So...our economy is screwed huh.

[Pizzly]

I'm not even surprised anymore, it's almost like the individuals in the government are intentionally taking the wrong actions. This didn't surprise me, it's just more idiocy that will cause economic ruin.

http://money.cnn.com/2010/09/29/news/economy/congress_china_currency_bill/?hpt=T1

NEW YORK (CNNMoney.com) -- Lawmakers say China's currency is unfairly cheap and passed a measure Wednesday that opens the door to tariffs that aim to help U.S. companies compete.

The legislation, which authorizes the Commerce Department to impose duties on imports from countries with undervalued currencies, passed the House of Representatives by vote of 348 to 79. The Senate, however, is not expected to take up the issue until later this year.

[Bill Brasky]

Targeting China was a bad move.

[slayerboy]

If this passes, the depression we are in now will look like a cake walk.  A ton of stuff is made in China that Americans use everyday.  Hell most of Walmart's junk was made in China.

This can't be good.  And I agree, targeting China was the worst thing they could have done.

[Turd Ferguson]

I hope it passes. They've fucked up everything else, why not fuck up trade with other countries too and drive up prices we pay for things in the process? The sooner they self destruct, the better. Lets hope they impose a 99% income tax after that............ icing on the cake.

[MacFall]

Tariffs = smuggling. 

[Turd Ferguson]

Tariffs = smuggling.  

exactly  

The more idiotic things they pass, the more burden it ends up putting on their system. With smuggling of products will come more Federal agents to seek them out, pushing them into debt even more. Thats why I always cheer on the idiots in government to speed along their self destruction. Why prolong the inevitable? Lets rock this shit and get it over with.

[LTKoblinsky]

Does anybody remember Smoot-Hawley or the Hoover Wage-rate Conference? What about Federal Reserve manipulation of interest rates and crackdown on Wallstreet? Guess when all of this happened? 1929-1932. I'm not saying this the second coming of Roosevelt, but similar strategies had disastrous results 80 years ago...

[Branlin]

It seems the politicians and bureaucrats are increasingly desperate, and more gov't action is never a good thing -- especially in the long run.

All they've ever really cared about is the next election, but now they are propping up the house of cards with whatever measures will buy them enough time to get re-elected.

I agree with you quickmike, let them self-destruct. In recent years, probably starting on 9/11/01, I view Washington as a caged animal, mortally wounded yet still very dangerous, lashing out at anything and everything in a desperate attempt to cling to life.

[davann]

Tariffs = smuggling.  

exactly  

The more idiotic things they pass, the more burden it ends up putting on their system. With smuggling of products will come more Federal agents to seek them out, pushing them into debt even more. Thats why I always cheer on the idiots in government to speed along their self destruction. Why prolong the inevitable? Lets rock this shit and get it over with.

I could not agree more.

[sillyperson]

Just wait till they get their dream and the Yuan appreciates against the dollar.
Then all those poverty-line Chinese people suddenly move above the poverty line.
Then THEY THEMSELVES can start buying all the cheap Chinese manufactured shit.
Then they don't need the gringos for anything, except to pay back the trillions of dollar T-bills they are owed.

Just one of a dozen ways the US Dollar can go tits-up. Like Peter Schiff says... "it's a giant bubble in search of a pin, and it's going to find one"

[mikehz]

Naw--I keep reading in the papers how the recession is over. Unemployment is at record levels, as is the poverty rate, and homes are foreclosing at unprecedented levels, but the...recession...is...over...

[anarchir]

Tariffs = smuggling.  

exactly  

The more idiotic things they pass, the more burden it ends up putting on their system. With smuggling of products will come more Federal agents to seek them out, pushing them into debt even more. Thats why I always cheer on the idiots in government to speed along their self destruction. Why prolong the inevitable? Lets rock this shit and get it over with.

I could not agree more.

As long as we are all prepared, we can stay above water when they finally collapse!

[Cognitive Dissident]

Naw--I keep reading in the papers how the recession is over. Unemployment is at record levels, as is the poverty rate, and homes are foreclosing at unprecedented levels, but the...recession...is...over...

It's kinda hard to believe more unemployment every quarter means more production of wealth in any of them (without which there would be a recession, in their most popular terms), isn't it? 

This only happens with the voodoo magic of the state.  It gets even better if they do finally bring troops home, because they'll be looking for...jobs (not that it's worse than the current situation in which they're being paid to destroy wealth.)

[Turd Ferguson]

Many businesses can show higher profits during a recession by selling off hard assets they no longer need due to lack of business. The numbers you see on the economy can be skewed in any direction the people doing the numbers want to show. The truth comes out in the wash, but usually its too late for most people to see it.

Cant grow the economy without exports. Doing each others laundry doesnt make anyone rich.

[Cognitive Dissident]

Many businesses can show higher profits during a recession by selling off hard assets they no longer need due to lack of business. The numbers you see on the economy can be skewed in any direction the people doing the numbers want to show. The truth comes out in the wash, but usually its too late for most people to see it.

Cant grow the economy without exports. Doing each others laundry doesnt make anyone rich.

I doubt selling off assets increases GDP, though.  Are you saying it does?  I'd say the "government sector" "production" from the stimulus packages is mostly responsible for the falsity in the numbers.