Real World Event Discussions

Despite what doom/gloomers say, economy roars on.

POSTED BY: AURaptor
UPDATED: Thursday, October 23, 2025 22:23
VIEWED: 13580
PAGE 17 of 19

SIGNYM

Tuesday, August 28, 2007 4:22 PM

Quote:
Household incomes rise but ...
Census Bureau reports slight rise in 2006 incomes but as a group, households aren't doing as well as before the 2001 recession August 28 2007

NEW YORK (CNNMoney.com) -- Household income crept higher and the poverty rate edged lower last year, the government said Tuesday, while the number of Americans without health insurance rose by 2.2 million to 47 million people.

Median household income rose 0.7 percent to $48,200, adjusted for inflation, the Census Bureau reported. But more people had to be at work in each household to get there.

That's because median earnings for individuals working full-time year-round actually fell for the third consecutive year. For men, earnings slipped 1.1 percent to a median of $42,300, while for women, earnings sank 1.2 percent to a median of $32,500. The percent of Americans living below the poverty line, meanwhile, slipped to 12.3 percent in 2006, or about 36.5 million people, from 12.6 percent, or 37 million, the year before. The drop in the number of people living in poverty is not a statistically significant change, but the rate of decline is, and while it is the first drop since 2000, the poverty rate is still above the 11.7 percent rate during the last recession in 2001.

Well, Bush's policies are good for somebody but it's not the average American!

---------------------------------
Always look upstream.

FLETCH2

Tuesday, August 28, 2007 7:26 PM

So did incomes actually fall in real dollars or in inflation adjusted dollars?

There was an interesting radio program on the psychological underpinnings of economics which said amongst other things that people where far more conscious of loss than gains, so people thought that getting a 3% rise when inflation was at 5% to be better than taking a 2% cut in an economy with 0% inflation.

It would be interesting to know if actual median income actually fell this year, that would be an incredibly important indicator of public confidence, if on the other hand wages failed to keep up with inflation that would not be as informative.

SIGNYM

Friday, August 31, 2007 3:26 PM

Fletch2- your ?? got lost in the shuffle. Needs some research.

Meanwhile, back in Auraptor-land:

I've been watching the housing bubble get bigger and bigger and bigger and...driven by speculation and based on artificially low interest rates. By injecting "phony money" into the economy, as it got bigger it lifted a whole bunch of stuff:

housing sales, construction, home improvement
home equity lines of credit
vehicle sales specifically and retail sales generally
mortgage brokers and banking stocks
stocks in general
employment

Having lived through several housing bubbles, stock bubbles etc. I knew that like all good bubbles, this too would come to a sudden and painful end. And not only would housing prices fall they would take out a whole list of other sectors domino-style. If you were to be able to ask my colleagues at work, you'd know that I've been joking for about a year to get ready to invest in bank stocks because they were going to drop.

Nobody is talking "recession" much less "panic", but the depth of behind-the-scenes worry is indicated by the fact that Bush AND Bernanke look to step in big-time.

Bush to propose subprime plan
http://money.cnn.com/2007/08/31/news/economy/bush_subprime/index.htm?p
ostversion=2007083104
Bernanke: Fed ready to act
http://money.cnn.com/2007/08/31/news/economy/fed_bernanke/index.htm?cn
n=yes

Bernanke has already taken several "unusual" moves, as have the big four banks by borrowing against the Fed in a show of solidarity with Countrywide and the other sub-prime lenders.

All of this just shows that the current economy is a house of cards. The BIG card propping it all up... easy money to consumers... has already fallen.

---------------------------------
Always look upstream.

RUE

Friday, September 7, 2007 5:52 PM

http://news.yahoo.com/s/ap/
mortgage_delinquencies;_ylt=AjrETgdM4zIXcqzP9w0SZbis0NUE

New mortgage foreclosures set record

http://news.yahoo.com/s/ap/
20070907/ap_on_bi_st_ma_re/wall_street;_ylt=AmE6_S9PvYoJd4TtBeSxEAus0NUE

Stocks plunge, bonds up on weak job data

http://news.yahoo.com/s/ap/
20070907/ap_on_bi_go_ec_fi/economy;_ylt=ApfhVYNdX2BkDnnuDsiZJAys0NUE

Payrolls drop for first time in 4 years

Oh, and while we're on the topic:
http://www.pollingreport.com/consumer.htm
Interviewing End Date 9/2/07
Consumer Comfort Index -17

Now, who could ever have imagined this ...

***************************************************************
"Global warming - it's not just a fact, it's a choice."

SIGNYM

Friday, September 7, 2007 7:51 PM

It's like WMD. Some people only see what they want to see....

---------------------------------
Always look upstream.

MAL4PREZ

Tuesday, December 31, 2013 1:35 PM

Quote:
Originally posted by SignyM:
It's like WMD. Some people only see what they want to see....

---------------------------------
Always look upstream.

I'm wanting to test my new sig, but also amused by what some of the usual posters were saying about the economy back in early 2007. So bump to this old one. Have fun looking through it.

Just keep in mind - everytime Rappy posts, he/it thinks of all the rest of us as marks. Our reaction in all he wants, not any actual communication. Hence nothing he/it says is an honest belief or statement of opinion.

The "Rap" is here only to troll. See http://www.fireflyfans.net/mthread.aspx?bid=18&tid=57146
*------------------------------------------------------------------------------*
MAL4PREZ: Clearly [The Rap]'s doing nothing but trolling now.
STORYMARK: And not even cleverly.
RAPPY: [My trolling] did its job, did it not? Easiest marks in the 'verse.
*---

SHINYGOODGUY

Tuesday, December 31, 2013 1:46 PM

And all this with a Socialist President, King Obama, in charge of the refreshments............funny how that talk has gone the way of the Edsel.

SGG

Quote:
Originally posted by AURaptor:
( Just more fuel for the economy which is on FIRE! )

U.S. Stocks Rise on Verizon Profit; S&P 500 Nears 5-Year High

May 2 (Bloomberg) -- U.S. stocks rose as earnings from Verizon Communications Inc. exceeded analysts' forecasts, easing concern that higher interest rates may curb profit growth. The Standard & Poor's 500 Index reached an almost five-year high.

TXU Corp. led a rebound in utility shares as the largest Texas power producer said profit climbed on higher electricity prices. A drop in Treasury yields also boosted the group.

Emerson Electric Co., the world's biggest maker of power supplies for telecommunications systems, and Archer Daniels Midland Co., the No. 1 grain processor, joined Verizon in reporting results that topped Wall Street's expectations.

``We still keep seeing better-than-expected earnings,'' said Cummins Catherwood, who helps manage $800 million at Walnut Asset Management in Philadelphia. Companies such as Verizon and Emerson are ``posting some impressive stuff. That gives me encouragement about our economy.''

The S&P 500 added 7.46, or 0.6 percent, to 1312.65 at 2:18 p.m. in New York, the highest since May 21, 2001. The Dow Jones Industrial Average rose 74.76, or 0.7 percent, to 11,418.05. The Nasdaq Composite Index gained 5.70, or 0.3 percent, to 2310.49.

Stocks reached their highs in early afternoon trading as Treasury yields fell to their lows on the day and a gain in oil prices lifted energy shares.

Almost two stocks rose for every one that fell on the New York Stock Exchange. Some 1.14 billion shares changed hands on the Big Board, in line with the same time a week ago.

Exceeding Forecasts

Better-than-expected reports have lifted the earnings growth rate for S&P 500 companies in the first quarter to 14.1 percent, from 13.6 percent a week ago, according to Merrill Lynch & Co. chief market analyst Mary Ann Bartels.

Stocks made up most of their declines from a day ago, when remarks attributed to Fed Chairman Ben S. Bernanke suggested the central bank may not pause its series of 15 straight interest rate increases soon.

People love a happy ending. So every episode, I will explain once again that I don't like people. And then Mal will shoot someone. Someone we like. And their puppy. - Joss

" They don't like it when you shoot at 'em. I worked that out myself. "

SHINYGOODGUY

Tuesday, December 31, 2013 1:51 PM

Ah, finally someone speaking truth......did I hear a rumor that a certain president was a socialist and was "redistributing the wealth" - how soon they forget when the money rolls in.

SGG

Quote:
Originally posted by Storymark:
You folks are missing the point. The Republicans say the economy is strong, so it is. End of story. Now do as you're told and shut the hell up.

Though, from this Admin's point of view, the economy is strong. Oil companies are raking it in, the rich are getting richer, and to hell with anyone without a yacht.

"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."

SIGNYM

Tuesday, December 31, 2013 11:48 PM

Wow, THAT'S a blast from the past!

Rappy, in 2007, claiming the economy's on fire (or words to that effect). heh heh heh

And despite the fact that he got his ass handed to him on WMD, this topic, Bush's Constitutional violations (he was OK with them then) and torture... he's like a Timex: Takes a lickin' and keeps on tickin'. Hasn't learned a thing.

6IXSTRINGJACK

Wednesday, January 1, 2014 12:06 AM

My economy is good. I grossed less than 10k this year and still made out with 90 bucks to my name even though my computer, my recently installed sump-pump and a tire on my car all failed in December.

I love my life in my own paid for house.

It's like living in my mom's basement, but without any rules!