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You didn't get a million quid retention award like the 400+ people here? The USA economy tanked due to subprime loan foreclosures and stockmarket nosedive. Mr. G (new Treasury Sec) said on Tuesday it will take another trillion, on top of the second half of TARP, to plow into mortgages. People are most concerned about their own foreclosures and 401(K) losses. Somehow, neither of these have been improved one whit, but special new projects still get sacks full of billions. I heard on TV this morning that the "shovel-ready" job money will available by June. They ever heard of engineering plans, EIR impacts, et al? Or the runaway cost escalations like The Boston Big Dig? It takes an average five years in planning applications just to build a simple home here. A major remodel takes 10-15 years. Oh, and remember the TARP and "stimulus" money will go mostly to entities who have and can give the largest campaign contributions to House/Senate members. Oops. That only SOUNDS political.

I may be mistaken, but I believe “shovel ready” refers to projects that have already been through approval and design and are on hold due to lack of funds.

 

That was my understanding too.

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You didn't get a million quid retention award like the 400+ people here? The USA economy tanked due to subprime loan foreclosures and stockmarket nosedive. Mr. G (new Treasury Sec) said on Tuesday it will take another trillion, on top of the second half of TARP, to plow into mortgages. People are most concerned about their own foreclosures and 401(K) losses. Somehow, neither of these have been improved one whit, but special new projects still get sacks full of billions. I heard on TV this morning that the "shovel-ready" job money will available by June. They ever heard of engineering plans, EIR impacts, et al? Or the runaway cost escalations like The Boston Big Dig? It takes an average five years in planning applications just to build a simple home here. A major remodel takes 10-15 years. Oh, and remember the TARP and "stimulus" money will go mostly to entities who have and can give the largest campaign contributions to House/Senate members. Oops. That only SOUNDS political.

I may be mistaken, but I believe “shovel ready” refers to projects that have already been through approval and design and are on hold due to lack of funds.

 

That was my understanding too.

 

Yes.

 

The original idea was that a construction contract could be let within 60 days. NJ has a few hundred highway widening, bridge replacement, rail junction, etc improvements that are on hold due to lack of state funds / not enough relatives owning construction firms.

 

Lots of repaving work and sewer line replacement fits the bill, too

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"And I don't know about you, but I've got a sick feeling in the pit of my stomach ” a feeling that America just isn't rising to the greatest economic challenge in 70 years. The best may not lack all conviction, but they seem alarmingly willing to settle for half-measures. And the worst are, as ever, full of passionate intensity, oblivious to the grotesque failure of their doctrine in practice. "

 

 

http://www.nytimes.com/2009/02/13/opinion/...gman.html"]http://www.nytimes.com/2009/02/13/opinion

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You get a little something extra from a Nobel winner. Krugman does his turn on Yeats. Interesting the poem it's from is entitled "The Second Coming."

 

 

though i think he is a bit late in suggesting that "the center cannot hold"

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With the market dropping some 250 points today, it's within 35 points of losing half its value since the October 2007 highpoint. That would be 50% of value in 16 months. At that point economists will have to admit it's a depression. A large number of European economists are saying that already.

 

And I think that's a good thing. Once it's out in the open, the world's countries can get together and work their way out it.

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Maybe there is no answer to this, but what would have happened if Greenspan had raised interest rates earlier, Congress didn't push the Macs to loan money to people who couldn't afford it, and Wall Street didn't do what it did. Would our economy have just stagnated since the end of the Internet bubble?

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I'm not saying I agree or disagree with your views on whether we are in a recession, a depression, or the end of capitalism - but using the % decline in the stock market as a way to make that argument is nonsensical.

I agree - I believe we've been in a depression for a few months for reasons I outlined pages ago. The 50% is just the psychological number that was needed by the "professionals" to make the "official" jump.

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