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Location: Sitting on a bar stool. Guinness in hand.
4,428 posts, read 6,510,291 times
Reputation: 1721
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Quote:
Originally Posted by Wild Style
wow, they were right. joe six pack really doesn't "get it"
God I'm telling you wildstyle there some many people out there that repeat what the media says to them. Like "We need this bailout." Or "This bailout will keep us from a deep recession." And when I ask them why. They repeat the same crap I hear on the news. "Well people won't be able to get car loan and won't be able to get student loan." It almost verbatim from the TV and radio spots.
Now here's where I get. So I ask what are the long term risks it this doesn't work? What are the implication to the U.S. Economy? Or I ask them. So where is this 805 billion coming from and how are we funding it? I'd say 80% of the time I get a blank stare and they say "Well they said we need the bailout on TV."
God I'm telling you wildstyle there some many people out there that repeat what the media says to them. Like "We need this bailout." Or "This bailout will keep us from a deep recession." And when I ask them why. They repeat the same crap I hear on the news. "Well people won't be able to get car loan and won't be able to get student loan." It almost verbatim from the TV and radio spots.
Now here's where I get. So I ask what are the long term risks it this doesn't work? What are the implication to the U.S. Economy? Or I ask them. So where is this 805 billion coming from and how are we funding it? I'd say 80% of the time I get a blank stare and they say "Well they said we need the bailout on TV."
Sad man........fooking sad.
You are absolutely correct, Baystater. The media tells people what they want people to think, and as a result people often vote against their own self-interests. As I stated in another post, people are generally confused and really don't understand what the bail out does or how the economy works. Most of the politicians don't understand economics either, and most certainly, most stock brokers and financial advisors don't!
God I'm telling you wildstyle there some many people out there that repeat what the media says to them. Like "We need this bailout." Or "This bailout will keep us from a deep recession." And when I ask them why. They repeat the same crap I hear on the news. "Well people won't be able to get car loan and won't be able to get student loan." It almost verbatim from the TV and radio spots.
Now here's where I get. So I ask what are the long term risks it this doesn't work? What are the implication to the U.S. Economy? Or I ask them. So where is this 805 billion coming from and how are we funding it? I'd say 80% of the time I get a blank stare and they say "Well they said we need the bailout on TV."
And it's so easy to just bring up google and type in "what does this bailout really mean" and get thousands of hits and then just read from good sources.
I seem to find more info about the US and what our government is doing from foreign news sites
Personally, I will have the same lifestyle I have had the last 5 years, only less in my IRA. Things will still not be good overral in the economy, but not the doomsday scenario's some people have predicted and will continually predict.
This whole mess of our economy is credit and living above one's means. I blame us, the consumer as a whole for this mess. I do not blame government, mortgage brokers, etc. etc. I blame those who should not have bought that house, those who should not have gotten 10 % interest charge cards for 2 years at places like Best Buy, Home Depot, etc.
Did Wall Street screw up, yes. I feel real bad for those going to be retiring soon, for they are the one's who are really hurt.
Again, things are bad and probably will get worst in the short term, but they will get better.
This whole mess of our economy is credit and living above one's means. I blame us, the consumer as a whole for this mess. I do not blame government, mortgage brokers, etc. etc.
With all do respect, then you probably don't understand how it all worked. The current financial debacle has been in the works for three decades, and it is a lot more complicated that irresponsible consumers simply taking on more credit than they could handle. It has to do with interest rates dropping and dropping, deregulation of the banking industries, the systematic demise of the Glass-Steagall Act of 1933, predatory lending, Fannie Mae and Freddie Mac repackaging mortgages as securities for trading on the open market, and big financial firms basically paying off the politicians.
But no matter what you imagine the cause to be, know that the recent bailout is not in your interest and does nothing to write down the debts or eliminate any long term problems we're having.
wow, they were right. joe six pack really doesn't "get it"
Oh, you see doomsday ahead, is that it? The sky is falling?
I never said there would not be a recession. I simply laid out a very likely scenario for a few specific areas such as the stock market, the holiday spending season, the election and its effect (I'm not voting for Obama, btw), housing and credit, and how people will live.
I know it's a lot more fun to make dire predictions of depression and all the movie-esque effects from theoretical economic collapse, but it's just not very realistic.
Regardless, the question was about three months. LIFE WILL GO ON.
Over the long haul, the next two or three dozen years, this country is in real trouble due to 1) the energy crisis and 2) enormous federal obligations such as debt, Medicare, and Social Security (among several other notable items). You can save the "horde canned goods and ammo" speeches for that time period, however.
My name is not Joe, I do not drink beer, and I try to stay objective and level-headed about these matters. Thanks.
Last edited by Nepenthe; 10-04-2008 at 11:55 PM..
Reason: a typo
Dollar slides dramatically. Unemployment rises dramatically maybe to 10% by years end. A lot of bankruptcies in corporations. Social unrest rises as people are looking for someone to blame for their situation. One of the big 3, probably Chrysler ceases to exist causing even more economic hardship in Detroit.
If you think I'm overly pessimistic, I'll give you one thing to think about. If companies like GE and Goldman Sachs are willing to pay Warren Buffett 10% interest what does that tell you about the credit markets for everyone else. These guys got out in front of a sh*tstorm. They are probably thinking there won't be any credit available and 10% will be looking good in a couple of months.
Can we avoid a depression ? Maybe, but not under the current leadership who have miscalculated drastically for over a year now. Remember Bernanke said in August 2007 "This crisis will probably cost $100 billion". We are at $1.8 trillion and counting now.
Personally, I will have the same lifestyle I have had the last 5 years, only less in my IRA. Things will still not be good overral in the economy, but not the doomsday scenario's some people have predicted and will continually predict.
This whole mess of our economy is credit and living above one's means. I blame us, the consumer as a whole for this mess. I do not blame government, mortgage brokers, etc. etc. I blame those who should not have bought that house, those who should not have gotten 10 % interest charge cards for 2 years at places like Best Buy, Home Depot, etc.
Did Wall Street screw up, yes. I feel real bad for those going to be retiring soon, for they are the one's who are really hurt.
Again, things are bad and probably will get worst in the short term, but they will get better.
consumer certainly bears a lot of blame but the fundamental responsibility of banks is risk management. They abdicated this responsibility. Consumers are like children and the bankers are the parents. Someone has to tell them no.
It is sad because they are adults but it is reality. Read the stories like the guy who said he got $450,000 in loans when he had no job and no assets. This is risk management??. No, it's greed.
Last edited by jimmyP; 10-05-2008 at 02:54 AM..
Reason: add
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