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"The worst global financial crisis since the Great Depression "

fretless

By fretless
in Bass Guitar

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lokidecat Newbie

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The DJIA would have to lose ~4000 points to be the same dropoff that happened in the 29 stock market crash.

 

But yeah, I feel your frustration.

 

And WaMu is my bank (cry).. I'm really resisting the groupthink desire to make a run on the bank and pull all my funds.

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phildogger Newbie

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It's all Leftist propaganda bull{censored}. Everytime it looks like a Repub might make it into office, out comes the recession talk. All recessions are spurred by talking heads telling folks that bad economic times are coming. People get nervous, stop spending. Hello Recession!

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misterhinkydink Newbie

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It's all Leftist propaganda bull{censored}. Everytime it looks like a Repub might make it into office, out comes the recession talk. All recessions are spurred by talking heads telling folks that bad economic times are coming. People get nervous, stop spending. Hello Recession!

 

I'm sure the money that evaporated in the bad mortgage loans had nothing to do with it. :rolleyes:

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dDigitalPimp Newbie

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It's all Leftist propaganda bull{censored}. Everytime it looks like a Repub might make it into office, out comes the recession talk. All recessions are spurred by talking heads telling folks that bad economic times are coming. People get nervous, stop spending. Hello Recession!

 

wow, just... wow. :mad:

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phildogger Newbie

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I'm sure the money that evaporated in the bad mortgage loans had nothing to do with it.
:rolleyes:

 

I have very little sympathy for those who cannot get out from under a bad home loan. Too many people bought way above their means, and didn't stop to think about what they were doing. A Variable rate is just that, Variable. Should have gotten a fixed rate after the year or 3.

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misterhinkydink Newbie

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I have very little sympathy for those who cannot get out from under a bad home loan. Too many people bought way above their means, and didn't stop to think about what they were doing. A Variable rate is just that, Variable. Should have gotten a fixed rate after the year or 3.

 

 

Weather you have sympathy doesn't matter. The money is gone and that's what's causing the crisis.

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Kindness Newbie

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It's all because of you whiners! It's just a mental recession!

http://www.washtimes.com/news/2008/jul/09/mccain-adviser-addresses-mental-recession/

 

 

That article is full of quotes that could have come straight from the mouth of lug!

 

I'm not going to lie, I'm really enjoying this opportunity to increase my holdings while the market is low. Whether or not I'm on the right path will be known years from now, not today, tomorrow, next week, next month or next year. There are far too many variables, including moving and adaptable variables to make any realistic and dependable predictions.

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J. Newbie

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Lehman - gone bust


Merrill Lynch - almost gone bust except for Bank of America


AIG - almost gone bust, except for worldwide intervention.



yeah...that's just propaganda bull{censored}.


you make baby jesus cry.

 

 

The financial crisis is very real, but the statement that it's the "worst global financial crisis since the Great Depression" is hyperbole. We are most likely headed for a recession, but I doubt we're going to see unemployment at over 30% with a misery index through the roof.

 

Of course it's political, and there's propaganda on both sides. One side claims that the sky is falling, and the other claims that the economy is strong and resilient.

 

There is one thing though - we caused a lot of this. Gov't tampering in the free market has given us a lot of this mess, and has almost exclusively effed up the housing market. Government policy is to blame, with things like the Fair Lending act and the idea that it's okay to let quasi-government institutions privatize profits and socialize losses.

 

I just hope we take the right lesson away from all this.

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WillPlay4food Newbie

WillPlay4food

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Part of it is mental in a 'rats abandoning the ship' way. The reason some of these firms are going under is because everyone wants to get their money back now. Since banks only have enough cash on hand to handle normal withdrawal amounts (the rest is invested so they make money from your money), if everyone goes to get their money at the same time it can force a firm into insolvency. See: "Run on the bank" for more background.

 

Many firms are dealing with rating cuts. These rating cuts can trigger automatic buyback clauses in their financial instruments, forcing firms to buy back debt that isn't due to mature for some time. This strains cash flow etc., etc.

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lokidecat Newbie

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Biggest problem of course being: America doesn't make anything anymore.

 

We move money around. It's all money markets.

 

Our cars made for GM/Ford are made in Canada and Mexico.

Chrysler's money goes to Germany.

Our TVs are made in Japan/Taiwan.

Our clothing is made in Malaysia.

 

What we DO make here, are like Toyota and Honda plants goes to Japan.

 

We simply don't make anything anymore.

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Jugghaid Newbie

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The financial crisis is very real, but the statement that it's the "worst global financial crisis since the Great Depression" is hyperbole. We
are
most likely headed for a recession, but I doubt we're going to see unemployment at over 30% with a misery index through the roof.


Of course it's political, and there's propaganda on both sides. One side claims that the sky is falling, and the other claims that the economy is strong and resilient.


There is one thing though - we caused a lot of this. Gov't tampering in the free market has given us a lot of this mess, and has almost exclusively effed up the housing market. Government policy is to blame, with things like the Fair Lending act and the idea that it's okay to let quasi-government institutions privatize profits and socialize losses.


I just hope we take the right lesson away from all this.

 

 

Very very true.

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chris-dax Newbie

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I wasn't alive in '29 , contrary to what some of you may think , but I am worried . Hope they get it together ASAP over there in DC .

 

 

If Mr. (Rep.Barney) Frank (D-MA)(Chairman of the House Financial Services Committee) thinks his "affordable housing" goals are so popular, he can always ask Congress to appropriate money for any housing subsidy he desires. But he knows those votes are hard to come by. It's much easier to have Fannie and Freddie take inordinate risks, even at taxpayer expense, so they can pay a political dividend called an "affordable housing trust fund" that politicians will disperse. In opposing genuine reform of Fan and Fred, Mr. Frank wasn't acting like a principled liberal. He was protecting corporate giants while hiding their risks from taxpayers until the middle class got stuck with the bill.

 

In 2003, Frank rejected Bush administration and Congressional Republican efforts for regulatory overhaul in the housing finance industry. Under the plan a new agency would have been created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac. "These two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis," Frank said. He added, "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."

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Jugghaid Newbie

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That article is full of quotes that could have come straight from the mouth of lug!


I'm not going to lie, I'm really enjoying this opportunity to increase my holdings while the market is low. Whether or not I'm on the right path will be known years from now, not today, tomorrow, next week, next month or next year. There are far too many variables, including moving and adaptable variables to make any realistic and dependable predictions.

 

 

And honestly, comsumer confidence has a LOT to do with it, and the media has a LOT to do with consumer confidence.

 

things are not nearly as bad as the media pundits would have you believe. There are some issues, to be sure, but we almost definitely are not headed for another depression.

 

 

I think you're smart to be buying right now. That's what I'm doing as well.

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