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"We are on the verge of a great, great depression."

Mirror Founder

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POSTS: 327

Report this Jun. 01 2011, 11:02 am

http://www.cnbc.com/id/43236764


 


Wall Street is having a hard time figuring out what to do now that the U.S. economy appears to be sputtering and yields are so low, Peter Yastrow, market strategist for Yastrow Origer, told CNBC.


 "What we’ve got right now is almost near panic going on with money managers and people who are responsible for money," he said. "They can not find a yield and you just don’t want to be putting your money into commodities or things that are punts that might work out or they might not depending on what happens with the economy.


 "We need to find real yield and real returns on these assets. You see bad data, you see Treasurys rally, you see all bonds and all fixed-income rally and then the people who are betting against the U.S. economy start getting bearish on stocks. That’s a huge mistake."


Stocks extended losses after the manufacturing fell below expectations in May and the private sector added only 38,000 jobs during the month.


"Interest rates are amazingly low and that, thanks to Ben Bernanke, is driving everything," Yastrow said. "We’re on the verge of a great, great depression. The [Federal Reserve] knows it.


"We have many, many homeowners that are totally underwater here and cannot get out from under. The technology frontier is limited right now. We definitely have an innovation slowdown and the economy’s gonna suffer."


However, he said he wouldn’t sell stocks.


"Any bears out there better be careful because the dividend yields on these stocks look awesome relative to all the other investment vehicles out there," Yastrow said. "So bears are going to have to find a new way to express their discontent with the U.S. economy."


 

FleetAdmiral_BamBam

GROUP: Members

POSTS: 46327

Report this Jun. 01 2011, 12:28 pm

Yea, I was just reading that.  As long as Congress and the administration continue to hamper the economy, we'll have these problems.  Instead of learning from Coolidge, they're following FDR's playbook - extending the depression.


Corwin8

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POSTS: 8468

Report this Jun. 01 2011, 12:41 pm

Another awesome disaster. Elections have concequences. 


If you voted in 2008 for BHO to prove you are not a racist, please vote for someone, anyone else in 2012 to prove you are not an idiot. 


Let the bridges I burn light the way. You are special, just like everybody else. Calling an illegal alien an ‘undocumented immigrant’ is like calling a drug dealer an ‘unlicensed pharmacist’

Caalma

GROUP: Members

POSTS: 654

Report this Jun. 01 2011, 12:45 pm

maybe it is time for the rich to pay more taxes and stop getting the poor to 'protect/die for' their intrests abroad?


if not, then there will be an uprising.


trouble is, the internet is a majority of rich people. that is why the rich think they are right all the time.


they aren't following any playbook. it is a new time now. AND it is time to admit defeat and pull out of all the useless war that is going on now. AND it is time for a national ban on SUV's. Everyone knows that the Afgan war is really a war with Pakistan. After the US admitted they were defeated in Vietnam, the economy got better. But the stupid pride of the 1980's Yuppies won't allow that. the trouble is, there were alot of people that came of age and 'got theirs 'during the 1980's, and they also think their right all the time.


Taxing the rich might not work, but neither does a bunch of hate and war.


"Do you think it's possible for two people to go back in time and correct a mistake that never should have happened?" ... "On this ship, anything is possible."

Caalma

GROUP: Members

POSTS: 654

Report this Jun. 01 2011, 12:49 pm


Jun. 01 2011, 2:41 pm Corwin8



Another awesome disaster. Elections have concequences. If you voted in 2008 for BHO to prove you are not a racist, please vote for someone, anyone else in 2012 to prove you are not an idiot.



that is a great point! i wish i would have thought of that.


i downloded a new browser and i cant do quotes for som reason. sorry.


 


FleetAdmiral_BamBam

GROUP: Members

POSTS: 46327

Report this Jun. 01 2011, 12:54 pm

Quote: Caalma @ Jun. 01 2011, 12:45 pm

>

>maybe it is time for the rich to pay more taxes ...?

>Taxing the rich might not work, but neither does a bunch of hate and war.

>
Ah yes, the "Eat the Rich" attitude - long on emotion and short on logic.


The "rich" are taxed too much.



The more they're taxed, the less they can invest in business and hire people and do R&D to create new products.


FleetAdmiral_BamBam

GROUP: Members

POSTS: 46327

Report this Jun. 01 2011, 12:55 pm

Quote: Caalma @ Jun. 01 2011, 12:49 pm

>

>Jun. 01 2011, 2:41 pm Corwin8

>Another awesome disaster. Elections have concequences. If you voted in 2008 for BHO to prove you are not a racist, please vote for someone, anyone else in 2012 to prove you are not an idiot.

>that is a great point! i wish i would have thought of that.

>i downloded a new browser and i cant do quotes for som reason. sorry.

>
Which browser?


FleetAdmiral_BamBam

GROUP: Members

POSTS: 46327

Report this Jun. 01 2011, 12:59 pm

BTW - raising taxes doesn't mean that revenue will go up:



wissa

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POSTS: 4028

Report this Jun. 01 2011, 1:17 pm

Quote: Caalma @ Jun. 01 2011, 12:45 pm

>

>maybe it is time for the rich to pay more taxes and stop getting the poor to 'protect/die for' their intrests abroad?

>if not, then there will be an uprising.

> trouble is, the internet is a majority of rich people. that is why the rich think they are right all the time.

>they aren't following any playbook. it is a new time now. AND it is time to admit defeat and pull out of all the useless war that is going on now. AND it is time for a national ban on SUV's. Everyone knows that the Afgan war is really a war with Pakistan. After the US admitted they were defeated in Vietnam, the economy got better. But the stupid pride of the 1980's Yuppies won't allow that. the trouble is, there were alot of people that came of age and 'got theirs 'during the 1980's, and they also think their right all the time.

>Taxing the rich might not work, but neither does a bunch of hate and war.

>


how would anyone paying more taxes stimulate the economy?


 


big businesses policies through the 80's and 90's are coming home to roost.  They sent all the manufacturing jobs overseas.  Now there is no blue collar class that can afford to purchase the things they used to produce.  The blue collar unions can share the blame.  They forgot that the company has to make a profit in order to pay the union members.  So congrats to both of them. Not sure if that mess is even fixable at this point.


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Caalma

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POSTS: 654

Report this Jun. 01 2011, 1:22 pm

i dont want to raise taxes. i just want the richest of the rich to have a little more pride in the country that protects their money. If America falls then their money will be useless and they wont be rich. It is a catch22, i know.


taxing the rich will not solve the problem, but if temporarily the rich paid more, a national ban on SUV's, and at least a beginning to stop war, then their will be a huge dent. I know it is an old arguement, but 200 billion USD a year on bullets and bombs? Then you have the US gov saying, "uh sorry, but we can't find 100 million or so to save a teachers job." all those teachers who lost their jobs aren't going to be able to invest either. they will probably lose what little they have.


i think it is funny that the number for last month said that 38,000 jobs were created, but more than 50,000 teachers got a pink slip. Who is in charge of stats in this country?


"Do you think it's possible for two people to go back in time and correct a mistake that never should have happened?" ... "On this ship, anything is possible."

wissa

GROUP: Members

POSTS: 4028

Report this Jun. 01 2011, 1:28 pm

Quote: Caalma @ Jun. 01 2011, 1:22 pm

>

>i dont want to raise taxes. i just want the richest of the rich to have a little more pride in the country that protects their money. If America falls then their money will be useless and they wont be rich. It is a catch22, i know.

>taxing the rich will not solve the problem, but if temporarily the rich paid more, a national ban on SUV's, and at least a beginning to stop war, then their will be a huge dent. I know it is an old arguement, but 200 billion USD a year on bullets and bombs? Then you have the US gov saying, "uh sorry, but we can't find 100 million or so to save a teachers job." all those teachers who lost their jobs aren't going to be able to invest either. they will probably lose what little they have.

>i think it is funny that the number for last month said that 38,000 jobs were created, but more than 50,000 teachers got a pink slip. Who is in charge of stats in this country?

>


seriously.  We are talking about two different things.  The steps you suggested would slow down the economy even further not stimulate it.


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lostshaker

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POSTS: 2293

Report this Jun. 01 2011, 1:34 pm

I'm all for a depression if that's what it takes to stop Abrams/Orci/Kurtzman from making more movies. On a more serious note...


If you voted in 2008 for BHO to prove you are not a racist, please vote for someone, anyone else in 2012 to prove you are not an idiot.


I happily did not vote of Obama.

celebrenmorwen

GROUP: Members

POSTS: 107

Report this Jun. 01 2011, 1:54 pm

Quote: lostshaker @ Jun. 01 2011, 1:34 pm

>

>I'm all for a depression if that's what it takes to stop Abrams/Orci/Kurtzman from making more movies.

>


haha, I agree! 


The needs of the many out weigh the needs of the few or the one.

Caalma

GROUP: Members

POSTS: 654

Report this Jun. 01 2011, 2:01 pm

maybe we are not on the verge of a great, great depression. Maybe we are already in the beginning years of it.


WOW, think about that.


"Do you think it's possible for two people to go back in time and correct a mistake that never should have happened?" ... "On this ship, anything is possible."

wissa

GROUP: Members

POSTS: 4028

Report this Jun. 01 2011, 2:02 pm

well if we were on the verge of this great, great depression we would obviously already be sliding into it. 


 


 


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