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Recession? How?

post #1 of 35
8/5/08 at 1:01pm
Thread Starter 
http://money.cnn.com/2008/08/04/news...ex.htm?cnn=yes

Looking for some minds that enjoy/work in finances. I am no economics major, and really hate balancing my check book, so this article doesn't make much sense to me.

It's saying that basically, gas is only dropping because we are in recession. After talking this article over with some finance guys here at the office, everyone is saying this opinion is crap, and fear mongering. The thought seems to be that we were entering/did enter recession, because no one could afford to spend money because of the gas prices. Now with prices going down, people can afford to spend a little more and improve the economy.

I also look from my industry's opinion, that the entire gas hike was artificial, and we all knew it couldn't last long. Even the leaders of OPEC have been saying for the past weeks that it was an artificial spike, and price would self correct shortly, which it seems to be doing.

So great financial CHUD minds, is this guy trolling for hits, or does it make sense somehow that more free money leads to recession?
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post #2 of 35
8/5/08 at 1:14pm
I saw that article and while I didn't quite get the point of what the guy was saying. What I can gather is that while gas prices are lower, they are still incredibly high and that the damage done by the higher energy prices compounded with other factors has led to some kind of change in how the country does things.

And gas prices are dropping mainly because of decreased demand and the fact you can only drive the price so high for so long i.e. speculation.

It's still funny to discuss these decreases despite the fact that oil is still over $100 per barrell.
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post #3 of 35
8/5/08 at 1:19pm
Every time I hear the news report that we are in a recession I cringe. NO WE ARE NOT. There are definitive "rules" for what defines a recession and we have not yet hit them. Now, that does not mean that inflation and high energy prices are causing hardships. Absolutely they are. But for the love of Xenu why must we hear all of this fear mongering? I honestly am starting to think that the majority of Americans who get their news from Entertainment Tonite may actually be smarter than those who watch NBC, CBS, ABC, CNN and FoxNews.

Side note, I was at Best Buy on Sunday and the place was crazy packed. It was "tax free" weekend on PCs (supposed to be for school) and the entire store was buzzing. Had to wait in a serious line to check out. Hit the mall after that and it was just as busy, if not moreso. If the economy was so bad how come so many people are shopping? I guess the answer could be they are just putting everything on credit like dumb ass lemmings.
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post #4 of 35
8/5/08 at 1:20pm
Wasn't Congress going to do something about speculators driving prices up? I thought I'd heard that there was some sort of legislation being put together to curb it a bit.

Also, what happened to all those oil companies going before the government and explaing why prices are still high, yet they're posting record profits?
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post #5 of 35
8/5/08 at 1:22pm
That's true that there's a definition of what defines a "recession" this still doesn't take into account that the economy is in bad shape. Of course there are so many different ways of looking at it.

It's kind of like how Truman wanted a one armed economist because he couldn't say "On the other hand".
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post #6 of 35
8/5/08 at 1:27pm
This spells doom for Obama.
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post #7 of 35
8/5/08 at 1:30pm
Quote:
Originally Posted by Timothy225 View Post
Wasn't Congress going to do something about speculators driving prices up? I thought I'd heard that there was some sort of legislation being put together to curb it a bit.

Also, what happened to all those oil companies going before the government and explaing why prices are still high, yet they're posting record profits?
They hauled Big Oil in front of some inert Congressional committee, and congresspersons wagged their fingers at them, knowing full well that no bit of legislation to curb rising fuel costs would make it through Congress much less avoid a presidential veto.
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post #8 of 35
8/5/08 at 1:38pm
Quote:
Originally Posted by Jacob Singer View Post
This spells doom for Obama.
Doesn't everything?
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post #9 of 35
8/5/08 at 2:32pm
Quote:
Originally Posted by Timothy225 View Post
Wasn't Congress going to do something about speculators driving prices up? I thought I'd heard that there was some sort of legislation being put together to curb it a bit.

Also, what happened to all those oil companies going before the government and explaing why prices are still high, yet they're posting record profits?
Congress is out on recess right now but they're deciding on that whole offshore drilling thing when they get back, so maybe the companies are teasing us.

"What's that? You like cheap oil? How 'bout you pass us some legislation... or else you can kiss it goodbye."

I know that's not exactly how it works, but ya know.
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post #10 of 35
8/5/08 at 2:33pm
Whatever the case, the overall result is that we all get fucked in the ass.
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post #11 of 35
8/5/08 at 2:34pm
Thread Starter 
Quote:
Originally Posted by EdHocken View Post
Whatever the case, the overall result is that we all get fucked in the ass.
Hmm Thursday night at the Hocken house. I'll be there!
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post #12 of 35
8/5/08 at 2:36pm
You bring the booze, I've got the lube. Now let's have ourselves a party!

*Cues "Anyway you want it"*
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post #13 of 35
8/5/08 at 2:36pm
Quote:
Originally Posted by EdHocken View Post
Whatever the case, the overall result is that we all get fucked in the ass.
We should raid George Lucas' house and steal those briefcases of money he has.
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post #14 of 35
8/5/08 at 2:37pm
Sounds like a good idea. You get the gear, I'll que the Mission Impossible theme music.
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post #15 of 35
8/5/08 at 2:38pm
...and then we'll have some good ol' fashioned buttfucking.

Wow, I derailed this thread about recession in record time! (I'm calling myself out on this, so feel free to continue the discussion without rubbing it in.)
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post #16 of 35
8/5/08 at 2:41pm
A Texas oil man in the White House?

Clearly the high gas prices are Obama's fault.
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post #17 of 35
8/5/08 at 2:44pm
Correction, a failed Texas Oil man in the White House. Oh and the faiulure of Arbusto energy. Due to Obama of course.
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post #18 of 35
8/5/08 at 2:47pm
Guys, Bush would sooo lower oil prices if he had the magic wand necessary to do so. It's not his fault; we're just not looking for this wand hard enough.
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post #19 of 35
8/5/08 at 2:58pm
Thread Starter 
Quote:
Originally Posted by EdHocken View Post
Correction, a failed Texas Oil man in the White House.
He failed because he isn't a Texas oil man. He isn't one of ours dammit!
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post #20 of 35
8/5/08 at 3:00pm
Yeah Yeah Yeah, quit trying to pass the buck here Texas. You damn well know you did.
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post #21 of 35
8/5/08 at 3:02pm
He's from my town, but he's a Connecticut man really. I'm sure Connecticutians say the exact opposite about him because they don't want him either.
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post #22 of 35
8/5/08 at 3:03pm
Well, one state elected him Gov and the other didn't. That's all I'm saying.
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post #23 of 35
8/5/08 at 3:04pm
Quote:
Originally Posted by BillyG View Post
He failed because he isn't a Texas oil man. He isn't one of ours dammit!
Yeah, technically he's what, a Connecticut oil man? Still doesn't let you guys off the hook. How'd you elect him Governor?

EDIT: Late.
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post #24 of 35
8/5/08 at 3:05pm
I couldn't vote yet. Billy, what's your excuse?
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post #25 of 35
8/5/08 at 3:20pm
Hey, I live in Georgia, where politics is an afterthought. Anyone want Cynthia McKinney?
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post #26 of 35
8/5/08 at 3:21pm
Thread Starter 
Quote:
Originally Posted by Andrew Eaton View Post
I couldn't vote yet. Billy, what's your excuse?
Hey man I wasn't voting either. And sadly he didn't take his acceptance speech in a nice square in Austin across from a clock tower. If he had, and I had a flux capacitor, Billy's your man!

But it's gonna cost you McFly's Nikes.
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post #27 of 35
8/5/08 at 3:22pm
Quote:
Originally Posted by Jacob Singer View Post
Hey, I live in Georgia, where politics is an afterthought. Anyone want Cynthia McKinney?
Or for that matter, Bob Barr.
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post #28 of 35
8/5/08 at 3:26pm
<pulls on bow tie> Take him, please!
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post #29 of 35
8/5/08 at 3:29pm
Hey man, we got enough batshit nubags in the state legislature. We don't need others to carpetbag over here.
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post #30 of 35
8/5/08 at 5:11pm
Quote:
Originally Posted by BillyG View Post
He failed because he isn't a Texas oil man. He isn't one of ours dammit!
wasn't he spawned in new England?
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post #31 of 35
8/5/08 at 5:16pm
Quote:
Originally Posted by EdHocken View Post
Hey man, we got enough batshit nubags in the state legislature. We don't need others to carpetbag over here.
ain't that the truth. What this country need is a politician hunting season. Think of all the money the state would get from the hunting licensees.
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post #32 of 35
8/5/08 at 5:36pm
Quote:
Originally Posted by EdHocken View Post
Or for that matter, Bob Barr.
I met him at the mall of all places. He's a dick and he's short. Double whammy.
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post #33 of 35
8/5/08 at 6:24pm
Quote:
Originally Posted by JudgeSmails View Post
He's a dick and he's short.
I love this.
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post #34 of 35
8/5/08 at 6:25pm
Quote:
Originally Posted by JudgeSmails View Post
I met him at the mall of all places. He's a dick and he's short. Double whammy.
Will you go on the record as saying Bob Barr is/has a small dick?
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post #35 of 35
8/7/08 at 6:19pm
Quote:
Originally Posted by Andrew Eaton View Post
Will you go on the record as saying Bob Barr is/has a small dick?
On the record, he is a short dick. No idea if he has a small dick. He was also wearing what looked like movie makeup. He doesn't look like a real person, more like some kind of weird caricature.
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