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"A Third of Americans Now Say They're in the Lower Classes"

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Okay, Lyle, now check up on the Great Depression, and the

much greater loss of jobs which occurred then. Obama managed to avert the worst effects of this crash with the Bailout/Rescue package passed within 24 days of taking office. What was George W. doing through 2008 to avert that crash, the first signs of which were apparent in 2007?

According to the Congressional Budget Office, a non-partisan institution, the Wall Street Bailout and Rescue of GM and Chrysler saved 6 million jobs which would otherwise have been lost. Obama had help from only 3 Republicans in that effort. What's more, the Government has been repaid by the Wall Street firms and the Auto Industry.

And how long did Roosevelt's admittedly more restricted efforts to prime the economic pump take to have an effect?
There is no certainty that things would have changed much without the huge infusion of money and jobs from Britain, France, Belgium, and other countries first at threat from Nazi Germany, and when embroiled in the Second World War. Lockheed, Douglas, and Martin benefitted (sic) from large orders, and shell manufacturers in Canada and the United States sold ammunition like crazy. That and the very laggard American re-armament effort were what got the Economy going again. I had an Economics Prof who in very tongue in cheek fashion called Hitler, The Great Redeemer, because without WW2 the US might never have gotten out of the Depression.

And don't forget that the P-51 was designed for the British because no American aircraft in 1940 was up to German or British standards of performance. (Though the British, not knowing the brilliance of North American Aviation's designers, had asked them to license build P-40's.) The one a/c which did survive in the European Theatre, the P-38 had to be re-engineered when it was found to be vulnerable in combat. The introduction of a setting called Combat Flaps improved the turning radius to the survival point.

You can hardly blame Obama for a crisis due to Republican Deregulation of financial affairs from 1980 on.

How can you hand the country over to a guy afraid to make his tax returns public. What's he hiding? what's he afraid of? and why would you trust him? Talk about buying a pig in a poke.

Rob

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Excuses......... Excuses.......
"the Wall Street Bailout and Rescue of GM and Chrysler saved 6 million jobs which would otherwise have been lost."

Now, Obama did not rescue GM, Chrysler, or the auto industry. Obama bailed out his buddies the UAW. But, contrary to what some say the UAW is not the auto industry.
I have no clue how familiar you are with American bankruptcy laws, but Chapter 11 laws (reorganization) were already in place for both GM and Chrysler to use to save themselves. The problem with allowing GM to reorganize is that the court might have allowed them to renegotiate their union contract and the UAW wouldn't stand for it. Delta, the largest airlines in the world as well as other airlines filed Chap. 11 and emerged much stronger and financially secure. However, GM, on the other hand has gone from bad to worse. GM has been selling cars in the U.S. at deep discount and, while it's making money in China -- and is outsourcing operations there and elsewhere -- it's bleeding losses in Europe. It's spending billions to ditch its Opel brand there in favor of Chevrolet, including $559 million to put the Chevy logo on Manchester United soccer team uniforms -- and just fired the marketing exec who cut that deal. The UAW got their political payoff. And GM, according to Forbes writer Louis Woodhill, is headed to bankruptcy again.
"What's more, the Government has been repaid by the Wall Street firms and the Auto Industry."
The government still owns 500 million shares of GM, 26 percent of the total. It needs to sell them for $53 a share to recover its $49.5 billion bailout. But the stock price is around $22 a share and the Treasury now estimates that the government will lose more than $25 billion if and when it sells.

" You can hardly blame Obama for a crisis due to Republican Deregulation of financial affairs from 1980 on"
Of course Obama can be blamed for his failures. He promised that unemployment would never reach 8% and that by now it would be less than 5%. Wrong! He promised to cut our debt in half, but instead it's quadrupled. He promised to improve race relations, but instead they are worse......... the list goes on.
Obama & Co. have failed and it is time for them to go.
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Well, if you have high, middle, and low...

and grade "on the curve" you'd have a third in each category, wouldn't you?...and if you doubled everyone's wages, you'd still have the same relationship. Today's poverty level is yesterday's well heeled.

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Drop the political agenda if you can and open your eyes

Tax breaks initiated by Bush as far back as 2002 were designed to generate jobs, but they didn't Did people have the same malaise then as they do now? No. It's not about unemployment, it's about how far a buck will take you.

I'm not gonna go searching in statistics but they are easy enough to find, and these are all facts that we have discusses multiple times on SE.

Over the first decade of this century, the rich got richer.
The rich were bailed out of an economic crisis of their own making by our government (both parties supported this).
Even after the depression, the rich have continued to increase their wealth.

Over the first decade of this century, the poor and middle class have become less wealthy.
Cost of living has increased. Energy is more expensive. Housing costs skyrocketed.
Food is more expensive. The "dollar" menu at most fast food places has shrunk or disappeared.
Interestingly, some items like consumer electronics have dropped in price.
The cost of using those products has risen (cable, phone fee's, etc).
Many people never lost their jobs, but their wages and benefits were cut.
Many upper middle class, middle aged people lost their jobs and now work in minimum wage positions.
Jobs have increased but underemployment is rampant (making less than one used to).
Our political parties (the GOP) tell skilled workers that they do not deserve the money they get.

Bottom line is this, cost of living has increased, and average workers make less and/or are being told they should make less and their income and benefits are being threatened.

People don't feel poor because of unemployment.

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Yes, and I was back there

screaming about Greenspan's Federal Reserve policies when he freaked out as wages began to rise to try and follow the other inflation up and then Greenspan clamped down, beginning the spiral toward Deflation, not realizing wage inflation was needed to compensate for the earlier mistakes.

The Credit Cycle started collapsing and now the Federal Reserve is keeping the top propped up while everything underneath is corroding away.

It's crazy.

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