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Unemployment went up and WHOPPING 64,000 jobs were lost last month...in 2002, a hundred thousand jobs were lost in one month.
We are not in any way headed into a Depression. The media just needs something to report on other than the election, which a long primary season has already caused viewers to be sick of.
This is not about the economy, this is about RATINGS.
we may not be in or headed into a depression, but thing's ain't pretty. The Chinese have been propping up our economy by buying our bonds, yet with the dollar falling the returns have been miniscule and higher interest rates may be on the horizon to keep it going. Even with a drop in housing costs, many people can't afford to buy homes, and food price and fuel price increases means people have less money to spend on other things.When people reduce spending, it means less people are employed. So you can't look at one month's numbers and say things are dandy and blame the media. There are real problems, and they are likely to get worse before they get better.
There are real structural problems behind the economy, but it'll be a comfortable recession/depression....even if we get to 15% unemployment and interest rates shoot up.
Instead of being comfortable in 2,500 square foot homes with 3 SUV's in the driveway, a 50" plasma TV, tv's in every bedroom, etc.
It'll be....a 1,500 or 1,750 square foot home. One cheap small car in the driveway, a 30" plasma tv, maybe give up the iphones, psp's, etc.
We're not going to all be in soup lines next week.
The difference between now and the 30's is this age of 24 hour media. They think they have to constantly say something, even if there's nothing to say.
But there are still real problems that'll get worse before they get better.
I wouldn't say a little bump. The dot com bubble burst was a little bump.
We're gonna have a humdinger bump with what's going on today as it is having a pretty major global effect.
I juts think we are at a crossroads in the world economy really has more to do with china and others growth than the USA. It is as big a chnage as going from a agriculture sociaety to an industrial society. Alot of people are going to be displaced as a result like always.
Remember, those who get rich, do so at times just like these. I've been waiting years for this oportunity. I watched all the CNBC pimps on my TV when the DOW was pushing 15,000 and smiled and said......every dog has its day and today is not yet mine. I knew it would come. However, I still don't think my day has quiet arrived. I'm predicting a DOW of 7000 for a bottom area. Then I'll put the majority of my cash to work. I am actually predicting a modest depression and not just a recession. So yes, a little more then a bump or hicup prediction from me.
Everything is bad out there, not just a few aspects. Remember, again, people do make money and actually gain wealth in times like these. The bargains are galore! Do you have the baalls to step up and make a move is the real question.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,763,471 times
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Quote:
Originally Posted by texdav
I juts think we are at a crossroads in the world economy really has more to do with china and others growth than the USA. It is as big a chnage as going from a agriculture sociaety to an industrial society. Alot of people are going to be displaced as a result like always.
It has everything to do with China, India and places like Brazil. All places that are rapidly modernizing and where the people are moving into higher standards of living. They are demanding- and paying for- more resources like oil and Diesel to keep their economies growing. It used to be that the USA kind of hogged everything we wanted and left the scraps for the rest of the world to fight over. Those days are over.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,763,471 times
Reputation: 3587
Quote:
Originally Posted by HappyTexan
I wouldn't say a little bump. The dot com bubble burst was a little bump.
We're gonna have a humdinger bump with what's going on today as it is having a pretty major global effect.
As long as China buys our dollars and sells us cheap stuff, we will be fine.
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