Article about the end of our world... sort of
polycounter lvl 19
http://market-ticker.denninger.net/
My sister has been following this for a very long time. I always thought she was a bit obsessed with the issue. The thing is while I haven't been really thinking about this much, since if it were to happen there isn't much I can do about it. At any rate I have been watching Cspan since I can't sleep a lot at night half the time so I have seen the government do everything that this guy has said not to do, and I have seen the bs of the mortage industry happen. Some things I didn't even account for as a result of these actions has been people that rent apartments and houses are in danger of losing their place to live because their land lord isn't paying the mortgage on the property they rent out. This is happening to a friend of mine. The land lord isn't paying the mortgage, probably due to the fact the person sells real estate for a living and hasn't been able to sell anything in over a year.
At any rate just wondering what you thought about this article and if you thought things are going to get even worse? Is a depression coming, a real one, like when investors started to jump out windows because they thought it was the end of the world. If you think signing the petition would help then do it,
Alex
My sister has been following this for a very long time. I always thought she was a bit obsessed with the issue. The thing is while I haven't been really thinking about this much, since if it were to happen there isn't much I can do about it. At any rate I have been watching Cspan since I can't sleep a lot at night half the time so I have seen the government do everything that this guy has said not to do, and I have seen the bs of the mortage industry happen. Some things I didn't even account for as a result of these actions has been people that rent apartments and houses are in danger of losing their place to live because their land lord isn't paying the mortgage on the property they rent out. This is happening to a friend of mine. The land lord isn't paying the mortgage, probably due to the fact the person sells real estate for a living and hasn't been able to sell anything in over a year.
At any rate just wondering what you thought about this article and if you thought things are going to get even worse? Is a depression coming, a real one, like when investors started to jump out windows because they thought it was the end of the world. If you think signing the petition would help then do it,
Alex
Replies
The tech market has been doing very well compared to everything else, and the entertainment industry should only slow down a small to moderate amount even in a large recession if history is our guide.
At this rate of decay its gonna be rotting to its core by September imo...
Bernanke thinks we can spend our way out of debt, which works sometimes, but only if you have something worth investing the money in. Right now we are adding new debt to make dead bodies in Iraq and bail out foolish home speculators, which is not as good as investing in science or education or infrastructure. Expect the value of the dollar to keep dropping like a rock.
If it weren't for the weak dollar, the stock market would be measuring even lower than it is now. Retiring baby boomers cashing in stocks will make it very hard for the stock market to climb back up.
The US still has some of the most productive workers in the world, and so with some smart planning and policy I think the economy could turn around, but I don't think it will. Maybe Barack will somehow get things back on track if he gets elected.
I think that sometime soon people in the US may start looking for other places to live. It is becoming very hard to be proud to be an American. Bad schools, bad healthcare, intractable crime and race issues, obsolete hydro-carbon infrastructure, and the worst is the subtle way in which American institutions have become stacked with freeloaders gaming the system. There seems to be a widespread feeling that the best years of the US are behind us.
Maybe we can pioneer new "green" technologies that the rest of the world needs, or we can keep making new breakthroughs in IT that will make life in the US better. At this point that is our best bet to keep our standard of living up. Even still, there are going to be a lot of people that are going to have it very rough.
They know what is going to happen and by how much, they just havent worked out the when part yet.
Edit to add: About the depression thing...there will never be another depression. No matter how bad things get it will still be called a recession until it becomes "prolonged". There is no definition for what prolonged means in this case (the only term I am aware of in the entire field of economic study with no definition), and so will never come to pass.
There are "green" technologies...made in China btw.
downturns often leads to recessions and with that you'll end up with a depression...that's how it has been every decade or few...
With downturns it tends to be a better time to start snatching up beat down business sectors if they are known to be able to get back up.
There hasnt been a depression since the Great Depression because the definition was removed from the books. The current definition of a depression is "a prolonged recession". Recession has a clear definition, but "prolonged" is so vague and subjective that no responsible economist would ever dare announce that it has come to pass. What does prolonged mean anyway? A few months? A few years? A couple decades? Its really quite absurd, like a physicist describing something as "fast" or a mathematician defining a number as "big".
It's called spooky language BS imo...
Semantics. If an economic slump is bad, it's bad; Doesn't matter what you call it.
I graduated when the tech market crashed. The recession started. There has been a lot of bs going around about how we got out of it then got into another, but that was a load of bs in my book. I have been looking for jobs and most of the stuff I found have been shitty paying job similar to what unskilled labor pays. I had friends that had a few years experience under their belt before they got their graphic design degree and they also made good work, they got laid off and haven't been able to find a decent paying job either.
It doesn't surprise me that they took the term depression out, maybe next they will take out fraud. Now things that send red flags down my spine are that jobs that used to pay more a few years ago like say driving a forklift are paying less now this is without taking into account how cost of living has gone off the roof.
Alex
http://www.fedupusa.org/
It has music and everything which I find hurts whatever is trying to be said. I do find it a bit annoying at how little the media has given this issue coverage, but instead it has been painted as something the US citizens must do for things to get better. I believe a bill has been signed that bailed out fanny and freddie.
Not sure why I'm posting more of this but I thought it was important. Later.
Alex
Supply and demand, what do we supply that the world demands?
Tech, banking, food, and a few other things.
What does the world supply that we demand?
Pretty much everything, tech, food, clothing, toys, cars, oil, you name it.
Are we making more money from what we supply the world than what we pay for what we demand from the world? No, were loosing billions every year to the rest of the world, i guess you could say were spreading the wealth.
We desperately need to ditch gas/oil and build more wind farms, hydro plants, and solar plants. We also need rebuild/reinvent the US auto industry with electric vehicles so that cars made in the US are competitive again. Also build a proper mass transportation system for the whole country. Trains are fine for cargo but people what to move from city to city in much less time and for a lot less. The bigger the projects the more jobs they create. Government contract jobs are paid for by us and as long as the people they hire are American the money stays in the US.
Break the oil monopoly you save yourself a heartache....
And yes canned food and stashed gold/metals will be the last resort...