Ummmm, what happened "OIL EXPERTS????"
12-20-2008, 01:29 PM
#61
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Fear is a contributing factor in a recession, just as "irrational exuberance" is in creating a bubble. Make no mistake, there are plenty of tangible reasons for the state of the world economy. Debt is at the top of the list. Eventually, bills come due.
12-20-2008, 01:37 PM
#62
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12-20-2008, 02:42 PM
#63
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Very good point, I was alluding to the fact we are now facing a "give me all your money or else" scenario with a loaded gun (recession) pointed to our heads as opposed to the more gradual "eventually bills come due" situation we could've been in.
Last edited by ⌐ AV8OR WANNABE; 12-20-2008 at 02:55 PM.
12-20-2008, 04:03 PM
#65
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12-20-2008, 05:37 PM
#66
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Right on target, XHooker. Living on credit not a good financial plan.
12-20-2008, 05:47 PM
#67
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Credit bubble
The credit card bubble is next and I wonder what the ramifications from that are going to be ?
Any takers on what happens when that aspect of the economy goes Tango Uniform
What a mess some ppl have gotten us into .
Any takers on what happens when that aspect of the economy goes Tango Uniform
What a mess some ppl have gotten us into .
12-20-2008, 07:21 PM
#68
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The people who're going to default on CC payments will be the same ones who defaulted on their mortgages (and who're probably unemployed now
)However, the CC companies themselves are easily making up those losses by charging exorbitant fees to the rest of us...
12-20-2008, 08:32 PM
#69
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The entitlement ponzi will probably make commodities go up significantly...how much longer can we put off that whole debacle?
I certainly don't feel bad for CC companies... they know what they're doing, they are the currency pretty much. The sad part is their numbers are probably more solid than the Fed's.
Last edited by ryan1234; 12-20-2008 at 08:38 PM.
12-21-2008, 03:18 PM
#70
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That's very doom & gloomish - you need to get out in the sun prompto - too much depression over there in scandihoovia! (and apparently in SoCal too)
As bad as the economy seems to be right now this is the first time ever where the central banks of the world have cooperated on such a grand scale, super low interests rates all over the world (almost zero here) and numerous "bailout" or as some call it "growth promoting" programs in different countries (including the Saab & Volvo prop-up program in SE) means things will turn around way sooner than most people believe.
Not to mention the fact all recessions are driven by fear and of course our news media keeps screaming fire in this "theater".
However, without turning this thread into a political fight, as soon as the darling of the news media takes office you'll see a significant shift in the "mood" of the reporters and all of a sudden things will appear to level off and improve before you know it.
That of course will ease the fear felt around the country and before you know it they'll announce that our new messiah has lifted the country out of recession by simply being The One. Note, this is not an attack on BO but rather on the incredibly biased news media we have and how their slanted reporting influences our behavior.
As bad as the economy seems to be right now this is the first time ever where the central banks of the world have cooperated on such a grand scale, super low interests rates all over the world (almost zero here) and numerous "bailout" or as some call it "growth promoting" programs in different countries (including the Saab & Volvo prop-up program in SE) means things will turn around way sooner than most people believe.
Not to mention the fact all recessions are driven by fear and of course our news media keeps screaming fire in this "theater".
However, without turning this thread into a political fight, as soon as the darling of the news media takes office you'll see a significant shift in the "mood" of the reporters and all of a sudden things will appear to level off and improve before you know it.
That of course will ease the fear felt around the country and before you know it they'll announce that our new messiah has lifted the country out of recession by simply being The One. Note, this is not an attack on BO but rather on the incredibly biased news media we have and how their slanted reporting influences our behavior.
I agree with you there are things being done but a bit too late to make quick improvements. The best thing they could do with the bailout money is pay of our mortgages. Then we will have money to spend which would jumpstart our 3/4's of the economy.
Bottom line is the average american is hurting and not spending any money. that is what's hurting the economy the most right now and affecting all business and industry. It's all interconnected. Why are large retailer and industry on their knees and going out of business. The purchase faucet has been closed off.
Bailing out Banks and some industry will just prolong the inevitable. Most banks and creditors sold their debts a long time ago, to foreign interests that are hurting because of our bad debt they bought. whats hurting our banks is the lack of cash flow because of the lack of commerce in general. Less money in circulation.
I am usually optimistic but boy whats happening and what will happen next year is scary.
