WE ARE NOT IN A RECESSION

[bj229r]

If you bought something for far more than it was worth (as opposed to a home not as nice which you could more easily afford), and signed a payment schedule that was iffy at best, or perhaps bought several properties with 'no money down', like the guy on the infomercials does (DID)...I'm not feelin TOO bad. As for 401k's...you don't look at the short-term, you look at the long term, and every recession ends, and stocks go back up. Mine has lost 11% thisyear, and we won't talk about what happened to my Tyco money in 2001....stuff happens

[ZetaNine]

what really pisses me off is sensationalism.  The media loves sensational words because it attracts the attention of the sheeple that love to repeat them.  I just heard zetanine in another thread say "we are in a recession". 

A RECESSION IS DEFINED AS TWO CONSECTUTIVE QUARTERS OF NEGATIVE GROWTH.


we have not had that.  We are probably going to have that in the near future......HOWEVER IT HASNT HAPPENED YET!

GAWD this pisses me off....this whole sky is falling mentality that some of the sheep of today have!

let's see here...who should I listen to?  allen greenspan...........or some cheerleader on an internet bulletin board?

I'd like to tell you that you have a good point.....but you don't.  our economy is in the tank...and it's getting worse...
when our biggest financial houses are failing....when real estate is devaluing. ....when an old bell weather company like GM is going under...when the dollar is devaluing at alarming rates....when transportation costs for everything has more than doubled..... when failure has trickled down to local banks that are now failing..... brother....we're in a recession......and headed into a depression if something is not done.

you have it backwards my friend....if anything....news is being withheld....in an effort to avoid loss of confidence and panic...AKA: a public run on our banks, which would cause our Fed Reserve to collapse in ten days....

[LePaul]

What he says has some truth but coming from a Presidential campaign adviser, its stupid.

Economy wise, yep, things are holding their own.  The press and speculators love to give anything an evil twinge.

And really, people, do you think the news is about GOOD news?  Heard anything about the successes in Iraq?  Nope.  But if a bombing knocks out a person or two, its headlines.

Same with the economy.  Right now if you want to BUY a house, you can pick and chose.  Its a buyers market.  But if the economy DOES BETTER and home prices go UP, well now people can't afford good homes.  I mean really...

The public is too soft in the noggin to appreciate a reality check.  The press makes sure we are constantly offended.

HOWEVER, with the average cost of filling up my car costing $70, when it used to be $38, my wallet is hurting.  And when hit in the wallet as I am, I'm taking special note of those politicians who will not make the situation better.

[ZetaNine]

LePaul.... with all due respect, you're one of my fav posters here and usually spot-on...but I can unequivocally tell you....you are wrong on this one.

What he says has some truth but coming from a Presidential campaign adviser, its stupid.

Economy wise, yep, things are holding their own.  The press and speculators love to give anything an evil twinge.

And really, people, do you think the news is about GOOD news?  Heard anything about the successes in Iraq?  Nope.  But if a bombing knocks out a person or two, its headlines.

Same with the economy.  Right now if you want to BUY a house, you can pick and chose.  Its a buyers market.  But if the economy DOES BETTER and home prices go UP, well now people can't afford good homes.  I mean really...

The public is too soft in the noggin to appreciate a reality check.  The press makes sure we are constantly offended.

HOWEVER, with the average cost of filling up my car costing $70, when it used to be $38, my wallet is hurting.  And when hit in the wallet as I am, I'm taking special note of those politicians who will not make the situation better.

[LePaul]

Well I appreciate the compliments but let's discuss where you feel I am in error?

[Baitman]

Sure there is over a million home that are in bankrupcy  and probably that many more pending. The big picture is the next people to be hurt are holding stock of Insurance companies that insured these bad loans, bank stocks (Banks always make money) The stock markets that have any financial stocks are now even where they were in early 2001 - 2002. This has wiped out all the gains made in the last 6+- years. Then the ripple will reach out to the pension funds and keep going. Most people in the know (upper government) moved all their equity out of the US before 2007.

[bj229r]

Most folks, particularly younger folks, live in the here and now. and anythingthat's going on now is the biggest frikking thing that has ever happened (note: Global Warming thread ) I remember in the late 70's, people were buying cars like gas guzzling '73 Impalas for the simple reason that the used car dealer gave them a tank of gas...imagine buying a car so you might be able to drive for a week, as you couldn't buy gas at any price....prime rate was what...19%? Unemployment was 11%....it's gonna be a good while before before I jump out the window, thank you very much.

(Eagerly awaiting next thread about how this is worse than 1929...)

[LePaul]

As for the "mortgage" crisis....those that were duped by lenders that did illegal things deserve some assistance, like a refi to a lower rate.

But many people didnt do their homework, bought something they could afford today but not later on down the road. 

At some point, there has to be a consequence for making a bad decision, especially financial.  Be that the lender or those that back up the mortgage...or both.  That should give the lenders incentive to help the customer, perhaps offering to lower their rate.  If that can't be done, well, that's business.

Like many of you, I'm a homeowner and worked my tail off to get my home.  Its super expensive to heat up here with oil now, but I'm budgeting myself so I do not have to rely on others.  Expecting the government to swoop in and save someone from a poor decision is not an example we wish to set.  What else shall we do?  Need help with the car payment?  Can't afford a lawn mower?  At what point do the handouts end?  When will we  expect people to buckle down and live within their means?

[ZetaNine]

when it's all said and done...and we do pull out of it....the downside will be that it will greatly diminish the middle class......and add more people to the ranks of both lower class and upper class.  I for one, am taking advantage of the situation now as much as I can...as my hope is to move UP into one of those classes....and not stay static....or worse, fall into the other.

[xNOVAx]

Just spent $20 at grocery store to buy what used to cost about $12 not long ago.  OK, we're not in a recession.

That's actually called inflation.. Inflationary environments do not always equal a recession, though they can help fuel the fire.. Some people think it's getting out of control and Warren Buffet is one of them..

No, we dont have the text book definition of a recession quite yet, but with big banks like IndyMac failing and the financial sector in ruins, and energy prices soaring with no end in sight, the economy will continue to flounder at least for a few more quarters..

[crockett]

let's see here...who should I listen to?  allen greenspan...........or some cheerleader on an internet bulletin board?

I'd like to tell you that you have a good point.....but you don't.  our economy is in the tank...and it's getting worse...
when our biggest financial houses are failing....when real estate is devaluing. ....when an old bell weather company like GM is going under...when the dollar is devaluing at alarming rates....when transportation costs for everything has more than doubled..... when failure has trickled down to local banks that are now failing..... brother....we're in a recession......and headed into a depression if something is not done.

you have it backwards my friend....if anything....news is being withheld....in an effort to avoid loss of confidence and panic...AKA: a public run on our banks, which would cause our Fed Reserve to collapse in ten days....

A public run to the banks is exactly why IndyMac had to be shut down so fast. Senator Charles Schumer caused a major bank run after he made commits about it might fail. That caused people to run in and pull their money out causing the bank to collapse. Would it have collapsed anyway? Who knows but there was defiantly a cause and effect that was felt by him publicly stating it might fail.

[LePaul]

Wonder if they'll nail Schumer much like they are going after the guys who started the firestorm that killed Bears

[crockett]

Wonder if they'll nail Schumer much like they are going after the guys who started the firestorm that killed Bears

Do polititions of either party ever actually pay for the problems the cause.. Not likely.

[ZetaNine]

Do polititions of either party ever actually pay for the problems the cause.. Not likely.

if it's said on the senate floor........they are exempt form all liability

[lasersailor184]

Most economists are the same as most "Climate Experts."

They'll give one of two predictions.

1.)  Everything's fine.

2.) HOLY diddlyING toejam!  WE ARE SO SCREWED!  THE SKY IS FALLING.  DOGS AND CATS HAVE BEGUN HAVING SEX WITH EACH OTHER.  DOGS AND CATS!   DOGS!  AND!  CATS!



Now guess which one of those two gets the research / grant money.