As expected, at least in this corner, the French economy has started to implode. Service sector business activity is dropping at fastest rate since October 2011.

More importantly, the Markit Composite PMI sports the steepest rate of contraction since March 2009 with job losses accelerating at the fastest pace in 33 months and output plunging at the fastest rate in 42 months.

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Mike Shedlock

Mike Shedlock

Mike Shedlock is a registered investment advisor representative for Sitka Pacific Capital Management.

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element187 Wrote: Oct 05, 2012 12:02 AM
I guess raising taxes on the rich doesn't work after all.... It is unfortunate that nobody had the foresight to warn the French against raising taxes on the rich.... Oh wait conservatives in America did sound the alarm.
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Texas Chris Wrote: Oct 05, 2012 1:29 PM
MiSh warned them, and many, many other Austrian Economists. And Art Laffer. And common sense.
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Denis3957 Wrote: Oct 04, 2012 8:07 PM
Here's what Republicans say about taxation, "The number is 47% paying NO taxes and those are the people who are net recipients of federal money - since you are probably to damn to know what that means, it means they pay less in tax than they receive in benefits; or in other words are a drain on the nations treasury."

I say, "Listen up, people. If this country needs to have a higher percentage of people paying taxes then get rid of the deduction for dependents, the child tax credit, the additional child tax credit and the dependent care expense credit."
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Denis3957 Wrote: Oct 04, 2012 8:08 PM
Red States receive more in benefits from the federal government than the Blue states!

Does this mean we can get rid of farm subsidies and oil and gas subsidies?
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Robert474 Wrote: Oct 05, 2012 12:21 AM
How about getting down to the nitty gritty and stop giving money to those that are the freeloaders. Stop giving the tax payers money to foreign countries that just plainly wants us out of the world picture. Stop ethanol subsidies, stop farm subsidies and stop using tax money for abortions on demand.
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Texas Chris Wrote: Oct 05, 2012 1:33 PM
How about bringing the troops home? Cutting some military budget? Ending the drug war? Repealing the 1913 Fed Reserve act and adopting actual constitutional money? Phasing out unconstitutional departments and programs like SSI, Medic-X, TANF, HUD?

How about just abolishing the punitive IRS and the progressive income tax?

Not that I disagree with ANY of the cuts you mention, but there are MASSIVE spending programs that can be easier abolished with less pain felt up front.
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AudiR10 Wrote: Oct 04, 2012 2:18 PM
France would be such a wonderful country if only we could get the French to move out.
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E1776 Wrote: Oct 05, 2012 12:25 AM
Yep, beautiful country, snotty people.
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faultroy Wrote: Oct 04, 2012 12:34 PM
Too bad we cannot see the same dramatic results in the USA. The more aggressive the social policies, the more clear the best route appears for the voter and tax payer. When they finally reach the bottom of the barrel, then they will have no choice but to alter course. That is what we should be doing in the USA--allow the complete implentation of social policies in order to bring this fever to a head. The big argument today is that there are confusing signals that people interpret differently.
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Texas Chris Wrote: Oct 05, 2012 1:37 PM
That's my fear with Romney. He is running on free market rhetoric, but he is not a true free-marketer. Better than Obama, but by no means a pure capitalist.

If and when the economy collapses under Romney, the free market will be blamed, and the socialists will be quick to implement their workers paradise.
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Dr_Zinj Wrote: Oct 04, 2012 11:30 AM
Anyone else hear that sucking sound?
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Blair31 Wrote: Oct 04, 2012 10:39 AM
Romney knows more about business than Obama does.
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Texas Chris Wrote: Oct 05, 2012 1:40 PM
There's a big difference between running a business and centrally planning an economy. Romney is good at business, but he will find it impossible to plan the economy because it is an impossible task.

Romney's only hope to improve the economy is to take the government out of the economic equation. Lower taxes, personal AND corporate; reduce regulations; drastically cut government spending. Otherwise we limp along for another 4 to 8 years.
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anonymous Wrote: Oct 04, 2012 8:36 AM
If Obama wins another four years, America will be in the same boat (sinking)
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Texas Chris Wrote: Oct 05, 2012 1:41 PM
I agree.

But if Romney wins and it tanks anyway, the free market will be blamed.
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Tacitus X Wrote: Oct 04, 2012 7:11 AM
What? You mean to tell me that taking wealth and economic decision-making away from the people who created it and handing it over to scheming politicians isn't a good idea? It sounded so promising.
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David350 Wrote: Oct 04, 2012 7:08 AM
I love Paris in the arab springtime, when it fizzles.
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tired-of-it Wrote: Oct 04, 2012 11:02 AM
you can smell the tires burning on a good day. Go Arabs!
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Greg1084 Wrote: Oct 04, 2012 6:55 AM
The smart ones are getting the hell out.
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