Discussion in 'Politics' started by Gravity, Mar 8, 2008.
Shit about to get real from what they say.
How yall feel?
I will stock up on cheap liquor when I head south of the border some time soon and ride it out chuckling to myself and speaking in French whilst counting my Canadian Monopoly money.
I live on an island...with no TV...what's going on in the outside world???
What's different about this recession in comaprison to past U.S recessions?
"Predicted"? I'm sure the numbers artists can sculpt the appearance of economic growth as long as needed. Jobs are being lost left and right and spending money is being siphoned off to big oil. Wait for the coming depression. The difference is a unified European economy and China's status as a major creditor and holder of U.S. assets. Much of the rest of the industrialized world has us by the balls.
the only people that are gonna get trashed by this are the poor and the unconnected
which is hard to imagine in a world were the internet connects everyone
only the lazy will get crushed by the current events
what we need to get rid of are the religious underpinnings of environmentalism in our legislation if we wish to promote growth
china = no human rights, no environmentalism, extreme unions, a rapidly breeding population
america = human rights en vogue, environmentalism > all religions, dead unions, a "im too good for breeding" population
see the pattern?
We're already in a recession. We've been in one for a while. We are entering into a depression. Even several of the top economists are now saying that we are headed for a depression that will make the Great Depression of 1929 look like a picnic by comparison.
^^^^ What he said ^^^^
wtf, there will NEVER be anything CLOSE to the Great Depression son.
Don't believe all the garbage that people is feeding you, take some econ classes and it will all make some sense.
After the Great Depression the government installed certain things to specifically prevent anything like that from coming close to happening again.
The reason shit got out of control is because people went into a stake of panic. Everybody started trying to take all of their money out of they bank accounts. That shit buried the economy.
People don't understand how banks operate.
Banks NEED your money so they can spend it and put it into the economy.
If everybody takes their money out of the bank, then banks have no money to use elsewhere.
I really hope people don't think that every penny in your account is physically sitting there at your local Wachovia or Bank of America or whatever.
Banks gotta keep I believe like 10% of their money at the actual bank, the rest of that money is being spent, loaned out, being put into the economy.
People need to take Micro and Macro Economics, it will teach you about the Short Run and Long Run of economics.
The economy fluctuates in the short run, but in the long run it remains stable.
Everybody calm the fuck down and continue on with life.
Are you serious?
The US is now a consumer nation. We depend on China for almost everything. We produce almost nothing. There was a time when a devalued dollar might have been good for exports. Not anymore because we don't really export anything besides jobs. When you have such a slowing in growth, combined with over inflation, you have something called stagflation.
Who funds our debt?
What do you think is going to happen to the US dollar as a world reserve currency? What do you think is going to happen once other countries decide to drop the dollar?
We already have people like Alan Greenspan urging the Middle Eastern countries to drop the dollar.
So yeah, there is a lot difference from other recessions in many ways. But we are looking at a complete meltdown of the economy. Not simply a recession that's going to roll through overnight. We are talking about potentially millions of people out on the streets because of this.
What we are witnessing is unprecedented.
Nobel-winning economist says U.S. headed for recession
Nobel laureate Robert Engle believes the United States is headed for a recession--but not a serious one.
"I think the news is increasingly bad," said Engle, who won the Nobel Prize winner in economics in 2003 and spoke Friday at a business seminar the University at Albany. "I've been optimistic that the performance of the export sectors are going to keep us from a recession, but the housing market continues to disappoint and I suppose we are likely to have a recession. But I don't think it's going to be a really serious recession..."
For every economist who says it "isn't going to be that bad," there are at least two who say the exact opposite, including the Nobel Prize winning Joseph Stiglitz, who is the former chief economist for the World Bank.
Former World Bank Chief Economist Predicts Global Crash
Secondly, we are already in a recession. We are not entering into a recession because we have been in a recession for the past seven years at least. We are entering into a depression that will be felt right across the board.
Trend forecaster Gerald Celente predicts a 90% fall in the dollar and an economic collapse that will be worse than the depression of 1929.
Gerald Celente: Dollar Will Fall 90 Percent
Tell that to the folks that lost their shirts in the Savings and Loan crisis, or those that invested in Enron or World Com. Ask yourselves where Bush and company have their wealth invested?
no,, the reason people have no money in there bank accounts is because everyone has become so reliant on debt to exist they no longer have money to put in a bank account..
you act as if there has been a mass run on the banks and that simply isnt true. the american consumer in large,by choice allowed themselves to be overwhelmed by debt and now they have nothing more than a paycheck that they never see because it gos right back into the system..
i know of 1 person that has withdrew a large amount of cash from a bank in the last year. however i know far more attempting to pay down debt and if possible PUT A LITTLE MONEY IN THE BANK in the last year.
perhaps its you that needs to understand the true economics of it all,,not what ya learned in school..
The best action the average man can make to protect themselves is to pay down their debt. Pay off that plastic, that's one less payment you will have to worry about when the cost of milk, bread and fuel start to erode your paycheck, if they haven't already. Slow or stop all extraneous consumption, question every expenditure. Pay down that mortgage. Never assume your employment is secure.
That is not necessarily true. China may manufacture US goods, but US exports are up. The weak dollar is giving other currencies/countries more purchasing power. Exports have been on the rise and the trade deficit has been reduced.
People do need to calm down. The US is in a recession, but if people control their spending and continue to be fiscally responsible, I believe things will eventually balance out.
here is the performane of the vanguard total stock market index fund (VTSMX) and the s&p 500 (^GSPC).
overall, it has still been up since 1997. even if you invested (diversely) in 2000, and saw your investments tank, you would still be up if you didn't panic and held them today still. investing in one company is bad move, most of the enron employees banked on owning company stock... stupid move. diversification is key so you don't get fucked.
if you still go back to the year 1900, the total stock market has been up 10,000 times, including the great depression.
in a free market, recessions, depressions, sort themselves out. it's impossible to constantly grow, but growth over long periods of time is quite sustainable, especially in an economy like america.
who's fault is that?
oh its the american consumer as a wholes fault,who else can you blame? the sheeple need to learn to take responsibility for there own actions.they shoulda learned to do without and live within there means rather than try an live up to the image of a perfect life that the powers that be portray through the media...
but then ya wouldnt be able to call them sheeple would ya?
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