produce growth).  Did you not get that the recent bubbles were ALL about growth?  Yeah, sure, you'll come back with "it was a 'misallocation' of resources;" OK, yes, I agree, but this would only be an issue of "quality," not of whether growth itself is a proper foundation/premise.

Finite planet and perpetual growth don't mix well.

Is it govt or "growth" that is the real cancer here? (govt promotes growth)

Fri, 04/27/2012 - 17:55 | 2381236 Kayman
Kayman's picture

JR

I have come to believe that this economic morass cannot go on forever, but that it can go for sometime yet.

I do not know of any parasite that concerns itself about the health of its host, so governments, government employees and banking criminals remain oblivious to their own fate. One day they will dip the straw in and no warm blood will be extracted.

Greetings my friend.

Fri, 04/27/2012 - 19:40 | 2381411 JR
JR's picture

As you say, Kayman, the parasite will never equal the strength of a people, such as yourself, who will demand to be free. IMO, the people who will make a difference have awakened.

“One of the elementary laws of nature: a parasite only overcomes the host when it’s potentially stronger; cut out a cancer before it gains strength and you save the parent body.” – Jeffrey Ashford, Consider the Evidence

Fri, 04/27/2012 - 20:07 | 2381449 spekulatn
spekulatn's picture

Well said Kayman. 

Sat, 04/28/2012 - 06:30 | 2381926 Seer
Seer's picture

This is still too myopic!

You're really only asking that blood-suckers be removed so that YOU can suck blood.  The host, earth, is going to run dry.  The "enemy," the thing that's lurking below the surface that we refuse to face up to, is "growth."

Every time you see the word "growth" substitute "borrow from the future," because that's EXACTLY what's happening.  Kicking one drunk from behind the wheel and replacing with another one (one that perhaps looks more respectable) STILL ain't going to cut it.

So, the straw is really a straw-man...

Fri, 04/27/2012 - 22:39 | 2381652 Sandmann
Sandmann's picture

Media is simply the Advertsing Department of the FIRE Sector. The way Western economies dematerialised into large predatory Capital Pools is sponsored by Politics which prefers Money to Products and Media which prefers the Vidual Display to the Written Word......that is why it hypes up tablets and smart phones, movies and anything connected with visual imagery. The whole structure resembles Soviet AgitProp - selling lies to keep the system going rather as Perfume Ads are designed to sell chemical concoctions made cheaply and sold expensively. That is value-added in Western Society - in the Image not the Reality.

Sat, 04/28/2012 - 06:34 | 2381930 Seer
Seer's picture

+1000

But... it's the "American Dream!"  All can be made to look fair as long as you overlook the flawed premise.  Here's a small-pox infected blanket for you Mr. Native American Indian, disbeliever in the "American Dream!"

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