Is the World Heading to Depression?

My biggest problem with the bailout, and any future attempt, is that we're supposed to have a free market. Free of government regulations and intervention. That's also supposed to stay true when the shits hitting the fan. Wall Street getting a Government bailout ends the Free Market. Ofcourse, everyone will deny the fact that it does and be against D.C. regulating things.
 
Princemercury said:
Couldn't have said it better.

I just don't care.
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It shows, but you really should care. Whether you want to admit or not, these events do impact you and your life. To think that they do not is the very absolute in ignorance.

From the price of food, to the price of gas, to the price of any clothing brands you may like to wear, to the probable rising difficulty of obtaining that next car loan, the events that are happening on Wall Street, Capitol Hill, and the White House have an impact on you, your life, and the lives of those you do actually care about.
 
Skaw said:
My biggest problem with the bailout, and any future attempt, is that we're supposed to have a free market. Free of government regulations and intervention. That's also supposed to stay true when the shits hitting the fan. Wall Street getting a Government bailout ends the Free Market. Ofcourse, everyone will deny the fact that it does and be against D.C. regulating things.
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I heard once that "absolute freedom is anarchy."

That is not the kind of system we run, and it shouldn't be. Just as in the early 80s, when Ma Bell got too damn big for her britches and Uncle Sam had to cut her in pieces (despite the fact that she's reabsorbing herself even to this day), the elected officials have to do *something*.

A complete bailout of the banks and their inane managers is not the correct solution, and the House made that explicitly clear yesterday. Yes, "they" will continue to write and rewrite drafts and attempt to get Representatives and the People to bite into a bill to save the flailing (not failing) economy from damaging itself any further.
 
The dow dropped today... so did our gas rates.. from $1.17+ p/ltr to $1.10+p/ltr

That's 7 cents.... that's an impact.. this affects EVERYONE
 
Jereme said:
Actually the Dow went up 485 points today.
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My mistake.. I listen to the morning radio... reports from the closing.. which was DOWN...before the stocks opened today... whatever Jereme... get a real job!
 
Yeah, I would believe that the fluctuations in price of petrol would be somewhat inversely proportionate to the rise and fall of the DJIA. I'm aware there is a lot more than just commodities trading that contributes to the prices, but the correlation should still stand.
 
Then my sources suck ass and I should learn more specifics on it myself, however I'm one of those individuals that depends on the information the media as a whole provides.. stupid me eh.
 
i wouldn't count it as "stupid", moreso just a lesson in "don't believe everything that you read".
 
Check yahoo they are pretty close to what it is actually is at the moment. The morning is always going to reflect what happened yesterday. Yes the Dow did drop 770 points yesterday but it gained almost 500 back today.
 
big.chart


Damn im in shock.. you mean our economy didnt completely fail yesterday. As i said.. scare tactics and everyone on the street knew it, decided to try to make some money on the rebound and made it a decent one.

I think the bailout is a horrible idea because right now we really need to show the world that our dollar has a backbone and were not continuing down the road of hyperinflation. And yes I do believe that we are currently on the road to hyperinflation, the reason that we are not noticing it yet is that America is not alone in our efforts to torpedo our currencies. One of the big things that is actually holding up the value of the dollar currently is that the Chinese currency is tied to the value of it and the chinese currency is vastly undervalued. The Euro is having inflation troubles of its own... record pace if i remember right.
 
Yeah, I think many people were expecting the Dow to climb back up after yesterdays drop. Wall Street just tryin to scare us all into pushing our legislators to vote FOR the bill. I mean hell, look at the response, people did NOT want this bill to pass and made it clear to their legislators what would happen to them if the voted for this bill. Now that the scare tactic didnt work, they just gonna try to find some new way of scaring us, the general populace, into submission.
 
Tristam Green said:
It shows, but you really should care. Whether you want to admit or not, these events do impact you and your life. To think that they do not is the very absolute in ignorance.

From the price of food, to the price of gas, to the price of any clothing brands you may like to wear, to the probable rising difficulty of obtaining that next car loan, the events that are happening on Wall Street, Capitol Hill, and the White House have an impact on you, your life, and the lives of those you do actually care about.
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Read my first post.

I'm not ignorant, I really don't give a flying -.
 
Princemercury said:
Read my first post.

I'm not ignorant, I really don't give a flying -.
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ok, let's analyze.

Princemercury said:
Honestly, I don't care.

I'm happy with my life atm, and I could not care less if everyone else was corrupted.
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So, if your boss, his boss, your CEO and executive board were corrupt and you knew it, you wouldn't worry about the security of your job? You wouldn't feel any obligation to make things right? Not only is that ignorant, it is immoral by any standards.

Don't make silly financial decisions and you won't be effected either.
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I'm sorry, but this is flat-out wrong. As banks are less inclined to lend money now, and will be for a while, people who have been fiscally responsible in the past will have higher interest rates for new loans, and will have a harder time obtaining loans. Perhaps a slightly harder time, but a harder time nonetheless.

Call me a selfish little bastard, see if I even dignify it with a frown.
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Calling names isn't my scene, so I'll pass on that. Dignify it as you please.

If you're smart, you'll do what everyone else did.

Take your money and save it. Don't dump it into the sinkhole called the _.
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Except that's not what "everyone else did". Hoarding money under one's mattress is just as fiscally irresponsible as storing it away in a bank somewhere, allowing said bank to redistribute it by these bad lending practices that have been going on. All it does is make for kindling in one's bed.

Redistributing earnings through purchases and sound investments (no, not Wall Street investments -- I'm talking investing money into things that will physically give a return) are good practice, and always have been.

If worse comes to worse, bank is a 2 min walk from where I live, go withdrawl, live on. I recommend the same for everyone else ^^;

Take Care.
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Yet, what if your bank is not a member of the FDIC? No, it's not a requirement. Credit Unions are not Member-FDIC, and most local (smaller) banks aren't either.

Likewise, your cash reserves aren't limitless. You can withdraw money often as you like...until it runs out.

To think otherwise is ignorance.
 
A depression like like 1929 won't happen. Back then, we didnt have a national bank to put money in the economy when it happened. All you'll see is a recession.

That 770 point drop was the the worst POINT drop in history but not % it wasn't. The 1987 stock market crash was way worse.


The bailout should never ever happen and if it does, might as well call us a socialist society. It would be a temporay fix but in the end it would be worse. Look at Russia, it didn't help them and it wouldn't help us. The Republicans opposed it, but not just because of Bush. They opposed it because the Bailout is insane and would just ruin us. The Demo's want it because the gov't would pull a profit off of it, and they love to raise taxes.
 
Anglis said:
Back then, we didnt have a national bank to put money in the economy when it happened.
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The Federal Reserve was in existence at the time of the 1929-1930s Depression. It just wasn't entirely backed by an entity like the FDIC.

The bailout should never ever happen and if it does, might as well call us a socialist society. It would be a temporay fix but in the end it would be worse. Look at Russia, it didn't help them and it wouldn't help us. The Republicans opposed it, but not just because of Bush. They opposed it because the Bailout is insane and would just ruin us. The Demo's want it because the gov't would pull a profit off of it, and they love to raise taxes.
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I agree here, however not entirely with the Socialist society sentimentality. It takes more than just bailing out some companies to be considered socialist. A socialist practice, sure. But that doesn't make our entire system work that way (arguably precedents would be set by such action though).
 
If you guys need someone to blame, do not blame W or Clinton, the roots of the current crisis goes as far back as the Carter years. If you want someone specifically to blame, the guy you really want is Barney Frank. For YEARS the government has been going after the banking industry, trying to force them to take on 'risky' mortgages in order to get every american into a house. The banks are not totally blameless, but the roots of the housing crisis can be traced back to Congress, and Frank seems to be a leading player in that charge. Here's some interesting reading for you all:

http://query.nytimes.com/gst/fullpa...2A3575AC0A96F948260&sec=&spon=&pagewanted=all


An act passed by Congress that would punish banks that did not “meet the credit needs” of low-income and minority neighborhoods.

http://www.federalreserve.gov/dcca/cra/


“Lack of credit history should not be seen as a negative factor” – Federal Reserve Bank of Boston (affirmative action policy suggestion)

http://www.bos.frb.org/commdev/commaff/closingt.pdf


Progress.

http://articles.latimes.com/1999/may/31/news/mn-42807


Barney Frank sees no reason to reform Fannie Mae or Freddie Mac (2000)

http://www.wsj.com/article/SB122091796187012529.html?mod=most_emailed_day


Bush administration wants to overhaul Fannie and Fredie; Frank sees no need.

http://query.nytimes.com/gst/fullpa...2A2575AC0A9659C8B63&sec=&spon=&pagewanted=all


White House warns of risk to the financial system, 2003

http://www.whitehouse.gov/cea/gsemankiw_speech_nov_6_2003.html


Barney Frank responds. WH is not concerned about housing, only financial stability and safety (sells it as bad)

http://www.iii.co.uk/investment/det...&code=cotn:FNM&it=ye&action=detail&id=2395631
 
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Yep, I'd mentioned the Carter years being a root of other problems within the nation, but that makes sense -- however, I'm sure it could even be drawn further back than that, seeing as the first "Oil Crisis" happened on the Peanut Farmer's watch.

Whats hilarious is I've seen Barney Frank mouthing off in the news more in the past three weeks than I've seen Bush, Obama, Biden, Palin, and McCain combined.
 
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