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After over six decades on this orb I have seen my share of economic ups and downs and I now believe we are headed for a collapse of epic proportions. Do I have the data to back that up? No, I do not but this is one guy who’s not going to be caught saying “if only” when the spam hits the fan.
We had a depression from 2008 to 2013, except few could call it anything stronger than a Great Recession. It was the worst in a lifetime. If not for safety net programs and some, though insufficient, stimulus; it could have been as bad as the one that began in 1929. I dont see anything as bad as 2008 the next downturn. Sure, millions will be put out of work, businesses will fail and real estate values will decline in many areas. But not more severe than most.
The spelling error and overall repetition of the same underlying themes in multiple threads might indicate that the OP is dealing with OCD.
Could be. I'm just annoyed when people don't know the difference between simple words like "roll" and "role". If they're sloppy in writing, I tend to think their thinking is sloppy in other ways as well.
Bailing out the companies was a huge mistake. We should have let them fail.
I agree. But if the major banks or the auto companies had failed there would've been no way that it wouldn't have hurt the average person even worse than it did. Ultimately, I think that would've been a good thing, since all we really did was kick the can down the road. We've been putting off the pain for a very long time and it's going to be a terrible time when we finally have to feel the full brunt of it.
ZIRP is not "socialism for the rich". For the rich, it is the real interest rates, not the nominal rates, that matter more. Low interest and low inflation is not more of an incentive for massive borrowing than high interest and high inflation, if the real rate is the same in both cases.
ZIRP is a blank check for the world's top 1, the richest of the rich. Think about it, who has the collateral to keep borrowing as rates inch down to zero? Rich corporations surely. Rich individuals.
I agree. But if the major banks or the auto companies had failed there would've been no way that it wouldn't have hurt the average person even worse than it did. Ultimately, I think that would've been a good thing, since all we really did was kick the can down the road. We've been putting off the pain for a very long time and it's going to be a terrible time when we finally have to feel the full brunt of it.
The illusion of perpetual economic growth will kill us. The Global Economy is NOT a perpetual growth machine - it is cyclical, seasonal - and it cannot be sustained by resorting to more and more debt. Debt is not the answer. Debt growth is NOT economic growth. We must understand the seasons of the Economy. A time of Economic Growth (and Debt Growth can play a part in this Season); and then a time of Economic Rest (Debt Growth does not replace or substitute for Economic Growth, or you get huge imbalances and Asset Bubbles and Zombie Corporations sustain, not by earnings, but by Debt).
We have been faking economic growth since 2001. We should have unloaded debt from 2001-PRESENT. We did not; we took on more debt, to preserve the illusion of growth, bought by more debt, and by stealing money from the future to spend today.
We need to put America First. America First today (strong US Dollar, harvesting the global economy) - so that we can again put America Last tomorrow (weak US Dollar, seeding the global economy).
After over six decades on this orb I have seen my share of economic ups and downs and I now believe we are headed for a collapse of epic proportions. Do I have the data to back that up? No, I do not but this is one guy who’s not going to be caught saying “if only” when the spam hits the fan.
May I ask what you plan on doing??
I too have been hanging around as long as you and maybe it's because of that I swing the other way. Now I'm a minority and there is a saying that when it rains in America, it's a hurricane for African americans so maybe I've built up a better tolerance.
But here's a list of things that where supposed to do America
1) Russia and nukes. Do you remember hiding under your desk at school during drills. lol never understood what that wooden desk was going to do but hey everyone was sure that we were doomed.
2) Blacks and civil rights. Definite going to cause the country to collapse.
3) Gays and the right to marry. "Our country was founded on Christina principles" yada yada yada. it's the end.
4) President Obama being elected. Weren't we all supposed to be Muslim by now.
5) inflation. I remember reading right here that we were supposed to have runaway inflation by last year. Bread was going to be 15 bucks a loaf, the dollar was going to be worthless.
Now personally I'm hoping to hit mega millions tonight so I'll be good. lol (I'm the proverbial class clown, sorry).
my plans?? the same as always.
live below my means (this year that was tough so I've got a few bills to knock out)
save 12% of my salary
try and stay healthy
I may up my cash to two years living expenses. I'm currently probably at 1.
Could be. I'm just annoyed when people don't know the difference between simple words like "roll" and "role". If they're sloppy in writing, I tend to think their thinking is sloppy in other ways as well.
Albert Einstein could not tie his shoes...……….however he excelled in other areas.
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lol (I'm the proverbial class clown, sorry).