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Prism Offline OP
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LOL you Libs kill me you only hear what fits your needs to make a story !

Last edited by Prism; 09/23/12 10:32 PM.

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Jet explain on how Obama is doing such a great job and why you would vote for such a guy ?


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Stock market up over 7000 points, 4.5 million jobs created (need more for sure but not done yet), etc.

Honestly, if there was a better candidate, I would vote for him, but Romney aint it. Just the shit he has fucked up on so far is inexcusable.

I heard all I needed to know in the debates with the other republicans early in the race, now with the recent secret video, it only underlines what I have been saying.


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Originally Posted By: JetStar
Stock market up over 7000 points


Ratings agency firm Egan-Jones on Friday downgraded the U.S.’s credit rating to “AA-“ from ”AA,” citing the Federal Reserve’s decision to go through with a third round of quantitative easing (or QE3).

The agency claims QE3, which is open-ended and unlimited, will drive down the value of the dollar, raise commodity prices, and do little to increase real gross domestic product.

Here’s the statement:


the FED’s QE3 will stoke the stock market and commodity prices, but in our opinion will hurt the US economy and, by extension, credit quality. Issuing additional currency and depressing interest rates via the purchasing of MBS does little to raise the real GDP of the US, but does reduce the value of the dollar (because of the increase in money supply), and in turn increase the cost of commodities (see the recent rise in the prices of energy, gold, and other commodities).


Originally Posted By: JetStar
4.5 million jobs created


I think that number might be wrong !

The number of Americans seeking unemployment benefits fell ever so slightly last week to a seasonally adjusted 382,000, which, of course, indicates the job market is still dangerously weak.

“The four-week moving average for new claims, a better measure of labor market trends, rose 2,000 to 377,750 — the highest level since June. It was the fifth consecutive weekly increase in the measure,” CNBC reports.

Employers added a paltry 96,000 jobs last month, 9,000 of which were striking utilities workers returning to work, below the 141,000 in July and much lower than the average 226,000 added in the first three months of the year. Recent job gains are barely enough to keep up with the growth of the working age population and aren’t enough to rapidly drive down unemployment.

“Businesses clearly remain reluctant to aggressively boost their workforces,” said Jim Baird, chief investment strategist at Plante Moran Financial Advisors, in a note to clients.

The unemployment rate dropped in August to 8.1 percent from 8.3 percent. But that was only because fewer people were looking for work. The government only counts people as unemployment if they are actively looking for work.

“The number of people still receiving benefits under regular state programs after an initial week of aid fell 32,000 to 3.27 million in the week ended Sept. 8, the claims report showed,” the CNBC report continues. “That was the lowest level since mid-May and most likely reflected people exhausting their benefits.”

The economy isn’t growing fast enough to support much more hiring. It grew at a tepid 1.7 percent annual rate in the April-June quarter, down from 2 percent in the January-March quarter and 4.1 percent in the final three months of last year.

Growth isn’t likely to get much better for the rest of this year. Economists expect the economy to grow at a roughly 2 percent pace.

High unemployment and sluggish growth prompted the Federal Reserve last week to announce several major steps to boost the economy (QE3). Chairman Ben Bernanke said the Fed will buy $40 billion of mortgage-backed securities every month until there is “substantial” improvement in the job market.

Bernanke said at a news conference that high unemployment is “a grave concern” that causes “enormous suffering.”

Oh, yeah, and in case you forgot: the Fed’s open-ended, unlimited QE3 resulted in another credit downgrade for the U.S.


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Originally Posted By: JetStar

After hearing Romney talking to those rich folks on that tape, you have to be drinking the Kool aid to still support him.


More like drowning in a Olympic-size swimming pool of it.


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Originally Posted By: Prism

Ratings agency firm Egan-Jones on Friday downgraded the U.S.’s credit rating to “AA-“ from ”AA,” citing the Federal Reserve’s decision to go through with a third round of quantitative easing (or QE3).


These are the same agencies that rated toxic repackaged mortgages as AAA. So you better dump US Treasury bonds and invest into unsecured mortgage paper, amiright?

The only valid "credit rating" is interest rate, and according to it people are willing to lose money to hold US Treasures.

These downgrades are nothing but banksters playing 5th column in politics.


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Originally Posted By: sinij

The only valid "credit rating" is interest rate, and according to it people are willing to lose money to hold US Treasures.

These downgrades are nothing but banksters playing 5th column in politics.


You really have no idea what is really going on do you?

You do realize that part of the problem here is the Fed is *artificially* holding down interest rates.

If T-bills dont sell, they just put them on their own balance sheet.

I cant believe you are cheering on the Fed as they destroy our currency and capital markets.

The ratings agencies are right to downgrade our credit rating. Whether they are doing so because they finally are doing their job correctly or trying to make a political point is moot- even a stopped clock is right twice a day, and the ratings agency was right this time.


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This bears a repost at this point.


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Originally Posted By: JetStar
(need more for sure but not done yet)


Unemployment rates rose in more than half of U.S. states last month, the latest evidence that hiring remains tepid across the country.

The Labor Department said Friday that rates increased in 26 states. They fell in 12 states and were unchanged in the other 12.

Unemployment also rose in seven of the 11 key swing states in this year’s presidential election.

Nationwide, employers added only 96,000 jobs in August. That‘s below July’s gain of 141,000 and the average of 226,000 jobs a month added in the January-March quarter.

The U.S. unemployment rate fell to 8.1 percent last month from 8.3 percent in July. But that was only because many people gave up looking for work. The government only counts people as unemployed if they are actively searching for jobs.

In August, unemployment increased in several competitive states in this year’s presidential race.

The rate in Michigan rose to 9.4 percent from 9 percent. The rate ticked up a tenth of a point to 12.1 percent in Nevada, which has the highest unemployment in the nation. GOP nominee Mitt Romney campaigned in Nevada on Friday.

Unemployment rates also rose in five other battleground states: Wisconsin, Pennsylvania, North Carolina, New Hampshire and Iowa.

Still, unemployment was flat in three closely contested states that are rich in electoral votes: Florida, Virginia and Ohio.

The rate in Florida held steady at 8.8 percent. Florida also recorded the second-highest job gain in the nation last month, adding 23,200 jobs.

Ohio’s rate stayed at 7.2 percent, and unemployment in Virginia was unchanged at 5.9 percent. Both rates also stayed well below the national average, as did the rates in Iowa (5.5 percent), New Hampshire (5.7 percent) and Wisconsin (7.5 percent).

Colorado was the only swing state to see a decline in unemployment in August. The rate fell to 8.2 percent from 8.3 percent in July.


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Ron Paul straight talk on Fed and QE3/Interest rate fixing

---------------

Edit - transcript is available

------

Originally Posted By: Ron Paul
One of the most enduring myths in the United States is that this country has a free market, when in reality, the market is merely the structural shell of formerly free institutions. Government pulls the strings behind the scenes. No better illustration of this can be found than in the Federal Reserve's manipulation of interest rates.

The Fed has interfered with the proper function of interest rates for decades, but perhaps never as boldly as it has in the past few years through its policies of quantitative easing. In Chairman Bernanke's most recent press conference he stated that the Fed wishes not only to drive down rates on Treasury debt, but also rates on mortgages, corporate bonds, and other important interest rates. Markets greeted this statement enthusiastically, as this means trillions more newly-created dollars flowing directly to Wall Street.

Because the interest rate is the price of money, manipulation of interest rates has the same effect in the market for loanable funds as price controls have in markets for goods and services. Since demand for funds has increased, but the supply is not being increased, the only way to match the shortfall is to continue to create new credit. But this process cannot continue indefinitely. At some point the capital projects funded by the new credit are completed. Houses must be sold, mines must begin to produce ore, factories must begin to operate and produce consumer goods.

But because consumption patterns have either remained unchanged or have become more present-oriented, by the time these new capital projects are finished and begin to produce, the producers find no market for their goods. Because the coordination between savings and consumption was severed through the artificial lowering of the interest rate, both savers and borrowers have been signaled into unsustainable patterns of economic activity. Resources that would have been used in productive endeavors under a regime of market-determined interest rates are instead shuttled into endeavors that only after the fact are determined to be unprofitable. In order to return to a functioning economy, those resources which have been malinvested need to be liquidated and shifted into sectors in which they can be put to productive use.

Another effect of the injections of credit into the system is that prices rise. More money chasing the same amount of goods results in a rise in prices. Wall Street and the banking system gain the use of the new credit before prices rise. Main Street, however, sees the prices rise before they are able to take advantage of the newly-created credit. The purchasing power of the dollar is eroded and the standard of living of the American people drops.

We live today not in a free market economic system but in a "mixed economy", marked by an uneasy mixture of corporatism; vestiges of free market capitalism; and outright central planning in some sectors. Each infusion of credit by the Fed distorts the structure of the economy, damages the important role that interest rates play in the market, and erodes the purchasing power of the dollar. Fed policymakers view themselves as wise gurus managing the economy, yet every action they take results in economic distortion and devastation.

Unless Congress gets serious about reining in the Federal Reserve and putting an end to its manipulation, the economic distortions the Fed has caused will not be liquidated; they will become more entrenched, keeping true economic recovery out of our grasp and sowing the seeds for future crisis.

Last edited by Derid; 09/24/12 11:34 AM.

For who could be free when every other man's humour might domineer over him? - John Locke (2nd Treatise, sect 57)
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