Investment analyst and entrepreneur Marc Faber concluded his monthly bulletin (June 2008) with the following :

''The federal government is soon sending each of us a $600 rebate. If we spend that money at Wal-Mart, the money goes to China. If we spend it on gasoline it goes to the Arabs. If we buy a computer it will go to India. If we purchase fruit and vegetables it will go to Mexico, Honduras and Guatemala. If we purchase a good car it will go to Germany. If we purchase useless crap it will go to Taiwan and none of it will help the American economy. The only way to keep that money here at home is to spend it on prostitutes and beer, since these are the only products still produced in US, I've been doing my part."

Ouch!

What type of beer? Miller, right?

Well, being an American, we received our rebate check which went to my health care expenses. What Mr. Faber stated is somewhat true, but not completely because the people we purchase the items from are American citizens who pay taxes off their income. He is incorrect with the beer as much of that is imported as well and not all prostitution is a product of the US. So, his thinking is a little black and white. However, I did find some humor in it as I believe that part of the economy problem in the US is outsourcing for larger profits which takes too many jobs out of the country. But, there needs to be a balance and I don't think it matters to the companies. Now, I don't really understand economics and stuff, but that is my opinion. I'm tired of people losing jobs because the company decided to manufacture a product in a different country because it was more cost effective.

Quote from CC "I'm tired of people losing jobs because the company decided to manufacture a product in a different country because it was more cost effective."

Me too but unfortunately that is the truth and who to blame?

CC, I think the cost of defense in the US is to blame for the very high cost of living. Lots in taxes, not just income tax, but also sales tax is going to support defense, which has a worldwide reach and a cost to match, so people need to earn more per hour to maintain a living standard. This makes US labor expensive and thus outsourcing happens

I think that the economic issue of the impact of the war is important, but I believe that it is more complicated than what you stated. And to pin outsourcing on one economic factor is not reasonable because there are many factors in most problems including this one. By the way, sales tax has been stable for many years. And, in good economic times outsourcing was rapidly growing. I believe that many of the companies who outsource become greedy. I don't don't believe that wages are as much of an issue as is company greed.

I think that the war is a whole other topic regarding its impact on the economy. One that I don't have it in me to discuss at the moment. Sorry...not trying to get out of it.

Oil predicting to continue sliding down!

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