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USA on verge of collapse according to economist that predicted dirivitive and housing

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USA on verge of collapse according to economist that predicted dirivitive and housing

Old 09-13-2010, 05:37 AM
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Bly
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Default USA on verge of collapse according to economist that predicted dirivitive and housing

collapse. Nothing new. We are heading the way of england. They ruled the world and seas only a hundred years ago. The biggest problem he said is lack of jobs and manufacturing. There is No way to pay china back and pay for a growing welfare state. He said we have run out of magic bullets to save our economy
Old 09-13-2010, 05:45 AM
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We are Americans and we will not roll over and quit, with that being said I do agree we have dug our selves in a very deep hole and without MFG and construction jobs we are in deep trouble.

Almost like everything is on hold for the upcoming mid term elections, I have never seen a mid term election effect us like the one coming up

Also we are heading into the worse time of the year historically (October), if we can hold our on through Oct and have a decent Christmas season for the retailers I think that may be what it takes to turn around.

In our area most of the MFG places seem to be wide open, the downside is construction which is almost non existent and has been in a steep downward mode since this time last year. There is NO NEW CONSTRUCTION going on in our area, actually heard one guy say he was not wishing harm on anyone but a hurricane would create a big jump in construction in the SE right now but looks like we are not going to have that happen either.
Old 09-13-2010, 07:18 AM
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I don't think you can look to the past as a guide reliably. Modern economics bear little resemblance to past centuries.

Not that I think things are looking great mind you...but remember this, when it all goes wrong here...we have 300m people to worry about and provide for. When it all goes wrong in China...lol, good luck over there. China can;t keep going up while the rest of the planet goes down.
Old 09-13-2010, 07:27 AM
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Payments of BP claims under Ken Feinberg's regime have been no better than under BP. The local adjusting company's people collect paperwork, fill out what's needed and send those to Feinberg's people. At that point the beaurocracy kicks in and checks either don't come at all, or come at a greatly reduced amount.
Efforts to learn why are useless; nobody gets any information...or money.

A Hurricane would be the very best thing that could happen to the northern Gulf right now.
Old 09-13-2010, 04:28 PM
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It will not get better until Washington quits spending and borrowing more than it takes in . Construction will not improve until the economy rebounds and we clear out all the current foreclosed and short sale homes. If the current administration continues on its current path, then yes, there is a chance of collapse. We have started buying our own debt, pretty soon we will need 5 dollars to buy what would only have been 1 dollar. The chances of inflation in the near future are pretty good, so not only will it be tough to get a loan, nobody will be able to afford one, wonder what that would do to the housing market?
Too many somewhat financially conservative people were spending too much of their take home money and borrowing too close to their debt/income levels because things were good, houses were appreciating, unemployment was low, loans were very easy to come by, the future looked good. So even those who were able to pull it out and keep their homes and jobs, they learned their lesson. I think people will now try and build their savings a little more and wait to buy with cash rather than credit. This will take a few years to build personal savings back to a level that people feel comfortable enough to start spending again and even that will largely depend on where the economy is.
I was lucky enough to sell my boat this past March, I would like to buy another boat but I will wait till I feel the economy has stabilized and is moving back in the right direction. Same scenario with cars, I would like to buy a newer vehicle but mine is paid off and runs fine, I will wait.
Old 09-14-2010, 04:54 AM
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Originally Posted by Jonesy23 View Post
It will not get better until Washington quits spending and borrowing more than it takes in . Construction will not improve until the economy rebounds and we clear out all the current foreclosed and short sale homes. If the current administration continues on its current path, then yes, there is a chance of collapse. We have started buying our own debt, pretty soon we will need 5 dollars to buy what would only have been 1 dollar. The chances of inflation in the near future are pretty good, so not only will it be tough to get a loan, nobody will be able to afford one, wonder what that would do to the housing market?
Too many somewhat financially conservative people were spending too much of their take home money and borrowing too close to their debt/income levels because things were good, houses were appreciating, unemployment was low, loans were very easy to come by, the future looked good. So even those who were able to pull it out and keep their homes and jobs, they learned their lesson. I think people will now try and build their savings a little more and wait to buy with cash rather than credit. This will take a few years to build personal savings back to a level that people feel comfortable enough to start spending again and even that will largely depend on where the economy is.
I was lucky enough to sell my boat this past March, I would like to buy another boat but I will wait till I feel the economy has stabilized and is moving back in the right direction. Same scenario with cars, I would like to buy a newer vehicle but mine is paid off and runs fine, I will wait.
You seem to think the economy depends on consumer spending. It is OK for you that the true unemployment number is near 20% and 9% number is the percent that is collecting unemployment comp. not the total number that had benefits run out and have stopped looking for work because there is none. Then you have the increase in Govt or municipal jobs who actually produce nothing but want everything? You see nothing wrong with our manufacturing dollars going to china? and our service dollars going to india. Then you have the large Illegal Alien workforce working under the radar and sending a lot of that money to mexico through Bank Of America {Amigos}?-$ Whos going to pay sor our larger and larger socialist economy
Old 09-14-2010, 05:31 AM
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The article stated that our economic problems are structural not cyclical. None of the old figures, graphs, paradigms apply. Uncharted waters.
Old 09-14-2010, 05:36 AM
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Originally Posted by adimice View Post
The article stated that our economic problems are structural not cyclical. None of the old figures, graphs, paradigms apply. Uncharted waters.


Exactly.....
That's the scary part..
Old 09-14-2010, 05:57 AM
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I didn't even read the article but have been thinking the same thing. Mostly because the majority of the population has been voting for someone else to take care of them instead of voting for the ability to take care of themselves.......the rest of our problems are just a result of way of thinking.....and the reason it WILL NEVER get turned around.
Old 09-14-2010, 06:44 AM
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On a related note, anyone in Florida should vote no on Proposition 4. It would make it so a referendum vote by the citizens would have to be conducted prior to any new development or construction. That's a brilliant idea isn't it? the construction market is hurting like so many other areas, so why don't we make it even harder/impossible for people in the construction market to make an honest dollar with whatever business they can muster at this point.

Why must these people insist on programs and ideas that will make it even harder for people to live in a bad economy.
Old 09-14-2010, 07:16 AM
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We're doomed!

Buy a bullet...rent the gun.


Some of y'all really have to stop watching Glenn Beck. You do know that chronic alcoholism changes the way the brain thinks...
Old 09-14-2010, 07:21 AM
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Originally Posted by Joe View Post
We're doomed!

Buy a bullet...rent the gun.


Some of y'all really have to stop watching Glenn Beck. You do know that chronic alcoholism changes the way the brain thinks...



Truth hurts......
Old 09-14-2010, 07:40 AM
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I was flipping channels a few weeks back and caught Beck crying. On national tv. WTF does he have to cry about? He's probably a multi millionaire who never has to work another day in his life! He never went to college, is a 'recovering' alcoholic and 10 years ago was a disc jockey "zookeeper". I'd say he should get up pretty damn happy -- every day.

But I guess if he isn't preaching doom and gloom, he can't sell viewers to advertisers.
Old 09-14-2010, 07:44 AM
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Originally Posted by bobb View Post
Truth hurts......
No, not really. The truth is what it is.

But I'm not ready to blow my brains out over an election, either.
Old 09-14-2010, 07:48 AM
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Originally Posted by bamaboy473 View Post
A Hurricane would be the very best thing that could happen to the northern Gulf right now.

I have heard that quite a few times the last couple of weeks here in Charleston. Everyone remembers the economy booming after Hugo. It is sad that it takes a natural disaster to get things moving in the right direction again.
Old 09-14-2010, 07:49 AM
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Default I try not to watch glenn beck especially when he goes off on the super god thing

Originally Posted by Joe View Post
We're doomed!

Buy a bullet...rent the gun.


Some of y'all really have to stop watching Glenn Beck. You do know that chronic alcoholism changes the way the brain thinks...
Then you have the ron paul crowd that said the economy is flawed. Now you have economist that predicted the housing, mortgage and dirivitive failures. Then there is No prospect for people to find work. About our future problem to pay the National debt down???? With the stock market rising on most days even with this outlook you dont see a problem? You must be on nancy pelosi s team??
Old 09-14-2010, 08:04 AM
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I used to watch beck, now I can't stand him.

Reduce government spending and don't hike taxes. I just can't understand why, with all the debt we have, the administration wants to spend so much in "stimulus" money... and healthcare...

There are ALOT of really wealthy people out there who are just sitting on their money. Instead of the government spending money to invest in our economy (poorly I might add) I think it would be wise to adopt a strategy that encourages individuals to invest instead of the government. The money and will is out there...

The possibility of a big increase in taxes is hurting investments in high-volume, small profit margin operations like manufacturing and construction. If i was to invest in something with an expected return of say... 20% the possibility of a 10% increase in taxes might make me reconsider..
Old 09-14-2010, 08:05 AM
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Originally Posted by Bly View Post
Then you have the ron paul crowd that said the economy is flawed. Now you have economist that predicted the housing, mortgage and dirivitive failures. Then there is No prospect for people to find work. About our future problem to pay the National debt down???? With the stock market rising on most days even with this outlook you dont see a problem? You must be on nancy pelosi s team??
hardly. But what most partisans don't want to admit is that we've been living on credit for a while. The almost 3 trillion we've spent recently has only sped up the process; it wasn't like we had a plan before BO. Let's face it: Bush was no fiscal conservative either.

The point is this has been coming for a long time. It shouldn't be a surprise. You want financial armagedon? Wait until noone will buy our debt. At that point, we're insolvent and bankrupt.

That should give Beck something to cry about on tv.

But what can you do about? Kill yourself? Complain? Or keep working and vote your conscience?

Last edited by Joe; 09-14-2010 at 08:39 AM.
Old 09-14-2010, 08:10 AM
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Originally Posted by Half-hitched View Post
I have heard that quite a few times the last couple of weeks here in Charleston. Everyone remembers the economy booming after Hugo. It is sad that it takes a natural disaster to get things moving in the right direction again.
I also remember not having electricity for 3 weeks and not being able to buy gas and groceries for a week. And I remember everything being torn up and ruined for years. And losing a boat and never getting my house back 'right'.

Yeah..that sucked.
Old 09-14-2010, 10:05 AM
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As long as we we have the biggest military what can China do to make us pay them back?

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