USA 2008: The Great Depression

I don't know why people are still talking about a recession... any beginnings of a recession ended March 11th. According to Elliot Wave Theory, this correction wave is over.

The Dow and Nasdaq are both up 3-4% today. Everything I own is up between 3-6% today.

Google is headed back towards $500+ and Visa is going to hit $100 sooner than you think.


[edit on 4/1/2008 by Yarcofin]

reply to post by LLoyd45


Wow... seriously? Are you THAT pathetic? ...

I'd brush up on my spelling, punctuation, and grammar skills if I wanted to have any shot at that promotion. College graduates are a dime a dozen nowadays..

Punctuation is not something I care to worry about on a Blog message board. Spelling depends on the spell checker, I never claimed to be good at English did I? .. Not that it has anything to do with my promotion, I am good at what I do (which involves securities by the way) and by the way. I don't have a college degree.

If I where YOU, I would work on how to reply to a ATS post .. it seems as if that is trivial and lowly talent that would not take to much effort to do.. I realize some are intellectually challenged that when calling a fellow ATS'er stupid, they in turn make an ass out of themselves.

Though I expect little from the likes of you. from your rude and ignorant comment I can see that you hold no knowledge in what your trying to talk about, but rather simply enjoy listening to ignorance in your own words in an unusual self satisfying sort of way...

Yarcofin

I don't know why people are still talking about a recession... any beginnings of a recession ended March 11th. According to Elliot Wave Theory, this correction wave is over.

If it where a correction the Fed would not have over reacted the way they have.. however, if it is a correction and the Fed was just jumpy then .. well thats awesome.. good for us, we needed a correction. Though the underlying cause of the correction has not yet been fixed so.. we either deal with it today.. or tomorrow.. which will it be? .. we cannot continue the same cycle.. and the Fed's overhaul will do little to challenge the true underlying problem -- shadow banking.

Originally posted by Rockpuck
If it where a correction the Fed would not have over reacted the way they have.. however, if it is a correction and the Fed was just jumpy then .. well thats awesome.. good for us, we needed a correction. Though the underlying cause of the correction has not yet been fixed so.. we either deal with it today.. or tomorrow.. which will it be? .. we cannot continue the same cycle.. and the Fed's overhaul will do little to challenge the true underlying problem -- shadow banking.

Don't worry, there's another big drop coming, which I would still call a correction, but it won't be for at least 2 weeks to a month in my estimation. Monday came close, however. If the markets went down Monday, I think we would have been screwed. But from the strong comeback I've seen in the past 2 days, I'm not too worried in the short-term. But hey, what do I know? I'm just another 21 year old in the financial sector as well

I'm not saying the Fed didn't screw up, or that things are going to be pretty tough in the US for the next couple of years until things get sorted out, but I don't think people should bring up The Great Depression in relation to current events every week on here.

[edit on 4/1/2008 by Yarcofin]

reply to post by Yarcofin


Ah so I am not alone being young handling peoples money.

I agree, people shouldn't compare this to the Great Depression because the great depression was its own event.. all economic eras are different in their own respects.. I doubt we will ever see people lining up for soup kitchens and 20%+ unemployment.. I mean, its possible.. but not probable.

Originally posted by Yarcofin
I don't know why people are still talking about a recession... any beginnings of a recession ended March 11th. According to Elliot Wave Theory, this correction wave is over.

The Dow and Nasdaq are both up 3-4% today. Everything I own is up between 3-6% today.

Google is headed back towards $500+ and Visa is going to hit $100 sooner than you think.


[edit on 4/1/2008 by Yarcofin]

ya, let's all take bets as to weather or not people who are losing their homes, will be paying their credit card debt....
so, your stocks are up a couple of percentage points today, how much will they be down tomorrow, and more importantly, are the ups and downs following any sense of logic whatsoever....
or is it more that the people with the big bucks are making a killing short selling imaginary peices of paper?

There is no crisis and there is no problem, except in people's mind. They accept to be controlled by other people that somehow got the power to print money

Look around, no alien invasion, no incoming asteroid, but people will go homeless and hungry because of pieces of paper. The houses are still in their place, food is enough, but people are playing games And most of them have no idea it's a game, it's like they are locked in a prison built by themselves, and the only guards are some pieces of paper.
Who controls the guards ? A few people that know it's a game and like playing

"If the American people ever allow private banks to control the issue of their money, first by inflation and then by deflation, the banks and corporations that will grow up around them, will deprive the people of their property until their children will wake up homeless on the continent their fathers conquered."

[edit on 1-4-2008 by pai mei]

I think there are a of posts on possible depression because people really are scared. I know I am, when I go to the grocer and can barley eat for the week.
I can not get food stamps, make over 40k, but I have a house and car payment, utility bills etc, and it takes away from my food and medicine.

If anything else gives, I have no food, or If I turn in my car, I have no way to get to work. If gas goes higher, I cant even get there.

I do not own a credit card, so you cant say I spend it on that. A lot of my money goes to health insurance and copays. There just isn't anything left. Nothing to do with irresponsibility . My house payment is cheaper that what an apartment cost here, so giving that up does no good.

I am almost 40, and never have seen times like this. So to me, is this a depression? Well on my level it is , when I am worried about what to feed my 7 year old and there is nothing I can do about it. To make it you need two incomes, but that does not work when your partner is ill, yet can not get disability due to lack of work credits, catch 22.

I agree this is something different than the depression, but the effects are the same. People hungry with no way out.

Ama

The politics behind this collapse have fascinated me for quite some time. Not only are we at risk to economic failure, but, we face a worse threat. Our own government will certain use this disaster to expand its powers. As the Democrats come to power, they'll use the Bush banking reforms to increase Federal authority.

Originally posted by Justin Oldham
The politics behind this collapse have fascinated me for quite some time. Not only are we at risk to economic failure, but, we face a worse threat. Our own government will certain use this disaster to expand its powers. As the Democrats come to power, they'll use the Bush banking reforms to increase Federal authority.

You my friend just said a mouth full the real reason why these guys want the economy to tank....and the expansion of powers has already started...banks eating up others and the illegal FED going to control our economy...

Shipping out jobs overseas is probably the most damaging. Start boycotting more, hurt me hurt you. Quit buying! Start riding the bus, buy a moped. It's literally cheaper to own, take care of and ride a horse then it is to drive now. Stop buying overseas products. Oh and outlaw job temporary agencies!

Originally posted by TheRedneck
position.

Someone asked what it would take to pull us out of this collapse. As I see it, it will take a complete collapse, and quite possibly an armed revolution. This is not my desire; in fact, I abhor the thought of taking up arms against my fellow citizens. It does appear to be the only possible outcome, though. May God help us all.

Well said. Just remember its not your fellow citizens you want to take up arms against. The logical thing to do is look for who is really to blame and take the logical steps to eliminate the problem. Really your methods would have to be pretty sophisticated to succeed. I'm being really unspecific intentionally because I know you can get in a lot of trouble for what you say even in a hypothetical sense these days. I'm just trying to be rational even scientific about this, you can see direct cause and effect, somewhere you can find the heads of the hydra and lop them all off. See metaphors are great too, what am I talking about? Could be World of Warcraft heh.

I really don't think its a bad Idea to stock up on long lasting food and water reserves. Im personally planning to spend my Economic Stimulus check, on some of these emergency rations, Lots of bottled water, shake flashlights, an emergency radio, Industrial strength hemp waterproof all weather clothes that will last a long long time. Stuff that can get me through whatever. I've also been training militantly to toughen myself up physically. And watching plenty of Survivorman and Man Vs Wild. You know a gun wouldn't be a bad idea either except I'm a buddhist and I'm somewhat opposed to taking a life but you know for hunting and protecting myself against anyone or anything that might want to do me harm, its olmost essential.

I'm looking forward to this. I've been looking forward to this for a long time. It should be fun. Sure I'm probably completely insane. I'm looking forward to death too. Bring it on. I'm like a viking, If its my fate to die, it was inevitable anyway. Its about time we human beings woke up out of our collective trance and realized the 99.9% chimpanzee, barbarians we really are under all this propaganda and the veneer of civilization. What right does anyone have to make me do or not do a damn thing in this life. As soon as you realize your truly free to do absolutely anything you'll see right through the bull they have fed you all of your life. I'm loving it that more people are opening their eyes. You know we should just tell them to piss off and claim the whole west coast as New USA and just go back to using the original bill of rights and constitution. Ron Paul could be the first President of New USA and when the pentagon sends the military after us we can entice them with our completely legal marijuana and our sexy bikini clad beach bunnies, and before you know it they will be defending our borders against the impotent old nutsacks in washington who are conspiring to turn a great country into some sort of festering third world nation. man i'm glad I still have a sense of humor about this or I might have totally lost it already.

reply to post by deltaboy


People love to bag on the debt ridden European economies for chronically having growth rates below three percent, saying they're intrinsically crap, I wonder if the same patriots would now admit the same thing about their own economy.

Originally posted by Rockpuck

Its odd .. its like.. businesses are doing ok .. in many places they are not, but in enough places they are.. I have tried to read on why this is happening. In cities like Portland Oregon cranes tower the skyline and new buildings are erected with new jobs. It has a very young population, huge corporations, very nice schools.. and its a boom and its unexplained why.

Yet in some cities like Detroit, Cleavland, St. Louis.. our once big cities.. are now shrinking, there is no construction only decay.. it should be noted, in the cities that are new and on the rise such as Portland, the infrastructure is new as well, rebuilt as the cities expand .. where as older cities it is decrepit.
___________________________________________________

I really hope that everyone doesn't start packing up their families and coming here!! Believe me, it is no better. Right now, we are overwhelmed with illegals, inflation is insane... Almost everyone I know has lost their job and/or home.. And struggling horribly. Please take my word for it, Portland is crowded enough!! The schools are overcrowded with children who cannot speak English.

I share a much similar story with the 'Christian' person who posted a ways back. However, I cannot post anything about the kind of work I do in a public forum. I will just say, that I will NOT support this government. I have little respect for anyone who does.
The illegals are bringing drugs here in massive amounts, and the crime is insane. I don't doubt this is happening in every state though.

If the Gov really cares to watch me at this point, I have neighbors who are both illegal. The woman keeps popping out kids, and getting free schooling, welfare, all benefits. While the husband works tax-free. They have a pickup truck for "work" and a minivan for "family". Are illegals even allowed drivers' licenses?? Where do I sign up to be an illegal?
Their complaints? They are illegal so cannot get married. And all this free schooling is for nothing, since the illegal woman cannot get a documented job in healthcare, and how unfair it is. At least she bothered to learn English, unlike "hubby".

This is all I see in Portland. People who are here legally, and work, are struggling horribly. Illegals have taken over. Electric has doubled in cost since about September, for the same amount or even less usage.

The crowding is just insane, anyone thinking it's better here than somewhere else, it's not.

Sorry for the rant, anyone else think Alaska sounds nice about now? I'd think it's quite less temperature-appropriate for those who keep flooding here in massive amounts to live the American dream. Why don't they stay in California?

The photo with that story was a fake. It was from 2005.

I am well aware of the economic conditions and I don't say that its not bad but the media across the pond seems to want it to go down faster... Whatever.

What it boils down to these days is that if you don't have at least a Bachelor's degree then you aren't going to get any decent jobs, unless you have a highly in-demand niche skill and/or know somebody in your field that can help you out. That's why I stress to kids these days how important it is to stay in school and go to college. Illegals take all the blue collar work these days and most of the manufacturing and mid level technical stuff has been outsourced to China and India. There are 2 kids that intern at my company who are months away from graduating from college and they are both tripping over job offers for 50-60K in the IT field. Not bad pay for a 22 year old kid. In my area there are plenty of jobs, but if you don't have that degree then you needn't bother applying. It's very sad that it's come to this, but here we are. With the cost of tuition it's just not feasible for many people to go to college and the ones that don't are destined for jobs making 6 bucks an hour competing with illegals. Gone are the days where a high school graduate could earn a living wage, get a union job, buy a house and raise a family. Until people get smart and 'insist' that government crack down on illegal aliens, balance the trade deficit and eliminate NAFTA then nothing will change. My area is overrun with illegals and still 50% of the population around here are liberals that think it's racist and mean-spirited to enforce the law. Until these people are 'convinced' of the errors of their ways then less educated folks will continue to suffer and be left out of the American dream unless they can come up with a way to go to college.

Originally posted by Escrotumus
What it boils down to these days is that if you don't have at least a Bachelor's degree then you aren't going to get any decent jobs, unless you have a highly in-demand niche skill and/or know somebody in your field that can help you out. That's why I stress to kids these days how important it is to stay in school and go to college. Illegals take all the blue collar work these days and most of the manufacturing and mid level technical stuff has been outsourced to China and India. There are 2 kids that intern at my company who are months away from graduating from college and they are both tripping over job offers for 50-60K in the IT field. Not bad pay for a 22 year old kid. In my area there are plenty of jobs, but if you don't have that degree then you needn't bother applying. It's very sad that it's come to this, but here we are. With the cost of tuition it's just not feasible for many people to go to college and the ones that don't are destined for jobs making 6 bucks an hour competing with illegals. Gone are the days where a high school graduate could earn a living wage, get a union job, buy a house and raise a family.

even if everyone went to college and got a bachelors.......we'd still need those jobs to be filled though....and, we'd still need these people having families and producing tomorrow's workforce. so, in a way, it kind of sucks being one of those people making $50,000-$60,000 dollars also, since well, they have all that student loan to pay back, plus they get to pitch in and help all those low wage earners provide for their families....by the time they get done with all that, they won't be able to provide for their own families, and well.....at least those $6 earners will be able to keep popping out the babies at their expense!

by the way....
none of my kids are college grads of anykind....all but the one in the navy is making over $10 an hour....
so what you are saying isn't actually true.

[edit on 2-4-2008 by dawnstar]

Originally posted by musselwhite
reply to post by infinite

 

we are not in a recission, i agree, we are now in a depression. please read my post above regarding the downward spiral since march, 2007!

this is utter nonsence to say we have not been in a recession for say 2 months tops.

PLEASE STOP LYING
PLEASE STOP LYING

I am so goddamn tired of people making up the truth.

We are NOT IN A RECESSION!

A recession is two or more months in the negative growth.
We have YET to have even ONE month in negative growth.

THE MEDIA IS DOING A HELLOVA JOB CONVINCING THE STUPID PEOPLE OTHERWISE AND WITH THE CONSTANT ECONOMIC FEAR MONGERING, I AM SURE WE'LL BE IN A RECESSION SHORTLY.. BUT WE ARE NOT IN ONE RIGHT NOW.


My guess is they are proping up the dems for election in 08

PLEASE STOP LYING
PLEASE STOP LYING

reply to post by dawnstar


Well we have differing opinions. Mine is that within 10 years at current outsourcing rates that if less educated people don't go to college and get a degree and learn a skill then they are screwed. The government has no intention of ever enforcing immigration laws and add another 20 million Mexicans to the already 20+ million that are here and there won't be any construction or menial labor for anyone that isn't willing to work for peanuts. Like it or not, the middle class is being outsourced.

Gormly: Chill man. We all know what the definition of a recession is and this has been debated ad nauseum on many other threads, so we don't need your caps or your screams to shout the party line. While technically not in a recession yet (which is just semantics really), we will be in one later this year when the numbers come out, assuming the government doesn't manipulate them. The economy for most people right now is utterly horrible and all of those people who are suffering from the past 7 years of failed leadership policies have my utmost condolences and prayers for them and their families. It's not fun out there for a LOT of people right now.

reply to post by Escrotumus


assuming they dont manipulate is the key worlds kinda like how we have seen no inflation according to the government numbers I dont know about you guys but Im seeing inflation. The numbers have been manipulated in my opinion for over 8 months hence the "no recession" on paper.

reply to post by gormly


No need for the GD word at all, and you've obviously not been outside your home or gone shopping lately. Nobody's lying about recession Mr. know it all. Things are the worst that I've ever seen it. My family and I are struggling to stay afloat. Most people around us are in the same boat.