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I dunno, there are industries right now at the top of the supply chain that are eating it so it will probably get pretty bad next year.
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Originally Posted by bbkaren
How can the powers-that-be do this to them? Don't they have children and grandkids they care about?
The older voting population has overall always been pretty self interested for at least the last 40 or 50 years, otherwise there would have been a whole slew of reforms. The only way for that to really change is for your children and grandchildren to hit voting/societal participation age so that they have more power.
The recession were in has only started. Keep in mind that the markets during the great depression showed signs of weakness in 1928 and took several years to feel the full effect. This effect of the credit crunch affecting everything from mortgages to corporate loans is a response to the inability of the world to pay of toxic debt securities. We simply have borrowed more money than we will are capable of paying back. The worst is yet to come.
I recommend a read of both Murray Rothbards' 'man, economy and state' and Kevin Philips' 'bad money' for a better understanding of what were facing.
Both individuals have been very accurate of the decades at explaining the fallacies of Keynesian economics and the interplay between market behaviour and the functions of an economist.
The media is full of stories about how the current economy is the worst it has been since the Great Depression in the 1930s. While I am not an economist, I am older and can remember the terrible economies in the 1970s and early 1980s.
It seemed worse back then. First the unemployment rate was much higher then. It was in the double digits with 20% unemployment in many rust belt towns. Then there was higher interest rates, up to 20% in some cases. Also the terrible economy of the 1970s and 1980s had much higher inflation. Finally there was less availability to get credit back then and when the money ran out, you were broke, no credit card bailouts.
How can people say that the economy is worse today than those terrible times in the 1970s and 80s? It is not even close.
Yes, and I can remember getting up to get in line at the gas station by 6:00 AM, to have any hope of getting gasoline. I also waited in line 20 or 30 minutes in the evening for gasoline, if I had to get it on the way home from work. That was if you were lucky enough to find that they hadn't run out!
Though things are bad, I don't think they are that bad. I did get a call yesterday for a bathroom tile floor job (that's what I do), and in December, before Christmas, that's rare in any year!
It will be when the bailout money runs out, the stock market losses it's max per day, and businesses shut down all over like dominoes. The hyper inflation will be the last straw until the money is worthless.
Sorry, count me OUT. Anyone who voted for Bush is doing this to his children and grandchildren. Me? I didn't and I don't want a part of paying anyone back for this mess. I did NOT vote for this:
Anyone who cannot see a link between sinking $577 billion dollars into our overseas nation building activities and our current state of economic affairs is a complete idiot! Not aiming this directly at you, unless you are a Bush supporter.
I see more of a link in the bad debvts that is the crdit report on so many inthis nation and the fact that we now since the bailouts and stimulis are getting deeper and deeper into huge deficits.We are like a multi-billionaire wanting to spend trillons to survive. We are like the big three automakers ;too much legacy cost and getting deeper and deeper in debt. The war is nothing compared to teh big three;that being socail security'medicare and medcaid. Then pile on all teh other welfare programs and you have a nation that has ceased to function properly.
This is as bad as at least the 1980s recession, maybe a bit worse. Since a great deal of people in this forum are college-aged, my advice to you is take your education slow and easy and wait this thing out. I graduated last year, landed a respectable job out of college, but lost it because of the credit crunch.
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Worst Recession since Great Depression?
I did NOT vote for this:
