Troy Neff’s viewpoint isn't very common on the bleak economic picture

Troy Neff’s viewpoint isn't very common on the bleak economic picture.

Here's what I see as the reality of our economy:
Short-term rates have been slashed. The dollar's value against foreign currencies and hard assets like gold has plummeted. The price of gold is way up, to its highest value ever. It's pushing the $1,000 mark and will likely continue higher. Stock markets are bouncing up and down like a pogo stick on steroids. Job losses for 2008, so far, are way higher than expected. Inflation rates are jumping to their highest figures in decades. Housing prices and sales activity are still down, and there is no proof they have bottomed out. Many financial institutions are in hard times.
The United States posted a gross domestic product growth of 0.6 percent in the fourth quarter. Oil has crossed the $100-per-barrel mark and has recently been in the $90-range regularly.
Congress has finally agreed on a “consumer spending” injection by giving a tax rebate of about $600 to the vast majority of Americans.
And so it goes. What does all this mean? Well, I can tell you the only thing all this means: The need to watch and plan your finances has not been greater in the last 30-plus years. Not since interest rates hit 21 percent and 17 percent for mortgages in the late 1970s and early '80s has there been a more critical need to watch all of your money like a hawk.
Call it what you will, the name doesn't mean anything. What you do and how diligent you are about watching your money is all that matters.

QUESTIONS:
1) What do you think of the national economy?
2) What do you think of the local economy?
3) What do you think the government should do about it?

Read the Toledo Free Press Article

Troy Neff is on Conklin & Company: YouTube video

Check out more interviews @:
troyneff.com

troy@troyneff.com

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1) What do you think of the national economy?

The national economy is based upon manufacturing fleeing America, while cheap goods are imported largely on too much credit, and all to feed a finance industry that is essentially all fraud. This can't last, and shouldn't last, based upon the clear reasoning that such an economy should never have been constructed in the first place.

In short, the national economy is now a meat grinder, and its sole purpose is to destroy the US middle class.

2) What do you think of the local economy?

There isn't one. Too many industries have fled, those that remain have too many tax breaks (hence have no idea how to eke out a profit based upon real expenses), and the bulk is formed from service industries who are languidly fat on excessive consumer credit. On top of that, the government expects to get as much tax revenue as possible without performing sensible downsizing to match the decline and focusing of services. That's NOT an economy; it's a train wreck in slow motion.

3) What do you think the government should do about it?

Downsize itself so that it drowns in a bathtub of its own accord. The government is 110% aligned with the destruction of the middle class. Said middle class should be destroying IT, first.

And for the record, the inflation-adjusted price of gold is NOT HERE yet. We're still quite below that value, to wit:

Gold hits record high, but is below inflation-adjusted peak

"When adjusted for inflation, however, gold remains far short of its all-time high. An ounce of gold at $875 in 1980 would be worth $2,115 to $2,200 today."

Although I initially thought he might be an interesting alternative to wspd's Fred, who was converted to libertarianism by high priest B. Wilson and is a new acolyte to a goofball named Ron Paul, I've found Neff to be a severe disappointment. The man doesn't know how to interview people, especially those in positions of power. Fred, for all his lack of common sense, at least knows how ask direct, probing questions and insist on answers. Troy, sadly, happily arranges phone calls from decision-makers, lets them have their say and thanks them for coming on the show. Doesn't challenge them. Doesn't do enough research, evidently, to challenge them. But then he posts at this site "Look who was on my show today!" What's the word? Insipid. Troy Neff has got a lock on that. That said, at least there are fewer commercials on Neff's show. At wspd, if we want to put up with it, we listen to traffic and weather reports every ten minutes (still clearing the fender bender at Detroit and Alexis, still expected to rise to 39 degrees), a nauseating string of commercials, Fred shamelessly plugging a restaurant, Fred repeating himself, and maybe taking a call from someone who might disagree with his adherance to marching orders from Libertarian Commandante Wilson. But at least it's entertaining. Radio in Toledo certainly isn't enlightening. Troy and Fred prove that daily. But if there isn't a good CD you'd rather listen to while on the way to work, Fred's show is the best for an occasional chuckle.

Patience is a great virtue.

What about Ron Paul scares so many people? Is it the fact that he believes in the constitution and wants the country to follow it? Neff is a poor interviewer and I question his financial planning skills. He urged voters to continue to vote themselves a 3/4% tax when they could have voted themselves a tax cut. Not sure I would take financial planning advice from a guy who wants me to continue to pay high taxes.

On the other side, its' not realistic to just drop $57 million from the budget. It SHOULD be weened off until its' no longer existent, by dropping it to a 1/2% or 1/3%. The next vote on it is in 4 years right? In that time, the city should be continually making gradual cuts in departments, re-negotiating contracts with union city workers, and upgrading services to become more efficient. Then you can begin dropping that tax.

Is it realistic to think the city will redo those contracts with the union workers? How much faith do you put in the city to make the needed cuts in the various dept's? Also, is it realistic to use "city" and "become more efficient" in the same sentence? Lastly, do you see the city weening itself off of this tax?

I just don't see it.

I never said its' realistic for OUR city to do that, but I'm saying that is a more practical, realistic approach to lowering taxes.

First citizens have to vote in non-union pandering politicians.

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