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I thnik taht we are seeing the best oil prices we are like to when demand qworldwide is lower than it wil be whe demand grows. Chna and inida just fpr instnces will contimnue to frow in coming years by like 10% oer year likely. We don't control all demand or control output.
I think that we are seeing the best oil prices we are likely to when demand worldwide is lower than it will be when demand grows. China and India just for instance will continue to grow in coming years by like 10% per year likely. We don't control all demand or control output.
Before the current recession, some economists talked about the decoupling of Asian economies from demand in the countries of early industrialization, i.e. US, Europe, Japan.
In the event, demand has slowed for Chinese and other Asian-country exports and commodity prices have fallen back.
At what point do you think domestic Asian demand will replace US domestic demand as the main engine of growth and rise in commodity prices?
Well,they say that china is buying up commodies contracts right and left how to replace their investments in the US and around the world.Before teh recession tehy were buyign oil companies with their refinign capactiy just to get their oil .Chian I thnik will increasingly be able to continue using more as even in this recesioon their economy has a 5% projected growth. Couple that with teh stimulus they have that is all aimed at infrastruture and you can see thier demand continuing to grow even in the recession.
You mistake the definition of "consumer" in that link....it includes every person, business and government that has open credit and bonds in the US.
i said that was all consumer debt outstanding, which it is. the figures have the breakdown on all layers of debt. our problem isn't solely based on credit card debt.
as for the original question, i think that americans are anxious about what is going on and the decisions that are being made. i think that americans realize that the first stimulus package did not work, as we still have rising unemployment and falling house prices. there is now talk about a second stimulus package in the works. this crisis is not going to be solved by americans running out and spending more.
the daily kos had an interesting editorial about the economy: http://www.dailykos.com/story/2009/6...g-To-AstroTurf
in part:
Nowhere was this more self-evident than on the front pages of yesterday's New York Times, Bloomberg Media and the Wall Street Journal. (Surprisingly, there's been very little coverage of this here over the past 48 hours, too.) I'm talking about the NY Times' story, "States Turning to Last Resorts In Budget Crisis," Bloomberg's "Housing Eludes Recovery as Job Losses, Foreclosures Climb," and the Wall Street Journal piece, "Numbers On Welfare See Sharp Increase."
The fact that a majority of Americans are in imminent danger, or perceived imminent danger of losing their jobs, is the problem here. Im not sure that is ever going to go away. I think this whole prolonged recession has changed Americans perception about job security and loyalty forever.
It's the average American that is hurting, because they are deeply in debt. They have increased their financial risk by borrowing their way to prosperity. It goes even deeper than just debt. There are way too many people that feel that they need this or they need that. When in reality it is a want not a need. If I hear "I need a granite counter top" one more time... Just look at all the neighborhoods with homes that are way too big for the average family, with two luxury cars in the driveway, that they had to roll the loan from their old car (probably a 2-3 yr. old car) to purchase. I think this recession has been a wake up call, but time will tell if people will learn anything or just continue to live for the moment.
This if very true. I was watching My First Place on HGTV and the young couple was talking about how they would have to sacrifice and what they needed in a first place (granite/stainless of course). They bought the home with a 3% down FHA loan with the seller to paying closing costs to make the deal work. Then they pulled up to their new home in a late model BMW. Of course HGTV kicked in some nice furnishing to help the struggling couple get their start. I was left wondering how long it will be before they are defaulting on the loan for living beyond their means and we're all stuck picking up the slack on this government-backed loan?
Almost everyone has been living beyond their means as they have been taught to do by very effective advertizing. Banks do not make money on savings. They make money on usurious credit card loans and funny money mortgages.
The fact that a majority of Americans are in imminent danger, or perceived imminent danger of losing their jobs, is the problem here. Im not sure that is ever going to go away. I think this whole prolonged recession has changed Americans perception about job security and loyalty forever.
I am reminded the Florida housing crash of 1926 took nearly half a century to recover from psychologically. I remember my parents in the 1960's talking about Florida land, with laughs and guffaws, whenever being swindled and losing our shirt came up in discussion.
The housing market will recover but not in our lifetimes. Millions and millions of baby boomers are soon going to start dying off and when that happens their homes will be for sale but who will buy, the illegal Mexicans?
There's been a seachange in the way people view and spend money. Lots of people are getting older, they've been bit with debt and they aren't liking it much. I would say the perceived prosperity of the last 20 years really didn't exist.
Millions and millions of baby boomers are soon going to start dying off and when that happens their homes will be for sale but who will buy, the illegal Mexicans?
The millions and millions of Gen Y that are coming into the workforce and housing markets.
47 percent of employed Americans in February were some what afraid of losing their job according to these. If you add that to the people who already did lose their job, that is easily over 50%.
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