Specter says nation on 'brink of a depression'

HARRISBURG, Pa.—Sen. Arlen Specter says the nation is on the "brink of a depression," but that there's a reasonable chance that the economic stimulus package will help ease the situation. The Pennsylvania Republican told reporters at the state Capitol in Harrisburg on Monday that the nation faces enormous economic problems that are more serious than the public has been told, although he didn't elaborate. Specter drew heavy flak from his own party for casting one of only three Republican votes for the stimulus package that President Barack Obama signed last month. Specter said he believes that, if the legislation hadn't passed, the nation would have gone "right off the edge."

www.eveningsun.com...

The Pennsylvania Republican told reporters at the state Capitol in Harrisburg on Monday that the nation faces enormous economic problems that are more serious than the public has been told, although he didn't elaborate.

Arlen Spector, one of the three Republicans who voted for the Stimulus bill stated this today.

More serious than the public has been told....No way!

I don't know what really defines a depression....but it most certainly doesn't look good.

I was stupid enough to read that bill and guess what? Most of the bulk of those so called emergency programs aren't even going to start until the middle of 2010-2011!
Yeah we needed to pass it real fast...NOT! The only programs that are going through this year are the ones meant to give control over to the government with health care, education etc.

Some scary stuff, thanks for the info. David....S&F of course. I have grave reservations about this stimulus bill, it really seems like we are just setting ourselves up for an even bigger fall. They just keep propping up what seems to be essentially broken...At least, that is my take based on what i've been reading the past few years. I think nationalization is a huge mistake, granted alot of people need help right now in many different aspects of their individual lives, myself included...But i've always been of the mind that big government is BAD, very very bad. I would like to see a return to small government, cut the fat off of all of this wasteful spending, and above all an end to these ridiculous wars we are waging. Just imagine the billions and billions and billions that we could be putting towards fixing our problems here at home. Sadly, our elected officials are more concerned with military posturing, corporate lobbyists, and HUGE overreaching federal programs than they are with doing right by American citizens.

reply to post by David9176


My personal thoughts are that we are tettering with a huge house of cards, too many things can make it topple before it gets shored up....(crosses fingers)

reply to post by David9176


You go Senator Specter!. More singing like that with the administration's choir and you're certain to get that soon to be vacated seat on the Supreme Court. Specter has been a liberal since day one.

The market's a lot about confidence and the doom and gloom talk that is geared to drive up fear to enable the administration to pass their activist, liberal agenda is doing as much harm to the economy as the actual financials.

In 15 years we will look back at this period of history and ask ourselves why we listened to this crap. Sure, the economy is terrible, but it will never recover without a plan and a positive look to the future. Obama's my President and I hope he is able to drive the economy to a bright future, but I am sorry. Scripted, teleprompter speaches won't do it. At times like this, we need a leader who leaves the script behind and talks to the American people. Gives us the facts without pushing an agenda and connects with people. His form over substance is beginning to crack.

Commercial real estate.... you think things were bad with residential just wait till commercial comes around it will be just as bad if not worse. Except we have already gotten beaten and are not healed yet.

I have to admit, for all the urgency placed in the public mind about this bill, it doesn't seem to have much to do with the actual problem does it?

reply to post by dolphinfan


I think the whole liberal vs. conservative issue has long since ceased to be truly relevant, as the majority of our leaders obviously have their own agendas that do NOT include the best interest of the citizens of this country. With the exception of a few truly honorable politicians, our government is just about as corrupt as they come.
I agree with you though, in that silver-tongued speeches and sweeping generalized promises will not save us, we are in need of some major changes. I think that most of us can agree that we are on shaky ground, and headed down an awfully frightening path here.

Found this article a today...All the symptoms are there, but apparently the "vital signs" are not bad enough yet. Hope may not be enough to keep us out of this tail spin!

www.bloomberg.com...

March 9 (Bloomberg) -- The U.S. economy’s vital signs may not confirm a diagnosis of depression. The symptoms increasingly point to one.
As in the Great Depression, world trade is collapsing, wealth is evaporating and the banking system is broken. Deflation is a growing threat as companies slash production, pay and prices. And leaders worldwide are having difficulty making headway in halting the self-perpetuating decline.

“We are tracking 1929-1930,” says Barry Eichengreen, a professor of economics and political science at the University of California, Berkeley.

reply to post by David9176


Thank you, for always, bringing great information to a thread! I always read your threads, because they are part of what is going on right now and are important!

S and F

They aren't telling us the half of what is going on......... but the stimulus bill was still BS!! Passed without reading.............. I STILL get very upset over that!

The fact is........... the govt. has been doing everything it seems, to screw the American Public...... I am holding my breath - as I expect one day in the near future, they do grab all the pensions and Social Security funds - what is left of them anyway.

reply to post by questioningall


You're not very far from figuring it out questioning.

Many of us have felt that the first step to that the Federal government will do to save the federal government is confiscation of 401K's and IRA's into treasuries (to keep it from dislocating), effectively locking you into them and kicking the can down the road a month or two.

Second is OASDI and other entitlements. Once funding finally goes the way side, you're looking at an instantaneous dislocation of the treasury and insolvency at the federal level. 50% reduction in budgets including the eradication of said 'entitlements' will be required just to keep a semi functional government.

For those that are saying 'that will never happen here!' needs to go look at the history when the Federal government confiscated the gold and made it illegal to own in large quantities.

Add the S&P 500 companies eating into themselves to pay off pensions and well, you can see where that is leading especially when it reaches the levels it is at now and below.

It can be said if Spector is just saying 'this' now, then that means we have already entered the depression much like most of us have stated a few months back.