Where have we heard this before?

Interesting blurb from the White House today...
www.marketwatch.com...

Americans should focus on the "ongoing strength and resilience of the U.S. economy," White House press secretary Josh Earnest said Monday.

Hmmm...
abcnews.go.com...

President Bush said Friday that while the current economic crisis has sent shock waves around the world, he believes steps taken by his administration have "laid the groundwork for a return to economic growth and job creation" early in the administration of President-elect Barack Obama.

"The American economy has consistently proven its strength and resilience" Bush wrote in his final economic report to the nation.

That was in February of 2008... when the DOW was still in the 12,500 range, Bear Sterns was believed to be just struggling a bit, and Fannie Mae and Freddie Mac hadn't yet started demanding billions of tax dollars just to stay solvent. 9 months later the Dow was 5,000 points lower and losses of 350+ points a day had become "Good days" that October. America was also shedding a half a million jobs a month...

Strength and resilience of the American economy, indeed. I'm guessing that for their next trick, the White House will claim that the economy is "fundamentally strong."

a reply to: burdman30ott6

How many candidates will quit their campaigns to return and "deal" with the crisis in DC?

Some of these videos on yahoo news are hilarious. One chick is trying to reassure all the anchors on the news program, and throughout the 5 minute segment you can tell not a single one of them are buying it and they all look ticked off that she's even trying, or that they are in a position to lie to people who are potentially going to be losing chunks of their savings and retirement.

I think, if anything, people are mostly disillusioned with the propaganda surrounding the economy. Is that a good or a bad thing? I can see reasoning for both positions.

a reply to: burdman30ott6

Why do you seemed so surprised by the allocation of lies from the WH? When has anything ever been reported in MSM that was totally accurate and factual? NEVER.

a reply to: burdman30ott6

Ah, the "Fundamentally Strong" speech given by several of our past and current presidents. If I hear it, I will know I need to prepare for the long haul.

originally posted by: ketsuko
a reply to: burdman30ott6

How many candidates will quit their campaigns to return and "deal" with the crisis in DC?

If they do, it is only for show. Many have 'suspended' campaigns in the past to go 'deal' with something. In the digital world, they can do both at once. I would be suspicious of any candidate doing that, because, what really could any of them do?

originally posted by: burdman30ott6


Strength and resilience of the American economy, indeed. I'm guessing that for their next trick, the White House will claim that the economy is "fundamentally strong."

Translation: The smaller investors that were lured back into the market
have accumulated some wealth, and it is time for the PPT to reap that
away from them. Stripped of excess wealth, it is a perfect time to raise
interest rates for consumer credit.

Just my take on things.

ETA:
I found this commentary enlightening.
The Fed is Spooking The Market
www.fxstreet.com...

a reply to: burdman30ott6
Some statements I saw on tv this morning (and I rarely turn the TV on, ever) were silly. One anchor said "The US is still the prettiest girl at the party". A pundit said "The US is still the cleanest shirt in the wash". There were only a couple of financial experts called by phone that sounded normal, saying to not panic, but there are so many variables, it isn't certain if this will get better or worse. Most of the rambling was just silly.

I hope people didn't lose too much in their retirement portfolios. I don;t really care about the big guys. I actually made a few bucks and took that and bought a small stock that was in the green today.

a reply to: reldra

A common saying in recessions prior to the one we're entering/deepening was "When America sneezes, the world catches a cold." This really is starting to look like China has sneezed and America has come down with the Flu and that scares the bejesus out of me.

a reply to: burdman30ott6

Stocks are going to fall flat on November 19th, 2015. These so-called corrections are early warnings. Don't bet your money on the corporate roulette wheel. Its time to wake up and realize that this country is a sinking ship. Only God can save us when it happens.
Stock market crash.

a reply to: reldra

Oh, you know ... Look presidential.

Wasn't that the excuse they both gave?

Trying to be optimistic, it's not everyday a 580 point market drop represents a better than 500 point rebound off the day's low point. I guess we're to ignore the massive loss and instead focus on the strength and resilience of that 500 point rebound. Seems kind of akin to telling a guy whose house was just robbed "Good news, sir. We found your plasma TV shattered in the alley behind your home. At least the theives won't be enjoying it, amirite or amirite, sir?"

a reply to: burdman30ott6

We're a "One-World-Government" now, aren't we.

originally posted by: burdman30ott6
a reply to: reldra

A common saying in recessions prior to the one we're entering/deepening was "When America sneezes, the world catches a cold." This really is starting to look like China has sneezed and America has come down with the Flu and that scares the bejesus out of me.

You are correct.

a reply to: burdman30ott6

There is a chance they may do a QE4, which would buy some time.
Time can be put to very good use.

www.zerohedge.com...

originally posted by: ketsuko
a reply to: reldra

Oh, you know ... Look presidential.

Wasn't that the excuse they both gave?

Yep. If anyone does this, they are caving to the press and can't really help. I would hope they realize this by now. They should go about their business, if they think they are running for good reasons, whoever they are.

originally posted by: beezzer
a reply to: burdman30ott6



We're a "One-World-Government" now, aren't we.

If you like your imaginary sovreignity, you can keep your imaginary sovreignity.

This was pretty predictable. China isn't signatory to the TPP like the rest of Asia. By devaluing the Yuan, they are effectively subverting whatever increase in domestically manufactured exports the US was planning on gaining from the TPP. Most of Asia is tied to both the Yuan and the Dollar and, with the exchange rate rapidly deteriorating, the devalued Yuan will serve as an effective import tariff against the dollar for nations that are faced with inporting US good vs China goods. They also can sell Chinese goods to Asian countries that are signatory for very low prices, and those countries can turn around and sell them at TPP agreed prices to the US, further deteriorating the intended increase in manufacturing within the US while inflating the dollar's value even more.

This is all just further proof that globalism will ultimately be the death blow to the US economy and the only solution is national protectionism.

a reply to: burdman30ott6

Well aren't you a little ray of sunshine!

I hadn't connected the dots with TPP and the crash.

I humbly thank you for the education. I'd pay you, but since I just lost everything in the market, I will be busy dancing for nickles in a Walmart parking lot instead.

originally posted by: burntheships
a reply to: burdman30ott6



There is a chance they may do a QE4, which would buy some time.

Time can be put to very good use.

Here's why that's not good. There's a huge diference between money valuation globally and domestically. The QE program creates liquidity, true, but it also devalues the Dollar. A cheaper dollar benefits global traders, but it is horrible for the people of the US. A deflated dollar manifests itself inside the US as inflation... what used to cost $1 now costs $1.50... On the flip side, IF we were smart and IF we had national protectionist policies in place, the current trend of a strengthenig dollar would be FANTASTIC to the American people. It would mean deflation, which is absolutely a boom for main street. We've been tricked into buying into the bullroar surrounding the so-called "deflationary spiral." That's crap if your leaders have held toghtly to protectionist policies like import tariffs and off shore production tax increases.

If we had those policies and if our politicians had the balls to present middle fingers to the Fed and allow the Dollar to become the strongest currency in the world again, things like a "$15/hr living wage" wouldn't be needed. We'd return to the golden era of America in which the dollar ruled the world and America ruled the manufacturing industry world-wide. The cost of living and average wage charts would uncross and we'd return to a system in which a guy making $10 an hour was truly middle class, could afford their own house, two cars, and a wife that stayed home and played June Cleaver all day.