U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 03-17-2008, 04:19 AM
 
116 posts, read 412,782 times
Reputation: 84

Advertisements

CNBC brought in the A Team early this morning to basically tell us that the World Financial System is near total collapse. When Wall Street catches a cold the entire world's financial system gets ill. Now it has moved from cold to the flu to cancer. Our 401(k)s are at risk. Conservative Mutual Funds are down 25% from last summer. Home values are down 25%. The dollar is still falling and down 60% from 2000. City and State Governments have a huge deficit. Our Federal Budget Deficit is expected to be the highest in history. All can be traced to the sub prime mortgage crisis. Gasoline will be $4.00 a gallon very soon! I am scared to death, are you?
Rate this post positively Reply With Quote Quick reply to this message

 
Old 03-17-2008, 06:14 AM
 
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,248 posts, read 22,441,647 times
Reputation: 3587
I am not scared. Remember that the government will protect us and prevent anything too bad from happening.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 06:18 AM
 
Location: America
6,993 posts, read 16,041,418 times
Reputation: 2083
KevK

ummmm, meh, never mind.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 10:03 AM
 
955 posts, read 2,016,468 times
Reputation: 404
Quote:
Originally Posted by politically_correct View Post
CNBC brought in the A Team early this morning to basically tell us that the World Financial System is near total collapse. When Wall Street catches a cold the entire world's financial system gets ill. Now it has moved from cold to the flu to cancer. Our 401(k)s are at risk. Conservative Mutual Funds are down 25% from last summer. Home values are down 25%. The dollar is still falling and down 60% from 2000. City and State Governments have a huge deficit. Our Federal Budget Deficit is expected to be the highest in history. All can be traced to the sub prime mortgage crisis. Gasoline will be $4.00 a gallon very soon! I am scared to death, are you?
I read the above script describing the "World Financial System is near total collapse", funds down 25%, high budget deficits, gas at $4.00 a gallon and then read that this purported dismal scenario worldwide is due to the sub prime mortgage issue? I'm not sure how anyone with a broad historical perspective can really believe that a fairly localized housing issue is causing worldwide chaos.

Problems exist, as they always have. Is it responsible to report, as some have, that this is as bad as the great depression? Is anyone old enough to remember the stagflation days? Does anyone realize that the unemployment rate is lower today than it was during the last decade?

I, for one, am not having my windows welded shut to prevent me from taking an untimely leap.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 10:08 AM
Noc
 
1,436 posts, read 1,893,079 times
Reputation: 613
Quote:
Originally Posted by politically_correct View Post
CNBC brought in the A Team early this morning to basically tell us that the World Financial System is near total collapse. When Wall Street catches a cold the entire world's financial system gets ill. Now it has moved from cold to the flu to cancer. Our 401(k)s are at risk. Conservative Mutual Funds are down 25% from last summer. Home values are down 25%. The dollar is still falling and down 60% from 2000. City and State Governments have a huge deficit. Our Federal Budget Deficit is expected to be the highest in history. All can be traced to the sub prime mortgage crisis. Gasoline will be $4.00 a gallon very soon! I am scared to death, are you?
Why are these media outlets reporting the same crap over and over? I'm numb to this now. Where are the solutions? Why isn't that being reported? Everyday is the same crap from these outlets. They are going nothing but keeping the fear cloud hovering.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 10:15 AM
 
5,409 posts, read 10,345,690 times
Reputation: 4483
Quote:
Originally Posted by politically_correct View Post
I am scared to death, are you?
naw, just another day in Paradise.

Besides, lots of opportunity in crisis.

Seize the Day. Rise up and meet your destiny.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 11:10 AM
 
Location: Georgia, on the Florida line, right above Tallahassee
10,474 posts, read 14,516,698 times
Reputation: 6378
My Realtor keeps saying Real estate is local. Too bad the loans made for that real estate were part of a global money market, eh?

Bush said we'll bounce back. We will, eventually. It's just gonna be a really crappy market/economy 'till the dog shakes out the fleas.

On the bright side, I'm going to be sticking $4,000 in my 401K soon. Why? Because I know the markets will come back. And I get more bang for my buck when the market takes a crap like this.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 11:13 AM
 
Location: Chino, CA
1,458 posts, read 3,057,954 times
Reputation: 555
Quote:
Originally Posted by politically_correct View Post
I am scared to death, are you?
Nah, not too scared. I agree with some of the other posters, with the media hype. There are solutions going on out there and have been going on since last year... but every solution comes with a slew more critics and additional nay saying... seems like the band wagon is to be doom and gloom and propagate fear. It also seems that the doomsday people don't really offer any solutions.

I for one think we'll ride out this slow down, recession, whatever they want to call it, and we'll end up stronger for it. America, and American's are very resilient (and humans in general). As long as we adapt, continue to educate ourselves and improve, and become more financially responsible we'll be fine in the long run.

The news is always reporting the bad stuff. Even during good times... so of course when things are doing bad... they'll report the same stuff over and over for the worse.

I think sooner or later people will realize that there are opportunities out there for investments, and growth. And a shake down only makes the system stronger.

-chuck22b
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 11:16 AM
 
Location: America
6,993 posts, read 16,041,418 times
Reputation: 2083
Quote:
Originally Posted by UpperPeninsulaRon View Post
I read the above script describing the "World Financial System is near total collapse", funds down 25%, high budget deficits, gas at $4.00 a gallon and then read that this purported dismal scenario worldwide is due to the sub prime mortgage issue? I'm not sure how anyone with a broad historical perspective can really believe that a fairly localized housing issue is causing worldwide chaos.

Problems exist, as they always have. Is it responsible to report, as some have, that this is as bad as the great depression? Is anyone old enough to remember the stagflation days? Does anyone realize that the unemployment rate is lower today than it was during the last decade?

I, for one, am not having my windows welded shut to prevent me from taking an untimely leap.
you need to do far more research on whats going on, its not just some "fairly localized housing issue".
Rate this post positively Reply With Quote Quick reply to this message
 
Old 03-17-2008, 11:36 AM
 
Location: western East Roman Empire
8,059 posts, read 11,845,298 times
Reputation: 8029
Quote:
Originally Posted by chuck22b View Post

...There are solutions going on out there and have been going on since last year... but every solution comes with a slew more critics and additional nay saying ... ... seems that the doomsday people don't really offer any solutions.
I really suspect that the "solution going on out there and have been going on since last year" are actually making things worse, like talks of bailouts, more liquidity, lower interest rates, and proposals from some quarters to introduce new massive government subsidy programs and raise taxes.

Granted, the US needs to devalue and re-introduce some low-wage basic manufacturing, and there are probably two ways to get there. One by devaluing through inflation and a dirt cheap currency. The other by taking a fast and furious cut in the standard of living through higher interest rates and higher unemployment until it all works out, returning to a nation where around 40%-45% of the population rents their main dwelling, maintaining economic flexibility to boot, I may add.

I would prefer the second solution, which would also allow domestic savers to participate first hand in the economic revival, instead of engaging in a blind scramble to diversify internationally based on faith in the investment fund system.

But the policymakers have other ideas.

I agree that some sort of equilibrium will be restored sooner or later, but by the route we are taking, the final result will remain as lopsided as we are today.

Not too good.

But still, hope for the best and prepare for the worst.

Good luck!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top