Bush Impeachment Hearing

[Lair]

Really, I lolled, and call me out on my education all you want, but methinks you don't have a master's in business (kisses).

Julien

A master's in BULLSHIT is more like it. :mrgreen:

[rwh11385]

Really, I lolled, and call me out on my education all you want, but methinks you don't have a master's in business (kisses).

Julien

aren't you the frog?

http://www.house.gov/jec/publications/109/rr109-25.pdf

December 2005
U.S. ECONOMY OUTPERFORMED THE CANADIAN, EUROPEAN, AND JAPANESE ECONOMIES SINCE 2001
"Although some people have expressed dissatisfaction about the performance of the U.S. economy, the economic data show that since 2001 the United States has outperformed every other large developed economy."

Real GDP Growth
Among its peer group, the United States ranks first in economic growth with an average annualized seasonally adjusted real GDP growth rate of 2.7 percent from the first quarter of 2001 through the third quarter of 2005.

Employment and Unemployment
Among its peer group, the United States tied the European Union-15 for first place in job creation, adding 4.98 million jobs from January 2001 to the present.3 Among its peer group, the United States had the second lowest average unemployment rate of 5.4 percent from January 2001 to the present and the second lowest end-of-period unemployment rate of 5.0 percent in October 2005.

Productivity
Among its peer group, the United States ranks first in labor productivity growth. Output per employed person rose cumulatively by 9.4 percent in the United States.

[Lair]

How do we rank on home foreclosures, bank closings, and savings?

[Julien]

One thing that is sincerely disturbing in today's ecomony is the average income... well not really.

The mean income for america 05-06 was ±$70,000, which is pretty reasonable for the the middle class, right?
No, the Median Income for the same year was ±$30,000.

Great way to massage the numbers, isn't it? I mean, I'm sure fox news throws out that America's middle class is making 70 large a year when they are honestly making somewhere around $30k a year.

On another note,
People who still support Bush and his administration will eventually come around. They'll just feel ridiculed for having been faithful to an idiot for so long.


Julien

[rwh11385]

You pegged me, junior. I'm just some washed-up old has-been who could learn some lessons from a punk kid who's been out of school for almost a whole year.

I've never felt more owned.

Maybe one day I'll figure this economy thing out. Do you have any books to recommend?

That's what I thought.

http://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/0716762137/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1217811505&sr=8-1

The #1 bestselling intermediate macroeconomics book,
Macroeconomics (Hardcover)
by N. Gregory Mankiw (Author)

It's a start.

[rwh11385]

How do we rank on home foreclosures, bank closings, and savings?

Savings is negative last time I read... but that's people's microeconomic choices and poor education in personal finance or bad parenting. The government can't force people to stop buying spinners, cool new cell phones, or flat screen TVs, or using credit cards, can they?

They can only take money from us and waste it for us.

Foreclosures = people's decisions. Free to choose. (even for the stupid people, unfortunately)

Business being business does not mean the economy is awful.

[Julien]

aren't you the frog?

http://www.house.gov/jec/publications/109/rr109-25.pdf

December 2005
U.S. ECONOMY OUTPERFORMED THE CANADIAN, EUROPEAN, AND JAPANESE ECONOMIES SINCE 2001
"Although some people have expressed dissatisfaction about the performance of the U.S. economy, the economic data show that since 2001 the United States has outperformed every other large developed economy."

Real GDP Growth
Among its peer group, the United States ranks first in economic growth with an average annualized seasonally adjusted real GDP growth rate of 2.7 percent from the first quarter of 2001 through the third quarter of 2005.

Employment and Unemployment
Among its peer group, the United States tied the European Union-15 for first place in job creation, adding 4.98 million jobs from January 2001 to the present.3 Among its peer group, the United States had the second lowest average unemployment rate of 5.4 percent from January 2001 to the present and the second lowest end-of-period unemployment rate of 5.0 percent in October 2005.

Productivity
Among its peer group, the United States ranks first in labor productivity growth. Output per employed person rose cumulatively by 9.4 percent in the United States.

Can I also see the national deficit and debt numbers? Is American actually creating wealth or is it just spending (ie: GDP) borrowed money?

[Hallen]

Really, I lolled, and call me out on my education all you want, but methinks you don't have a master's in business (kisses).

Julien

Just because you have the degree doesn't mean you learned anything.

Pus, I know what Business school teaches about economics. They normally teach the Keynesian theory which, quite bluntly, has it wrong. But it is in favor with most professors since it preaches to their agenda of socialism.

Plenty of good people out there are horribly misguided about politics, money, and economics. (Go and read that link on Mises that I put up earlier.) Good people with good intentions. They think that helping their fellow man with handouts is the highest calling in society. They think the best way to do that is via the government. Of course, that is the absolute worst way to do it. These people also feel that you should feel guilty for working hard and making lots of money. They think that it is your responsibility to give that money to others. It is frightening. Even Lair goes out and makes his own money on his own. I really wonder what tune he will be singing when it becomes a crime to make more than the average?

A good friend told me how good redistribution of wealth is and how it is good that the government does it. He is a good and smart person. He is so horribly misguided and really can't understand it when I tell him that although his thoughts are laudable, he is doing the worst possible thing that he can if he really wants to help people.

Obama offers the path to socialism. Socialism is the path to a totalitarian government. If you don't like the Bush terrorist monitoring tactics, just wait until we have a run of Obama for 8 years and whatever whacko he has chooses for vice for another 8 years. There will be real government agents sifting through all your stuff all the time not just people imagining that there are. Why? Because personal privacy won't work in a socialist regime.

[Lair]

That's what I thought.

http://www.amazon.com/Macroeconomics-N-Gregory-Mankiw/dp/0716762137/ref=pd_bbs_sr_1?ie=UTF8&s=books&qid=1217811505&sr=8-1

The #1 bestselling intermediate macroeconomics book,
Macroeconomics (Hardcover)
by N. Gregory Mankiw (Author)

It's a start.

Thanks.

I'll get back to you once I get a handle on this economics thing.

[Lair]

Savings is negative last time I read... but that's people's microeconomic choices and poor education in personal finance or bad parenting. The government can't force people to stop buying spinners, cool new cell phones, or flat screen TVs, or using credit cards, can they?

They can only take money from us and waste it for us.

Foreclosures = people's decisions. Free to choose. (even for the stupid people, unfortunately)

Business being business does not mean the economy is awful.

What do you see wrong with the economy?

[rwh11385]

One thing that is sincerely disturbing in today's ecomony is the average income... well not really.

The mean income for america 05-06 was ±$70,000, which is pretty reasonable for the the middle class, right?
No, the Median Income for the same year was ±$30,000.

Great way to massage the numbers, isn't it? I mean, I'm sure fox news throws out that America's middle class is making 70 large a year when they are honestly making somewhere around $30k a year.

On another note,
People who still support Bush and his administration will eventually come around. They'll just feel ridiculed for having been faithful to an idiot for so long.


Julien

That's not massaging numbers, unless you are purposefully telling that to uneducated people who don't know the difference.

Of course median is lower than mean. We have a lot of people with low to mid incomes and a few outliers with massive incomes, like movie/sport stars, CEOs, whatever. The mean is going to be the mix of a low and really high to be little higher than average, but the majority of the others are middle, so that will be the median.

[Lair]

Just because you have the degree doesn't mean you learned anything.

Pus, I know what Business school teaches about economics. They normally teach the Keynesian theory which, quite bluntly, has it wrong. But it is in favor with most professors since it preaches to their agenda of socialism.

Plenty of good people out there are horribly misguided about politics, money, and economics. (Go and read that link on Mises that I put up earlier.) Good people with good intentions. They think that helping their fellow man with handouts is the highest calling in society. They think the best way to do that is via the government. Of course, that is the absolute worst way to do it. These people also feel that you should feel guilty for working hard and making lots of money. They think that it is your responsibility to give that money to others. It is frightening. Even Lair goes out and makes his own money on his own. I really wonder what tune he will be singing when it becomes a crime to make more than the average?

A good friend told me how good redistribution of wealth is and how it is good that the government does it. He is a good and smart person. He is so horribly misguided and really can't understand it when I tell him that although his thoughts are laudable, he is doing the worst possible thing that he can if he really wants to help people.

Obama offers the path to socialism. Socialism is the path to a totalitarian government. If you don't like the Bush terrorist monitoring tactics, just wait until we have a run of Obama for 8 years and whatever whacko he has chooses for vice for another 8 years. There will be real government agents sifting through all your stuff all the time not just people imagining that there are. Why? Because personal privacy won't work in a socialist regime.

Make sure your cat has one too.

[rwh11385]

Can I also see the national deficit and debt numbers? Is American actually creating wealth or is it just spending (ie: GDP) borrowed money?

Only if you dig up the numbers on the socialist-esque european economies and how much deficit they are running to keep health care paid for...

you have like 7.5% unemploymentin France... weak

[Turf1600]

Can someone end this? It's just a pissing match at this point.

[Lair]

That's not massaging numbers, unless you are purposefully telling that to uneducated people who don't know the difference.

Of course median is lower than mean. We have a lot of people with low to mid incomes and a few outliers with massive incomes, like movie/sport stars, CEOs, whatever. The mean is going to be the mix of a low and really high to be little higher than average, but the majority of the others are middle, so that will be the median.

Right, and when the administration and all the rightie nutjob sources tout the "top 50% of wage earners", they're referring to households that manage to bring in a whopping $29K or more per year.

That's not massaging numbers either.