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Metalworking (rec.crafts.metalworking) Discuss various aspects of working with metal, such as machining, welding, metal joining, screwing, casting, hardening/tempering, blacksmithing/forging, spinning and hammer work, sheet metal work. |
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#1
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Hawke wrote:
Yeah, it's not really all that great. But remember, it could be a lot worse. After letting the republicans run things in Washington, uh, actually I mean letting them leave business to run things in Washington, we're not that bad off. Last time the government let business run the country we got the Great Depression. So in comparison were better off. Truth is republicans/business ****ed the country just as bad as they did in '29. The only difference is this time the government jumped in and did the right moves to fix things. That made a big difference. It's not going to take 13 years to get us back this time. Unless we make the mistake of handing the reigns over to the republicans again. So are you predicting the out of control spending going on isn't going to wipe out my savings by inflating our currency? You seem to think you are good at predictions. Wes -- "Additionally as a security officer, I carry a gun to protect government officials but my life isn't worth protecting at home in their eyes." Dick Anthony Heller |
#2
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"Wes" wrote in message ... Hawke wrote: Yeah, it's not really all that great. But remember, it could be a lot worse. After letting the republicans run things in Washington, uh, actually I mean letting them leave business to run things in Washington, we're not that bad off. Last time the government let business run the country we got the Great Depression. So in comparison were better off. Truth is republicans/business ****ed the country just as bad as they did in '29. The only difference is this time the government jumped in and did the right moves to fix things. That made a big difference. It's not going to take 13 years to get us back this time. Unless we make the mistake of handing the reigns over to the republicans again. So are you predicting the out of control spending going on isn't going to wipe out my savings by inflating our currency? It may, it may not. So far, not. The key will be judging the rates of growth and the velocity of money as we come out of the slump, and cutting back on the money supply expansion at a rate that allows GDP to grow without causing high inflation. Right now inflation is running at 1.6%, despite all of the money in circulation. The thing is, it isn't circulating. So cutting back now *would* wipe out your savings, by leading to a serious decline in demand and a soon-to-follow devaluation of the dollar. You'd still have the dollars, but they wouldn't be worth jack ****. And their low value would lead to a big increase in the debt-service cost of the national debt, as well as all other interest rates. This is an economic highwire act of the highest order. One misstep, and we're in trouble. Anything else -- too much tax cutting, too much money-printing, too little deficit spending or too many banks allowed to fail -- and we're screwed for a long time. Of all the risks, the lowest one is printing too much money. We know how to recover from that. It's painful, but it's fairly reliable, as Paul Volcker demonstrated 1979 - 1983. There is no other plan than the one we're following that any competent and honest economics expert would propose. Even John McCain's chief economic advisor said so, after Obama was in office and the $700 billion stimulus was proposed. -- Ed Huntress |
#3
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"Ed Huntress" wrote:
So are you predicting the out of control spending going on isn't going to wipe out my savings by inflating our currency? It may, it may not. So far, not. The key will be judging the rates of growth and the velocity of money as we come out of the slump, and cutting back on the money supply expansion at a rate that allows GDP to grow without causing high inflation. Right now inflation is running at 1.6%, despite all of the money in circulation. The thing is, it isn't circulating. So cutting back now *would* wipe out your savings, by leading to a serious decline in demand and a soon-to-follow devaluation of the dollar. You'd still have the dollars, but they wouldn't be worth jack ****. And their low value would lead to a big increase in the debt-service cost of the national debt, as well as all other interest rates. Inflation at my level sure isn't at 1.6% though. I suspect you are citing the core inflation rate that excludes a number of things. I think we need a Joe Six Pack inflation rate statistic. This is an economic highwire act of the highest order. One misstep, and we're in trouble. Anything else -- too much tax cutting, too much money-printing, too little deficit spending or too many banks allowed to fail -- and we're screwed for a long time. Of all the risks, the lowest one is printing too much money. We know how to recover from that. It's painful, but it's fairly reliable, as Paul Volcker demonstrated 1979 - 1983. I'm simplistic on this sort of thing. To me, printing money is inflating our currency. Tax cutting, well this might sound strange coming from me but we got bills we can't pay now. I'd like to see more Americans paying taxes. There is no other plan than the one we're following that any competent and honest economics expert would propose. Even John McCain's chief economic advisor said so, after Obama was in office and the $700 billion stimulus was proposed. Ed, I hope you are right. Wes |
#4
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"Wes" wrote in message ... "Ed Huntress" wrote: So are you predicting the out of control spending going on isn't going to wipe out my savings by inflating our currency? It may, it may not. So far, not. The key will be judging the rates of growth and the velocity of money as we come out of the slump, and cutting back on the money supply expansion at a rate that allows GDP to grow without causing high inflation. Right now inflation is running at 1.6%, despite all of the money in circulation. The thing is, it isn't circulating. So cutting back now *would* wipe out your savings, by leading to a serious decline in demand and a soon-to-follow devaluation of the dollar. You'd still have the dollars, but they wouldn't be worth jack ****. And their low value would lead to a big increase in the debt-service cost of the national debt, as well as all other interest rates. Inflation at my level sure isn't at 1.6% though. I suspect you are citing the core inflation rate that excludes a number of things. I think we need a Joe Six Pack inflation rate statistic. Not if you want to know where the economy is going. The metrics for monetary control are tuned to use CPI (as one factor), not the "Joe Six Pack" inflation rate. You could create such a statistic, but then you'd need 20 or 30 years to tune monetary policy to deal with it. This is an economic highwire act of the highest order. One misstep, and we're in trouble. Anything else -- too much tax cutting, too much money-printing, too little deficit spending or too many banks allowed to fail -- and we're screwed for a long time. Of all the risks, the lowest one is printing too much money. We know how to recover from that. It's painful, but it's fairly reliable, as Paul Volcker demonstrated 1979 - 1983. I'm simplistic on this sort of thing. To me, printing money is inflating our currency. Tax cutting, well this might sound strange coming from me but we got bills we can't pay now. I'd like to see more Americans paying taxes. Printing money doesn't directly cause inflation. Right now the banking sector of the economy is awash in money but inflation is extremely low -- almost dangerously so, but not quite. Inflation, of course, means rising prices -- higher costs for goods: http://www.economist.com/research/Ec...uery=inflation What causes inflation is too much demand for the rate of supply. The thing that many people don't recognize is that increasing money supply, right now, is not having a strong effect on demand. Retail business owners could tell you all about it. Normally it does, but we're operating in a period of recession economics, not a normal one. If you want to look at inflation from the money-supply angle, you have to include the velocity factor, which is a multiplier on the quantity of money based on how quickly it's changing hands -- a key measure of economic activity. That factor is extremely low right now, at deep recession levels, which makes the economy respond as if there was a lot less money around than there really is. Thus, inflation is low, GDP growth is low, and recovery of jobs is going to be very slow. You can't make those things go away with a magic wand. That's all just fundamental economics and it's all interrelated. There is less connection between inflation and money supply, historically, than simplistic theories suggest. The _Economist_ entry above gives a more meaninful, although too brief, explanation. There is no other plan than the one we're following that any competent and honest economics expert would propose. Even John McCain's chief economic advisor said so, after Obama was in office and the $700 billion stimulus was proposed. Ed, I hope you are right. Just recognize that there is not, and there never has been, a sure cure for recession. If everything worked according to textbooks it would be different. But this is a pretty exceptional recession -- not for its depth, but because it was triggered by an enormous financial failure, rather than by some little negative feedback loop resulting from a policy error or an unfortunate event in the fundamental economics, like the recession that was started in the late '70s by wild inflation in oil prices. We can withstand those shocks a lot better today. But now, some of the key tools for getting out of a recession, such as a responsive source of credit, are broken and are hobbling along. The administration was handed a half-empty box of tools, and they're doing exactly what standard economics says they have to do. Nobody is winging it here. This is more or less a textbook response to a very bad hand, which has worked in the past but never with such a mess triggering it. In some ways this is a worse set of problems than we faced in 1929 - 31. Fortunately, we already had in place some protections (like FDIC) that kept it from spiraling into a depression. -- Ed Huntress |
#5
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On Fri, 1 Jan 2010 18:47:15 -0500, "Ed Huntress"
wrote: Just recognize that there is not, and there never has been, a sure cure for recession. If everything worked according to textbooks it would be different. But this is a pretty exceptional recession -- not for its depth, but because it was triggered by an enormous financial failure, rather than by some little negative feedback loop resulting from a policy error or an unfortunate event in the fundamental economics, like the recession that was started in the late '70s by wild inflation in oil prices. We can withstand those shocks a lot better today. But now, some of the key tools for getting out of a recession, such as a responsive source of credit, are broken and are hobbling along. The administration was handed a half-empty box of tools, and they're doing exactly what standard economics says they have to do. Nobody is winging it here. This is more or less a textbook response to a very bad hand, which has worked in the past but never with such a mess triggering it. In some ways this is a worse set of problems than we faced in 1929 - 31. Fortunately, we already had in place some protections (like FDIC) that kept it from spiraling into a depression. Maybe a little creative Communism would have been useful here. I'm thinking something along the lines of:- The entire boards of directors of all the Wall St quoted banks summonsed to the N.Y Giants stadium. Ensure they all have their mobile phones with them. Line them up along the touchline with three or four LMG equipped squads on the opposite touchline. Then ask them what they are doing to ensure the flow of credit and control unjustified risk taking. Hardest part would be selecting where to aim. Maybe leave it up to the LMG squads... Mark Rand RTFM |
#6
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"Mark Rand" wrote in message ... On Fri, 1 Jan 2010 18:47:15 -0500, "Ed Huntress" wrote: Just recognize that there is not, and there never has been, a sure cure for recession. If everything worked according to textbooks it would be different. But this is a pretty exceptional recession -- not for its depth, but because it was triggered by an enormous financial failure, rather than by some little negative feedback loop resulting from a policy error or an unfortunate event in the fundamental economics, like the recession that was started in the late '70s by wild inflation in oil prices. We can withstand those shocks a lot better today. But now, some of the key tools for getting out of a recession, such as a responsive source of credit, are broken and are hobbling along. The administration was handed a half-empty box of tools, and they're doing exactly what standard economics says they have to do. Nobody is winging it here. This is more or less a textbook response to a very bad hand, which has worked in the past but never with such a mess triggering it. In some ways this is a worse set of problems than we faced in 1929 - 31. Fortunately, we already had in place some protections (like FDIC) that kept it from spiraling into a depression. Maybe a little creative Communism would have been useful here. I'm thinking something along the lines of:- The entire boards of directors of all the Wall St quoted banks summonsed to the N.Y Giants stadium. Ensure they all have their mobile phones with them. Line them up along the touchline with three or four LMG equipped squads on the opposite touchline. Then ask them what they are doing to ensure the flow of credit and control unjustified risk taking. Hardest part would be selecting where to aim. Maybe leave it up to the LMG squads... Mark Rand RTFM You've been hanging out on this NG for too long, Mark. g -- Ed Huntress |
#7
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Mark Rand wrote:
Maybe a little creative Communism would have been useful here. I'm thinking something along the lines of:- The entire boards of directors of all the Wall St quoted banks summonsed to the N.Y Giants stadium. Ensure they all have their mobile phones with them. Line them up along the touchline with three or four LMG equipped squads on the opposite touchline. Then ask them what they are doing to ensure the flow of credit and control unjustified risk taking. Hardest part would be selecting where to aim. Maybe leave it up to the LMG squads... Mark Rand RTFM Better yet, a .50BMG Barrett at one end of the line, see how many rounds it takes to get to the other end. David |
#8
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On Sat, 02 Jan 2010 02:23:07 +0000, the infamous Mark Rand
scrawled the following: On Fri, 1 Jan 2010 18:47:15 -0500, "Ed Huntress" wrote: Just recognize that there is not, and there never has been, a sure cure for recession. If everything worked according to textbooks it would be different. But this is a pretty exceptional recession -- not for its depth, but because it was triggered by an enormous financial failure, rather than by some little negative feedback loop resulting from a policy error or an unfortunate event in the fundamental economics, like the recession that was started in the late '70s by wild inflation in oil prices. We can withstand those shocks a lot better today. But now, some of the key tools for getting out of a recession, such as a responsive source of credit, are broken and are hobbling along. The administration was handed a half-empty box of tools, and they're doing exactly what standard economics says they have to do. Nobody is winging it here. This is more or less a textbook response to a very bad hand, which has worked in the past but never with such a mess triggering it. In some ways this is a worse set of problems than we faced in 1929 - 31. Fortunately, we already had in place some protections (like FDIC) that kept it from spiraling into a depression. Maybe a little creative Communism would have been useful here. I'm thinking something along the lines of:- The entire boards of directors of all the Wall St quoted banks summonsed to the N.Y Giants stadium. Ensure they all have their mobile phones with them. Line them up along the touchline with three or four LMG equipped squads on the opposite touchline. Then ask them what they are doing to ensure the flow of credit and control unjustified risk taking. Hardest part would be selecting where to aim. Maybe leave it up to the LMG squads... Are you going to leave us in suspense, or will you tell us what "LMG" is, Mark? Oh, my freakin' Crom! You can't mean Light Machine Gun, can you? Nah, a Brit wouldn't think those thoughts. They've outlawed butter knives, fer chrissake. P.S: Would your dream have been more world-efficient by including Pennsylvania Avenuers with the Wall Streeters? -- Society is produced by our wants and government by our wickedness. --Thomas Paine |
#9
Posted to rec.crafts.metalworking
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Mark Rand wrote:
Line them up along the touchline with three or four LMG equipped squads on the opposite touchline. Then ask them what they are doing to ensure the flow of credit and control unjustified risk taking. Hardest part would be selecting where to aim. Maybe leave it up to the LMG squads... The Heart of Oak isn't dead yet. Wes -- "Additionally as a security officer, I carry a gun to protect government officials but my life isn't worth protecting at home in their eyes." Dick Anthony Heller |
#10
Posted to rec.crafts.metalworking
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I've noticed that liberals tend to hate Republicans,
regardless of any truth or evidence to the contrary. Trying to show liberals that conservativism is good for the country is ineffective. The (rational) logic meets with the (emotional) visceral hatred, and the logic is totally lost. The bitter, hateful rhetoric of the left demonstrates a pure hatred that is seldom seen any where else. -- Christopher A. Young Learn more about Jesus www.lds.org .. Hawke wrote: Truth is republicans/business ****ed the country just as bad as they did in '29. The only difference is this time the government jumped in and |
#11
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Funny that even with their hypnosis by Obama slowly wearing off, we are here
to catch them and help them as they get shocked back into the real world. Do you think any of them appreciate our help? Pffft! Ed "Stormin Mormon" wrote in message ... I've noticed that liberals tend to hate Republicans, regardless of any truth or evidence to the contrary. Trying to show liberals that conservativism is good for the country is ineffective. The (rational) logic meets with the (emotional) visceral hatred, and the logic is totally lost. The bitter, hateful rhetoric of the left demonstrates a pure hatred that is seldom seen any where else. -- Christopher A. Young Learn more about Jesus www.lds.org . Hawke wrote: Truth is republicans/business ****ed the country just as bad as they did in '29. The only difference is this time the government jumped in and |
#12
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Wes wrote:
Hawke wrote: Yeah, it's not really all that great. But remember, it could be a lot worse. After letting the republicans run things in Washington, uh, actually I mean letting them leave business to run things in Washington, we're not that bad off. Last time the government let business run the country we got the Great Depression. So in comparison were better off. Truth is republicans/business ****ed the country just as bad as they did in '29. The only difference is this time the government jumped in and did the right moves to fix things. That made a big difference. It's not going to take 13 years to get us back this time. Unless we make the mistake of handing the reigns over to the republicans again. So are you predicting the out of control spending going on isn't going to wipe out my savings by inflating our currency? You seem to think you are good at predictions. Actually, my record of predictions is pretty good. Although since I only make predictions about things I have a lot of information about sometimes what I predict is pretty easy. But to answer your question, I'd tell you that your savings are not going to be wiped out. With one caveat, that you have your savings in legitimate financial institutions that are backed by the FSLIC. As long as your accounts are where they have government backing you're fine. What you and most other people are getting wrong is the fear of out of control governmental spending. It's a red herring. We just experienced a situation similar in seriousness as World War II or the Great Depression. In cases that severe the government has to do what ever it takes to remedy the situation. What you call "out of control spending" was what was necessary to get out of the financial crisis we were in. The level of spending that was done is not what is going to keep happening. It's going to go back to a more normal level and at some point Obama will do the same as Clinton did and have a balanced budget, maybe even a surplus. It won't happen until the crisis subsides and until the economy heats up. But that will happen eventually. The other thing that is a problem is that Obama's opponents, the republicans, are exaggerating the issue of governmental spending for political reasons. Don't forget, they spent us into massive debt and there was no crisis to blame it on. They were just irresponsible. For them to criticize the new administration for spending too much, considering the level of our problems is really a joke. But it's a good tool to upset the public and it makes Obama look bad. It's just a tactic and it isn't going to work. Your money is safe. I'm won't say that about other investments, which all depend on your level of risk, but the savings accounts backed by the government are safe. And when the current crisis ends the spending will decline and interest rates will rise. The Federal Reserve will then put controls on inflation. Normal is possible and is coming. It just it takes time to fix a problem that was as gigantic as the one we are still working on. Hawke |
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