Wall Street fears for next Great Depression, page 1
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Topic started on 16-3-2008 @ 07:19 PM by Quantum_Squirrel

Wall Street fears for next Great Depression


www.independent.co.uk
Wall Street is bracing itself for another week of roller-coaster trading after more than $300bn (£150bn) was wiped off the US equity markets on Friday following the emergency funding package put together by the Federal Reserve and JPMorgan Chase to rescue Bear Stearns.

One UK economist warned that the world is now close to a 1930s-like Great Depression.
(visit the link for the full news article)


reply posted on 16-3-2008 @ 07:53 PM by rikriley
reply to post by Quantum_Squirrel



The Fed on Monday could lower interest rates as much as a single point lowering the prime lending rate to close to 2%. We can say what we want but the crashing housing market because of loose mortgages and continual escalating oil prices are the 2 biggest culprits in my opinion why we are seeing the Fed jump in to save the day. Now I do mean a day because this is a band aid folks and if a quick resolution is not forth coming a domino affect of the collapse of many lending institutions I feel could pursue. Rik Riley


reply posted on 16-3-2008 @ 08:41 PM by chromatico
reply to post by xxpigxx



I don't think this is a problem for the people in charge. Instead, I think the little guy should "wise up" and be more paranoid with their finances.


reply posted on 16-3-2008 @ 08:54 PM by rizla
reply to post by xxpigxx



8 years of incompetency and/or psychotic policies have led us to this point. They couldn't stop this if they wanted to.


reply posted on 16-3-2008 @ 09:01 PM by windwaker
reply to post by Quantum_Squirrel



As I write this the US dollar is plummeting, on a Sunday night! I've started to move as much money as I can to the Euro for now, though if there is a global depression, the Euro wouldn't stay strong for long either... I am even keeping some on hand in my apartment just in case everything goes to pot, and my dollars mean nothing...Would I be able to survive by offering Euros to people in the US instead?

I'm very worried now. Thank God I don't have a mortgage or a car note and I don't have anything invested in stocks!


reply posted on 16-3-2008 @ 09:06 PM by windwaker
reply to post by Leviatano



Wait until tomorrow morning when the market in the US opens. Bear Stearns sold for $2 dollars a share?!?!? People are going to riot!

I wonder when the financial industry suicides are going to start.


reply posted on 16-3-2008 @ 09:10 PM by chromatico
reply to post by windwaker



Probably have already started. Peeps just o.d. on pills these days instead of jumping out of windows.


reply posted on 16-3-2008 @ 09:21 PM by Leviatano
reply to post by windwaker



Probably already have started, just waiting until people figure out they can't afford payments on there million dollar houses or cars. There will probably be news reports running rampant with stories like this soon enough.


reply posted on 16-3-2008 @ 09:38 PM by CyberTruth
Originally posted by Leviatano
reply to
post by windwaker



Probably already have started, just waiting until people figure out they can't afford payments on there million dollar houses or cars. There will probably be news reports running rampant with stories like this soon enough.


Problem is that it could already be happening and for a a while now and the corporate main stream news still would "not" report about it so as to try to keep people from panicking.

I was rather shocked when I read this ATS thread and that this story was only reported on BBC Tent Cities have begun Spring up outside Los Angeles

I can tell we are in trouble every time I go to the supermarket and I see prices going up on a weekly/daily basis. And of course the same for Gas. There doesn't seem to be any end in sight. I'm starting to freak out a little myself and I wonder if everyone else has the same uneasy feeling I do.



[edit on 16-3-2008 by CyberTruth]
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