posted on Mar, 9 2009 @ 10:28 PM
In my world I have already experienced massive collapse. Soon I may not be able to pay all the bills and yet I am fully employed. My income is now
down almost 50% from a year ago, as I work for a % of assets as an investment advisor. Sorry I didn't follow the lead of many of these boards*I
still think Gold crashes as well) although I did pass these concerns on to certian clients and just got crazy looks, so i abandoned trying toinform
them. Still I never thought it would get this bad. I stilldon'tthink it is but I think we are in the middle of an economic war with financial
My clients also feel like there has already been collapse. Many are un- or underemployed or own their own businesses which have dropped off the
cliff. These are all people who have worked hard, did the right things and don't deserve this fate. Stock losses are in IRA's so they can't touch
them for 10-15 years anyways if there is anything left, so the market while very depressing isn't a huge issue unless they need to start dipping.
Many lower income folks already have. In a way though they are the lucky ones. As they haven't suffered further lossses.
I would gather that none of you have much in the way of assets. When I didn't, I wouldn't have cared much either way. That said, I would never have
rooted for total collapse. I would like change but done in a way which doesn't call for revolution or anything of the sort. I still think we will get
the needed change from Obama. I do wish he would esoecially work faster in reforming the markets. We need to get rid of short selling, tax day trading
heavily, replace the SEC and the DTC with independent enforcement agencies, regulate hedge funds and derivatives significantly, reinstate Glass
-Steagal, make sure foriegn exchanges abide from our rules as well or prohibit business with them, raise banks reserve requirements, replace the fed
with a true central bank, fix the central banks interest rates to a reasonable level and use the lifting and dropping of reserve requirements to spur
or slow the economy, and a whole bunch of other things. We need to return the markets to an investment rather than a trading mindset if we want any
sembelence of economic order. The worlds economies just cannot take the volatility.
You also have to be able to depend on something in order to have a coherent long term biz plan. GM made $10 billion two years ago. The things they
counted on just weren't there any more, like financing and steady fuel prices. Oil just exploded and it was clearly manipulated upwards to
unrealistic levels. And the cost of health care totally overwhelmed them. The whole Union battle thing is just way out of line. If you work your life
for a company you deserve a nice future. I know many old union guys and they have nice lives, but they certainly can't live the high life. Yeahb they
can play golf when they want or go out to the lake.Everyone who posts here deserves the same for working there whole lives. Union guys don't make too
much, most everyone else makes to little. It has all been taken away from those at the top of the food chain.
The truth is, I still believe that the markets can work and that the economy will rebound. Just about everyone in America works in a business and
always will, even if it is their own. At least 85% of the people who want jobs have them and spend most of what they make. There are limits to how far
things will fall, although it doesn't feel like that right now. If we exceed those limits though, then most all will be gone. In that case, you can
have your revolution and form a new goverment, thats not what I want. I willsay though that the first act of any new goverment will be providing
money to restart the economy. So the first thing you get is what you are all fighting against. You will be begging for it. It sucks to eat rations for
any length of time.
Obama has made it clear he doesn't like the rules and intends to change them. I think he thought he could move slower and limit the irrationality
that accompany's change. But a big thumbs down on that. The folks that are out to destroy our economy will not go down easy. Upon every threat they
will acacelerate their efforts. I think these fellas drop the markets much further he will shut them down and not reopen them until we have
transparency on hedge funds, short selling and the toxic vehicles that were created in order to take the system down. Let's get to the bottom of it,
set it right and fully prosecute anyone involved with what I consider financial treason. This decline is not accidental. We are in the middle of an
economic war. The only way to win is to take away the tools of the enemy.