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Old 03-18-2008, 11:42 AM   #1 (permalink)
thenightmare
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Default Another Depression **Important**

I'm sitting in economics right now and my teacher swears on her degree that we are on our way to another great depression.. Think about it, prices of everything are going up and our pay is staying the same.. Businesses are going bankrupt or are having to to lay off people to stay in the market.. I'm not saying everyone needs to freak out, but they need to be prepared.. Yesterday a business in my area cut 65 jobs out of the 120 jobs that they used to offer.. this caused a chain reaction across the nation to every one in this franchise.. People are losing their jobs working for $26 dollars an hour.. they get comp for two weeks and then they either have to have a new job or they go hungry..
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Old 03-18-2008, 11:55 AM   #2 (permalink)
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Brace yourselves for the coming of the AMERO!

point is Bear Stearns got where it is (was) today (yesterday) by capitalising on the failures and bankruptcies of the 1930s crash.

today, JP Morgan Chase is doing the same.

I recommend a little online movie called Zeit Geist the movie. it will explain that whilst recessions and depressions are bad for most, they serve merely to profit a few. eg the Federal Bank; who have just spent billion of PUBLIC tax dollars in propping up a PRIVATE equities entity!

you're welcome! ha!

Zeitgeist - The Movie
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Old 03-18-2008, 11:59 AM   #3 (permalink)
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Hey Paolo, I researched a little about that movies claims about the Federal Bank etc. Most of it which was wrong. Still, some companies will profit others will suffer. That's the way the worm turns...
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Old 03-18-2008, 12:13 PM   #4 (permalink)
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i will check the zeit geist updates....

they are usually pretty good at substantiating their claims and references

i don't wanna be their patsy!

cheers fella
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Old 03-18-2008, 12:34 PM   #5 (permalink)
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sort of how the united states government makes 40 cents/ gallon while mobil only makes 9cents /gallon
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Old 03-18-2008, 12:34 PM   #6 (permalink)
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I've been saying I think we (canada) are heading for a recession, if not a depression, for the past 5 months. I've been thinking if America goes, we're getting dragged down with it. The guys at work laughed at me, and tried to make it clear that I don't know anything. Nice to hear a professor agrees with me.
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Old 03-18-2008, 12:38 PM   #7 (permalink)
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economics teachers teach because they cannot do. On this point you can slap your teacher for being a panic ridden lemming. I'd pay more attention to the course material and less on the instructor's misguided rhetoric.

The US economy is diverse enough to avoid a depression. At this point it's still managed to avoid even a recession. Though that's more a matter of technicality and I expect within the next quarter or two we will no longer see actual growth and finally slip into that recession category. Don't worry it won't last longer than 1-2 quarters at most. Thankfully, while we certainly import way too much, we also have the ability to produce our own goods. Already exports are increasing because of the weakening dollar. Imports will begin to decrease as locally produced products get cheaper and cheaper. While we'll never export more than we import, we'll balance enough to prevent a deep recession.

The housing market jumped nearly 200% since 1998 after a 10 year lull (lowest point was about 91). Since then it's fallen dramatically but it's still above what it was in 1998. It's going to take the longest to recover but that's the housing market. It always works in cycles. The housing market does not equal the entire US economy. Our economy can survive and survive well in a bad housing market. Focus more on the legitimate hard numbers and less on the media fueled panic. The media is going to report whatever makes them the most money. As usual, fear sells ad space and nothing freaks people out more than the thought that they are going to lose their house and their job by the next commercial break.

Yes people are going to lose their homes. People who jumped into a mortgage they knew they couldn't afford paying off intrest only loans. They're about to learn a very expensive lesson. Some investment companies will go under yes. They're also learning a very expensive lesson about what happens when you cook the books to create wealth out of bad debt. Companies that atually produce real goods will be fine.
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Old 03-18-2008, 12:51 PM   #8 (permalink)
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Wow I just had the same argument with my business teacher in class the other day and I think he is pretty upset because most of the class seemed to agree with me instead of his continuous doom and gloom scenario. The economy isnt in A+ shape but its still far from being in the crapper. The Bear Stearns mess seems a little troublesome but Im still not convinced that the economy is coming to a screaching halt.
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Old 03-18-2008, 12:54 PM   #9 (permalink)
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we are pretty deep in debt though...individually & as a nation. more so than ever before.
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Old 03-18-2008, 12:57 PM   #10 (permalink)
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Quote:
Originally Posted by Mooz View Post
economics teachers teach because they cannot do. On this point you can slap your teacher for being a panic ridden lemming. I'd pay more attention to the course material and less on the instructor's misguided rhetoric.
qft. some of the biggest dickheads i have ever known were / are teachers.
(i liked how bushgirl promoted them to the lofty rank of professor tho)
but then i was happy to give this anonymous lecturer the benefit of the doubt. you mad bovine!

Quote:
Already exports are increasing because of the weakening dollar.
such as record lows against the EURO? welcome the AMERO!

Quote:
imports will begin to decrease as locally produced products get cheaper and cheaper.
meaning local producers become unable to salary their work force....... uh oh!

Quote:
Focus more on the legitimate hard numbers and less on the media fueled panic. The media is going to report whatever makes them the most money. As usual, fear sells ad space and nothing freaks people out more than the thought that they are going to lose their house and their job by the next commercial break.
holy moly! you should see the front pages of the morning and evening rags over here in london! 'US crisis threaten global economies' City of London shaken by Stearn' 'Chaos on Wall Street' etc and so it goes on forever and ever.....

Quote:
Yes people are going to lose their homes. People who jumped into a mortgage they knew they couldn't afford paying off intrest only loans. They're about to learn a very expensive lesson. Some investment companies will go under yes. They're also learning a very expensive lesson about what happens when you cook the books to create wealth out of bad debt. Companies that atually produce real goods will be fine.
real goods that people cannot afford to buy coz they have defaulted on all their overwhelming loans...?

house of cards scenario.

not to mention the bidnis entities underwritten by investment companies who have also gone belly up.
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