United States economy doomed …

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novaqt said:
I suggest you move out of Arizona and your doom and gloom prophesy. If things are as bad as you say they are in Arizona, then move to a place where there is more hustle and bustle.
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How can someone move out of thier state if they lost thier job?
 
Its funny how people hold individuals accountable for trying to by the american dream (a morgage) but those same people defend Fannie and Freddie (and bear sterns, and all of the investment banks) for taking on more risk than they should have. Also IMHO it is the lending agencies that should have done thier homework and done a better job of screening potential buyers. It is just Enron on a much larger scale. Investment bankers were selling all of these investment backed mortgages to everyone one around the world and they didnt even know if they had any value. There is just too much corruption on all levels, wall street and our government.
 
cooper43 said:
"Also IMHO it is the lending agencies that should have done thier homework and done a better job of screening potential buyers."

This is only 1/2 the equation. The Buyer should not have taken on more than they could afford under any circumstances. No money down or adjustable rate mortgages is simply too high a risk for low income people to take on. If you rely on others, and that includes experts, to do the research and education about the home buying process, you should not sign on the dotted line under any circumstances. Its unfortunate that so many people got caught up in this buying frenzy. When I sold real estate, I ALWAYS informed my buyers of the RISKS. I advised fully about adjustable rate mortgages and mostly advised against them. The buyer proceeds at their own risk.[/color]

"It is just Enron on a much larger scale. Investment bankers were selling all of these investment backed mortgages to everyone one around the world and they didnt even know if they had any value. There is just too much corruption on all levels, wall street and our government."

I agree with you here. There is too much greed and corruption in government and corporate America. Its called wealth creation. The Master Estate Holder/Slave scenario from Feudal days.
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cooper43 said:
Its funny how people hold individuals accountable for trying to by the american dream (a morgage) but those same people defend Fannie and Freddie (and bear sterns, and all of the investment banks) for taking on more risk than they should have. Also IMHO it is the lending agencies that should have done thier homework and done a better job of screening potential buyers. It is just Enron on a much larger scale. Investment bankers were selling all of these investment backed mortgages to everyone one around the world and they didnt even know if they had any value. There is just too much corruption on all levels, wall street and our government.
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I told you if you stuck around you'd see the capitalist wannabes come out to defend their masters. I don't get it either. My guess is they are delusional. They may have a million dollar house, a Benz and a country club membership (or wish they did) so they think they are in. They just don't realize they're on board the Titanic with the rest of us.
Its funny how they lambast Socialism for the little person, yet they see no problem in using public money to bail out wall street and the rest of the corporate parasites.
The sad reality is that there are parallels to 1929. The revocation of the Glass Steagall act during the Clinton years has greatly contributed to the current mortgage crisis; which goes to show that corpotate and banking interests always get their way regardless of what political party is in office.
The main diference between the great depression and today is that there is no FDR to save the capitalists' bacon. All the so called conservatives love to beat up FDR yet he is the one that kept the country from going full blown socialist with all his government programs.
Check out this article from the UK. The UK and other European banking interests are the real power behind the Federal Reserve, since the FederalReserve is as much a part of the U.S. government as Federal Express is.
Barclays warns of financial storm.
 
delldude said:
Sounds like Phil knows what he's talking about.....

John can't admit it though.... :lol:
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Here's what Phil should do...spend from now until November living like the "Average American". Temporarily take away access to his house, bank account, stocks, private jets and anything else...then let him "trade jobs" with an Average American. Give him the average American's debt, income, and job. Just until November. He's got to make a living on the income his job provides...he's got to pay for the mortgage on the house they give him, he's got to deal with the concerns that his employer might have to cut jobs. He's got to save for the kids college and his retirement, and pay for his health care. He's got to pay for the gas going into his car and the food he puts on the table. All on the income that the "Average American" makes. He can't bring any extra money he has - just take what he gets in the trade. I would be willing to bet that the "Average American" who got to trade places might also say that we are in a "mental recession". Phil on the other hand might get a better grasp on how the economy impacts the bottom 95% of income earners.

What this country needs as an "economic advisor" is someone who knows what it's like to live on the median household income of $40k per year, and not some seven figure salary. I'll admit, if I had a seven figure income and an eight figure investment portfolio, it wouldn't take me long to forget what "life in the trenches" was like.
 
Fed takes over one of the MACs... IndyMAC. FDIC will likely take hit of $8.5 billion. Many customers will lose millions as they were exposed over the FDIC amount.
 
Being a global market, the US economy is beginning to decline. We are no longer #1, sorta speak. But the US is still a major player and many may just have to adjust to it.

ARTICLE
 
OneVoteOnePartyNoChoice.jpg


I like this one too!

dcs336.gif
 
signals said:
Being a global market, the US economy is beginning to decline. We are no longer #1, sorta speak. But the US is still a major player and many may just have to adjust to it.

ARTICLE
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The US is certainly no longer a leader in manufacturing, and we are fast becoming a second rate service economy. That pretty much means that if you aren't among the "investor class", you're screwed.
 
freedom said:
United States economy doomed …

I give it three to five years before total collapse .

Why do I say this ?

1. OIL , oil as we all know is the backbone of the us economy , and it’s like someone’s just taken our backbone and snapped it over their knee like a twig .. I don’t believe that our country can survive with oil prices as high as they are today ,, maybe somewhere in the 110 to 120 range … but I don’t see the prices falling that low until we’ve sustained critical damage ..

2. The us government is almost bankrupt ..it wasn’t too long ago that old uncle sam had to give himself another credit extension by raising the maximum federal debt level ..Right now we’re nine trillion dollars in the hole …. It won’t be long again until we hit our ceiling …oh hey , by the way , the expensive and draining war in iraq isn’t helping this problem .

3 our long term obligations are soon to roost , I forget which medical system is going dry , but wasn’t the government warning us about one of them going under in 2017 ? Not to mention that most of the states in our country are in the red , and the same goes for a lot of cities as well … How will the gov be able to jump start the economy if there’s nothing in the bank , and if we know there’s nothing in there and the world knows , you can expect our dollar to plummet … (CLEAR!!! Voomp! , voomp! , that’s the sound of the paddles not reviving the economy . )


sorry this isn’t a very thought out post …. I’m just going off the top of my head here … I’ll write something a bit more comprehensive when I get the chance , but that’s about it in a nut shell …. T
:cold: oast baby , toast ….
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Like I said, in a previous post- "America's Economy Risks Mother of All Meltdowns", it isn't pretty... also listen to the 3rd hour, Part 1 & 2 ...

http://www.financialsense.com/fsn/main.html
 
novaqt said:
Buried in the above article is the probable answer:

"More likely, the Treasury Department or the Federal Reserve would come in and provide a liquidity backstop, in the form of a loan or guarantee to bondholders that they will be paid. Fannie and Freddie could even do a preferred stock deal with the government, much like the deal forged by Citigroup with the Abu Dhabi Investment Authority."

Dubai, U.E. is investing pretty heavily in our country. They just bought the Crysler Building in New York. Dubai, U.E. is expected to become a major global financial center and a lot of our corporations have already moved offices there. I suspect some form of financial bailout will come from there. Think outsourcing of Fannie Mae/Freddie Mac.
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I don't think that section was intended to read as a foreign government controlled investment arm coming to Mac/Mae's rescue. I am certain that it is suggesting, as I noted earlier, that the fed will start acting like a sovereign investment fund on its own... in a fashion similar to that of the Abu Dhabi Investment Authority.

It is uncontested, however, that foreign investment arms are already a significant part of our financial base... i.e. citigroup, etc. Mac/Mae is a different story though (I hope).

I suppose a foreign gov't could buy some of Mac/Mae's debt in an auction process... but I don't think an equity position is in the cards.
 
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