Are we doomed to repeat the sorry history of the 70s?

February 21, 2006

Are we doomed to repeat the sorry history of the 70s?

Inflation. Check.

Oil crisis. Check.

Recession. See inverted yield curve.

Incompetent Republican leadership. Check.

45 comments:

Anonymous said...: Remember the WIN buttons (Whip Inflation Now)? Remember the Misery Index (Inflation rate plus prime interest rate plus unemployment rate)? Remember doubleknit polyester bell-bottom trousers and ties that were nine inches wide? Remember leisure suits?; February 21, 2006 1:10 AM
blogger said...: remember corrupt and incompetent republican leadership being followed by inept and incompetent democratic leadership?

I hope we don't get the same 2000 - 2012. but I think we're on that path (bush / bush / clinton)

the 2006 and 2008 races will be very interesting, as they'll be happening during a housing meltdown. who will the people blame? usually the incumbents take the credit for good times and get the blame for bad times

time for a new terror alert perhaps to make us all rally around the flag again; February 21, 2006 1:50 AM
Anonymous said...: Though I truly hate to say it, I agree … “incompetent republican leadership”, and this coming from a lifelong member of the GOP.

Though I love the fact that Bush is a hawk, and realize that’s precisely what we need during these times, he has completely failed when protecting our wealth and or borders.

In fact, Bush isn’t a real republican and definitely not a conservative. But let’s be clear here, I ain’t ever going to vote for a Northeastern Democrat.

There is not going to be another Clinton in the White House.; February 21, 2006 2:16 AM
Anonymous said...: Keith, This is hilarious - good stuff. I lived in DC during the Ford era as a teenager and remember obsessing about big three in the Time cover. However, think that the housing as a variable is a big difference today. Inflation was much, much higher (say more than double), oil is similar but the difference this time is that OPEC doesn't have nearly the control they did back then since they are pumping at basically full capacity and are loaded with debt - not a lot of room for movement, and thirdly the inverted yield curve would not appear to a serious inflation threat. But then again, these are all valid concerns.; February 21, 2006 3:11 AM
Anonymous said...: Do not forget the nut job in Iran. Wait it gets worse. As a member of the GOP I am not very happy taht Greenspan was allowed to cut rates to zero but I cannot ever see any modern left being able to make sure the country is secure. As a reservist I follow military policy and only Lieberman would be a democrate that will be strong on security. Just my 2 cents.; February 21, 2006 3:27 AM
Anonymous said...: Dems still paying for flirting with pacifism during Vietnam. Country still doesn't believe Dems are capable of protecting US national security. This is a terrible handicap post 9/11. Explains Bush victory in 2004 despite his huge failures and lies.

This is a shame for the Dems, because until Vietnam no American identified the Dems as weak on national security. Dem presidents presided over WWI, WWII, Korea (beginning), and Vietnam (beginning). Kennedy defeated Nixon by running to his right. JFK was man who promised to "bear any burden" in defense of freedom. Only since '68 have Americans seen GOP as the party of the military and national security. Dems need to find a way to reverse that impression, probably by electing a bonafide Hawk to the White House. Then American people will recognize that good leadership is not just about sabre rattling, but about judicious use of all the levers of US power, only one of which is to Blow the Shit Out of the Bad Guys.; February 21, 2006 3:53 AM
Anonymous said...: STAGFLATION! STAGFLATION! STAGFLATION!

A stagnant-ho hum-muddle through economy where the oil boys get rich and the middle class gets drained and inflation goes on. AND yet we are told it is a GREAT ECONOMY!!!!

Yet we ALL feel that something is dramatically wrong and out of balance with ALL OF IT!

Some of us waited for YEARS for the REPUBLICANS TO WIN THE:

HOUSE
SENATE
PRESIDENCY

They got it and BOY DID THEY FLUB IT thanks to the "cute crowd" on wall street, the oil boys, the "free trade" fanatics and the war loving neo-cons who want to spread their kind of "democracy" to people who will NEVER like us.

And now those of us you seek a home find ourselves in the biggest of all bubbles thanks to Sir Alan Greenspan!

BAH HUMBUG!; February 21, 2006 3:57 AM
Anonymous said...: Yeah, Bush is really protecting our security alright--by leaving the border open and handing over our ports to the Arabs.

Some people will believe anything.; February 21, 2006 4:01 AM
Anonymous said...: Anonymous said...
"You Americans are no very bright when it come to voting."

I love it ... "you Americans" & "when it come to voting"!

That's great!; February 21, 2006 4:02 AM
Anonymous said...: "I ain't ever gonna vote for a Northeastern Democrat" How utterly klassy!

Oh, heaven forbid. You'd rather vote for someone who bankrupts finanially and morally, and tries to start World War III. Moron.

It never ceases to amaze me the level of proud stupity and arrogance from such a large group of people. It just proves my point: we're surrounded by dangerous idiots.

I suggest rounding up all conservatives and putting them at gunpoint into Texas like they did with Hurr. Katrina. They seem to love it there. And they LOVE guns and blood. Maybe throw in Idaho/Montana and Mississippi to boot!

Hillary (anyone but another Bush type) in 2008!; February 21, 2006 5:35 AM
Anonymous said...: Many Americans do not understand that on a line there are 2 extremes. Left-wingers and right-wingers.

The Cold War left American fearfull of the left-wing extremists and left the door open for the right-wing extremists (equally as dangerous) to get elected.

The US does need a third party - the Libertarian would fit the bill.

The current problem is 2 parties that overlap in the middle (were most Americans are) but then set policy based on the extremists - like the current right-wing nutjobs in Washington.

Many people are fiscally conservative, want small government, socially liberal, and do not want government pushing Christian right-wing values on our freedoms.; February 21, 2006 8:14 AM
Anonymous said...: Well we have a lot of stupidity in here today. From all sides; rightwing republicans talk about “northeastern democrats” and leftwing democrats talking about “repression and erosion of civil liberties”.

This is the problem with our system and clearly points out the extremes on both sides. The right wants to move the country further to the right, and the left wants to forget about 9/11.

Loose words being thrown out like: “moron”, “extremists” and “dangerous idiots”.

Keep up the laughs people!; February 21, 2006 2:05 PM
Anonymous said...: >>>the left wants to forget about 9/11

It's not "the left" that has proposed handing over control of six major ports (as well as two Texas ports handling military supplies and personnel) to a country with ties to terrorism. That was the Busheviks.

What we're seeing, with the ports, housing, the open borders, energy policy, "promoting democracy in the Middle East," etc. is no longer a matter of right/left.

It's all about money. The country is on the auction block and the monied interests are making policy. Whatever further enriches them is what our government does, regardless of the harm it causes to the nation or the world.

America under Bush has become a classic kleptocracy, like the Phillipines under Marcos.; February 21, 2006 2:23 PM
Anonymous said...: Inept republican leadership? Followed by what? Jimmy Carter? Yeah you forgot to leave out that detail. Then who followed Jimmy Carter and solved the crisis with oil, inflation and unemployment? Did you forgot that too.

Now, I'm not going to be some Bush honk here. His allowance of pork spending and the prescription drug benefit has been appalling.

And for those talking about the dramatic erosion of civil rights can we have some specific examples? It sure is easy to regurgitate what you heard the FCUK wearing hipster in the Village coffee shop saying, but let's back it up here.

Anyway, if the Democrats want to bring something to the economic table, then you do what Clinton did- stake out the middle ground issue by issue and prove to the moderates that what you propose makes sense. Clinton did this, and got elected. The only big piece of legislation that passed that could really be said to have helped the economy was welfare reform- and that was a GOP initiative. Nevertheless, I'm not going to bag on Clinton too much here, he for the most part was a moderate. But if you're going to blame the current housing bubble on Bush, are you going to blame the dot com bubble on Clinton?; February 21, 2006 4:21 PM
Anonymous said...: this is a housing bubble blog, right?; February 21, 2006 4:31 PM
Anonymous said...: Just to get things back on track here somewhat, I'm hoping that people wish for a "soft landing" with the real estate market as opposed to a freefall. A soft landing would be akin to the dot com crash, a downturn in the market for sure with the idiots being weeded out, but all in all, hopefully we're not talking about a late 70s type recession here.

In addition, I hope that people aren't wishing for hard economic times thinking that will vindicate their political views. The dot com crash came when Clinton was president, the housing bubble will burst under Bush's watch. In both cases, I'm thinking that group hysteria with a lack of historical perspective has led to a majority of the ridiculous speculation.

In hindsight, the interest rates shouldn't have been lowered as much as they were. But at the time, there had been a rather dramatic downturn in the market and a sizeable chunk of the financial heart of the country was taken out, so the policy is somewhat arguable under the circumstances. To prevent a long and drawn out recession they tried to encourage investment. Of course, they probably didn't need to do it as dramatically as they did, but who was saying that at the time? Any of you? Of course, a slow and moderate recovery would have been better than all of a sudden getting huge GDP gains based significantly on unrealistic real estate appreciation resulting from dangerously relaxed credit standards. I'm sure Greenspan et al, wasn't thinking that idiots would be getting into negative amortization loans at such an alarming rate.; February 21, 2006 4:43 PM
Anonymous said...: Hmmm, what can we do to sew this red-blue screaming match fit the housing panic topic?

How about this, I predict the housing crash, followed by the US dollar crash will cause the Civil War Redux. Never quite settled the scores at Gettysburg really, and the red-blue state distribution is still the same.

Let's do it all over again, but this time with nukes.; February 21, 2006 8:22 PM
Anonymous said...: The talk on this blog has digressed from housing bubble talk because its all been said, and now we must all sit back and wait for whatever is to come.

We will either see buying return in the spring or we will see the housing market flounder.; February 21, 2006 11:35 PM
Anonymous said...: There would never be a civil war, the republicans are a bunch of cowards.

They fear change, they fear progress, they fear foriegners, they fear God, they fear themselves.

My 10 year old daughter could kick the ass of the entire quail hunting republican congress with her snowboard.; February 22, 2006 12:18 AM
Anonymous said...: It's time we had a third party in the middle, where rational people can relate. Let the Democrats have all the angry, lazy, loser misfits and let the Republicans have all the self-righteous, ignorant fools. Why are so many liberals opposed to working for a living and being accountable for their own sorry state in life, that they expect a free ride from others? And does anyone really believe that some toothless, gun-toting, born-again moron is actually the product of some form of Intelligent Design?; February 22, 2006 1:06 AM
Anonymous said...: It's the liberals' fault that Bush got reelected. If the Democrats would have fielded a decent moderate candidate instead of being swayed by the angry, Bush-hating left, we'd probably be in better shape as a nation.

But if I have to choose between Bush and a bunch of screaming maniacs like Dean or hippocrites like Kerry, then I relucantly choose Bush.; February 22, 2006 1:49 AM
Anonymous said...: >>>If the Democrats would have fielded a decent moderate candidate instead of being swayed by the angry, Bush-hating left, we'd probably be in better shape as a nation.

In what bizarre alternative universe is an old-money, Yalie, Skull and Bones, "free trade" supporting multimillionaire a Leftist?

Howard Zinn is a Leftist. Noam Chomsky is a Leftist. Bernie Sanders is a Leftist. John Kerry is a member of the ruling class.

>>>But if I have to choose between Bush and a bunch of screaming maniacs like Dean or hippocrites like Kerry, then I relucantly choose Bush.

If you are going to vote based on whether you candidates' personalities, prepare to be disappointed a lot. Con artists are always charming.

The housing bubble is all about transferring wealth from the dwindling middle class to the ever more vastly wealthy ruling class. View it that way and the insanely short-sighted policies that have brought us to this point make perfect sense.; February 22, 2006 3:46 AM
Anonymous said...: Yes, the effing GWB is off his effing rocker if he believes he can give ports over to third world, towel wearing, camel jocks. NO FU_KING WAY!

This mother effer has picked the wrong sound box to draw a line!

And she caught my eye,
When I was walking bye,
She could she from my face … that I was …
Fu_king high!

My life is brilliant
My love is pure
I saw an angel …

She was with another man

“you’re beautiful”
“it’s true”

And I don’t know what to do …
Cause I’ll never be w/ you!

Or how about this:

“we don’t smoke marijuana in Muskogee
we don’t take our trips in LSD

“I’m proud to be an Okie from Muskogee”

SMILE PEOPLE!; February 22, 2006 4:26 AM
Anonymous said...: How about this one:

"OPP, how can I explain it
Ill take you frame by frame it
To have yall jumpin shall we singin it
O is for Other, P is for People scratchin temple
The last P...well...thats not that simple
Its sorta like another way to call a cat a kitten
Its five little letters that are missin here
You get on occassion at the other party
As a game n it seems I gotta start to explainin
Bust it"; February 22, 2006 4:29 AM
Anonymous said...: LOL, this is funny:

"Inflation. Check.
Oil crisis. Check.
Recession. See inverted yield curve.
Incompetent Republican leadership. Check."

All of the above 1970s mess is a result of the Jimmy Carter administration -- a Democrat.

Today there is no "oil crisis," no "recession," and minimal "inflation."; February 22, 2006 5:10 AM
Anonymous said...: "Clinton did this, and got elected."

Actually, Clinton can thank Ross Perot for getting elected. When Clinton was elected in 1992, 56.3% of the country had voted for someone else.; February 22, 2006 5:16 AM
Anonymous said...: "All of the above 1970s mess is a result of the Jimmy Carter administration -- a Democrat."

Are you old enough to remember the 70s, or are you just repeating something you heard Sean Hannity say?

Inflation, recession, and oil shortages were all at issue before Carter took office. Don't you remember Ford promoting those WIN (Whip Inflation Now) buttons? Don't you remember waiting in line for gas and only being able to buy five or ten gallons? Don't you remember stagflation? Or was that all before your time?

Obviously it's unfair to blame Ford for those things--he was a decent man who took office during a very difficult time--but it's flat out false to say that those problems began when Carter took office.; February 22, 2006 5:49 AM
Anonymous said...: Let us all be thankful that Al Gore invented the internet, so that we all have a forum to rant our hatred for each others' political views.; February 22, 2006 6:57 AM
Anonymous said...: "Liberals don't like to work for a living"
"Liberals aren't accountable for their sorry state."
"Let the Democrats have all the lazy loser misfits"

One thought comes to mind: Get yourself down to your local mental health clinic. You are clearly (ignorant as Hell) and extremely psychologically disturbed. Maybe some serious medications may help, too.; February 22, 2006 7:50 AM
Anonymous said...: Though I truly hate to say it, I agree … “incompetent republican leadership”, and this coming from a lifelong member of the GOP.

Though I love the fact that Bush is a hawk, and realize that’s precisely what we need during these times, he has completely failed when protecting our wealth and or borders.

In fact, Bush isn’t a real republican and definitely not a conservative.

Couldn't agree more. I'm another lifelong Republican and I can't help but wonder -- where have all the conservatives gone? There's no longer even a facade of fiscal restraint among the Republicans. Remember when they were going to shrink the bloated Federal goverment monster? What happened to that? How can Republicans stand by and watch as this debt-and-spending frenzy (both public and private) threatens to destabilize our economy? Baby boomers are a few years from retirement, have saved next to nothing, and we have fiscal and monetary policy that encourages more spending.; February 22, 2006 2:25 PM
Anonymous said...: "I ain't ever gonna vote for a Northeastern Democrat"

Let's get it straight about Dubya:
--He was born in New Haven CT.
--His Grandfather was the Governor of CT.
--Dubya attended Yale.
--He probably got into Yale and saled through based on his elite connections in the NE.
--He fumbled around in business and politics until his forties when he overcame alcoholism by becoming a born again Christian, which endeared him to the religious right.
--He speaks with an affected "dumbed-down" Texan accent.
--He's the laughing stock around the world and a shame to this great country.; February 22, 2006 3:12 PM
Anonymous said...: "Are we doomed to repeat the sorry history of the 70s?"

Hardly, with communism defeated, the next move is for major consolidation of world power. Greenie did his job all too well. Why do you think he was knighted in UK and congratulated by Bilderberg and CFR as "best Central Banker ever" ?

The end game is definitely here. Do your research.... The plan for world govt is well under way. The collapse of the US economy and birth of a "New World Order" seems all but certain.

The big plays now are middle east
and trying to capture china. Middle east might go up in smoke this year.
China will have to be bought(continued to be bribed as they have been for last decade, transfer of technology, markets for their manufactured crap, etc..)

Again, do your research and plan for the "New World Order", the best you can. Things should start to move fairly quickly over the next 12-36 months.
Crazy stuff in the White House is a signal/warning of things to come.; February 22, 2006 5:14 PM
41cadillac said...: So What is Ben B. going to do with interest rates. Hmmmm..

U.S. Jan. CPI up surprising 0.7% on energy costs

Print | | Disable live quotes By Rex Nutting
Last Update: 8:30 AM ET Feb 22, 2006

WASHINGTON (MarketWatch) - U.S. consumer prices increased a larger-than-expected 0.7% in January, led by higher energy, food and housing costs, the Labor Department said Wednesday. The core consumer price index - which excludes food and energy prices - increased 0.2%, as expected. The increases in the seasonally adjusted CPI should keep the Federal Reserve on course to raise its overnight interest rate target to 4.75% in late March. Economists surveyed by MarketWatch had expected the CPI to rise 0.5% in January. After two months of declines, energy prices rose 5% in January. Food prices rose 0.5%. Housing prices increased 0.5%.; February 22, 2006 6:14 PM
Anonymous said...: LOL, love the "confessions" here...

"I'm a former Bush supporter, but now I hate him, so I'll vote for John Kerry or Howard Dean."

Priceless!; February 22, 2006 7:18 PM
Anonymous said...: "Are you old enough to remember the 70s, or are you just repeating something you heard Sean Hannity say?"

What is it with you people and "Hannity" and "Rush" and "Fox News."

Everyone who sees things differently than you is a brainwashed idiot?

Jimmy Carter: Stagflation. Iran Hostages. Oil Embargo. Malaise.; February 22, 2006 7:29 PM
Anonymous said...: Dow at 4 year-high. Check.

US exploring alternative energy resources. Check.

Recession fears easing, regardless of inverted yield curve. Check.

Competent Bernanke leadership. Check.; February 22, 2006 9:04 PM
blogger said...: guess people didn't see my post (2nd on the list here):

remember corrupt and incompetent republican leadership being followed by inept and incompetent democratic leadership?

bottom line, we get the leadership we deserve. we got immoral democratic leadership (clinton) followed by truly incompetent leadership, the failed presidency of gw bush, followed very likely by the horror of all horrors hillary clinton

we get the leadership we deserve.

how pathetic

and we get the mother of all bubbles, right after the mother of all bubbles.; February 22, 2006 9:15 PM
Anonymous said...: >>>What is it with you people and "Hannity" and "Rush" and "Fox News."

Well, when people confidently declare things that are manifestly, obviously untrue, it's usually because they're repeating something they heard somewhere.

And it's interesting that you didn't answer the question. Should I assume from this that you do not, in fact, have any direct knowledge of the 70s?; February 22, 2006 10:18 PM
Anonymous said...: What saved Reagan?

1) Paul Volcker.

He could do the dirty work of jacking up rates to nuke inflation, because Reagan was sufficiently publicly popular (as a nice "ordinary grandpa") where anybody else would have been crucified and impeached.

2) Oil. Namely, the discovery of oil in friendly NATO countries of UK and Norway, plus the acquiesence of the House of Saud to American domination.

The oil in the North Sea and Norway is running out, and we are hitting real Peak Oil.

We wont get inflation because good jobs are being sent overseas. We will just get poverty fed straight up. People all over the world have jobs. Most of them are horrible.

What democrats are "weak on 9-11 and Islamic terrorism in general?" Everybody I hear say that it was the adventure-catastrophe in Iraq which is making things worse, and we failed in Afghanistan because the Rumsfeld-Cheney-Bush were already committing resources to invade Iraq.

It´s being "smart tough" not "dumb tough".

So, where´s Osama?

Who is trying to solve the problem rather than make it worse for the benefit of maintaining fear and extracting maximum corrupt contracting?

PS: the truth about Al Gore inventing the internet is that in fact he, as a Senator, did do a large amount in the government sphere to promote the general use and liberate the Internet for the great benefit of the US and mankind. One of the people who actually did invent the Internet, Vint Cerf, has publicly commended Al Gore for his far sighted leadership.

This is the difference between mocking erroneous insinuation and actual truth.

Did George W Bush ever do anything as significant?

Al Gore may have been a mediocre candidate but he would have made a good President.; February 23, 2006 4:25 AM
Anonymous said...: "Only since '68 have Americans seen GOP as the party of the military and national security."

Great job Nixon did in defeating North Vietnam, hmm?

It appears that liberals were right about Vietnam and they are right about Iraq.

PS: dont get in a big land war in Asia.; February 23, 2006 4:29 AM
Anonymous said...: I think the only good to come out of this is that there is no way in hell Cheney is going to run for president to continue the legacy.

I've pretty much given up on the democrats. I would like to see an independently-minded republican come next. My money is on McCain.; February 23, 2006 7:12 AM
Anonymous said...: "I think a northeastern liberal would have more in the brains to solve and help clean up this mess..."
I highly doubt, NE liberals couldn't even win last election. So much about their brains...; February 25, 2006 7:02 AM
Anonymous said...: "Con artists are always charming." - That's why we had to vote for W.

"The housing bubble is all about transferring wealth from the dwindling middle class to the ever more vastly wealthy ruling class." - If you don't like it - don't participate - rent instead.; February 25, 2006 7:12 AM
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February 21, 2006

Are we doomed to repeat the sorry history of the 70s?

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