Dancers think things bad now - wait until recession gets going
David9999
Last recession (a very mild one) was not made official until 2 years later. Here's the actual report from July 17th 2003 CAMBRIDGE July 17 -- "The Business Cycle Dating Committee of the National Bureau of Economic Research met yesterday. At its meeting, the committee determined that a trough in business activity occurred in the U.S. economy in November 2001. The trough marks the end of the recession that began in March 2001 and the beginning of an expansion. The recession lasted 8 months, which is slightly less than average for recessions since World War II."
The problem now is first, the massive easy money spigot turned on by the Fed because of 911 events - cannot be utilized in part due to a huge run on the dollar over the past year or so. Second, the unprecendented massive credit bubble of the last 6 years is now starting to unwind. Given the amount of debt being carried by the average consumer, even a mild recession would have catastrophic effects on the economy, so dancers probably haven't seen anything yet. They need at minimum to cut down buying X box games for their layabout unemployed/disemployed boyfriends
The problem now is first, the massive easy money spigot turned on by the Fed because of 911 events - cannot be utilized in part due to a huge run on the dollar over the past year or so. Second, the unprecendented massive credit bubble of the last 6 years is now starting to unwind. Given the amount of debt being carried by the average consumer, even a mild recession would have catastrophic effects on the economy, so dancers probably haven't seen anything yet. They need at minimum to cut down buying X box games for their layabout unemployed/disemployed boyfriends
16 comments
By the way unemployment insurance will not pay anywhere near what residential construction tradesman are used to getting paid, plus for the illegals, they are off the books anyways, with no unemployment insurance ready to step in.
I agree that dancers will have a more difficult time making big bucks. But I think that's more due to over suppy than to lack of demand. And over supply in any field is a sign that the workers in that field are overpaid in relation to other jobs. So unless dancers can raise artificial barriers to entry (eg. unionize) some downward adjustment in incomes is inevitable. Not only inevitable but necessary.
When girls come here and argue that their time is worth $500 an hour, as has recently happened, that ought to tell you that something is seriously out of wack.
Don't hold your breath because specific clubs will never be indentified by me, for reasons too complicated to explain. Meanwhile as far as insight, look back on my posts from 4 to 5 months ago, I was calling a major economic downturn when others were dismissing dancer complaints related to this issue - as standard stripper shit.
You state "..and third quarter GNP growth turned out to be above average in spite of the major downturn in the housing industry, which is already behind us."
That's your opinion and its wishful thinking not supported by reality. There's no evidence the housing downturn is behind us, in fact the valatuation declines are continuing unabated in nearly all major markets.
It will take multiple years, maybe 3 to 5 years or more, to unwind the damage caused by this massive credit bubble. Just this week, it turns out the BOND INSURERS who were purportedly guaranteeing these CDOs (collateralized mortgage debt obligations) - are themselves set to go under, and will probably need a massive bailout of some type, whether via private interests or government intervention.
Add to this huge problems emerging with credit cards, automobile loans, and home equity loans - and this credit unwinding is a massive issue and this will have a massive impact on the economy.
The FED, which is now pushing the panic button, is clearly caught between dumping the dollar or pushing easy-money to desperately attempt to avoid or mitigate a recession - and both roads lead to a decline or some kind of major hit on the economy in the U.S.
MBIA Chief Executive Gary Dunton told investors in a conference call Thursday he is confident the company can retain its crucial AAA credit rating and that MBIA will still be able to raise fresh capital, according to Dow Jones Newswires.
Dunton's comments appeared to reassure investors that bond insurers aren't necessarily headed for collapse. Credit markets remain tight, however, as investors are still having trouble sorting solid debt from that tainted by bad debts on mortgages.
By the way if MBIA and similar reinsurers were to fail, far more than mortgage backed securities would be affected, for example the massive municipal bond market (which primarily consists of domestic lenders and investors in effect "bribed" via tax benefits) - the results would be almost unthinkable in terms of the impact on the U.S. economy. Of course the U.S. govt would step in before the total collapse, however the cost of capital for all kinds of lending would have to steeply rise, no matter how it was "fixed"