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Economist Says the US Will Flip Back Into Recession Without a Fiscal Cliff Deal

By Patrick   2012 Nov 18, 5:12am   1,045 views   6 comments   watch (0)   quote      

http://live.wsj.com/video/rivlin-extremely-stupid-to-go-over-fiscal-cliff/50669D48-07F2-4557-AB5E-E089E34A7EEB.html

In an interview with WSJ's Jerry Seib, the founder of the Congressional Budget Office, Alice Rivlin, says a temporary deal to raise taxes on those earning $250,000 or more could lay the groundwork for an overhaul of the U.S. tax code.

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1   Dan8267   2565/2597 = 98% civil   2012 Nov 18, 6:13am  ↑ like (2)   ↓ dislike   quote    

The word recession is meaningless. What matters is that we are still recovering from the depression. And its going to be quit a few more years.

2   Tenpoundbass   988/989 = 99% civil   2012 Nov 19, 11:46pm  ↑ like   ↓ dislike   quote    

We need more recessions and less Bernankessions.

Resesscions end eventually, there's just no end in sight for the Bernankession.

I mean the prices rise, and there's no inflation.
Wages plummet and it's reported wages are rising.
Employment above 20% and it's reported at 7.8%.

Explain to me again why a recession would be so bad?

3   Bellingham Bill   72/72 = 100% civil   2012 Nov 20, 1:24am  ↑ like   ↓ dislike   quote    

Nation's been living on credit since 1999 -- first the corporate debt of the dotcom era, then the household debt of the housing boom, and now the government debt of the "recovery".

To fix things taxes have to double in this country. Across the board, more or less.

4   David9   1/1 = 100% civil   2012 Nov 20, 1:31am  ↑ like   ↓ dislike   quote    

I know what I see.

When I first moved to California, there was a three year waiting list for any available storefront along Ventura Boulevard stretching from Sherman Oaks to Woodland Hills.

Still, from Sherman Oaks to Woodland Hills there are empty and available commercial properties.

5   uomo_senza_nome     2012 Nov 20, 2:00am  ↑ like   ↓ dislike   quote    

Investment falls off a cliff .

We don't even need to cross the stupid fiscal cliff, companies are already cutting capital investments. i.e., companies are already pricing in a reduction in economic activity. Doesn't matter what the idiots in Washington do.

6   uomo_senza_nome     2012 Nov 20, 4:27am  ↑ like   ↓ dislike   quote    

Dan8267 says

The word recession is meaningless

It is meaningful to the degree that the most common users of the word (read: mainstream media) engage in the Management of Perspective Economics (MOPE).

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