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Originally posted by AURaptor:


By definition , there needs to be 2 consecutive quarters of negative growth. So far, there's only been 1. Looks like there'll be another, and if there is, we'll get through it like we did the last one.

I fail to see the point of all this.

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New York Times, Nov 8, 2008

...Overnight, people lost their savings. Prices are soaring. Once-crowded restaurants are almost empty. Banks are rationing foreign currency, and companies are finding it dauntingly difficult to do business abroad. Inflation is at 16 percent and rising. People have stopped traveling overseas. The local currency, the krona, was 65 to the dollar a year ago; now it is 130. Companies are slashing salaries, reducing workers’ hours and, in some instances, embarking on mass layoffs....

...Until last spring, Iceland’s economy seemed white-hot. It had the fourth-highest gross domestic product per capita in the world. Unemployment hovered between 0 and 1 percent (while forecasts for next spring are as high as 10 percent). A 2007 United Nations report measuring life expectancy, real per-capita income and educational levels identified Iceland as the world’s best country in which to live....

...There was so much work, employers had to import workers from abroad. Ms. Nordfjord, the architect, worked so much overtime last year that she doubled her salary. She was featured on a Swedish radio program as an expert on Iceland’s extraordinary building boom.

Two months ago, her company canceled all overtime. Two weeks ago, it acknowledged that work was slowing. But it promised that there would be enough to last through next summer.

The next day, everyone was herded into a conference room and fired....

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And that'll be after the Inauguration, so it will be Obama's fault!

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Originally posted by SignyM:

But... but.... but.... Clinton...!


Yeah, he's at fault too.

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Originally posted by AURaptor:

I fail to see the point of all this.

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Originally posted by rue:
"By definition , there needs to be 2 consecutive quarters of negative growth."

NOPE. Wrong, yet again.

A recession hasn't offically happened until the NBER dclares one. And the NBER looks at many indicators to determine a recession:

"A recession is a significant decline in economic activity spread across the economy, lasting more than a few months, normally visible in real GDP, real income, employment, industrial production, and wholesale-retail sales."

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Wrong, wrong, wrong, wrong, wrong wrong ... don't you ever get tired of yourself being wrong ?

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Originally posted by Storymark:

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Originally posted by AURaptor:

I fail to see the point of all this.

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It's nice to see you owning up to your ignorance.

"I thoroughly disapprove of duels. If a man should challenge me, I would take him kindly and forgivingly by the hand and lead him to a quiet place and kill him."

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Originally posted by rue:
Must be because Obama said he would put a lot of conditions on offshore drilling.

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Silence is consent.

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the blame lies squarely on the Democrat party

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but since it affects all, I don't see what the point of whining does

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Originally posted by rue:
"Nope. I'm right. The accepted definition of a recession is negative growth for 2 consecutive quarters. Deal w/ it ."

DOoooood - I posted the DEFINITION as given by the NBER - the place that 'decides' if there is a recession or not. Dispute them, or deal with it. Go boy ! Fetch !

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Silence is consent.

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Originally posted by SignyM:

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the blame lies squarely on the Democrat party

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Prove it.

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but since it affects all, I don't see what the point of whining does

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So we learn from experience? Maybe that's a foreign concept to you (learning from experience) but it DOES help not to fall into the same hole... again.


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Let's party like its 1929.

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Already posted, but Barney Frank and the Dems denied putting tighter controls on Fannie and Freddie, along w/ the Dems overall being beholden to BIG UNION like UAW , which forces the big 3 auto makers to pay ridiculous prices for employee wages, 70% - 120 % higher than their competitors.And lets not forget Chucky Schumer's catastrophic remarks which caused the failure of IndyMac.

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Barney Frank and the Dems denied putting tighter controls on Fannie and Freddie

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along w/ the Dems overall being beholden to BIG UNION like UAW , which forces the big 3 auto makers to pay ridiculous prices for employee wages, 70% - 120 % higher than their competitors

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And lets not forget Chucky Schumer's catastrophic remarks which caused the failure of IndyMac

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I think Rap checked out a while ago.

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Tell us... out of all of the toxic/ subprime loans that were written, what percent did Fannie and Freddie write? 10%? 50%? 95%?

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Out of all of the toxic/ subprime loans that were securitized (ie turned into bonds) what percentage did Fannie and Freddie securitize? 25%? 60%? 100%?

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Overall, how much of the subprime mess was created by Fannie and Freddie?

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Overall, less than 15%. Fannie and Freddie securitized about 25% of subprime loans, but because these loans were lower risk than what was being offered commercially, Fannie's and Freddie's "at risk" loans represent only a small fraction of the overall "at risk" mortgages.

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Sig, you're wrong, as usual. The question isn't how many loans they WROTE, ( nice attempt at distraction , though ) but what loans they BOUGHT. And sold.

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Or, as Paul Krugman explains... " although they're private companies with stockholders and profits, they're "government-sponsored enterprises" established by federal law, which means that they receive special privileges. The most important of these privileges is implicit: it's the belief of investors that if Fannie and Freddie are threatened with failure, the federal government will come to their rescue

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Fannie and Freddie weren't alone in the causing of this chaos, but they were clearly arm in arm w/ the Democrats

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As someone in the lending industry, I can assure you that lending institutions needed no prodding to provide risky loans. Merely the promise of easy money in an ever-expanding real estate bubble.

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Story, you cherry pick the nits here and there

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I give 100% facts, and all you do is ignore and spin.

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you watch too many old cop shows on t.v.

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Originally posted by AURaptor:
We're not headed toward anything remotely as bas as a depression. Nice try, Nostrodumbass.

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