So are ya'll ready for this predicted "Recession"?

There is no "free market." You, pal, have swallowed the BIG LIE!

 

Your link only states that because of the weakening of the dollar the trade deficit is decreasing. How reassuring is that to the average working person who is having to spend more for everything. That's nothing more than number shuffling.

For many who lost everything during the Savings and Loan scandals, it was their pensions that were invested. They weren't free range speculators who could play their investments for maximum return. They were told their investments were secure.

With Enron what I object to is the way in which California was used and manipulated. The people who lost there were not investors but the entire state who saw their utility bills and infrastructure dismantled and abused so that a handful of people could profit outrageously. While President Bush during his first term turned a blind eye, and laughed in back rooms with Cheney and cohorts.

The market is not god. But some would have us think so.

 

well we are still technically not even in a recession... saying we have been in a recession for seven years is the stupidest thing i've ever head because you obviously don't even know what a recession is, (2 quarters of negative growth) and we had 2.2% growth for 2007...and if we have been experiencing negative growth for seven years(which we havent) that would be a depression not a recession.

 

also, the IMF has said that it expects a 4.1% global economic growth rate for 2008

 

I am trying to buy a house with the current state of the market.

I work Network/IT for a bank and i can see them cutting back on spending.

 

The current recession is all about the problems of the American consumer — whose spending now accounts for a record 72 percent of G.D.P. What happens when that consumer can no longer afford to consume? Growth, where was the growth? Perhaps in the petroleum sector? Perhaps they can carry the US economy.

Perhaps the world bank will bail us out like we did Mexico.

 

Perhaps The US can just go the Cuban route and roll out the welcome mat for sexual tourism by rich forigners.

 

so all of a sudden everyones bank account is going to hit 0 and they won't be able to buy anything

 

i dunno what kind of blinders you have on acqa or maybe your just fortunate enough to be surrounded by fiscally responsible people but for the most part,
everyones bank account is zero.. well not everyones but im sure its well over half of the population..

the simple fact is 90% of america would be homeless in a month if they lost there job. americans live and breathe debt. therefore when they get there paychecks its in the bank just long enough to go back out to pay on there debt.

there are actually people using credit cards to buy groceries,make car payments,house payments etc already.

i think i read that the average americans debt equals 115% of there income,, therefore they have no cash..
so when there credit lines are exhausted they will have no choice but to quit consuming...

the days of americans having savings to fall back on are long gone..

 

well thats what people get for being greedy just stop buying crap and pay down your debt

 

That's what the market is afraid of. Because when people stop spending and pay down their personal debts, the market suffers. Because the biggest nation of consumers may lose that standing. Banks make a lot of their profits from the interest charged to those personal debts. If people are longer willing to go into debt they lose market share. The president doesn't want those incentive checks spent on paying off debt.

 

haha I see the problem, if people pay down their debts, it causes and economic slow down because the slow down would cause people to lose their jobs which would cause them to go into even more debt, but most of the money we spend goes into foreign products, so they would suffer= chain of global economic slowdown, but if we keep on spending we will just bury ourselves in debt, well I guess we need a good slowdown anyways, people are spending too much and can't keep it up forever

 

this whole thread is "the dismal science" indeed!

 

HHB

According to USA Today and bankrate.com, the average debt of the American household is $84,454
http://www.gather.com/viewArticle.jsp?articleId=281474976753606

Average American Income $46,326
http://en.wikipedia.org/wiki/Average_Joe

 

just save up as much money as you can and buy precious metals lol (but dont tell anyone because if everyone does that the economy will collapse )