The Great Depression II

[ThreeMusketeers]

I can't believe whats happening with the economy.

Although, I don't think it will do any long term help. I am hoping that we will all get stimulus checks. Just b/c I need to catch up on some things. I know that's not the right way to think..but we are close to drowning here.

What are your thoughts on the economy?

 

[Master Mason]

I can't believe whats happening with the economy.

Although, I don't think it will do any long term help. I am hoping that we will all get stimulus checks. Just b/c I need to catch up on some things. I know that's not the right way to think..but we are close to drowning here.

What are your thoughts on the economy?

I think the economy stinks, and with the next set of quarterlies we will most likely be in an actual recession. I also think that many people have themselves worked into frenzy over it, and are making it worse than it really is. It becomes a self fulfilling proficy. That we live in a world of instant news and 30 second soundbite information, makes people react in ways they never would have in the past, which just feeds the panic.

We also had a large group of people that were living vastly beyond their means, buying houses they really could not afford due to bad decisions on both the buyers and lenders sides. We have large groups of people that saw no problem burying themselves in credit card debt to have the instant gratification of what ever it was right then instead of saving for what they wanted. And now we see lots of people's house of cards crumbling. It is sad, but they did do it to themselves in most cases, not all, but most.

 

[CapeCodTenor]

I think the economy stinks, and with the next set of quarterlies we will most likely be in an actual recession. I also think that many people have themselves worked into frenzy over it, and are making it worse than it really is. It becomes a self fulfilling proficy. That we live in a world of instant news and 30 second soundbite information, makes people react in ways they never would have in the past, which just feeds the panic.

We also had a large group of people that were living vastly beyond their means, buying houses they really could not afford due to bad decisions on both the buyers and lenders sides. We have large groups of people that saw no problem burying themselves in credit card debt to have the instant gratification of what ever it was right then instead of saving for what they wanted. And now we see lots of people's house of cards crumbling. It is sad, but they did do it to themselves in most cases, not all, but most.

ITA

 

[eliza61]

I think the economy stinks, and with the next set of quarterlies we will most likely be in an actual recession. I also think that many people have themselves worked into frenzy over it, and are making it worse than it really is. It becomes a self fulfilling proficy. That we live in a world of instant news and 30 second soundbite information, makes people react in ways they never would have in the past, which just feeds the panic.

We also had a large group of people that were living vastly beyond their means, buying houses they really could not afford due to bad decisions on both the buyers and lenders sides. We have large groups of people that saw no problem burying themselves in credit card debt to have the instant gratification of what ever it was right then instead of saving for what they wanted. And now we see lots of people's house of cards crumbling. It is sad, but they did do it to themselves in most cases, not all, but most.

I don't know about that Mason.
Unemployment is now at an all time high with levels not seen since the early 1990's. I really don't think turning off the tv and not worrying about it is going to make it go away.

http://news.yahoo.com/s/ap/20081113/ap_on_bi_go_ec_fi/jobless_claims

I think those folks would probably call this a depression.

 

[clarabelle]

Who is paying for the stimulus checks??

 

[Zippa D Doodah]

Stimulus checks won't work to fix the problem. It wouldn't be any more stupid than the bailout, but I digress.
Yet any time the pigs in Congress see fit to return some of my money to me I won't turn it down.

 

[blu3d3vil]

Who is paying for the stimulus checks??

We are. It's already our money, they'd just be giving it back to us.

 

[rayelias]

I don't know about that Mason.
Unemployment is now at an all time high with levels not seen since the early 1990's. I really don't think turning off the tv and not worrying about it is going to make it go away.

http://news.yahoo.com/s/ap/20081113/ap_on_bi_go_ec_fi/jobless_claims

I think those folks would probably call this a depression.

All time high? What?!? You do realize that there were employment figures before the early 1990's, right?

Depression? We technically aren't even in a *recession* yet! And, the economic situation is not defined by a small group of people and how they *feel*. It's a specific mathematical economical formula. Not a touchy, feely emotion.

I don't think many people today have any clue what a REAL BAD economy truly is.

 

[The Mystery Machine]

We are absolutely tanking here in St. Louis Mo. The amount of job loss is staggering.

 

[Master Mason]

I don't know about that Mason.
Unemployment is now at an all time high with levels not seen since the early 1990's. I really don't think turning off the tv and not worrying about it is going to make it go away.

http://news.yahoo.com/s/ap/20081113/ap_on_bi_go_ec_fi/jobless_claims

I think those folks would probably call this a depression.

All time high not seen since the early 90's???? In the early 90's it was near 8% in the early 80's it was near 10% in 1933 it was 24.9% Sorry, we are no where close to Depression era unemployement.

 

[eliza61]

All time high? What?!? You do realize that there were employment figures before the early 1990's, right?

Depression? We technically aren't even in a *recession* yet! And, the economic situation is not defined by a small group of people and how they *feel*. It's a specific mathematical economical formula. Not a touchy, feely emotion.

I don't think many people today have any clue what a REAL BAD economy truly is.

hunger or homelessness are not touchy feely emotions either. all I'm saying is when you're unemployed and hanging by a thread people don't really give a fig what the "mathematical economical formula" says.
I guarantee you those 9,000 people layed off from DHL and the folks who lost their life savings from enron know what a REAL BAD economy is. When you have to make a choice between food or medicine what we "technically" call it doesn't amount to a hill of beans.

Yes I know they kept records before 1990's, I simply linked an article, I didn't write the article. You can take up the language with the author.

 

[eliza61]

We are absolutely tanking here in St. Louis Mo. The amount of job loss is staggering.

Well according to Master mason, if you don't think about it or don't call it a recession, it will go away.

Unemployment is now at 7.2% yes I know that is so faaaar from 8%. My bad

 

[Master Mason]

Well according to Master mason, if you don't think about it or don't call it a recession, it will go away.

Unemployment is now at 7.2% yes I know that is so faaaar from 8%. My bad

Please show me where I said that. It might be helpful if you read what I wrote.

 

[clarabelle]

We are. It's already our money, they'd just be giving it back to us.

Not all of us

 

[SundancePass]

In the Twin Cities jobs are flying out of here like crazy. Manufacturing jobs started slowing down in March 2006. It doesn't matter what economonists say to me, IMO this is a recession and has been for at least a year. 7 quarters of declining housing prices nationwide, all the economic turmoil caused by unwise borrowers, visionless car companies, greedy banks, etc. to me is a bad ecomony no matter what the statistics say.

Yes, I compeltely agree that consumers are fulfilling the self-fulfililng prophecy of a recession by not spending. However, many are frightened for the first time in their lives. Now, we will, hopefully, not buy what we can't afford. However, when to comes to food, what are people supposed to do?

No, I do not support bailing out the car companies, and of them, as they had DECADES to do something and didn't. No govenment bailout for DHL or Circuit City whose management made bad decisions. No bailout for GM, Ford, or Chrysler. The companies will be better for it and will survive.
(Putting soap box away and the flame suit on.)

 

[mookie]

I definitely think it's going to get worse before it gets better. but you know what is the silver lining in all of this? I know so many people that struggled to "keep up with the Jones's" that they dug themselves a hole that they are really struggling to get out of. Now I think everyone is realizing what tough times we are in, and that keeping up with the Jones's might not be the best of ideas....I think we've smarted up a bit and learned a valuable lesson.

But in our neighborhood, I'm finding it a bit comforting. Everyone is talking about their struggles, and I think for us we've all realized we are no different. The family that we thought was "living large" and had "the best of everything" is up to their eyeballs in credit card debt.

It's brought all of us closer. We've realized we are all struggling, we've realized that money is tight, and it's no longer "uncool" to say "sorry, we can't afford it." We've even talked about couponing together! I think it's helped us all to realize we are in the same boat, and that pressure to "Keep up with the Jones's" has become a reality check.

Sounds silly, but I'm glad that "pressure" is off. And personally, I love the fact that I am forcing myself to find ways to save money....and I'm mad at myself that I haven't been doing it earlier!

 

[eliza61]

Please show me where I said that. It might be helpful if you read what I wrote.

Oops your right. I misunderstood the part about "self fulfilling prophecy" and "making it worse than it reallys is". So if I don't get in a "frenzy" about losing my job and keep spending money, it won't be as bad as is it? Just trying to understand.

 

[debden]

In the Twin Cities jobs are flying out of here like crazy. Manufacturing jobs started slowing down in March 2006. It doesn't matter what economonists say to me, IMO this is a recession and has been for at least a year. 7 quarters of declining housing prices nationwide, all the economic turmoil caused by unwise borrowers, visionless car companies, greedy banks, etc. to me is a bad ecomony no matter what the statistics say.

Yes, I compeltely agree that consumers are fulfilling the self-fulfililng prophecy of a recession by not spending. However, many are frightened for the first time in their lives. Now, we will, hopefully, not buy what we can't afford. However, when to comes to food, what are people supposed to do?

No, I do not support bailing out the car companies, and of them, as they had DECADES to do something and didn't. No govenment bailout for DHL or Circuit City whose management made bad decisions. No bailout for GM, Ford, or Chrysler. The companies will be better for it and will survive.
(Putting soap box away and the flame suit on.)

ITA.You can't save a sinking ship.It's gonna sink no matter how hard you try to keep it afloat.And it's only gonna get worse.
And please no more bailouts.I'm sick and tired of hearing how AIG is using that money to take it's exec's on vacations while I sit my hardworking,no
"bailout for me" self at home with no extra money to go anywhere.
That's crap.....

Debbie

 

[mtdevine615]

My dad who did grow up during the great depression had a great definition for it. He defined a recession as when your neighbor losses their job and a depression when you lose your job.
2/3 of this economy is driven by us the consumer. If the feds want to fix things they need to give the consumers a hand not the fat cats.

 

[Master Mason]

Oops your right. I misunderstood the part about "self fulfilling prophecy" and "making it worse than it reallys is". So if I don't get in a "frenzy" about losing my job and keep spending money, it won't be as bad as is it? Just trying to understand.

Yes it is a self fulfilling proficey, the folks on TV tell us that things are going to hell, so people listen and stop spending money, this makes the economy go down and companies close and people lose their jobs, so they tell us it is bad and the cycle repeats its self. I've had people telling me we are in a recession for 18 months or so now, when it simply is not true, we are not even in one now, but in that 18 months people have talked themselves into one.

I started my original statement that the economy stinks, yes I know it does, there are lots of people that are hurting. But when people start saying we are in the Great Depression II, well that's the frenzy I am talking about.

The sky is not falling, we are having a market correction, as we do every 7 to 10 years.