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February 15, 2009

Too scared to stimulate

Has anyone given a thought that one of the reasons people who have jobs, and have money, aren’t spending could very well be that they are scared to death of the new president and his agenda?

As Franklin Delano Roosevelt so famously said, “The only thing we have to fear is fear itself.” And frankly, I’m scared to death of this man.

I’m not spending anything. If Congress sends me a check, I’ll bank it for a rainy day.

Joe Neuner


Smarter Than You

I’ve noticed that when Pub admonishes one to “educate yourself before you post,” he hasn’t. Please don’t blame Pub for being obtuse; it’s right out of his 1600 Pen. Ave. playbook.

While the 10.8% unemployment can be explained as a temporary side effect of Voelker’s policy, unemployment immediately prior was at a level equal to today’s rate (oops). Further, it should be noted that in October of 1982 Voelker abandoned his monetarist approach, then the 83 Reagan tax cuts kicked in and the rest is an economic recovery success story. Whatever the causality, the facts are that from a historical impact perspective, this current crisis has more in common with the early 80’s than the depression.

FDR was a real leader. He had gravitas. He had insight. He had a background in finance. He knew that the worst thing he could do was stir additional anxiety among the American public about bank solvency. It’s well documented in the myriad biographies that this was central to the recovery.

Today, we’ve got an empty suit screaming “the sky is falling. Give me money!”


Pub 17
The MGB was a lot of fun to drive.
The TR3 was, too. When it drove....

Pub 17

Smarter Than You
Educate yourself before you post.

The difference between 2009 and 1982 is that the 10% unemployment was a brief runup deliberately caused by Volcker at the Fed sharply limiting the money supply, to get inflation under control.

Today we still don't know as yet the dimensions of the problem, since there was no monitoring of the derivatives at the bottom of the rotten-asset basket. As you probably know, that not only impacts the bottom line at the banks, but more importantly leaves the banks without reserves upon which to make loans.

Obama HAS to lower expectations, because there could be trillions of dead assets still to float to the surface; I've seen estimates of three to five trillion, but anyone who says they know for sure is lying.

Should he tell the truth exactly as written? Would YOU like to stand in front of the TV cameras and carefully explain (as FDR did attempt to do, in front of a radio mike) the nature of fractional reserve banking, and the importance of rating agencies staying honest in that process? And that that is where the problem really lies, not with Barney Frank's fecklessness or John McCain's cowardice.


I agree he will have a hard time matching up.

Smarter Than You

Perspective is a term some posters don’t seem failure with.

Bush’s comments were after the literal smoking gun of a pile of rubble where over 2000 Americans perished. He’s also no longer in office.

Obama’s comments were after a year, 2008, that showed a slight rise in GDP and a 2009 that projects a reduction in GDP of 2%. For perspective compare that with reductions of 9% in 1930, 8% in 1931 and an additional 13% in 1932.

Unemployment is currently at 7.6%. Our “transparent and accountable” perspective then focuses of a rate of 25.2% in 1932. Obama is a fear-monger. Just another factual disappointment brought to you by the man of change.

By the way, for those of you keeping score at home, the current “crisis” most closely resembles 1982 when GDP contracted 1.9% and unemployment hit 10.8%.


He has said we should be afraid. "

Well, he has a long way to go to match Dubya's "smoking gun of a mushroom cloud" remark.


TR3, huh End?

TRIUMPH - Time Running Is Usually Mighty Poor.

Pub 17

The basic car was tolerable if you could put up with the stupid Lucas electricals, dealt with the rust, and didn't fall prey to the MGB's favorite trick, cracking the head. When they started putting smog control and Fed bumpers they turned into sad jokes.

I'm going to stop now before I get a phantom puddle of burned oil in my driveway by the Phantom of the Morris Garages.


He has said we should be afraid. And you and Pub 17 seem to have strange ideas about MGBs. I drove a '72 for many years and never scattered any parts. Of course I only drove it on weekends and to tennis, etc. I like English sports cars. I also had a TR3 for years. Now, if you want trouble....



I'd never get away with that. The Caddy is under the carport and mrs solomons car share's the garage with the MG.


Come to think of it, I've never seen an MG on the road. They're always in pieces, taking up space in peoples; garages while the wife's vehicle is in the driveway getting pummeled by hailstones.

Pub 17

Hey, we're talking about the stimulus package, here. SELLING an MG of any stripe is easy, somebody is always out there wanting to Live the Dream. Keeping a straight face isn't.


I had a 74 Eldorado and loved it.

I'll admit my experience is not the norm but I don't think I'll have trouble selling the MGB. Its low miles and been a toy for the original owner and myself. Always garaged and you won't find a speck of rust on it.

I know we shouldn't go off thread, sorry folks......

Pub 17

Gee, I didn't know you were into pain. If you can get rid of an MGB and the buyer's seeing-eye dog doesn't rip out your throat, do it. MGs were made to betray you, rip out your heart, and trample it in the dust.

The pre-downsize Eldos were like W72 Trans-Ams: the first 500 miles are like rediscovering S.E.X., but the fun wears out incredibly quickly.

Stay out of Hemmings, it's bad for you.


My Biarritz has the 4100 and is a dream to drive. I've been thinking of selling it and buying a 76 with a soft top, but I hate to let this one go. I might let go of the MGB instead.

Pub 17

If you're still on here, something I forgot from yesterday. I was peddling Cadillacs in Another Town in 77-80, and I was there when the owner of the dealership got his hands on the first of the '79 Eldos, with that sweet FI 350.

That was in fact the first and ONLY Cadillac I ever felt automotive lust for. I'd have one today if I'd married a wealthier wife. Take care of the chains.



I imagine you would prefer him to lie. Is there any sane and honest person who does not understand that it is bad and going to get worse?

Pub 17

Lower hopes? The only way he could do that is to hint that if he doesn't get his way he might abdicate in favor of George Bush.


"Its bad but it is going to get worse". I have never seen such negative talk from one of our leaders since Carter. All this yoyo has done is lower hopes, and create fears to cover his sorry butt.

I don't blame Joe is totally on target.


I'll have to take a pass on this thread. I know Joe's wife. She's absolutely lovely, kind and sweet, and I can only assume Joe is a great guy, even though we don't agree on this.

Engineer, your comment was off base. No president would ever be glad when any Americans are scared. I was scared during the Bush administration, and as much as I disapproved of him, I don't believe he was glad I was scared.

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