Is it better now?
- Thread starter masta247
- Start date
I'm not sure. I'm starting to think maybe people started using the term "financial crisis" a little too soon. There was a downturn but we've yet to see how this turns out. And in fact, the real losers in all of this aren't the people that were stuck without jobs for a few months. I dunno how America in general (and individual responses are useless in this context really) is dealing with the financial crisis, but I'm thinking the crisis is mostly theirs. The rest of the world is only indirectly affected. If the stock market crashed, that would have a different effect on the world. The current problem around the world, if I have gathered it correctly, is unemployment due to less products being imported to America. That's hardly a financial crisis.
I'm not sweating. I'm a student and I'm fine. I'm totally unaffected.
I'm not sweating. I'm a student and I'm fine. I'm totally unaffected.
Well so far all I hear on the news is more and more people laid off. And in my department (collection) we have more and more people to contact and to collect. So basically it's getting worse. Personally I'm not affected. I'm a student, part time worker in the collection department of a bank so there is 0% of me losing my job. They are actually hiring like crazy right now.
I see people are still not getting it. Everyone needs to get this in their heads: the global economic system has collapsed. Look what’s happening around the world. Look at all these countries that thought they were going to buy into the capitalist system: Lithuania, Latvia, Hungary, Romania, Bulgaria. It’s over. Their currencies are dead, the ones not on the Euro. Eastern Europe is finished. There is no bailing them out. Spain and Ireland had a bubble worse than the one we had. We’ve seen recent protests in Iceland, Greece, France, England, and Ireland, and the same is in store for the US.
Chrysler and possibly GM will have to declare bankruptcy soon. Macy’s recently announced a 59% fall-off in sales. More and more businesses will go bankrupt, and unemployment will go through the roof. The government will print even more money to prevent the economy from collapsing, which will plunge the value of the dollar. People will lose all their savings. Foreign investors will stop demanding dollars and interest rates will rise. Prices for almost everything will rise. Most finance companies will be ruined. The only good thing to come out of that is there will no longer be the profession of stockbroker.
It won’t be long before we have tax riots, then food riots. Obama can’t stop this and he’s got the wrong people in there who are ignorantly helping to bring it on. This will make the Great Depression look like Disneyland. Enjoy the relative calm before the storm, people, but don’t fool yourself into thinking we’re getting past it.
Chrysler and possibly GM will have to declare bankruptcy soon. Macy’s recently announced a 59% fall-off in sales. More and more businesses will go bankrupt, and unemployment will go through the roof. The government will print even more money to prevent the economy from collapsing, which will plunge the value of the dollar. People will lose all their savings. Foreign investors will stop demanding dollars and interest rates will rise. Prices for almost everything will rise. Most finance companies will be ruined. The only good thing to come out of that is there will no longer be the profession of stockbroker.
It won’t be long before we have tax riots, then food riots. Obama can’t stop this and he’s got the wrong people in there who are ignorantly helping to bring it on. This will make the Great Depression look like Disneyland. Enjoy the relative calm before the storm, people, but don’t fool yourself into thinking we’re getting past it.
Jokerman is right. Unless there is a major energy breakthrough, the game is over. And when I say "major energy breakthrrough," I'm not talking wind/solar/hydrogen. I'm talking cold fusion or vacuum energy devices.
The housing market isn't at the bottom yet, commercial real-estate is poised to collapse, which will be followed by massive credit card defaults, and we're already seeing college enrolment drop through the floor in the hardest hit states in the USA.
Meanwhile, the United States government cooks the books to hide the fact that real unemployment is sitting at ~20%, with no sign of slowing down (source: Shadow Government Statistics - Home Page ). One tenth of our country is on food stamps (the modern equivalent of breadlines). The Depression is already here, it got here in record time, and it's getting worse.
In other words: short-term future = fail.
The housing market isn't at the bottom yet, commercial real-estate is poised to collapse, which will be followed by massive credit card defaults, and we're already seeing college enrolment drop through the floor in the hardest hit states in the USA.
Meanwhile, the United States government cooks the books to hide the fact that real unemployment is sitting at ~20%, with no sign of slowing down (source: Shadow Government Statistics - Home Page ). One tenth of our country is on food stamps (the modern equivalent of breadlines). The Depression is already here, it got here in record time, and it's getting worse.
In other words: short-term future = fail.
Jokerman, the reason Chrysler and GM want to declare bankruptcy is because the owners want to get rid of their shares and get some revenues before they leave their position...
The reason why the government refused to accept their Chapter 11 demand was because they invested so much in that industry to help them get out of the crisis... Now the directors of those 2 companies know that the industry is going nowhere and do not want to do anything to help the situation. As a matter of fact, when they proposed their plan, every one said that it was bullshit. The US gov. obliged them to merge with Fiat, which they will probably do.
The reason why the government refused to accept their Chapter 11 demand was because they invested so much in that industry to help them get out of the crisis... Now the directors of those 2 companies know that the industry is going nowhere and do not want to do anything to help the situation. As a matter of fact, when they proposed their plan, every one said that it was bullshit. The US gov. obliged them to merge with Fiat, which they will probably do.
I never noticed any serious "crisis" here. Most people I talk with (who work in various companies) also think that everything is okay. It's just that when I turn on the news or take lectures on economy people say that it's getting better, our companies note a faster growth etc. I only noticed it by a nice growth on my investment funds. I thought that I'll lose a lot but during last 2 months I gained more than I lost last year. I'm actually happy about it and think if it's a good moment to take that cash out or keep it there longer hoping that it'll rise more.
Our currency (which is not euro) is doing okay. It's not strong right now but it's far from falling rapidly I think.
I'm not really into economy as it's one of the least interesting things for me (apart from total basics which I have to learn at my univeristy) but I like what I see and I just don't see anyone losing his/her job or getting their salaries cut.
That's why I think that it's getting better.
Our currency (which is not euro) is doing okay. It's not strong right now but it's far from falling rapidly I think.
I'm not really into economy as it's one of the least interesting things for me (apart from total basics which I have to learn at my univeristy) but I like what I see and I just don't see anyone losing his/her job or getting their salaries cut.
That's why I think that it's getting better.
Recover to what? What it was before this crisis? Not in our lifetimes.
You just have no idea how many toxic assets are out there waiting to open up like a black hole. The five major banks have at least $56 trillion in potentially unrecoverable losses from derivatives and credit default swaps. This makes all the major banks functionally bankrupt, and they know it. But they won't tell us until they have no choice.
The world is headed for a major depression within the next two years and there's no telling how long it will last. But when and if it eventually stabilizes, the world will not be the same place. This is not my outlook or prediction. This is cause and effect.
(my dog's name is Flipmo)
You just have no idea how many toxic assets are out there waiting to open up like a black hole. The five major banks have at least $56 trillion in potentially unrecoverable losses from derivatives and credit default swaps. This makes all the major banks functionally bankrupt, and they know it. But they won't tell us until they have no choice.
The world is headed for a major depression within the next two years and there's no telling how long it will last. But when and if it eventually stabilizes, the world will not be the same place. This is not my outlook or prediction. This is cause and effect.
(my dog's name is Flipmo)
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