ARC's 1st Law: As a "progressive" online discussion grows longer, the probability of a nefarious reference to Karl Rove approaches one

Monday, May 16, 2005

We're Progressive: We Fear Economic Activity!

I saw this group blog over the weekend as I was looking for interesting posts about the National Media Reform Conference here in St Louis. The members of the NewsHounds blog started out strong, complaining about how their matching tie-dyed t-shirts didn't stand out at the conference... *yawn*

And then... they... just... seemed to forget to post. I guess they got to enthralled with the conference. I mean, they've got two posts from Saturday of the conference. I guess I was just hoping for something beyond the normal cliches and banalities... Anyway, I decided to return today to check out whether there was any "there" there... and saw this post:

Lakshman Achuthan said the economy's looking good because incomes have been able to "largely, completely outpace the rise in energy prices" except for in some lower income groups. He said the recent $10.00 decline in oil makes it higher than it was in 2000, "so what's different is we're making much more money than, we're actually, the increase in the energy price, even though that increase in energy price is a drag, and in particular on the lower income, overall, for the overall US economy, our incomes are actually rising quite a bit faster, and they're overwhelming the rise in energy prices." (Comment: This study was released last week: Real Wages Fall at Fastest Rate in 14 Years. For someone who advises clients on the future of the economy and Wall Street not to know about this seems to me to be either a sign of incompetence or negligence.)

Cavuto asked if what seem to be good fundamentals will last for an extended period, and Gary B. Smith said traditionally we see a "pump up" in gas prices during the summer months but "SUV sales have not gone down, they've remained about level, people are just switching to the smaller SUVs." (Comment: Maybe so but Detroit's still hurting, industries and communities connected to the auto industry are still hurting and workers are still hurting!) Smith said he sees "the overall economy as just fine."

Cavuto wondered whether it would be "an issue" if oil went to $60.00 a barrel and "stayed there." Duessel said "we are far less reliant on oil than we were, if you remember in the 70's when we were sitting in those long lines, as a percentage of our income it's less of a hit to us." (Comment: Do you believe we're less reliant on oil now? I don't.) Duessel said that "if we are employed and if we are working then we are going to be spending money and that's good for the economy." (Spend, drone citizen, spend!)

Achuthan said mortgage rates are low and the housing market is still strong which "makes people feel wealthier and they're going to continue spending." (Charge it!)

Smith ended the discussion by saying that if people "are employed and they're making money, they're going to be traveling, they're going to be buying." (Will that be cash or charge?) Smith said he liked "the action today" (on Wall Street) and he hoped that instead of "trailing off through October," the market has a good summer.
It's interesting to see the Left not only distrusts capitalism and free markets, but they also don't like it when prices to low-income consumers are decreased. You see, you slobbering newshounds, you... when the price of gas increases dramatically, it hits the lower income citizens more, since they have less discretionary income. I know, I know... we should have electric-powered cars, but until you develop one that goes faster than 55mph and that doesn't require the excavation of an entire coal mine in W. Virginia to power it, I'll stick to my internal combustible engine, thank you very much.

And by the way... what's wrong with consuming? Without consumption, there would be no production... no production = no jobs. no production and no competition means stagnation and decay... Or do you think that we've reached the epoch of civilization and we can just make the world stop? If you really fear the pace of economic activity in today's world, just head up to Lancaster, PA and take residence there. Or better yet, head on south to Castro's little theme park that he's set up there. Or North Korea, the land that time and economic activity forgot.

Your Co-Conspirator,
ARC: St Wendeler