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Old 10-07-2008, 03:33 PM
 
Location: Broward County
2,517 posts, read 10,295,296 times
Reputation: 1369

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Ok.....after watching CNN and analyzing the markets, I can see we are now in an uncontrollable spiral downward towards a major crash. The panic selling has shifted towards "no confidence selling"...a major difference between "no big deal" to "major collapse". Borrowing has dropped to the lowest since 1998 : Consumer borrowing down for first time in 10 years - Oct. 7, 2008

Hang on tight. I am saving aggressively. I was paying off my credit card debt, but I feel it's more important to have cash reserves at this point. The house hunting has also stopped...I do not plan to buy a home this year and not sure about next year either as prices will only continue to decline. Crunch time people...serious crunch. For the 1st time yesterday at Walmart, I bought the 2.68 generic WalMart brand mouthwash as opposed to the 6.98 Listerine. I noticed Walmart has rolled back prices aggressively on many products. They have taken a keen eye on consumer spending and have adjusted accordingly. I see more banks failing, the foreclosure crisis becoming more of a crisis than ANYONE EVER IMAGINED and is projecting. I am scared...plan and simple. I am worried for my sisters job, my dad's retirement account (he is currently retired and living half the year in NC and the other half here in South Florida after 33 years of service with Exxon/Mobil) and for everyone else out there that are in the private industry. It seems government industries are the one only ones somewhat safe.
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Old 10-07-2008, 03:45 PM
 
Location: Hope, AR
1,505 posts, read 2,901,961 times
Reputation: 254
I still think you should consider that Miami house. Just wait a few months to buy.
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Old 10-07-2008, 03:48 PM
 
3,627 posts, read 13,550,800 times
Reputation: 2724
Crunch time is not buying the listerine at all and eating beans and rice instead of meat [or having yard chickens]. We have a LONG way to go before we are really suffering. We need to focus on our needs and ensure the needs of all get met before we worry about our wants. Guess what, dad can move in with you and rent his houses if need be or rent out one of them - people still need a place to live.

Yes, I know that sounds like a socialist but lets not freak out if our "way of life" has to change. We have been living a non sustainable lifestyle for decades.
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Old 10-07-2008, 03:53 PM
 
Location: Some place very cold
5,500 posts, read 21,016,677 times
Reputation: 4254
Right!

We need to cut way, way back, and people need to help each other out. Plenty of land even in small neighborhoods for people to pool together to grow food and raise chickens.
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Old 10-07-2008, 03:53 PM
 
5,352 posts, read 8,913,695 times
Reputation: 7680
It's just a down cycle that will produce some short-terms pains. But it will be good for the country in the long-term. As the money supply shrinks, there is less money for people to borrow. This is bad news in the short term, but it is good news in the long term.

Companies won't to able to expand because they can't borrow money. The economy will slow down. People won't be able to spend on credit cards for the same reason. As consumer spending slows down, there will an imbalance of supply and demand. Companies might have to lay off employees because they can't sell their products. This will hurt the Chinese more than us because most factories are over there.

The good new is, as demand drops, goods will become cheaper. That includes everything from houses to cars to toys. Consumers, no longer being able to buy on credit, will have to work and save to buy what they want. Prices of good will drop until they are affordable enough to buy at real prices. At this point, people will start buying again and thus putting money in the economy. The up cycle starts and keeps going until another down cycle takes over.

We will be OK.

Edit: just want to add that we are not there yet.

Last edited by davidt1; 10-07-2008 at 04:17 PM..
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Old 10-07-2008, 03:54 PM
 
Location: Wouldn't you like to know?
9,115 posts, read 16,268,531 times
Reputation: 3705
"It is always darkest right before dawn".......
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Old 10-07-2008, 04:02 PM
 
622 posts, read 2,974,418 times
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I've changed all my $100 bills to $1's so I can use them in the fireplace to heat my home. I bought 3 more guns today. I was lucky, the guy was running out, but I gave him my new car (don't need it since gas will be $200/gallon soon) and he somehow came up with the guns to sell me.


OK None of that is true. I just wanted to see if it did anything for me to write it out. Nope, still sounds crazy.

Do you guys still have duct tape on your windows? Oh wait, what is the code color now? Is it orange or yellow. I know it's not red. Why isn't it on the TV ticker anymore? Surely it's still important. It's our national security! Mushroom clouds! MUSHROOM CLOUDS! OMG WHAT COLOR IS IT?
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Old 10-07-2008, 04:25 PM
 
19,812 posts, read 59,888,494 times
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"The good new is, as demand drops, goods will become cheaper. "

Except if the Fed keeps printing more money at warp speed.

Some people are going to get hurt bad. Some will figure out ways to prosper. The rest will muddle along.
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Old 10-07-2008, 04:51 PM
 
2,197 posts, read 6,936,670 times
Reputation: 1698
Darwinism returns.

The next Survivor will be right here in America. I hear yard chickens and paint guns will be involved, but there will be no Wal*Mart. A stash of $1 bills will be one of the rewards to go with the flint.
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Old 10-07-2008, 04:56 PM
 
Location: Ohio
22,798 posts, read 16,046,007 times
Reputation: 19294
Quote:
Originally Posted by heydade View Post
Ok.....after watching CNN and analyzing the markets, I can see we are now in an uncontrollable spiral downward towards a major crash.
I don't see any proof of anything.

Can you prove that crashing market causes a recession? Cite your evidence.
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