Tuesday, July 22, 2008

Body Blow, Body Blow, Body Blow

Yo, I must admit, in grad school I played video games, Madden and this boxing shit. What I remember about the boxing game was that when u would hit folk, it would say stuff like “body blow, body blow, head shot, body blow.” I like-ed that shit.

I am reminded of this because I feel that it is the perfect introduction to our economic concerns as we are all citizens of the united states of America, now true, I was gonna post on something I wrote this morning called “WORK HARD AND DONT COMPLAIN.” But after reading the comments to the previous post by the scholarly Jay MidNite, Kelso (and he has interest) and No slappz, I digress. Again, blame my pons, and throw in the sulcus of my medulla oblongata and my subsequent Glossopharyngeal nerve anatomy (in picture) while u at it.

Mane, Jones here love him some loot. And as a person that has adapted capitalism for his own well being, I take pride in using brain cells to do such, just as much as I do showing love to others. But it seems as if my economy don’t got no love for folk no more. I have personally documented several contusions to my efforts to accrue capital albeit I will not be denied.

First, the housing market is basically a bust, and it aint been this bad in 70 years. As of date houses prices have dropped maybe 15 to 20 percent in real terms and its only just beginning. Before it is all over, if you pate 100 stacks for a crib, it may end up being worth 70 stacks. Add to that the credit crunch which I figure is the worse since the post war period thanks to Sir Alan green hornet, I mean Span – which I wrote about a few weeks ago. I mean when folk loose a trillion dollar globally, it makes me think that one is in serious trouble; and don’t trust what am mother fucking bankers say. Then there are oil prices coupled with equity dropping like its jumping out an airplane. Just tell me that we got to work a lot longer to buy gas, let alone a barrel of oil. So as jay said, it dont matter, Europe at 10$ a gallon and we gon finally reach the rest of the developing world -yawl aint ready though.

The strange thing to me is that households are paying interest rates no different than in the past. Sure we just got some stimulus checks, but they will only last and benefit one quarter – the second. Yep, it is good; I mean a 100 billion for one quarter but when it is gone what happens next?

All I am saying, and Jones here aint no economist, but rather a single man that like saving and counting money, for money is to make money and not to spend. We don’t even contribute to global GDP growth, but rest assure, the rest of the world does when we cant and will move alone.

The US has weakened for past to years when the rest of the world has shown increased growth and in most cases accelerated economic growth. Europe, Japan, China, and don’t add Arab countries. Not to scare yawl living like life is all that, my query is if the rest of the world can find economic growth, why cant we folk? Cause all I’m seeing and feeling is body blow, body blow, head shot and body blow.

83 comments:

The Flyyest said...

ummmmm torrence!!!!

what is that a pic of...it looks gross!!!! lol

The Flyyest said...

opps!!!

i meant TORRANCE!!!!!!!!

IntrospectiveGoddess said...

Damn folk, I thought that picture was of a dead cow carcass or some shit! But yeah the economy is really bad here and I am the farthest thing from an economist....but the Bush Administration has really fucked us over and its gonna take years b4it gets right and as far as the stimulus checks I didnt even get one and I'm just broke have been for awhile so its not like the economy change has really affected me...except I just cant seem to find a job

Traycee said...

Torrance...I check your blog everyday...Of course I check up on you...I ended up adding the chat to my website instead...But for whatever reason I'm getting your emails...

Oh and that pic of gross....You know some of us have weak stomachs

BeKinky_Paula said...

Yup! I agree.

and that's all...
hm...that's new LOL

Dreamy said...

ohhhhh my at the pick, kind of scared me there for a moment,lol

definitely understand your point!!

Traycee said...

I meant to say not getting your emails

Lena said...

So that picture almost made me click the lil red box cuz things like that just gross me out but then I started hearing "can I get a lap dance table top" (I have earphones on) and that got another "WTF" reaction out mf then I just giggled for a few seconds listening to your hormonal ass. Then I read...I think you bring up great points especially in regards to how we're comparing to other countries. I think it's just we're so accustomed to having the luxury of being able to spend less on more that now people are just wiggin' out with reason... a lot of us are not prepared or taught to be finally responsible or prepared for things like this. They're already throwing around the possibility of a second stimulus check to "boost the economy"...it's not going to boost crap just put people more in debt. American's take a lot for granted but don't realize it.

Anonymous said...

you Like-ed that shit
you straight out the crib nigga
u had me rolling jones

blow

PrettyBlack said...

Yeah that pic had me really sick. I almost lost my cookies! I was trying my damndest to focus on the topic but that shit kept fuckin' with me out the corner of my eye. Doctors deserve every penny they get because the have to deal with some gross shit.

What is it a heart or something?

Okay on to the post. I'm not sure if I'm even going to hit the right notes on this one, but my mom and I were talking about how the asian cultures (among others) can live 10 to a crib and stack their chips, while Americans will go in debt to be comfortable, push that to a global level and here is the result. Basically greed. We don't revere or take care of the elderly as most countries do. We go into debt hiding them away. Paying for a private education for our kids to take the place of good old fashioned upbringing, the village stopped raising the kids.

We put more value on buying useless look at me crap, because we have become a nation of see what I have instead of see what I have accomplished. We are consumers. Foolish consumers. When we put more of ourselves into raising our children, and less into raising a couple of more dollars to go on that cruise or get the latest pradadada we may learn to save a dollar or two.

Let the ignorant males and females know...A cadillac escalade and prada shoes only look good backing out of the driveway of a home you own...not a two bedroom apartment with security gates and 3 roommates.

I may be off...but not by much.

Blog Queen said...

What's up RawDawg, it's Roschelle..I think I managed to add you to my blogroll. As I am a novice to this blogging shit plz help in any way possible. Although I'm not as well versed as you with regards to the economy, is it plausible that since corporate America (really runs America) one might consider the fact that this elite 1% of the richest folks in the country are living large while the middle to low income man is fighting losing battle. Nice pic BTW. in the real world I'm an RN

Curious said...

If I should ever win a Nobel prize it probably not be for economics. That being said and with no backup, I think Alan Greenspan was the worst thing to ever hit the global stage.

People can say George Bush this, or Oil that and the War on Terror is such, but the green man gave us easy credit and liquidity that allowed houses that were worth $50k in the mid 90's to go to $150k by the turn of the millenium. I know someone that that happened to. Then when people started to think the good times would never end, Mr Greenspan decides to pull the rug from under them. Interest rates go up, credit disappears for a lot of people and businesses, property values start to back down to maybe where they should have been in the first place. If you had bought a house a few years b4 2000, you're probably not bad off, after 2000 and you have a mortgage that's more than value of your house now. All thanks to celebrityhood of Mr Greenspan.

So all I really want to say is that next time a Chairman of the Fed Res. says something and no one knows what he's talking about, it may not be because he is brilliant, but that he may not know what he's talking about either.

Jay Midnyte said...

Oh snap RDB shouted me out, i'm 19 and u you called me scholarly lol

I think the people already living around low income status will be able to adapt a lot better than those who've been fakin it (keepin up with the Jones') -- in other words, the middle class.

The rich will get richer, and lots of people will be coming back to the cities and hoods...

Jay Midnyte said...

and I agree with Curious... too bad if Obama's the next president because the Fed's really gonna crank up the interest rates.

Marcus LANGFORD said...

i dig that analogy bruh! kinda reminds me when i used to play 'mike tyson's punch out' on nintendo and you'd make a fool punch drunk. anyway, the american economy is taking some serious blows to say the least.

i am happy that i involved myself in the way of the internet years ago and that has put me into a comfortable financial position, but peeps like my dad and aunties, they are blue-collar and they are usually effected by this mess faster than the tech-savvy cats like myself.

it's a sad case and hopefully, just hopefully, our next president can rework this horrid system and get us back on track so that everyone out there can get ahead or at least stay above water without too much of a struggle.

:::Marcus LANGFORD:::

KELSO'S NUTS said...

Torrance:

You put me in illustrious company there.

Two big thinkers and serious polymaths in Jay Midnyte and No_slappz (who's the only crazed-up White Supremacist who can think, reason, persuade, and insult with the best, after Danny Balint, of course, but I digress...)

Jay Midnyte is NOT 19 years old. I was born in the morning, just not YESTERDAY morning. If I had his maturity, knowledge and insight when I was 19 I'd be living in a castle in Lucerne today at 46.

I always find much to like in CURIOUS's comments and this one is no exception. While he's always been a self-promoter and an equity-cheerleader, which is absurd for a central banker who knows that equities are dwarfed by f/x and interest rates), Greenspan was a sensible monetarist during the Clinton adminstrations. When Bush came into office, the libertarian monetarist gave way to Head Of Marketing of BushCo. He got jammed up into guiding FISCAL policy, too -- "start running deficits again! the surpluses are too big!" -- in an effort to heat up the economy suffering from the equity bust.

Then, worst of all, knowing that loose fiscal policy was indeed the order of the day, including TWO MIDDLE-EAST WARS, come the shooting, he abandons his long-held belief in monetary neutrality and starts cutting rates to boost the housing boom. Then having dodged a bullet before inflation began to rise, he got out of town.

But not before telling Bernanke just to come in to work at 11am, do the same rate cut jazz, and take off for golf at 3pm.

I write for HELL. I KNOW Ayn Rand and Irving Fisher are waiting for him with a set of Stanley tools!

I personally profited nicely from warfever coupled with greasy fiscal and monetary policy during the Bush years, being in crude and hard-asset correlated stuff and somewhat short USD, but I'm not going to tell anyone what to do.

My old man has great financial instincts despite having been a Red back in the day, then a registered Democrat who ALWAYS found the Democrats too weak and voted Socialist Workers, and now will vote for Obama but whose favorite players on the field this season were Dennis Kucinich, Jeremiah Wright and Ron Paul.

This goes to Jay's point about going back to the hood. When my old man first got his hands on some good money in his late 40s, he used the old non-recourse loan, federal housing, 3x tax shelter. He was in some dilapidated stuff in Brooklyn. When Fannie and Freddie showed up on the scene and the Reagan-Rudman-Bradley stuff took effect in 1986 eliminating non-recourse federal loans, he PAID the taxes and kept the property. He figured "crack, schmack, NYC real estate will always have value especially because the property taxes are so low." My dad's a writer! Jay could run rings around him on finance and economics but he did something so smart that eluded much wealthier people who had been in the non-recourse shelters.

He asked me in 2001 if he should sell because he was finally even-steven on the taxes he had to pay. I said I thought he should gamble because of how stuff was looking with housing under Bush especially since he had bit the bullet during the tight years of Bush Sr and Clinton. Come 2005, he said to me, I've got a big bid for this now what should I do? I said "you've got better instincts than me...trust 'em" and I didn't even ask him what he did. It was only recently that I found out that he had read stuff somewhere about the problems in the mortgage roll-ups and sold at the absolute top in January 2007. The neighborhood is still nice but the new owners can't give those apartments away. Good on you, Dad.

So, my only advice given that I've noticed a lot of good instincts in this blogs commentary: get comfortable with bond math, learn about real versus nominal interest rates, and get familiar with as many foreign currencies as you can.

One of the reasons I like South America is that you get a Western European lifestyle at a fraction of the cost of even today's US. Ecuador and Bolivia are no great shakes but they're getting better. Of course Brazil is the behemoth. Argentina, Chile and Uruguay might as well be in the European Union. People in Buenos Aires think they're Romans. People in Santiago think they're Parisian. And people in Montevideo think they're in Liechtenstein!

I think Panama's like a hot, muggy, Switzerland. It has the bankng and shopping but thankfully not the skiing, and snobbery. Venezuela's like a cleaner, cheaper Russia.

MERCOSUR is very, very strong right now.

All of these places, though exploited by World Bank policy when they were weak (Vivendi tried to PRIVATIZE ALL OF ECUADOR'S POTABLE WATER!), have held on to the sensible parts of WB/IMF in terms of fiscal and monetary policy which helped them get strong when they shook of the last of the economic colonialism.

The floating of the Peruvian Nuevo Sol, the Brazilian Real and the Argentine Peso seemed crazy at the time but (plug here for The Big Dog) Bill Clinton told them "now or never" in 1999 and they bit down hard and did it. And discovered the ideas of fiscal prudence and monetary neutrality EN EL ESTILO SUDAMERICANO.

Jay Midnyte said...

Thanks 4 the tips Kelso. I'm still trying to find out how to capitalize on this downturn...

Folk said...

Grandma always said "pride comes before a fall." In this reality, that fall is failure.

The US has been so d@mned arrogant and full of itself that we have literally pissed our success away. Education is always the first of any failing civilization to fall.

We have turned our back on our future in exchange for temporary monetary gain of today.

Our politicians sold the souls of Americans for a quick buck. Giving the future of America away to our competing nations.

Can or will we survive this ish? Time will tell, but I would like to believe that we will. The spirit of middle America will rise up and change our failed course of our American elite. But it wont happen until we are well down this darkened road.

What the heck is that picture of?

4GOTTEN1 said...

To many imports not enough exports that's why we don't see any economic growth and everyone else is. We are buying all of thier shit but not selling any of our own.

Rich said...

I keep wondering if they are tanking the economy to make way for the AMERO.

No matter the reason, this was done diliberately. Everyone is in on it that has some say so. People tend to forget, but the moment Bush stepped foot in the White House on the heels of Clinton he started talking down the economy. He was setting the stage for all of this. He may have used the likes of Alan Greenspan and a few other hand selected skillfull players, but I have no doubt that this is an expected end of theirs.

Tera said...

Torrance, the foreclosure list around here is off the chain!!! People are losing their houses left and right! Lots of folks are working just to put gas in their cars and pay day care and they are steadily raising taxes.

This nation is in distress...it is crying and is severly wounded. I believe it will take a miracle to pull us up out of the quick sand my friend.

Sheliza said...

I feel you on this. The mortgage crisis hurt my family dearly because we had our own brokerage for years and then all our lenders went under. Hurt our pockets bad! The worst is yet to come...

The Jaded NYer said...

I love (and agree with) what FOLK had to say- America's arrogance was it's own downfall. Plain and simple...

Torrance Stephens - All-Mi-T said...

All Yawl
Sorry bout the pic, I used to work in a morgue taking organs out and weighing them when at U T Memphis Med School. It’s a human Brain, Brain stem region _ Pons and medulla oblongata, HAVE ANY YAWL EVER TAKEN GROSS ANATOMY OR AM I THE ONLY ONE?

The Flyyest
U got rights You can call me what u like I aitnt Ralph Tresvant - Sensitive

IntrospectiveGoddess
Yep – Nope Human Brain

Traycee
Yawl women need to man up – LOL. In email I said you can click on my shout box to get live chat widiget

BeKinky_Paula
Yawl is scarey

Dreamy
U a cop, u cant be afraid.

Lena
The song aint really about that, it is about how the human community is lost so much that the have a desire for lap dances

Anonymous
Like-ed is like Love-ed. Wait for next song

PrettyBlack
Im sorry. You know folk a scientist and anerd

BRAIN not HEART LOL,

That is very valid, we don’t focus, we don’t save, we spend, and we don’t study loot. Great Point.

Blog Queen
You are right to a certain degree, u should read my post We the corporation

Curious
At least you will be considered for one , not me. I agree regard Green Span, although Vlinton repealed Glass Stegall, it was he who threw up a block on it before it became law


Jay Midnyte
Don’t trip, should have seen me at 11, 19, and on
Scholars ask questions of substance

Marcus LANGFORD
First of all you are a savvy cat, especially taking care of your folks in this period

KELSO'S NUTS
U deserve such and don’t be talking bout slappz - lol.

Curious always comes correct
Mathematically with no production, mis management and paying for 3 Bentleys (Iraq, Afganastan and Somolia) was bound to happen

Folk
We give them too much power. Pic again is anatomy of Glossopharyngeal area of brain

4GOTTEN1
AMEN – I see u catching on.

Rich
So true the Amero is on the way folk. Listen to rich

Tera
We gotta deal with this, it is only just the start

Torrance Stephens - All-Mi-T said...

ALL YAWL
Finna give a presentation of structural research parameters regarding substance use among African American populations for NIH so be back in a few

Sheliza
Yep, lenders are like the modern day snake oil salesman

The Jaded NYer
I agree, we need to BTW, pull ourselves up by our boot straps

Kei's Revelation said...

China has been moving up in huge ways lately. Our economy is just completely bust and has been so for some time now. The housing crisis seems to be getting worse. I noticed that a lot of people selling homes now are having "Foreclosure" parties and open houses? That is just really odd to me that it has to go to that level, but I guess we have to do what we have to in order to take care of our families. It's great to have a good job if blessed with one, but never think for a second that the economic woes can't slip up on the company you work for and put you in a terrible bind. It's a serious domino effect.

Kei
http://therevealedoasis.blogspot.com

P.S.- I added you to my blogs of note. Fabulous content!

KELSO'S NUTS said...

@ RICH: I'm not sure what you mean by the "Amero". If it in any way suggests the union of the American market with anywhere else other than the weaker states that form the rest of NAFTA and CAFTA, it could never happen because (1) the USA would not meet the necessary fiscal, monetary nor human rights standards of the EU, MERCOSUR, or APEC (2) the USA will never DO BUSINESS because it's not in its nature.

Look at what happens in other capitalis countries. When an innovative entrepreneur comes up with a new product, technology, idea, improvement on an old product, etc., what happens is the market responds by spawing lots of imitators. When that happens in the USA, the market-share leaders look to Government whether executive to include federal, state and local law enforcement, legislative or judicial means to prevent the innovator from cutting into the market-share leader's profit.

The no panoply of imitators nor improvements in the market-leaders product to meet the new standard.

Just expand that kind of thinking from the level of the firm to the level of the country. The Cuban embargo is not a war on Cuban communism, it's a war on European and Latin capitalists who decided that while things would be different there was no reason NOT to make money in Cuba. The rationale behind the "dirty wars" was identical. Parmalat had no trouble selling products in Sandinista Nicaragua or Arbenz's Guatemala, nor would have had a problem selling in Allende's Chile.

The USA has this idea of "exceptionalism." That the American Way of everything is so by far the best way that they are entitled to be the market-leaders in every other country and region and if they're not, then no other countries get to either.

But market forces being what they are, the US now has a high level of labor productivity just no products to sell other than Entertainment, Sports and Financial Services. I don't know much about the implements of violence, but I'd imagine even as gun crazy as the USA is, imported weaponry has half the market share.

No, I'm afraid your Uncle Sam is in a bind here. Sammy's committed to a budget-busting series of wars until your grandkids are in college. The prevailing attitudes towards small business and innovation will mean that Sammy's committed to Entertainment, Sports, Financial Services and some tech and bio-tech as exports but will be a net importer for a long time to come.

Neither NAFTA nor CAFTA will have the power of the EU, MERCOSUR or APEC which the USA will never be able to join because of its warrior fiscal policy, costly national security infrastructure, and human rights record.

Don't believe me on this. While George W Bush may have been able to get everything he wanted out of Congressional Democrats, look how difficult it has been for the USA to get initial trade deals with smallish regional partners like Colombia and Peru -- whose governments are favorable to the US. Panama being to MERCOSUR what Switzerland is the the EU will never give the US a trade deal on the terms the US wants.

There will be reforms to the original NAFTA but they won't happen because of anything a President McCain or a President Obama does to make things fairer to Canada and Mexico. It will be a McCain or Obama begging Canada and Mexico for changes that FAVOR the US! Even with two favorable presidents there in Harper and Calderon, don't expect Canada and Mexico to the USA any favors.

For a lot of years, American Exceptionalism, or really military might and economic power allowed the US to continue to lag in all important indicators of freedom, education, health care and social justice behind most other developed nations.

Well, the brilliant performances in Iraq and Afghanistan has shown the military might is not all it's cracked up to be and the brilliant performance of the US economy has shown the lack of muscle and mobility there. They do have an excellent internal social control system, though. Absolutely state-of-the-art. What use is that when it prevents its own consumers from getting 4g telecommunications technology?

Now, the USA is just another country with a ton of western enemies (anyone really think the war on terror is a war against Islam?), a bunch of western allies with regrets, lots of embarrassments to live down, no will to change and no real power.

Great movies, music, software, and sports, and financial services, though.

But I note that your Uncle Sam has been making noises in both parties about trying to force oil prices down by making futures and derivatives trading illegal. Pure genius and too typical. Why not TAKE AWAY MORE RIGHTS and LOSE GREAT HOME-GROWN ORGANIC BUSINESSES in the process. That's right; pick a scapegoat: OIL SPECULATORS. Then, use the long arm of the law to take away some free-market capitalist rights and lose the fruit of a domestic core competency -- NYMEX, CBOT, MERC -- to the ICE in London and to the Winnipeg exchange?

It's exactly what they did with internet gambling. $1 trillion organically-developed home-grown USA industry with 75-80% of the world market share flushed down the toilet to try to save the 2006 mid-term elections by tossing a little red meat to the base. Those tax revenues would look pretty good now, wouldn't they? But nooooo...Uncle Sam had to make sure the White Southern Baptist Council was happy.

So, now, it's a new scapegoat: OIL SPECULATORS. Then, COPPER SPECULATORS. Then ALL INVESTORS.

Sure, young Black men remain on the list. As do Muslims. And feminists. But somehow those cohorts are losing their scapegoat bite. Time for some fresh meat for the hate machine.

Then it's Blade Runner, Logan's Run, Westworld, The Running Man, and finally The Children Of Men all brought to real life.

And ALL of this shit could be avoided by doing just what it was that the framers of the Constitution had in mind and the leaders and innovators in capital markets and industry pushed forward.

Fascism just seems to taste too good to a weird plurality of Americans who are not educated or innovative enough for a changing world. And that plurality is such a big and easy voting bloc to lock down, too.

I don't have to worry about this until Uncle Sam gets so pissed off at being at the bottom of the standings in so many categories that a guy like McCain just starts firing nukes willy-nilly.

Maybe I'm just paranoid. Somehow, I don't think so. I was a productive citizen, paid a lot of taxes and then it was made rather clear to me that I was no longer welcome. And I don't do anything that's not on advice of legal counsel.

Keli said...

That’s how the market works…US has a weakened economy and the foreign market grows…when we are on the upside…the foreign markets tends to be on the downside…
That’s why you must diversify…nothing wrong with having foreign investments in your portfolio…most financial advisors would probably recommend it.
But I feel ya…that economic stimulus plan was only a short-term solution…The US has been working in the short term for far too long now…it’s time for someone to step up and create solution that will benefit our economy…present and future.

Ticia said...

Great pics -

Great post too -

Torrance - you may not know, I am an Economic Consultant - I do research at my firm - so I am always into the economy and the views from other economists -

MP said...

I work in investment banking it is is really interesting to see what's real and what's just a bunch of words. Supposedly we are in a mental recession but everything around us suggests that we are in a economic recession. Everything that has been denied over the past few months has reared its ugly head. There was a time when we were being told that the housing market was just fine. Lies Lies Lies. Everything I hear on the news is the opposite of what I'm seeing investors do. Who knows how much worse this will get.

NoRegrets said...

It's called lack of work ethic in the majority of the population.

NoRegrets said...

Hey, wait, is there a muscle BEHIND the eye?

Regina said...

Great post!
Things will get worse before they get better. and I don't think people are really prepared for that or even understand what could happen...
By the way that picture is certainly an attention grabber(as I'm sure was your intention!), and it grossed me out!

Torrance Stephens - All-Mi-T said...

Kei's Revelation
Did u read my ;post Juan ton soup – u are so right and thank u hon

KELSO'S NUTS
I agree, in fact that’s one of my points if other countries can, why cant we?

Keli
To do that we got to remove greed and avarisice from the equation

Ticia
Thanks I aint no economist though im just thinking and shit

MP
So we need to talk folk, cause I aint no economist but a watcher and reader

NoRegrets
True and yes, thhey are called extraocular muscles of the eye , and the lateral and medial rectus muscles The lateral rectus muscles abduct the eye (away from the nose) and the medial rectus muscles adduct the eye (towards the nose). The lateral and medial muscles move the eye only in the horizontal plane. Also there r the (superior rectus, inferior rectus, superior oblique and inferior oblique) control the vertical motion.

Regina
Sorry bout the pic, thought everyone took gross anatomy or at least anatomy

Jay Midnyte said...

KELSO
On the Amero... What do you think about this Security & Prosperity Partnership of North America

Could be the framework, maybe.

Jay Midnyte said...

And Ron Paul spoke on the NAFTA Superhighway that would connect Mexico, the United States, and Canada, cutting a wide swath through the middle of Texas and up through Kansas City.

dejanae said...

hey man
see u still kickin that info

T.C. said...

and it keeps getting deeper...with Wachovia (my personal banking institution) losing so much ground in the second quarter its a real slap inthe face...

this is really real...and like you said, its times like these where our spending habits and just thought process about money has GOT to change...

if it wasn't for the fact that my folks are basically GIVING me their house to move back down to AL...i would be SHORT!

Charece said...

I really appreciate the knowledge you dropping... I haven't had these kind of deep insights since my college years. You remind me of my professors and mind u I went to a HBCU so you know we got into some deep convo'c. I absolutely love it.

12kyle said...

@ Torrance
Good post, bruh

Mannnn, I still play Madden!!! lol

NoRegrets said...

Thanks...mucho. I need to look that all up, since I think some of my migranes come from there, somehow. Imagine - I opened my mouth wide the other day and felt the muscle behind my eye! Odd.

msladydeborah said...

I liked the boxing game! It helped me to de-stress after a shitty day at work.

When I started reading this post and got to the
portion about medulla oblongata, I started having flashbacks..I took a course in human development...we did a lot of study on the brain..I remember trying to write, sip coffee to stay awake..and not toss my cookies while looking at the illustrations...But I digress...

I question why it seems that every time the GOP takes over the leadership of the nation~recession seems to be a major part of their political mix.


How has the Shut The Phuck Up money really helped the economy? It seems that it would have the same effect that putting a bandage on a broken limb would have...not much!

The American dream has definitely flipped the script...it is nightmare! I knew the lending situation was bullshyt after the house my grandparents owned went back on the market for 100,000 plus. My grandfather paid $4,500 for it...and the neighborhood was in better condition overall. Someone bought it and didn't live in it for more than a couple of months. My mom still cannot believe that our former home went on the market at that price. She use to sell real estate and she has been saying all along, the industry in shiesty as hell.

Can we go green and be profitable? I have questioned this as I look at the current employment market. It seems that the talented tenth needs to consider if we have enough savvy to develop from out of that sector.

I also feel that we need to have a global market plan. That is seperate from America's agenda. AA's poured over $7billion into this raggity system by consuming goods. So we really ain't as broke as the media tries to portray us to be as a group.

What really bothers me is the fact that we are not major captalist, in spite of the number of years that we have been in America. Is it too late for us to try and break the economic strangle hold?

freemanpress said...

Raw - Mane we stopped making things over here along time ago so we can't grow. Everything we do is consumer based so your electronics are growing and those arent even made over here. Name one thing we make here that actually builds jobs. All of our raw materials come from other countries, our food, our energy, our cars, our furniture. We don't build anything here anymore.

This day was destined to come it is the end of the American Civilization now and the rise of China. The British Empire once was and so is the USA. It once was too...

freemanpress said...

Oh yeah the game was Mike Tyson punchout. When you hit someone it said body blow body blow and then it said knock him out.

Crian said...

Hey torrance, thanks for stopping by my blog, got to agree with what the other folks have said. Immediately when I saw the picture, I was trying to figure out a way to not look at it.

The economy is really shot in America and I hope it changes otherwise alot of my friends are really going to have a hard time and I don't want that to happen.

Kit (Keep It Trill) said...

you already know how what I think about the economy

Villager said...

Great analysis on how economic situation is hitting us all in the solar plexus!

peace, Villager

Big Cheekz said...

I have a feeling that in a few months, I won't be able to work, go to school, feed my familia AND put gas in my car to do all of the above. I will admit, I am nervous about the future of the economy. Phuck another stimulus check - gimme a raise or somethin!

Big Cheekz said...
This comment has been removed by the author.
MacDaddy said...

We're all feeling those blows; and it's real. No game now.

Meikmeika said...

What a picture!!! SCARY!!

The economy sucks!!! Cost of living is going up but pay is not....alot are even losing their jobs!

Most people's stimulus checks were used to pay or attempt to catch up on bills...sigh...this is supposed to be the best place on earth!?

It's as if Bush is setting Obama up for failure....

KELSO'S NUTS said...

Torrance: The USA can't because to succeed in true capitalism takes open-minded, rational, and creative participants. From Plymouth until today, the "Pilgrim's" TOOK at the barrel of a musket or flintlock or gatling or glock.

Very few Americans EARNED.

What impresses me so much about this blog is how many of your contributors have no problem holding free-market capitalism, social justice and ethnic pride as touchstones at the same time with no cognitive dissonance at all.

Jeez, my father the commie taught me all that! And I'm proud of what we do on economics and finance at http://thedisbrimstone-dailypitchfork.blogspot.com/

Jonestown is excellent too on economics, although their focus is more cultural and political than it is economic.

The plain-vanilla telegraph wire is so stuck in Cold War thinking that they don't see how comfortably those concepts can co-exist. They don't see how capitalism can co-exist with concepts of peace, freedom, social justice, identity pride and a good laugh.

Very impressive, Dr Stephens, the degree of economic sophistication you have here.

BREAKING (BAD) NEWS: Some version of an anti-OIL SPECULATION BILL has passed the Senate. God, this is stupid. Illinois and New York are net DONATORS to the US Treasury. Why would they want to close the energy pits? As I've said, traders will always find a way, but red-dirt White SBC farmers DEPEND on the generosity of ILL and NY.

How is something so NAZI or Stalinist at its very essence as this could be considered proper legistlation for the Republicrats? Why will no Republicrat deal with the fact that shooting wars in oil-producing countries tend to have a -- let's say -- bullish effect on energy and other hard assets, at the expense of the USD and the American economy?

Candy said...

Damn dude... you be killin me with this -ish! Got my pons (I think thats what you call em') workin. You know I'm still trying to get used to your lingo, but you be on some real deep stuff bruh! I love it. Open my mind up to something new! Thats what all black folks need! We need to start thinking about our economic status in this hell hole and what do we stand to gain by living the way we are present day!!! YOU BETTER PREACH BOY!

ViolentLove said...

It always takes me a minute to catch up with ya,

but yeah,

america has hit the downward spiral on many levels, time will tell if we will rise up, take hold and move past this. Our short term thinking is killing us.

Peace you,
R

Psyche said...

There is nothing like the economy to get people fired up huh.

Any expanding economy must contract, hence recession is inevitable. Now, certain people (i.e. folks in particular industries etc) are more vulnerable to economic downturns than others. We should have safety nets (personal and federal) to buffer the effects of a slow economy.

I must say, however, that the challenges that US economy currently faces—massive unemployment, bank failures (I never thought I would see a run on a bank…that’s insane), inflation, and an energy crisis—are reminiscent of the Great Depression.

I am interested to see what approach the next president takes. Shall it be progressive like that following the Great Depression? Shall we see an increase in humanitarianism and a concern for the well being of ALL Americans, particularly the poor, the largest subgroup being children?

no_slappz said...

The Savings & Loan Crisis of the 1980s and 1990s whomped the US economy far harder than the current credit troubles.

But when politicians look out over the country and their constituents, they know they can count on their short memories and their absolutely nonexistent interest in economic history.

Despite a couple of oil shocks in the 1970s, the US oil industry was boomed into 1983. Then it acted like it had been shot in the head. Everything crashed.

Oil prices had been at record levels. Then they crashed. We had a glut. Drilling rigs were suddenly idle. A supply bubble in the Natural Gas industry began to kill the industry.

Banks were in trouble. Big loans for oil drilling rigs and all the other oilfield equipment went into default when oil demand collapsed. Oil companies began to lay off workers. Soon workers had trouble paying their mortgages. Worse for the Savings & Loans was the fact that looser regulations allowed them to invest directly in office buildings, shopping malls, condos and more.

But suddenly companies were closing and had no need for office space; shoppers were too short of cash to shop; and the housing market collapsed.

Collapsed. In many areas of the Oil Patch housing prices fell MORE than 50%. People mailed their keys to the bank and moved. Mortgage rates were 12%. Certificates of Deposit paid 12%, sometimes more if it was issued by a Savings & Loan that was desperate for cash to improve its regulatory capital base.

Bankruptcies soared.

Meanwhile, the US was spending madly on defense. New everything for the military, which had been shortchanged since the Vietnam War ended. The country was heading deep into debt. Reagan was accused of spending recklessly on advanced missile systems to keep the US ahead of the Soviet Union.

Cities were in trouble. Violent crime was soaring. Cocaine was everywhere; crack had hit the streets. AIDS appeared, and the spread of AIDS brought many people to the edge of panic. AIDS deaths began to accelerate. People demanded a cure from the government, and claimed that deliberate foot-dragging by the Reagan administration was the reason no cure was forthcoming.

In 1983, muslim terrorists committed their first suicide bombing when two of them drove a truck full of explosives into the Marine Corps barracks in Beirut, Lebanon, killing 241 Marines. Several years later, muslim terrorists from Libya detonated a bomb on Pan Am Flight 103 over Scotland, killing almost 300 passengers, mostly students heading home to the US.

In 1984 Walter Mondale and Geraldine Ferraro ran against Reagan and Bush. Despite voters' concerns that the country was coming apart at the seams, the Reagan/Bush team won big. Four years later Bush beat a hapless Mike Dukakis.

A year before Dukakis was trounced, the stock market crashed. It tanked in October 1987. Nevertheless, the Dow Jones Industrial Average was higher at the end of the year than the start. Along the way the Savings & Loan Crisis got worse. Hundreds and hundreds of S&Ls collapsed and were seized by the government. They were insured by the Federal Savings & Loan Insurance Corporation, which itself collapsed due to the magnitude of the problem.

The S&L Crisis was brought under control through a Taxpayer-Funded Bailout -- Unlike today's financial problems, which might not require government (taxpayer) help.

However, I think the turning point of all turning points was reached when Ross Perot was running for president in 1992. He spoke at fund-raising dinners, probably retelling the same tale I heard at the Grand Hyatt over Grand Central Terminal in New York City.

He placed his flip-charts and other visual aids on a stand and gave a detailed accounting of his claim that CitiCorp was a bankrupt institution and it would keel over dead soon. Very soon. At that point, with its large troubled-loan portfolio, CitiCorp stock was trading around $3 a share. I think it bottomed the day Perot spoke in NYC.

Then Citi stock began an upward run that lasted more than a decade. Perot was the perfect contra-indicator. And his presence in the presidential race took enough votes from Bush 41 to give Clinton the White House.

In summary, American life is always a little messy, but the economy always recovers. Moreover, it seems as though each recovery springs the economy to significantly higher peaks.

♥SjHarris said...

love the opening graphic to this post
reminds me of Call Of Duty 4!! lOl
"ready...lock and load...watch your bak..
THROW THE BOMB..go, go...."
ahahah i love that game.


economist niice.

Sylvia Hubbard said...

1st a complaint and a compliment almost e'vry time i come ta here, i gotta go look up in a gawd dang dog dictionary for some durn word!

sulcus !!!!!!

but you know that smart stuff turns a sistah on!!!

from the detroit perspective, the housing market was bust way before they really started getting to the nitty gritty.

Personally, I think we (the country) has focused too much on making money and materials outside of the US and too proud to simplify our own means in order to grow.

Burn it all down and come back better is a good suggestion for this country, LOL, but I don't think that'll change its state of mind.

I could be talking out the side of my ear again or just being the brown blonde and my political opinion don't mattah much, but hey, I think it's a K.I.S.S. solution to a perplexing problem.

Sylvia Hubbard
Author and Blogger of How to Love A Black Woman


PS: Gawd, that pic was too the grossest!

Rich said...

The really interesting thing is that no matter how hard it gets the american public isn't fighting to survive, they are fighting to keep their luxury's. What's wrong with that picture.

Unload the extra baggage so the plane can fly and make it to its intended destination.

The Socialite said...

maybe we should all just leave and move to another country! lol before we all go broke.

Haute in LA said...

Body blow FOR REAL!!!!

And I'm loving that dogs for Obama! Can I get one? LOL

Torrance Stephens - All-Mi-T said...

Jay Midnyte
I got a copy of that brief LOL

dejanae
Yea folk got to if I don’t who will

T.C.
Aint that the truth

Charece
Thank u. I did too Morehouse

12kyle
Thanks folk, I still love Madden
just dont play it

NoRegrets
anytime sister

msladydeborah
I wont talk about AAs, but I will say GOP and dem’s are about the same to me in this with respect to what I have experienced, observed, seen and read

freemanpress
So true and ADM wont let folk grow or keep seeds like in the day
Good look on the game - LOL

Crian
No problem friend across the pond, u think that’s cool with me I added u to my roll if u don’t mind

Kit (Keep It Trill)
Yes I do

Villager
Thanks folk

Big Cheekz
We need to Kennedy, what we can do for ourselves is this BT washington moment

MacDaddy
So true

Meikmeika
I aint even qualify for a stim check, single parent of 2

KELSO'S NUTS
We on the same page
Scares me too Kelso, all I can do is try
And u know I read
Jonestown every day from my comments there
Not sophisticated – cheap and poor LOL

Candy
Im sorry, don’t die, I don’t wanna kill u speak Memphis, is that good or bad anyway?

ViolentLove
Im sorry forgive me pls

Psyche
Thanks for the lovbe but it aint on the president, that’s the problem its on us, we need to save and make stuff and sell stuff. It aint rockety science

no_slappz
This is a continuation of the S & L.
The cost of the S&L crisis is astounding to every taxpayer - $175 billion or more. It impacted the resent value of the dollar today wouldn’t u agree
Banks are in trouble now folk and economic crimes were called violent crime selling a rock was considered such jones
We couild reciprocate and say the same about Zionist terror or our form of economic terror called sanctions, these did not occur in isolation of other acts or in a vacuum
A lil messy, u sound like phil Graham

♥SjHarris
I am not an economist hon LOL, and I read your last post man hatter LOL

Sylvia Hubbard
LOL aint u a writer, language is out tool. So u dripping now LOL
We have to make stuff but that comes with education, we a materialistc country that will be our end

Rich
Great analogy folk, u gone be up in this camp this weekend?

The Socialite
Or work hard and save

Haute in LA
Shot me an email for the dog shirt folk

no_slappz said...

torrance, you wrote:

"This is a continuation of the S & L."

Not really. The current problem is hitting a different part of the financial world.

You said:

"The cost of the S&L crisis is astounding to every taxpayer - $175 billion or more. It impacted the resent value of the dollar today wouldn’t u agree"

The impact of the S&L Crisis is long past and no longer affects the economy, except in positive ways. As far as affecting the value of the dollar, well, in the 1980s and 1990s there was a period when the dollar was weak compared with the Japanese Yen. Japanese investors were buying US assets as fast as possible and there was agonizing over a new Japanese invasion, an invasion using money instead of bombs.

You said:

"Banks are in trouble now folk and economic crimes were called violent crime selling a rock was considered such jones"

No. Banks are not in trouble. That's a key point. A couple of banks are under pressure. But there is no widespread problem. Why? Because banks are watched closely by federal and state agencies that are quick to act on problems.

Also, "banks" are NOT "savings & loans". The two are legally different, but those differences were minimized as a result of the S&L Crisis.

You said:

"We couild reciprocate and say the same about Zionist terror..."

Zionist terror? What's that?

You said:

"...or our form of economic terror called sanctions, these did not occur in isolation of other acts or in a vacuum"

Economic terror? What does that mean? Those two words do not go together.

Torrance Stephens - All-Mi-T said...

slappz
im glad u aint at least find the pic nasty. much love folk. u know where i stand

Big Momma Pimpalishisness said...

I'm moving to Europe, damn it.

shine said...

I'm sure that you will be glad to hear that they just bailed fannie and freddie out. Talk about rewarding bad behavior.

KELSO'S NUTS said...

@ SHINE: Just saw it myself. What is "small enough to fail" exactly? At some point, doesn't the US government HAVE to start practicing capitalism instead of just preaching it?

no_slappz said...

shine, you wrote:

"I'm sure that you will be glad to hear that they just bailed fannie and freddie out. Talk about rewarding bad behavior."

Whose bad behavior is being rewarded -- in your opinion?

no_slappz said...

torrance,

The picture is fascinating.

Torrance Stephens - All-Mi-T said...

slappz
u know i know u like seeing how i think dont u, and u like roxy cause i can tell u love all engineers huh lol

Naeemah said...

Hm, yea our economy is def. in a terrible, terrible state...

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no_slappz said...

http://www.nytimes.com/2015/10/26/us/pinnacle-sports-online-sports-betting.html?_r=0

Where's that Kelso guy? What happened to him?