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Old 19.10.2011, 12:31
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Global Economic Crises - Really ???

I am a avid news reader, mostly related to economic trends and sometimes social.

What is happening for last month or may be more is something which I can't explain to my self or looks like I can start to explain my self more clearly.

One set of news which is fed to Middle class and normal people on street:
We read and watch one set of news which talk about the increase in poverty as a result of Economic slowdown. By some measure US has most poorest people now since they started record keep.
http://www.cbsnews.com/stories/2011/...20105376.shtml

Number of people loosing house, jobs and medical facilities is staggering high. We are in pathatic situation and by counts of some viral videos from some financial analysts, Europe is largely dead or bankrupt because GS thinks so. There will be less jobs, people are spending much less. It is likely to have a domino effect and thus more people will join the rampage.

So all in all guys days ahead are rainy and be prepared for tough times.

Now the same duration and sometimes the same news source has something totally opposite and baffling:

NYTIMES: Nordstrom has a waiting list for a Chanel sequined tweed coat with a $9,010 price. Neiman Marcus has sold out in almost every size of Christian Louboutin “Bianca” platform pumps, at $775 a pair. Mercedes-Benz said it sold more cars last month in the United States than it had in any July in five years...

http://www.nytimes.com/2011/08/04/bu...-strongly.html

Another one: Harley struggles to make enough high-end bikes
http://www.cbsnews.com/stories/2011/...20121849.shtml

Or this one on BMW sales:
It was also the most successful third quarter for the company ever, with sales reaching 399.218 vehicles from July through September, an increase of 9.0% over 2010. Furthermore, it has been the best first nine months for the company, with sales up 16.0% compared to the same period last year. A total of 1,232,584 BMW Group vehicles were delivered during this time (prev. yr. 1,062,209)...
http://www.bmwblog.com/2011/10/10/bm...11-4-increase/

Doesn't make sense or if it does then it says that the whole economic slowdown is for the hardworking middle class people or low income people. Politicians, businessmen, management people are actually making more money now then before.

Read some where that Larry Ellison ( one of the top 10 billionaire) increased his wealth by staggering 10 B this year from USD 29B to USD 39B.

Any commentary..
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Old 19.10.2011, 12:41
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Re: Global Economic Crises - Really ???

what exactly is not clear?

The rich at the upper end of the pyramid are feasting on cheap money, all time high corporate profits and tax cuts (on top of hundreds of pre-existing loopholes that leave some of them paying almost no tax).

The middle class see negative equity in their homes, unemployment at 10% and unlikely to fall soon, their pension plans decimated, and their taxes being funneled back to the banks.

In short, the elites (and their paid politicians) have hijacked the economy, and are screwing the other 99%.
As George Bernard Shaw said... A government that robs Peter to pay Paul can always rely on the support of Paul.

Until Peter gets real mad and gets himself a gun, that is ...
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Old 19.10.2011, 13:31
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Re: Global Economic Crises - Really ???

Yes totally agree to you. Thats what I meant in my post.

The revolutions we see around the world like in US, Italy or India recently is the result of the frustration among the people. Looks like Peter is grabbing the gun sooner or later. And it is going to be a big challenge for the Governments and Politicians around the world.
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Old 19.10.2011, 13:37
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Re: Global Economic Crises - Really ???

Yes - the rich really have never had it better. The problem is that the middle-classes in western societies have experienced and continue to experience a substantial decrease in income and living standards - e.g. real income declining, home repossessions, job losses.

Even worse is youth unemployment in many western countries - how frustrating it is to see in some areas over 40% of the youth population out of work when they could be contributing so much.

The problem is a complete ignorance of/ lack of interest in economics by political leaders who continue to play power games feathering their own nests - whether that be in Brussels or in Washington, and blindly accepting policy direction from the wealthiest self-interested lobbying groups. Just look at all the laughably bad statements coming out of Europe right now as the rulers of Eurozone countries refuse to acknowledge the inevitable. They are absolutely destroying wealth almost overnight in a futile and horrifically expensive last ditch effort to prove Euro-naysayers right and keep their paymasters (the banks) afloat. The short-term bias is unforgivable and finally the voting public are starting to see it - of course once people have been sacked and have more time on their hands to see what is going on outside of their own tiny sphere they are genuinely shocked and horrified - hence the growing popularity of e.g. the Occupy Wall Street movement.
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Old 19.10.2011, 13:40
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Re: Global Economic Crises - Really ???

this economic collapse will probably see the destruction of much of the middle classes in many countries.
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Old 19.10.2011, 14:22
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Re: Global Economic Crises - Really ???

c'mon.. is it really that surprising ? In general, wealth distribution (inter or intra region/country/continent) is a joke.

And, as an aside, I'd guess that Switzerland probably has one of the least ridiculous curves.. think about that the next time you moan about the price of a cappuccino.

http://www.lcurve.org/
http://www.businessinsider.com/15-ch...ing-twenties-1
http://en.wikipedia.org/wiki/Distrib....2C_and_graphs
http://thesocietypages.org/graphicso...ion-of-wealth/

etc. etc.
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Old 19.10.2011, 16:36
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Re: Global Economic Crises - Really ???

Distribution of wealth is one thing. Problem is that during the economic crises government seems to be giving tax rebate to large corporations and pumping money into the system to provide the liquidity. Which mean they get the easy capital and less taxes. The value of asset classes is low so that can amass it even more.

Where as a normal guy on the street is asked to pay more taxes. Health care becomes more expensive, so on and so forth.

But yes, who promised that the world is going to be a fair place.
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