economic meltdown
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- ukit
Bear Sterns, one of the biggest firms on Wall Street, just got sold for $236 million, less than a quarter of the cost of it's own office building. This could lead to a meltdown when the markets open tomorrow.
Alan Greenspan just said we are in the worst economic crisis since the Great Depression.
Are we fucked? Sure looks like it.
- jfletcher0
Not if you dont' spend money foolishly. Just be good about saving some money.
As I see it, as long as movies and other superfolous items are still making lots of money, we're not in a true recissions. Extra activities would be the first to go for saving money... and Horton Hear's a Who just did realy well....It's a cycle, people freak, CNN reports, people freak more....etc... It may take a few years to come back fully, but I doubt (and hope) this doesn't go like the Great Depression.
- actually escapist entertainmnet is on the rise in time of depressionpr2
- Eaxctly. Did you ever read Fitzgerald. Superfolous stuff is rampant in recession/depreesion...TheBlueOne
- ukit0
OK, I misquoted Greenspan. He said since WWII, not Great Depression.
Still, that's pretty bad. And this is from the guy who ran the economy for many years.
- AndyRoss0
The problems from the mortgage crisis could snowball and get worse. That is possible.
It's also possible, if people stop panicking about losing everything, and go back to making sensible financial choices--in the marketplace, in the banks, and on the trading floors--for the long run, not only will crisis be averted, but prosperity will return.
But, we'll have to wait and see which attitude prevails.
I know I can squeeze a dollar hard enough to make the eagle cry, so if hard times come, I'm prepared. I don't want to do it, because I like to live large. But I can do what I need to get by, and take care of my family.
So there's no reason for me to be scared.
- good insight, thats how I believe as well.
Knuckleberry - Disagree 1005. this is a systemic crisis. We are way past the point where what Joe Public does can change anythng...TheBlueOne
- See this is what happens when all you do is look for short term gains... Wooo.YAYPaul
- good insight, thats how I believe as well.
- utopian0
God Bless George W. Bush, Dick Cheney, Senator McCain and all of our beloved Republicans in Congress for driving our country into yet another recession in 7 years. The Republican "Born Again Christians" have been on another Middle East Crusade to dominate the worlds oil and by attempting to spread it's idealogy around the world has once again neglected the U.S. economy.
America, must now lay down in the bed that it has made!America + Republicans = Fascism
- I didnt make this bed. I have no ties to the republicans. I am an american but don't lump me in with that group.Knuckleberry
- Unfornately the sad truth is that they more often than not are all part of the same group "crusaders andrepublicans" are birds of the same feather!utopian
- This isn't about either political party. This is about living beyond our means.skelly_b
- rtr0
we are brainwashed by the US government and Russo was probably murdered.
- robco0
yeah... if we're going to be economically polarized soon, im just going to try to stay in the top half... back to work for me.
- stupidresponse0
ah yes, privatize the gains and socialize the losses. bear stearns bailout bill will be footed by the american taxpayers. hmm, seems this has happened before, force a depression and runaway inflation and the power players buy up everything for pennies. the great depression didn't just happen, it was their master plan.
- hear, hear.spendogg
- Can I assume, stupidresponse, that like me, you have read “The Shock Doctrine’?MrOneHundred
- ivanb0
Whenever I think about these things I remember the words of the great Malcolm X:
"There were two kinds of Negroes. There was that old house Negro and the field Negro. And the house Negro always looked out for his master. When the field Negroes got too much out of line, he held them back in check. He put 'em back on the plantation. The house Negro could afford to do that because he lived better than the field Negro. He ate better, he dressed better, and he lived in a better house. He lived right up next to his master - in the attic or the basement. He ate the same food his master ate and wore his same clothes. And he could talk just like his master - good diction. And he loved his master more than his master loved himself. That's why he didn't want his master hurt. If the master got sick, he'd say, "What's the matter, boss, we sick?" [Laughter] When the master's house caught afire, he'd try and put the fire out. He didn't want his master's house burned. He never wanted his master's property threatened. And he was more defensive of it than the master was. That was the house Negro. But then you had some field Negroes, who lived in huts, had nothing to lose. They wore the worst kind of clothes. They ate the worst food. And they caught hell. They felt the sting of the lash. They hated their master. Oh yes, they did. If the master got sick, they'd pray that the master died. If the master's house caught afire, they'd pray for a strong wind to come along. This was the difference between the two. And today you still have house Negroes and field Negroes. I'm a field Negro*."* And I am not referring to African-Americans by quoting this. I am just emphasizing the "sophisticated slave factor", which is true for more-less all of us today.
Now, go vote!
- ukit0
Upsides:
*reduction in greenhouse gases because no American can afford to fly to anywhere with an intact economy--the dollar even fell against the Argentinian peso last week.
*Obama/Clinton debate rendered null and void. By the time we get to Day One, there won't be any phones left in the White House because we can't afford them.
*No more mail from credit card companies offering you cards because they won't exist any more.
*Private universities go bust because the idea of $45K a year for a degree finally comes to seem stupid
*MBAs commit mass suicide from their multi-million dollar condos that are now worth $1.50
*We get colonized by France and the food gets much, much better.
- rtr0
*War in Iraq can finally come to an end cuz there isn't any money to pay for our troops.
- stewart0
we all can buy cheap Dodges here in Holland now
http://www.lagedollarweken.nl/ yay!
- creative-0
Come on America, sort your economy out and quit bringing the rest of the world down
- rtr0
stupid fucking pointless Iraq war wa$te of money
- trooper0
the recession is complete bullshit... its concocted to keep you down and raise the prices of stuff and to tax us more... if its a world recession then wheres the money going its all BULL!
- You"re joking right?TheBlueOne
- The money never existed it was ALL bad credit that the banks considered "real" as assets...TheBlueOne
- ..now people are calling in that credit and the banks don't have it. Or should we stick with your conspiaracy theory?TheBlueOne
- I think he isDrno
- rtr0
the money is being hoarded by oil companies and is now sitting in commodities
- TheBlueOne0
6am here in NY. My prediction: It will be a historic day by the time it's over. There is fear and rampant speculation everywhere. Bottom is a loooong way down. I was hanging with a hedge fund guy (junior investor) and he has his exit strategy all planned already. He's expecting to be out of a job by week's end. A $2 bid on Bears Stearns. Fuck.
I'm watching the asswipe Jim Kramer chattering on TV right now tryng to say everything is cool. This is the same asshat that a few months back said to invest Bears Stearns.
- moth0
if it wasn't reported, I believe there wouldn't be such a big problem.
Anyway. It'll be good for the US. It'll remind you of your place in the world!
- mrdobolina0
If I would go exchange the $1200 worth of yen I bought 2 weeks ago (for an upcoming trip) for dollars right now, I would have an additional 100 dollars.