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As bad as things are getting, do you think we could slip into another depression? I worried about it b/c my mutual funds, along with everyone elses have plummeted!
Seems the only difference between recession and depression is if you have a job. From the way it looks this recession is quickly turning into something far worse these past several days. It seems it could have been prevented if the right things had been done in Washington. Over the last 28 years the nation has been operating with republican administrations running the White House for 20 of them.
The H.R.3995 affordability act was being pushed by 58 Rep and 20Dem back in 2002 and if you check the Whitehouse.gov archives for the spring of 2002 you’ll see where George pushed for this bill be move forward. Seems he was very much in favor of removing government regulations and monitoring of the housing market.
Phil Gramm was also very active in removing the regulations and oversight of the housing mortgages and monitoring Wall Street. He is now an active member and leader of the McCain campaign.
Remember hind sight is 20/20. Do you truly think anyone wanted this to happen when they were making decisions 6 years ago? I think they did what they felt was best for the United States. This has been coming for years now, it has just finally peak right before an election (lucky for Obama eh?) which is why so many are focused on what past leadership has done.
Nobody wanted or planned this to happen, however some people had special interest in keeping the economy moving and not stalling out. The housing market was just the ticket to continue keeping people employed building homes and all the related fields. Build a house, sell new furniture and decorations for the interior, add landscaping etc. etc. and many many people continue to earn an income. How the job markets in the toilet, businesses are closed or closing, and there is no indication that things will turn around soon. The economy in 2002 had no engine other then the WAR and building housing. It was this administrations ONLY way to keep people working. Without the housing boom of the 2002 + the economy would have crashed sooner.
Alan Greenspan now said there was a “mistake” in the free market ideology.
In prepared remarks before the House of Representatives, Greenspan, 82, who retired in 2006, called the financial crisis a "once-in-a-century credit tsunami" and said it had "turned out to be much broader than anything I could have imagined".
He suggested his trust in the responsibility of banks had been misplaced: "Those of us who have looked to the self-interest of lending institutions to protect shareholders' equity (myself especially) are in a state of shocked disbelief."
The congressional committee's Democratic chairman, Henry Waxman, pressed him: "You found that your view of the world, your ideology, was not right, it was not working?" Greenspan agreed: "That's precisely the reason I was shocked because I'd been going for 40 years or so with considerable evidence that it was working exceptionally well."
- I think I saw this coming in 2002,,,, and I can hardly balance my checkbook each month.
What is good about Britain being in a recession? Were you asleep for the past 20 years of globalization. Recessions in Europe and Asia can trigger recessions in the United States and vise versa. Part of why the dow has declined so sharply and banks are in trouble is because of the interconnectedness of the economy. If the Lloyd's TSB or The Royal Bank of Scotland group has a problem it is likely City Group, Bank of America and JP Morgan Chase will likely be in the same boat. With stock markets it is like dominos. If Europe goes, The US goes, then Asia goes in the same order as sun rises and sets on these places.
It was America who started this one. Thanks for putting this spendaholic up their toffee noses country in this position. Its the best thing you did for us since 1941.
Location: Democratic Peoples Republic of Redneckistan
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Quote:
Originally Posted by AksarbeN
Seems the only difference between recession and depression is if you have a job. From the way it looks this recession is quickly turning into something far worse these past several days. It seems it could have been prevented if the right things had been done in Washington. Over the last 28 years the nation has been operating with republican administrations running the White House for 20 of them.
The H.R.3995 affordability act was being pushed by 58 Rep and 20Dem back in 2002 and if you check the Whitehouse.gov archives for the spring of 2002 you’ll see where George pushed for this bill be move forward. Seems he was very much in favor of removing government regulations and monitoring of the housing market.
Phil Gramm was also very active in removing the regulations and oversight of the housing mortgages and monitoring Wall Street. He is now an active member and leader of the McCain campaign.
Remember hind sight is 20/20. Do you truly think anyone wanted this to happen when they were making decisions 6 years ago? I think they did what they felt was best for the United States. This has been coming for years now, it has just finally peak right before an election (lucky for Obama eh?) which is why so many are focused on what past leadership has done.
Right..Greenspan said he was "shocked" to find out the banksters weren't regulating themselves after they lobbied to get more freedoms.
And the voluntary SEC monitoring of the banks ended because all of them no longer exist.
Government was warned of these problems years ago.
But the party kept going on....
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Greenspan ,, man of the year ~ sort of
