Global recession?!

[Angrist]

If that is gonna happen, I better go buy a lot more ammo for all of my guns fast!!

My current supply that I have in my house might not last that long in case of all out anarchy.   This is all that I have on hand presently:


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Better be careful Sig....hope no ATF agents frequent this site.  Not that you are doing anything wrong.  Just that they have shown an amazing ability to make up reasons

[crockett]

Be kinda funny to do a search and find out all the people who were saying how healthy the US economy was about a year ago (because the stock market was trading at record levels) and who poo pooed any suggestions that the policies at that time had dire consequences.

Also would be interesting to see who claimed that the US economy was just that...the US economy...and non Americans have no business commenting on it.

Would do no sense if they couldn't see what was happening then, they wouldn't understand how it has caused the mess this country and the world are now in.

[SIG220]

The world economy has been here before though. We (the world) will recover.  The hardest hit will be those baby boomers who are about ready to retire, or currently retired.

Those US banks that over extended on sub prime really screwed our economy.

But would it be right to let all of these banks go bankrupt?   Think of all of the innocent people who will get hurt.


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[Ripsnort]

But would it be right to let all of these banks go bankrupt?   Think of all of the innocent people who will get hurt.


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Good question. I think the Feds are going to cut out those banks who gambled and lost. Not sure if that's right or wrong, but its apparent they're leaning that way.

The BBC had a good article of the state of the banks here>>>

http://news.bbc.co.uk/2/hi/business/7300182.stm

[myelo]

But would it be right to let all of these banks go bankrupt?   Think of all of the innocent people who will get hurt.

The problem is that if you remove the possibility of failure, there's no disincentive for mangers to make increasingly risky decisions in order to try an maximize their rewards because if they fail, they don't get hurt. That just increases the behavior that leads to failure in the first place.

If you're going to have a free market, you're going to have winners and losers. I know that's hard to accept these days (every kid gets a trophy) but if you're gonna reward risk when someone makes good decisions you have to punish them when they make bad decisions.

Besides ... where does it stop? I could have bought Google at $85. I decided not to and lost a bunch of money, or at least didn't make any. Where's my bail out?

[Nilsen]

Yup i think we _may_ facing a global recession, and i dont think throwing government money at it will do anything but push problems ahead. Some people have used more money than they had, and the banks have allowed it to happen. Would be better in the long run to let banks that has done this and the people go belly up and take the losses. There is a limit to what reduced rates can do, and in a worst case scenario it only leads to more people that currently is safe will use the lower rates to borrow and put themselves in the same situation.

Rather than calling it a recession, I would say its a hard but much needed adjustment. Spending and consuming on credit is never a good thing.


I havent owed a $ in over 10 years. It means that i havent always been a "good" consumer i guess but id rather sleep at night.

[john9001]

I have said it several times before. They are pushing the rate the wrong direction. The US doesn't make enough items any longer to be a viable exporter and we only basically produce housing which is in the toilet because of the rates being cut so much for the last several years.

Get rid of the FED and we get rid of most of our financial problems. Just my unfounded opinion with no basis other than the US Dollar falling against all other worldwide currency.

US exports to china are 20 billion a year, somebody in the poor USA must be making something.

the US is tied with japan for second place in world wide steel production.

[indy007]

I have said it several times before. They are pushing the rate the wrong direction. The US doesn't make enough items any longer to be a viable exporter and we only basically produce housing which is in the toilet because of the rates being cut so much for the last several years.

Get rid of the FED and we get rid of most of our financial problems. Just my unfounded opinion with no basis other than the US Dollar falling against all other worldwide currency.

US manufacturing output has gone up. The number of jobs required for that output has gone down. That's just technology and lean manufacturing methods. Nothing wrong there.

[Tilt]

US manufacturing output has gone up. The number of jobs required for that output has gone down. That's just technology and lean manufacturing methods. Nothing wrong there.

Fundementally the US "spends" more than it "earns".................has been so for some years now.

just look at the national debt per capita........... which is OK if your currency is the global standard and you are the primary market for raw materials.....

But as others (read now India and China) are creating massive demand for those raw materials which (due to the dropping value of the dollar) is getting cheaper for them as those same raw materials get more expensive for the US then we have  a double whammy which should be (but for ther FED)  inflationary to the US .....

Then ask yourself what happens when you lend expensive money you have not got to folk who will not be able to pay it back..............

[indy007]

Fundementally the US "spends" more than it "earns".................has been so for some years now.

What do you expect from a nation that barrages 18 year olds with credit cards?  We have problems, but people need to stop perpetuating the lie that our manufacturing has disappeared. It has grown, and with a weakening dollar, people are more likely to buy our exports. It's all cyclical anyways. We'll be "down" for a few years, then we'll be "up" for a few years, rinse & repeat.

[Bodhi]

What do you expect from a nation that barrages 18 year olds with credit cards?  We have problems, but people need to stop perpetuating the lie that our manufacturing has disappeared. It has grown, and with a weakening dollar, people are more likely to buy our exports. It's all cyclical anyways. We'll be "down" for a few years, then we'll be "up" for a few years, rinse & repeat.

Whether we barrage a nation with credit cards or not is not the issue.  That the parents of those imbeciles who abuse credit cards never taught them basic spending control is the issue at hand. 

We as a people need to start taking more personal responsibility for our actions.  Stop blaming others for our problems and realizing that our own actions affect how we live and eat.

[indy007]

Whether we barrage a nation with credit cards or not is not the issue.  That the parents of those imbeciles who abuse credit cards never taught them basic spending control is the issue at hand.

You can only give people the radio station Dave Ramsey is on. Can't make them listen to it.

[Arlo]

If that is gonna happen, I better go buy a lot more ammo for all of my guns fast!!

My current supply that I have in my house might not last that long in case of all out anarchy.   This is all that I have on hand presently:


(Image removed from quote.)

Well ... ya kinda scare and worry me a bit but at least I know a specific place I can come if my own supplies are lacking.

[Ripsnort]

Posted 5 years ago: Are you spending your way to disaster?" covers the credit card conversation many of us saw happening.


http://bbs.hitechcreations.com/smf/index.php/topic,98428.0.html


For the record<< 1 house payment, 1 vehicle payment and 0 debt on credit cards. (We use the Alaska Airlines credit card for just about all purchases, than pay the balance at the end of the month, thus earning air miles.)

[Gixer]

Not sure I would state Global Recession, US yes if not already. Worlds economies aren't as hitched to the US as much as they once were.


<S>...-Gixer