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Saturday Night Racer >> SNR LOUNGE >> this # will get worse in 60 days...no worries all is well though.
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Message started by FASTMIKE on 01/30/13 at 6:52am

Title: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 01/30/13 at 6:52am

http://finance.yahoo.com/news/us-economy-shrinks-0-1-133115372.html

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by 18racr on 01/30/13 at 10:14am

The ball is starting to pick up speed,,,, hang on folks....

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by 18racr on 01/30/13 at 10:21am

Cali thought they had fixed their money problems by taxing more,,,, guess what? the ones with money will leave!!!!!!!

http://www.foxnews.com/sports/2013/01/30/federal-state-tax-hikes-could-send-athletes-migrating-to-tax-friendlier-states/

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/08/13 at 10:47am

http://ca.news.yahoo.com/mcdonalds-january-sales-down-1-9-percent-worse-130340074--finance.html

this will only get worse as consumers (most unknowingly) get squeezed like lemons.....the title of this thread is guaranteed with news like this.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by OLD SCHOOL#6 on 02/08/13 at 11:19am

I don't think this has anything to do with economy. It's all about the burger. Micky-dee serves a junk burger. In-n-out, Carl's, and Wendy's all serve a far superior burger.............. ;D

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/08/13 at 5:03pm

lol.....hide and watch...

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by formercrewguy on 02/08/13 at 6:45pm

FASTMIKE wrote on 02/08/13 at 5:03pm:

lol.....hide and watch...

No doubt about it Mike..........people haven't seen anything yet!

Sock away some cash and gold while you can, and make a plan to defend it.

I am.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/08/13 at 7:32pm

so the mobil station we buy fuel at told me the gallons sold for nov/dec 12 were 50k gallons off 2011.....to me that says that at one station in bakersfield that @ 13 miles per gallon 650,000 miles were not driven in 12 over 11.......@ 1 gas station.....houston i see a problem.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by 18racr on 02/11/13 at 7:12am

The ball is picking up speed,,,, its even hitting hard here in Oklahoma now,,, more and more are doing less and spending less because they have have less to spend,,, hang on people,,, hate to say it but I told you so,,,

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/11/13 at 4:27pm

I've been spending less every year since about 2005. When the economy collapsed in 2008 I had to take some major austerity measures. Things picked up in 2010 for a bit, but it's been pretty flat since then.

My best earning years were from 1995 to 2004. Then project budgets started getting squeezed and cutbacks on crew hit my business pretty hard. And of course when I started spending more time working in racing that affected my income. As most of you already know, you don't get into racing to make a lot of money. It's more a labor of love than a wealth builder, lol

But when I saw someone spent $4.2 million on the original Batmobile and someone else spent $1.1 million on a 2014 Stingray at the Barrett-Jackson auction last month I think we can safely say that the people that are adversely affected by this economy are not the champagne and lobsters crowd.

Let's hope we can take a honest look at what drives and grows the economy and look at what works and what doesn't. There is plenty of information out there to get the answers. The trick is looking with open eyes and hearts and not to let long held biases to cloud our analysis.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by imracin68j on 02/11/13 at 5:06pm

Companies are advertising now, not sure if that's a good way to judge the economy but they are. BTUFF will see about a 20% increase off issue one. I'm having our flooring redone and the guy told me that they are swamped so hopefully people keep spending money to keep the economy going. Oil is pulling back some in Bak which leaves a little mark but hopefully they'll be hiring back soon. I know one thing.. gun sales are booming or were until they were sold out everywhere. Buy stock in a gun manufacturer if you want to get rich.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/12/13 at 5:41am

dscEvents wrote on 02/11/13 at 4:27pm:

i would love to hear your solutions.

increased jobs and increased productivity are the only two things to fix this in my opinion.

and in an economy where 70% of it is you and me spending there doesnt look like there will be a quick fix soon....again jmo.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/12/13 at 5:43am

imracin68j wrote on 02/11/13 at 5:06pm:

congrats on the growth Bill! in a economic climate like this you must market to "farm new customers" jmo.

building trades are "booming" again when compared to 08/09

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/13/13 at 7:04pm

FASTMIKE wrote on 02/12/13 at 5:41am:

You are right Mike, a quick fix is not in the cards. But since you asked (and you may regret asking) here are a few ideas.

The first thing needed is that people should do their own research.

Turn off talk radio, Fox News, and even CNN. The "He Said/She Said" nature of cable news often clouds the truth in the effort to give the illusion of "balance". Online blogs are mostly agenda driven and usually only present one-sided arguments that damage their information value. Liberals go to MSNBC or MoveOn.org to hear what they want to hear and conservatives do the same by going to Fox News or Rush Limbaugh for their daily dose of "news". Pure data is harder to find, but it does exist. It just takes more effort and a fair and open mind.

My solutions are way too detailed to express in one page. I will try to give a few solutions, but I could probably write a book on each trying to describe my solutions in specific details. But in a nutshell:

1.) Let's first put to rest the fallacy of supply-side economic policies. Or what some call "trickle down economics". These policies have been in place since the 1980's. I could give you reams of data over the past 30 years of how these policies don't live up to their billing and actually result in the opposite of what it is supposed to do. The nations wealth has actually "trickled up" as a result of "trickle down". I could give you data from both conservative and liberal economists that show the same results. It shows that as policies designed to favor the wealthy take effect, the wealth does not trickle down through higher wages and jobs. It actually stays at the top increasing wealth at the upper level while wages remain flat or actually decline for those at the bottom. Tax policies should reflect these facts. And before you give me the "but the wealthy pay most of the taxes" line you should know this. When you figure in ALL taxes and not just the income tax it turns out that most of us with modest means actually pay most of the taxes collected in the US. Duane was correct when we were debating the Phil Michelson rant when he pointed out that he and I probably pay a higher percentage of our income in taxes than Phil does when gas, sales, payroll, and property taxes are figured in. And let's not forget that the road to increasing deficits and our big national debt started in the 1980's when supply-sider policies came into favor.

2) Wall Street Regulation. One of the primary reasons for the economic collapse that ended up killing jobs and investment is how the nature of our financial markets has evolved over the past 30 years. Banking institutions used to be a means of increasing capital for business that actually built things and contributed to the economy. Starting with the development of LBO's in the 1980's all the way to the exotic financial products invented by investment banks in the 90's we got away from building businesses and instead started to focus on financial transactions. LBO's (Leveraged Buy Outs) were developed as a way for corporate owners and managers to make millions by using a public companies assets as collateral for debt used to take a company private. These deals caused American corporations to add huge amounts of debt to their balance sheets to pay off junk bonds that were sold to pay off shareholders. This increase in corporate debt weakened otherwise strong companies. The only real winners were the investment banks and deal makers who were paid huge transaction fees while the companies, the original corporate bondholders, and the employees got screwed. Fast forward to the 2000's when these same wheeler dealers on Wall Street devised mortgage -backed securities, Credit Default Swaps, and other exotic financial schemes that produced more fees for the Wall Street firms and investment banks. The problem was that the deregulation that started in the 1980's had eliminated the capital requirements of these deal makers to the point that all the risk was passed onto unwitting retail customers and eventually the American taxpayer. It's time to go back to the days when commercial banks were prohibited from using depositors money in non-insured investment bank activities. And its time to call a credit default swap what it actually is... insurance! Then companies like AIG would have to show regulators that they have the capital to pay off on the policies they write like every other traditional insurance company and not rely on the taxpayer to bail them out of a bad investment or bad underwriting decision.

3) Long-term spending cuts with short term stimulus. There is no doubt we have to tackle spending. But we have to be careful not to repeat the problems that austerity measures have caused in Europe and Greece. Massive cuts in government spending have caused triple-dip recessions in Europe. We would be wise not to repeat that mistake. The problem with the economy today is not caused by the increase in our national debt. A great deal of the increase in the national debt is caused by the bad economy. The national debt is best solved by first getting the economy going with jobs and infrastructure spending. The problem with the last stimulus package is that half of it was tax cuts. History has shown that tax cuts don't stimulate the economy unless they are massive cuts from extremely high tax rates. When Reagan cut taxes they did have a short term stimulus effect. But that was because the upper tax rates were close to 90%. But with upper rates capped at just under 40% and tax deductions bringing the effective rates to around 15% there isn't much room for further cuts to add to the economy. But we do have plenty of infrastructure projects around the country that could boost job growth and add to the productivity of the countries various businesses. With job growth comes increased revenue from an increase in taxpayers. As jobs return we then have more room for additional spending cuts. But we have to be disciplined enough to cut spending when times are good, not bad.

There are plenty more things we could do to improve the economy, but LMR would have to purchase more server space for me to continue. Manufacturing incentives, Off-shore shelter reform, Work requirements for long term entitlements, means testing for Social Security, job creation through targeted tax incentives, Immigration reform, Medicare provider reform, health insurance reform, and a lot of other common-sense spending cuts including the Dept. of Defense.

But none of it will work until the people start to become honest with themselves and realize that the media-driven "us vs. them" attitudes are doing us no good.

JMO... I could be wrong. And realizing that we could be wrong about anything is a good start to opening our minds to others ideas.

So Mike, are you sorry you asked? lol

Dave C

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by OLD SCHOOL#6 on 02/13/13 at 7:46pm

dscEvents wrote on 02/13/13 at 7:04pm:

So Mike, are you sorry you asked? lol

Dave C

I am, and I didn't even read it all ................... LOL

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by Wooliebuger1 on 02/13/13 at 8:07pm

My solution to the problem is stop feeding the world, stop giving away our money and rebuilding other countries, pull our men and women out the sand desert, and protect our boarders, then start rebuilding our roads, bridges, railways, and water ways, that would put a lot of good people of all races and talents to work, and make sure the contractors are american companies, not foreign ones. You want to see growth, and people off the entitlement government roles, I feel this would be one of the biggest steps that could save our country, not in a year or 2 but it would take at least 5-10 yers, but it could be done if everyone worked together. But no our elected officials are more worried about getting gun control done up and punish the honest law bidding citizen...JMOO..

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/13/13 at 9:25pm

Good points Don,

I didn't mention a rethinking of foreign aid, but it is also an issue that has to be included. And you are right that it will take 5 to 10 or even more years to see results. The big problem is that Americans are instant gratification junkies. Look at how Obama is blamed because he hasn't instantly reversed 30 years of damage in 4 years.

People need to start thinking 10 to 20 years ahead. And to be realistic about results. It won't happen overnight. But I fear that even if all my ideas were implemented that there would be an effort to give up on them and declare them a failure after 2 or three years.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/14/13 at 3:25am

dscEvents wrote on 02/13/13 at 7:04pm:

[quote author=63647671706B616077666477050 link=1359557573/0#11 date=1360676480

So Mike, are you sorry you asked? lol

Dave C

not sorry at all. great ideas. all of them.

however, it must double and possibly triple dip in order to get those in power to get on board. a "RESET" of sorts, that will prove to be UGLY for EVERYONE, whether you are at the top,bottom or in the middle due to all of the debt.

more debt = "kicking the can down the road further"

cut spending = "accepting the pain for our transgressions now for the future"

good ole father time will tell.

thanks for the time dsc.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/15/13 at 3:07pm

http://www.bloomberg.com/news/2013-02-15/wal-mart-executives-sweat-slow-february-start-in-e-mails.html

say it aint so!!!!!!!!!!!

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/15/13 at 4:05pm

This actually makes perfect sense and illustrates what I was saying before. As wages at the lower end remain flat or decline the collective buying power of consumers declines and sales volume of large corporations suffer. This is more evidence that the economy isn't driven by the top 5% as the GOP would like you to believe, but is much more dependent on the spending of the bottom 95%. As the incomes of the bottom 95% get squeezed a big part of the economy goes with it.

The payroll tax increase is actually an expiration of a temporary payroll tax cut that went into effect a couple of years ago to put more money into the hands of the people who actually drive the economy. The GOP blocked any extension of these cuts of the payroll tax because they only believe in cuts to corporate taxes, income taxes, and capital gains taxes.

Trickle down failure. Time to rethink 30 years of following it.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by mudslinger47 on 02/15/13 at 5:05pm

I don't know Dave, looks like more gubmint spending now and cuts in ten years.....wait a minute, isn't that what obummer proposed? I know your a proponent of taxing the rich, I'd like to know just how much is enough in your opinion? Kinda like raising the minimum wage, sounds great, but less people get hired. Doesn't work. I have a fairly close friend that's is in most peoples eyes rich, he spends more in a month playing then I spend to stay alive in a year. Hence, I disagree with your rant... ;)

PS So no one gets the wrong idea, my friend that I speak of has no connection to racing. To give you an idea, He and his wife flew to Miami for a New Years Eve party, spur of the moment. Why? because he can....

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/16/13 at 12:48pm

jobs and less people dependent on gov't handouts is the only solution....when there isnt enough tax revenue available to pay our bills, which is where we are now, you are in deep dodo.

with 70% of the economy consumer spending i dont think anyone ever said the rich drive the economy.....but they will/do drive the hiring of the public whose spending makes up the 70% unless the govt takes over their specific industries and then you have more govt jobs..... the cycle needs to "reset" and it will dave...i am willing to bet a bowl of crab bisque on it too...lol

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/18/13 at 12:36pm

I agree with you Mike about less people on govt assistance is the way to economic recovery. But the best way you get people off govt assistance is to get jobs and hiring to rebound.

This seems to be agreed to by almost everybody. The problem is HOW we create jobs. And Mike you are correct that consumers drive the majority of the economy. But that is not the opinion of the GOP and the conservative media. You say that no one is saying that the rich drive the economy. Obviously you don't watch Fox News, Fox Business, or CNBC or listen to talk radio. Every one of their pundits say that the rich drive the economy. Varney, Dobbs, Cavuto, Bolling, Kramer, Santelli, Bartiromo, Willis, Meagan Kelly, Doocy, et al all have the same opinion. It's their basis for eliminating the capital gains tax, lowering income tax for the wealthy, eliminating corporate taxes, and every other supply-side policy they promote.

They say if you tax at the top it will hurt job creation because the wealthy create jobs when they have extra money to burn. But the evidence is actually the opposite. As the wealth of the nation has been increasing at the top and declining at the bottom job growth has been awful. If increased wealth at the top creates jobs then we should have the most robust job creation of all time. But we don't.

That's because conservative pundits confuse hiring with job creation. While the wealthy do a lot of hiring, they don't hire unless there is consumer demand to justify hiring. I also learned from several billionaires at the Wall Street Journal ECO-nomics retreat in Santa Barbara last year that tax rates are a non-issue when deciding to invest. The primary reason to invest is to make money. George Roberts of Kohlberg, Kravis, and Roberts (google him) said the difference in paying 36% as opposed to 39% makes no difference in evaluating an investment. (He also admitted that no one pays those actual rates anyway) They are gonna make loads of cash regardless of the tax rates. (I will be returning to the conference next month at the Bacara Resort in SB to hopefully learn even more).

The way to get consumer spending back to the spending levels that once drove a healthy economy is for more of the increasing corporate profits to be shared by the workers who produce those profits for their bosses. Over the past 30 years the bosses have had their share of the profits dramatically increase while the workers share has decreased. And that has had the worst effect on consumer spending and the economy.

And Duane, the example of your rich friends spending as opposed to yours proves nothing. Because for each and every rich person that "spends more in a month playing" there are hundreds of thousands of people that spend every dime they make to just survive. And their buying power easily outweighs the spending of a single rich person.

Also, you are wrong about the minimum wage. Studies show that when the minimum wage is increased that it almost always results in a jump in consumer spending and the result of increased consumer spending is job growth. Adjusted for inflation the minimum wage is at record lows and that has not spurred job growth.

I think the best thing we can do for the economy is to deal in facts and not supposition.

And no need to bet to get me out for a bowl of crab bisque, Mike. I may lose on purpose just for an excuse to head to Pismo for a bowl with you and your beautiful wife. ;)

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by mudslinger47 on 02/18/13 at 4:32pm

dscEvents wrote on 02/18/13 at 12:36pm:

I agree with you Mike about less people on govt assistance is the way to economic recovery. But the best way you get people off govt assistance is to get jobs and hiring to rebound.

This seems to be agreed to by almost everybody. The problem is HOW we create jobs. And Mike you are correct that consumers drive the majority of the economy. But that is not the opinion of the GOP and the conservative media. You say that no one is saying that the rich drive the economy. Obviously you don't watch Fox News, Fox Business, or CNBC or listen to talk radio. Every one of their pundits say that the rich drive the economy. Varney, Dobbs, Cavuto, Bolling, Kramer, Santelli, Bartiromo, Willis, Meagan Kelly, Doocy, et al all have the same opinion. It's their basis for eliminating the capital gains tax, lowering income tax for the wealthy, eliminating corporate taxes, and every other supply-side policy they promote.

They say if you tax at the top it will hurt job creation because the wealthy create jobs when they have extra money to burn. But the evidence is actually the opposite. As the wealth of the nation has been increasing at the top and declining at the bottom job growth has been awful. If increased wealth at the top creates jobs then we should have the most robust job creation of all time. But we don't.

That's because conservative pundits confuse hiring with job creation. While the wealthy do a lot of hiring, they don't hire unless there is consumer demand to justify hiring.

well theres a no chit moment

I also learned from several billionaires at the Wall Street Journal ECO-nomics retreat in Santa Barbara last year that tax rates are a non-issue when deciding to invest. The primary reason to invest is to make money. George Roberts of Kohlberg, Kravis, and Roberts (google him) said the difference in paying 36% as opposed to 39% makes no difference in evaluating an investment. (He also admitted that no one pays those actual rates anyway) They are gonna make loads of cash regardless of the tax rates. (I will be returning to the conference next month at the Bacara Resort in SB to hopefully learn even more).

The way to get consumer spending back to the spending levels that once drove a healthy economy is for more of the increasing corporate profits to be shared by the workers who produce those profits for their bosses. Over the past 30 years the bosses have had their share of the profits dramatically increase while the workers share has decreased. And that has had the worst effect on consumer spending and the economy.

And Duane, the example of your rich friends spending as opposed to yours proves nothing. Because for each and every rich person that "spends more in a month playing" there are hundreds of thousands of people that spend every dime they make to just survive. And their buying power easily outweighs the spending of a single rich person.

Also, you are wrong about the minimum wage. Studies show that when the minimum wage is increased that it almost always results in a jump in consumer spending and the result of increased consumer spending is job growth. Adjusted for inflation the minimum wage is at record lows and that has not spurred job growth.

I think the best thing we can do for the economy is to deal in facts and not supposition.

And no need to bet to get me out for a bowl of crab bisque, Mike. I may lose on purpose just for an excuse to head to Pismo for a bowl with you and your beautiful wife. ;)

Hmm right out of the Democrap hand book... ;) ::)

I have been told that the raising of the minimum wage does nothing for the poor its supposed to help but generally helps the Union scale people because their wages are based on min to union scale in a percentage. I don't recall all the workings and I cant remember where I read it. I'll try to find it.

I don't doubt the billionares assumation, but most of the small business aren't billionares, their dam luck to be hundredares these days

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by Dietzsch_Racing25 on 02/18/13 at 4:34pm

dscEvents wrote on 02/18/13 at 12:36pm:

But that is not the opinion of the GOP and the conservative media. You say that no one is saying that the rich drive the economy. Obviously you don't watch Fox News, Fox Business, or CNBC or listen to talk radio. Every one of their pundits say that the rich drive the economy. Varney, Dobbs, Cavuto, Bolling, Kramer, Santelli, Bartiromo, Willis, Meagan Kelly, Doocy, et al all have the same opinion. It's their basis for eliminating the capital gains tax, lowering income tax for the wealthy, eliminating corporate taxes, and every other supply-side policy they promote.

They say if you tax at the top it will hurt job creation because the wealthy create jobs when they have extra money to burn. But the evidence is actually the opposite. As the wealth of the nation has been increasing at the top and declining at the bottom job growth has been awful. If increased wealth at the top creates jobs then we should have the most robust job creation of all time. But we don't.

I do watch fox news and listen to talk radio and somehow I come away with a different understanding of what the GOP thinks. It seems to me that the GOP message (based on what I see and hear) is more in line with what FASTMIKE is saying, rather than what you are stating.

It seems to me that we have had robust job creation and a consistantly low unemployement rate for the last 30+ years (last four years excluded). However, there are many factors that determine the health of an economy. Is it possible that something other than rich people keeping most of their money is the cause of current state.

... government regulations that essentially required (allows) banks to give loans to people that couldn't afford them .

...stiffling requlations that stop small business from growing or even staying afloat.

...saving institutions that are "too big to fail" and rewarding those in charge no matter how risky their actions were.

...spending more than you take in year after year.

IMO the rich people didn't cause this, the government did.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/19/13 at 6:15am

dscEvents wrote on 02/18/13 at 12:36pm:

1. "the question is HOW" - change in policies that have driven all of our mfg out of the country.this will balance an unbalanced economy from 70/30 to 40/60 and maybe we as a country would start to save more. PRODUCTIVITY in terms of manufacturing SOMETHING will solve our problems along with CUTTING THE SIZE/SPENDING OF OUR OUT OF CONTROL GOVT SYSTEM THAT TAKES IN TOO LARGE OF A PROPORTION IN COMPARISON TO WHAT IT GIVES BACK.

2. "your beautiful wife" - i am glad we have some COMMON GROUND!!!!!!!

3. HOW CAN I ATTEND THAT CONFERENCE WITH YOU?

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/20/13 at 5:59am

http://finance.yahoo.com/news/njs-newest-casino-revel-file-005235068.html

really.....a casino not making it...lol

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by mudslinger47 on 02/20/13 at 6:17pm

Their not the only casinos hurting Mike, Vegas is said to have a few that are in dyer straights. Actually all these little Indian Casinos dotting the countryside have got to be putting a big hurt on Vegas. I'm not a gambler, but if I was, 30 minutes sounds a heck of a lot better the 7 hrs on the road....

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by Wooliebuger1 on 02/21/13 at 9:58am

Things with the big casino's in Vegas are not normal, I have a son who lives in Henderson, and a niece and nephew in Vegas, both of them are unemployed, and try and find a decent job in Vegas is just about impossible. All 3 have said several of the big Casino's are not using floors, or wings of their rooms, and other areas, and are working employees on a limited work schedule. yes 30 minutes to our local casino does sound much better, but it is hard to compair to the big lights of Vegas, especially around the freemont street where you have all those neat things going on under the canapee(sp)...yes it tuff all over, and dont expect it to get a lot better in the next few years....Those who are working in jobs should feel very fortunate or lucky, but lets see what happens with theis up and coming 1st of March...JMOO...Don

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/21/13 at 8:16pm

Wow. A lot to respond to. Should have checked post earlier. lol

First to Duane. You should know me well enough by now to know I am not in the habit of repeating talking points from any party. My observations about the effect of the minimum wage are just that, observations. I remind you that we have created and raised the minimum wage both nationally and in individual states many times so there is an abundance of data out there as to the results. Most studies that I have read show no rise in unemployment after an increase in minimum wage. And in the studies that do find increases in unemployment, each one is a study of an area with a special unrelated circumstance like when one major employer shuts down in a small demographic.

I tracked down two of the many studies I have found over the years. One is very well researched and the other is pretty well researched, but not as scientifically linked. Nonetheless, both have data that pretty much prove their case. Add these to a number of other individual state studies that find the same thing and the evidence is pretty convincing regardless of what you "have been told" by some unknown or forgotten source.

http://www.cepr.net/documents/publications/min-wage-2013-02.pdf

http://davidcard.berkeley.edu/papers/njmin-aer.pdf

And Dietzsch, I actually agree with you on the lack of banking regulation that allowed mortgage brokers to give loans to unqualified buyers. The invention of mortgage-backed securities offloaded the risk away from the brokers who approved the loans. The fees paid to those brokers was easy money. That was the incentive to look the other way to get the loan pushed through. No risk to the broker, but big reward. "Too Big To Fail" is still a problem. But that was also a result of lowered standards and the deregulation of banking laws that eliminated risk as an incentive for bank CEO's to do due diligence. You are absolutely right that those in charge of banks took risks that they didn't have to back up because they knew they would be bailed out by taxpayers and could still keep their jobs. I say break up the big banks and reimpose the prohibition of investment banking from consumer banks like after the Great Depression. Increase how much capital banks have to have in reserve to back their investments. But remember it's the GOP that advocates for low or no regulations in the financial sector (or any sector for that matter). I'm not sure what you were trying to say about Fox and talk radio. If you are trying to say that Fox News and talk radio are not advocating supply-side economics then I don't really understand how you come to that conclusion. Fox News and the entire conservative media have been the biggest cheerleaders of supply-side economics since their inception. They don't deny it. They are proud of it.

And Mike,

1) I agree with you that bringing back manufacturing to the US would greatly help the economy. But the problem is that the incentive to move manufacturing off shore has mostly to do with cheap labor and the tax deductions that were given to companies who moved off shore . We should not be lowering US wages to compete with Chinese slave wages. We should be taxing imports made with slave labor to eliminate the price advantage they have over US labor. And I have also said before that I am for cutting spending. But let's get job growth going and increase revenues with more taxpaying workers and start cutting more and more as the economy and revenue recover.

2) And we also have in common our opinion on the crab bisque at Cracked Crab.

3) Mike, I wish you could go with me to the WSJ ECO-nomics 2013. I think you would really appreciate the venue and the information shared. It's great to hear millionaires and billionaires share their thoughts without the national press around. BTW, the only reason I am there is because I work for the company that does all the video, sound, and lighting. But I always keep my ears open for anything that can teach me more about any subject. The amazing thing is how little their comments line up with conservative talking points about business and government. I was amazed (but not too much) to learn that tax rates aren't much of a factor in deciding on investments by the vast majority of movers and shakers. I wish Lou Dobbs or Stuart Varney would play some of the comments from this conference on their Fox shows. But they never do because they know it would interfere with the Fox agenda.

Don't get me wrong, you will hear supply-side arguments along side other theories. But what is most valuable are the comments that come from their experiences. Most of the people in this room built wealth not believing what others tell them, but instead researching what works and what doesn't. I remember one conservative CEO joking not to tell Rush Limbaugh how the CEO was describing a certain successful investment because the CEO had used government resources to aid in research of a certain process that had increased his profit. He didn't want to contradict Rush about how the government isn't good for anything. Rush's head probably would have exploded listening to this CEO praising the National Academy of Science for it's top-notch research.

But if you would like a taste of last years conference here is a link to just a few segments from a three day event. BTW, I am on the back camera on the right center of room shooting the speakers.

http://economics.wsj.com/videos

Let me know what you think Mike. I am always interested in your opinion on this kind of stuff.

dsc

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/22/13 at 5:57am

1. you will not get the job market going without doing something about the movement of jobs off shore....either tariffs or incentivize the mfg to come back...

2. Ok so 2 items of common ground!

3. I like the diversity of opinion there.Does the ticket price include a roomat the Bacara?

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/22/13 at 12:15pm

Mike, looks like we agree about manufacturing and tariffs...and crab bisque.

The conference does not include the room at the Bacara. But you can get a conference rate of $390 per night. I always end up at Motel 6 or the Holiday Inn. lol

I bet as a business owner you might be able to snag an invite. I'm sure the $4000 investment would pay off.

dsc

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/22/13 at 2:52pm

4k + 400 a night x 2 + food costs.....I would rather invest in racing.....lol

how do i get a copy of your video???????

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/23/13 at 5:50am

not these guys too??????????

relax all is well.....lol

http://www.ft.com/intl/cms/s/0/8028d9f6-7d07-11e2-8bd7-00144feabdc0.html#axzz2LjJsIwHy

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/24/13 at 1:31pm

didnt he say the target was the rich.....???

looks like he is either a dumbshiot or a liar.....or maybe both! lol

http://www.csmonitor.com/Business/2013/0222/Why-is-Wal-Mart-worried-Payroll-tax-could-cut-consumer-spending.-video?nav=87-frontpage-entryLeadStory

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by mudslinger47 on 02/24/13 at 5:20pm

The second study wouldn't load but the first one in the conclusions, stated that the minimum wage increase yielded little or no affect because they could make it up by not paying the skilled workers better.... Seriously? The also made the point of with a better minimum wage, employees might stay longer which would cut the labor costs of retraining. I know from first hand experience, that is not true. Money at that end of the spectrum doesn't buy loyalty.

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/24/13 at 6:29pm

the first was anannouncment from Abercrombie and Fitch will be closing 50 stores...lol

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by dscEvents on 02/25/13 at 2:11am

FASTMIKE wrote on 02/22/13 at 2:52pm:

4k + 400 a night x 2 + food costs.....I would rather invest in racing.....lol

how do i get a copy of your video???????

But if you can learn something to make millions like these guys then you can spend even more on racing. I say "spend" instead of "invest" because we all know you don't invest in racing to make money. lol.

I wish I could get you the video. We tape hours and hours of discussions, but they only release clips on the Wall Street Journal website. Maybe we can have lunch after the conference is over. I am willing to reveal all I can remember for the price of a bowl of crab bisque. But bring your wife so I can look at her while talking to you! ;)

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/25/13 at 5:51am

lol!

I have beed told to put the Bacara on my list of Hotels to stay at with her so maybe next year.

i will be over there in April and will let you know the dates to try and arrange that ooggling.....lol!

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 02/28/13 at 6:03am

http://www.marketwatch.com/story/us-economy-grew-01-in-fourth-quarter-2013-02-28?link=MW_latest_news

hola....como estas?

oh but it is getting better.....

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 03/08/13 at 12:32pm

http://cnsnews.com/news/article/record-89304000-americans-not-labor-force-296000-fewer-employed-january

lol.....when will it stop at 1/3 of the population?

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 03/13/13 at 6:44am

http://www.moneynews.com/MKTNews/billionaires-dump-economist-stock/2012/08/29/id/450265?PROMO_CODE=110D8-1&utm_source=taboola

if you only read on sentence make it the first sentence of the third paragraph.....it is all about US folks.....our dollars make this economy what it is because we dont MAKE ANYTHINY ANY LONGER....

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by mudslinger47 on 03/13/13 at 7:34am

In the latest filing for Buffett’s holding company Berkshire Hathaway, Buffett has been drastically reducing his exposure to stocks that depend on consumer purchasing habits. Berkshire sold roughly 19 million shares of Johnson & Johnson, and reduced his overall stake in “consumer product stocks” by 21%. Berkshire Hathaway also sold its entire stake in California-based computer parts supplier Intel.

Not that I blame Buffet for what he's doing, but this shows hypocrisy goes up to the top....

We got some tough times coming...

Title: Re: this # will get worse in 60 days...no worries all is well though.
Post by FASTMIKE on 04/09/13 at 9:39am

http://news.yahoo.com/trouble-lurking-walmart-empty-shelves-094537542--finance.html

guess i missed it by 10 days....lol