United States economy doomed …

[freedom]

Your Democratic government gave those people a chance to own their own home, i.e. Acorn, Clinton , "The imfamous Barney Frank" and last but not least Freddie and Fanny, and those people took advantage of the opportunity they were given and bought more house,i.e. interest only loans, than they could afford.......................which in turn led to the current predicament we are "ALL" facing right now!.....................no sympathy here.............sorry ! :blink:

And does it really matter? With Obama in office everyones mortgage will be taken care of and an Xbox in every house !

leave your politics in another thread ... i don't care about politics , i care about my country , i care about our people .

you assume that everyone now losing their house deserves to lose their house ... i'm positive that there are honest , hard working , realistic people out there who bought homes they knew they could afford on their pay checks who are now losing those homes because they have lost their jobs , due to no fault of their own ... we will see more of these folks as the economy worsens and job loses increase ...

this is a depression , not a recession

 

[UAL_TECH]

SW...I was leaning that way but have come to the conclusion that a lot more were asleep at the wheel.

Sure...Carter signed the act in the 70's and it lay dormant for the most part.
Clinton got in and started pushing the program.
Fannie and Freddie leaned on the banking industry ala Acorn.
The banking industry went absolutely unchecked.
W furthered the program.
Question/warnings were asked by GOP which was dissed on party line voting.
Greed and lack of discipline in banking again went criminally unchecked tenfold.
Humpty Dumpty fell off the wall that had been crumbling underneath him with virtually no one noticing.
My point is so many of both parties,industry wonks,citizens and such were so far involved and not concerned until it hit the fan.Then everyone on all sides was terribly shocked.
But also,globally...unchecked credit principles in just about every country on the planet started to go down when it rolled across the pond.
Now we pay the price...globally.

Hey Dude,

How true! This isn't just a US issue and the 'global' markets have been doing the same damn thing... House prices 'fall to 2004 level'

Excerpt:

The average price of a UK home has fallen to levels not seen since August 2004, according to the Halifax.

Madoff seams to have dropped off of the radar in the news. Just think of the global reach this 'thief' has had and now is on 'house arrest'.

WTF! :angry:

If one of us had tried even a fraction of what he has done, we would be under the jail and the IRS would 'freeze' every last dime we have. Bubba would be teaching us our right to remain silent... h34r:
IMHO, Madoff is not an anomaly but merely a 'TIP' of what 'most' of these robber barons have been/are/will be doing.

IMHO

B) xUT

 

[freedom]

Dear doom journal ....

So far the new year has been off to a good start .. the market has gone up back into the 9 thousand range .. however , this means absolutely nothing to me because i'm preparing for economic Armageddon ..

I have now moved mentally beyond the effects of a depression on our economy to the effects of a depression on our society ..

How do you transition a capitalist society into something akin to a communist society in a rational and orderly manner ? this would require a hell of a lot of spin .... once the dollar devalues and we see hyper inflation , how do we break out into a new cycle so that we don't become like Zimbabwe ? i can think of only one course of action , but i just can't figure out how to bring it about in a timely manner ... right now most of the society hasn't come to grips with what's happening and hence cannot be talked into a new system , but by the time they ARE aware of what's really going down , it's simply going to be an uphill battle trying to convert what's left of a semi functioning capital system into central planning .

i think at the core of this is order , no matter what happens it's important to maintain order much like they have in Zimbabwe , yet at the same time , we must be careful that the order which we maintain doesn't strangle any hope of progress out of us ... order must not be to keep those in the upper echelon in a comfortable position , but to ensure the general well being of our society ...

predicting the downfall of the economy is simple stuff when compared to trying to figure out where we should go from that point ... :blink:

 

[Garfield]

Dear doom journal ....

So far the new year has been off to a good start .. the market has gone up back into the 9 thousand range .. however , this means absolutely nothing to me because i'm preparing for economic Armageddon ..

I have now moved mentally beyond the effects of a depression on our economy to the effects of a depression on our society ..

How do you transition a capitalist society into something akin to a communist society in a rational and orderly manner ? this would require a hell of a lot of spin .... once the dollar devalues and we see hyper inflation , how do we break out into a new cycle so that we don't become like Zimbabwe ? i can think of only one course of action , but i just can't figure out how to bring it about in a timely manner ... right now most of the society hasn't come to grips with what's happening and hence cannot be talked into a new system , but by the time they ARE aware of what's really going down , it's simply going to be an uphill battle trying to convert what's left of a semi functioning capital system into central planning .

i think at the core of this is order , no matter what happens it's important to maintain order much like they have in Zimbabwe , yet at the same time , we must be careful that the order which we maintain doesn't strangle any hope of progress out of us ... order must not be to keep those in the upper echelon in a comfortable position , but to ensure the general well being of our society ...

predicting the downfall of the economy is simple stuff when compared to trying to figure out where we should go from that point ... :blink:

am I the only one who finds it frightening this guy has access to the cargo area of an aircraft?

 

[UAL_TECH]

am I the only one who finds it frightening this guy has access to the cargo area of an aircraft?

No...

 

[tech2101]

am I the only one who finds it frightening this guy has access to the cargo area of an aircraft?

I do. Look at the recent ridiculous AirTran incident...

Yet, we have nutjobs like this placing packages in the cargo hold of aircraft everyday.

Back on topic:

Continue to entertain yourself "freedom". Wear the foil hat proudly in your bomb shelter.

 

[freedom]

your like blind people telling someone who can see that their is no sun ...heck that there's no such thing as "seeing"

pick up a PAPER!!!!!

hell , don't even read the paper , just do the math , get the autos report , the industrial reports and compare the trends from the last 40 or 50 years ! ... we're setting new lows in every category ...

now , pick up and read a book about economics , and tell me how inflation works ... then tell me how printing close to 1 trillion dollars this year will in no way shape or form cause inflation (hell that's not even me mentioned 2008! )

then i want you to think about the domino job losses effect ... i want you to remember how one job powers another .... i also want you to dwell on the fact that credit is very hard to come by ... ask yourselves how this will affect the business community ...

so on and so forth

hello hyper inflation , and devalued dollar , good bye society ! h34r:

 

[UAL_TECH]

I do. Look at the recent ridiculous AirTran incident...

Yet, we have nutjobs like this placing packages in the cargo hold of aircraft everyday.

Back on topic:

I liken this economic doom prediction to be like these.

Continue to entertain yourself "freedom". Wear the foil hat proudly in your bomb shelter.

What does religion have to do with it?
I do not see anyone here biblically prophesying ‘The End of Days’ (other than your post).

B) xUT

 

[tech2101]

What does religion have to do with it?
I do not see anyone here biblically prophesying ‘The End of Days’ (other than your post).

B) xUT

No religious reference intended. Probably a bad analogy on my part.

I simply meant that our economic collapse has been predicted many times. We will come out on the other side of this bruised, but not dead...

 

[Gilding the Lily]

How do you transition a capitalist society into something akin to a communist society in a rational and orderly manner ?

I have no idea; but I can tell you that telling people to max out their credit card without the means to pay it back is not going to do it.

 

[NewHampshire Black Bears]

Hey Dude,

How true! This isn't just a US issue and the 'global' markets have been doing the same damn thing... House prices 'fall to 2004 level'

Excerpt:


Madoff seams to have dropped off of the radar in the news. Just think of the global reach this 'thief' has had and now is on 'house arrest'.

WTF! :angry:

If one of us had tried even a fraction of what he has done, we would be under the jail and the IRS would 'freeze' every last dime we have. Bubba would be teaching us our right to remain silent... h34r:
IMHO, Madoff is not an anomaly but merely a 'TIP' of what 'most' of these robber barons have been/are/will be doing.

IMHO

B) xUT

UAL TECH,

First off, I AGREE wholeheartedly with this(your) post.

And as for freedom, I for one, believe he's CLOSER to the reality of the situation, than further away from it.

According to the GOP Bible(Wall street journal), one of the next Mortgage shoes to drop, will be the folks who after a looooong hard look by the banks, got "borderline Approval"......Before.....the Shet hit the fan.

THEN comes My FAVORITE............................Credit Cards, especially those issued by the banks who "jacked up" the OBSCENE fee's.(Obviously I'm not refering to American Express)

First off,........(as the economy continues to falter) NO one is paying their CC bills, before buying food, or paying rent or car payments !!

This means that the credit card debt(in Very large part) is BAD uncollectible Debt that the ***KING banks cannot bundle up, and sell off

Picture this,..........even if a credit card company, has a debtor served with a summons to appear in court for non-payment, ..WHAT judge, (in his right mind today) will hit some poor Bast**D with a judgment in favor of the CC company ???

At least the Banks get a "tangible" asset with a forclosed house,......but with $$$ long spent on a CC,?............"EL-ZIPPO" !!

(Look for personal BK laws to revert back to where they were, before........STUPID........had them changed) !!

 

[UAL_TECH]

No religious reference intended. Probably a bad analogy on my part.

I simply meant that our economic collapse has been predicted many times. We will come out on the other side of this bruised, but not dead...

No harm, no foul... Pretty easy to do I guess...

B) xUT

 

[UAL_TECH]

UAL TECH,

First off, I AGREE wholeheartedly with this(your) post.

And as for freedom, I for one, believe he's CLOSER to the reality of the situation, than further away from it.

According to the GOP Bible(Wall street journal), one of the next Mortgage shoes to drop, will be the folks who after a looooong hard look by the banks, got "borderline Approval"......Before.....the Shet hit the fan.

THEN comes My FAVORITE............................Credit Cards, especially those issued by the banks who "jacked up" the OBSCENE fee's.(Obviously I'm not refering to American Express)

First off,........(as the economy continues to falter) NO one is paying their CC bills, before buying food, or paying rent or car payments !!

This means that the credit card debt(in Very large part) is BAD uncollectible Debt that the ***KING banks cannot bundle up, and sell off

Picture this,..........even if a credit card company, has a debtor served with a summons to appear in court for non-payment, ..WHAT judge, (in his right mind today) will hit some poor Bast**D with a judgment in favor of the CC company ???

At least the Banks get a "tangible" asset with a forclosed house,......but with $$$ long spent on a CC,?............"EL-ZIPPO" !!

(Look for personal BK laws to revert back to where they were, before........STUPID........had them changed) !!

Hey Bears!

Never said I totally disagree with the OP, I just disagree that this will be as bad as he predicts.
But along those lines, I ran across this:
Was whole economy a Ponzi scheme?
Excerpt:

What is even more remarkable is the way in which the alleged fleecing of wealthy people and charities - investors who should have known better or employed people who did - of many billions of dollars serves as a mirror for the broader culture. It shows how we went wrong and where we are left, now that we realize our errors.

The main difference really is that the purported victims, or enablers, or co-fantasists of the trader Bernard Madoff say they found out their wealth was illusory all of a sudden, whereas for most people in the English-speaking world, this is happening little by little.

B) xUT

 

[UAL_TECH]

Hey Freedom!

Is this your new website?
How To Survive The Coming Food Shortage!

B) xUT

 

[freedom]

Hey Freedom!

Is this your new website?
How To Survive The Coming Food Shortage!

B) xUT

i like how they play it up about how great the techniques are and that if you want to survive you need to watch the video , but at the end of the talk up , they bring out the price ...

i'll starve to death before i pay for someone to tell me to stock up on canned foods!