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How's that Obama tax cut working out for ya : Swingers Discussion 1275631011
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TOPIC: How's that Obama tax cut working out for ya
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I say someone seems to be doing something right...

From Forbes... U.S. recession to end in Q3, debate over recovery 08.10.09, 09:56 AM EDT USA-ECONOMY/SURVEY (UPDATE 1):UPDATE 1-U.S. recession to end in Q3, debate over recovery

WASHINGTON (Reuters) - The worst U.S. recession since the Great Depression will probably end in the third quarter, but there is uncertainty over the speed and duration of the economic recovery, according to the most recent survey of private economists.

The Blue Chip Economic Indicators survey of private economists released on Monday showed about 90 percent of the respondents believed the economic downturn would be declared to have ended this quarter.

This upbeat assessment followed recent government data showing gross domestic product (GDP) contracted at a shallow 1.0 percent rate in the second quarter after sinking 6.4 percent in the January-March quarter.

Recent data, including housing and key labor market indicators, have suggested a bottoming in the recession and the the economy close to turning the corner.

"Debate now centers on the speed, strength and durability of the recovery," the survey said.

It showed nearly two-thirds of respondents believed the economy was set for a U-shaped recovery, marked by below-trend growth in gross domestic product before stronger growth took hold in the second half of 2010.

About 17 percent of the respondents anticipated a V-shaped rebound, where growth pulled back to its trend rate on a sustained basis, while the same percentage fretted that a W-shaped recovery could follow, the survey showed.

"In their view, GDP growth will pop higher for a quarter or two only to falter again before a lasting recovery takes hold," the survey said.

Growth in the second half was expected to be supported by a reduction in the pace of business inventory liquidation, marginal improvements in consumer spending and residential investment. The survey predicted non-residential investment would remain a drag on GDP.

Despite the improved economic picture, unemployment was likely to remain a problem, with jobless rate predicted to peak at just over 10 percent late this year or early 2010, the survey showed. It was seen falling only slowly.

Government data on Friday showed the unemployed rate nudged down to 9.4 percent in July from 9.5 percent in June, but mostly because many people dropped out of the labor force.

"Indeed, about 70 percent of the panelists believe the jobless rate will not dip below 7.0 percent on a sustained basis until the second half of 2012 or later," the survey said.

The sluggish labor market, together with excess capacity in many business sectors were seen dampening inflation pressures.

"Consumer price inflation excluding food and energy costs will increase by slightly less n 2010 than in 2009," the survey said.

(Reporting by Lucia Mutikani)

Mountain Ranch CA
 
 
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I hear you....

However, I dont think it was Congress that actually made those loans. I have heard this argument before but just because Congress gives incentives for those companies lending to specific types of individuals doesn't mean they have to make the loan. We had just as many people w/ great jobs that are now employed that foreclosed as well. I read a document on the law you are referring to and it specifically had a clause that in so many words stated...a company still must use professional judgement in making loans and should not make any loans that will harm the company in the long run....I agree that the when the housing bubble burst the shit hit the fan...but I think the true problem was that there were too many greedy people in control.

As far as the cars, I dont see how a govt mandated mpg requirement hurt any of these guys when they continued making bigger SUVs , Trucks and cars w/ larger engines to appeal to the customers demand.

The crux of the matter is.....there is a lot of blame to go around. As far as Democrats and Republicans, I dont really give a damn about either party. However, I just find it odd that everyone is quick to blame the new president for problems that built up over time...and do not blame anything on the previous....Why is that (maybe ill start a new thread on this one)?

Richmond VA
 
 
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Your information on Fannie Mae and Freddie Mac is incorrect...

Lakeside CA
 
 
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"A scamster and damn joke"

How so?

Richmond VA
 
 
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Quite frankly...this guy is a scamster and a damn joke! Get ready for some massive inflation! It's pathetic just how gullible most people in this country are!

Kissimmee FL
 
 
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Well folks...I dont think any of us would like to see the alternative. A collapse of the American financial system would not be pretty. I dont like the fact that I end of paying for major screw up but dont blame the guys trying to fix it......As we have seen in the last 8 years, the Wild Wild West - Top Down approach does not work!

Richmond VA
 
 
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Taxcut?

Was there one?

Funny Tax Cut by Obama & tax raised by city & state government?

So I asked again was their a tax cut?

Got to help those school teacher for their payraise! (Caugh) Remember folks its all about he children.

Massillon OH
 
 
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The new national pastime is tax evasion. Why work if you can't keep it?

Easton MD
 
 
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Mine is $44.41 for the month.

I can almost fill up the van with that kinda money...

Lakeside CA
 
 
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TOPIC: How's that Obama tax cut working out for ya