Originally posted by Andrew E. Wiggin
reply to post by Relentless
I would not disagree with the notion that "something is coming"
Im just whole heartedly against anyone who "sets a date" or "knows when its coming"
Be it a religious cult talking about the meteor shower bringing the mother ship
or a financial conspiracy theorist who "Knows" when doom is coming.
Expect the best, plan for the worst. I agree
But one should not take themselves so seriously that they can "predict the date" its coming.
Because in the example of this thread - you are left with a complete mockery and debauchery of a financial conspiracy its self
Basically - "miss cleo" predictions give all conspiracy theorists a bad name.
And i dont like being called bad names
I'm going to have to counter this "I told you so" b.s. my thread is getting hit with.
Unlike a lot of prediction threads on ATS, this was based on sound economic reasoning -- and not Biblical prophecy or alien brain implant impulses, or
Mayan stone tablets or some guy who was having a nice little end-of-the-world chat with some "really high up" official at his deathbed.
Now, do we pigeonhold ourselves by naming a date? Yes, we do. But in this case, the RBS analyst's prediction, this was based on his fear that the
inflation data would force the Fed to ratchet up rates, thereby exaserbating the credit crunch into a full-blown depression. And while July has come
and gone, and no depression has materialized, this credit crunch continues to get worse.
Maybe it's a testament to America's free market economy that we can weather so much, but there will be a straw that breaks the camels back, that I
believe. And like other posters say, it probably won't be one big thing (although an armed incident involving NATO and Russia could trigger a
short-term market collapse), but a series of events and the lack of confidence spreading across all sectors.
We are due for -- at the very least and best scenario -- a severe recession, if not outright depression. I know too many people losing jobs --
friends who have been in the newspaper industry for decades now, or believed their bank job was as secure as a tenured teacher -- and see enough
homes, even in my own neighborhood, with bank-listed for-sale signs (i.e. foreclosure) for our economy to bump along happily.
Look around you, people! Quit staring up into the sky for big-eyed Grays to come down from their mothership. Quit trying to decipher old stone
tablets predicting who-knows-what made by people who are probably getting a good laugh at us in Heaven right now. Stop wasting your mental energies
on trying to prove or disprove if our government used holograms of airplanes on 9/11 to coverup a nuclear bomb.
Look around at your neighbors, your friends, and God forbid, your own economic situation, and realize something is coming down. Something that could
change the fabric of this country, and that I would argue has already created irrepriable harm.
Wake up! This won't be solved by voting in Obama or McCain. This won't be solved by wishing it away. Good old Econ 101 must take its course.
What goes up must come down.
That's what I've been saying. That's what these few, some would say "alarmist" economists have been warning about. The question isn't if, but
when and how deep. So, I'm sorry if I subscribe to the idea that the economy would tank in July. I was partially wrong; we managed to break out of
But remember the old adage: When your friend loses a job, you're in a recession. When you lose the job, you're in a depression.
An unemployment rate (as of now) spiking above 6.5% is really nothing. There's still a lot of fat on the bones that needs to be cut -- especially
given how difficult it is for companies to raise capital or get bank credit to keep growing. This is far from over.
[edit on 8/28/2008 by behindthescenes]