Patrick.net

Spend money – to make money. I thought, we went through that, already.

By REpro   Follow   Fri, 10 Feb 2012, 10:47pm   968 views   7 comments
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"It appears the recent declines in housing wealth may be reducing consumer spending between $200 billion and $375 billion per year," he said. "That reduction corresponds to lower living standards for many Americans."

http://money.cnn.com/2012/02/10/news/economy/bernanke_housing/index.htm?iid=HP_River

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1. grinderman Follow Befriend 2 threads 43 comments Berkeley, CA

   1   12:04am Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   2005 called , it wants it's economic policy back .

2. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   2   1:24pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   What he failed to explain is,why the out of whack situation from 2002-2007 was necessary? huh?

3. Patrick Follow Befriend (54) 5,239 threads 6,173 comments 46 male Menlo Park, CA Premium

   3   1:44pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   Protected   The situation in 2002-2007 was necessary to mask the vast transfer of income upward from the middle class to the 1%. The middle class didn't care so much about that transfer as long as it could borrow to maintain its standard of living.

4. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   4   2:26pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   Patrick says The situation in 2002-2007 was necessary to mask the vast transfer of income upward from the middle class to the 1%. The middle class didn't care so much about that transfer as long as it could borrow to maintain its standard of living. Oh, I see. Once the banks and some wall street firms started failing burden goes on taxpayers - top 1% escaped. :)

5. REpro Follow Befriend (1) 22 threads 478 comments San Jose, CA

   5   2:55pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   1% sucked money from middle class to the max through extended hours of labor, outsourcings, debts and bail-outs. Now they don’t have to care what will happen here anymore, because they have enough money to invest in other developing countries and suck them too. Yet, pay only 15% tax here.

6. bubblesitter Follow Befriend (5) 10 threads 2,329 comments

   6   3:05pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   Classic American success story. LOL.

7. xenogear3 Follow Befriend 10 threads 419 comments

   7   4:35pm Sat 11 Feb 2012   Share   Quote   Permalink   Like   Dislike   He estimates the decline in home prices has resulted in more than $7 trillion in lost household wealth. It is a wealth was NOT there to start with. It is just like the 1.5+ trillion dollars he printed last year. Now he is printing and giving to Europe. This is sick.