Great Depression again?

[Honda TRX250ex]

So what do you guys thinking about another depression? With the gas prices higher then even most forclosed homes and the recent hicup in the stock market. At work my one friend says that by febuary 2009 the stock market will crash? Imputs welcome.

[KXRida]

I don't know about a whole depression, but we are definitely in a state of repression. Everything has pretty much inflated. It sucks. Especially gas!

[jesseweaver]

its all gov. mismanaging money.:rolleyes: in econ class today we were learning about social security. when the gov ran out of income tax money to spend, they started spending social security money, now all the old people retire and want their social security money and the gov doesnt have it so they take it out of the younger peoples social security accounts, its just a vicious circle that keeps getting worse. if they wanted to fix it, they would have to take 88% of our paycheck for social security.

and what are we, something like $8 trillion in debt?? its rediculous and i think its only gonna get worse, especially with how fast the population is rising.

i'd swim to europe.

the stock market yesterday went to the lowest since 9/11/01! Everything dropped so bad it was scary to see all the stocks fall that much in a day. Then AIG having to be taken over by the government too to keep it going and companies having to merge. All of these major corporations going under... gas prices are slowly going down but its still over $3.50 and it will be for a long time in most places, food has either gone up or stayed the same but you get less, jobs aren’t paying more. This economy sucks!!! So many foreclosures, bankruptcies, and people having to move or work more jobs just to keep living!

[Gray33]

I can see another great depression happing.

oil is now cheaper then it has ever has and they are still chargin us 3.50

i think they made enough money already off us

[400ex28]

Gas prices going down? psh it was just $4.30 here.

[Moto49X]

I'll be completely honest, let you old timers and probably most younger guys tell me how stupid I am. I couldn't give a **** less about the economy. Yes It sucks, thats obvious. Everyone bi!ching about it woun't solve a darn thing. It's going to stay like this for awhile, a long long while. LIVE YOUR LIFE. Don't let this stupid crap stop you from anything. Just have to spend money a little smarter.

[Sjorge450R]

there are sooo many principles behind our economy. Do i think another Depression is coming? No. Not at all. It is true that gas is lower than it has been in a while its at 96.70 for october delivery. why the hell are we paying 3.50 for gas still? barely NOTHING to do with our government. Mostly the gas company's still. Just like with anything, gotta keep your head up and hope for the best.

[Master LTR450]

Originally posted by Moto49X
I'll be completely honest, let you old timers and probably most younger guys tell me how stupid I am. I couldn't give a **** less about the economy. Yes It sucks, thats obvious. Everyone bi!ching about it woun't solve a darn thing. It's going to stay like this for awhile, a long long while. LIVE YOUR LIFE. Don't let this stupid crap stop you from anything. Just have to spend money a little smarter.

Ok well you must live at home and rely on your parents?? because thats the dumbest thing i heard in a while unless like i said you live at home with no responsibilties.

Are we going to have another depression NO i dont think so, honestly i dont think it would be possible. Yes everything is falling apart and yes we are billions of dollars in debt but we are also The United States Of America!!! The biggest problem to our economy will all be over in a couple of months. Not saying its going to be an instant turn around but it will become better slowly. Another thing we really need to do is get our troops out. That is costing ALOT of money with nothing benficial to come from it honestly. Just my .02

[madskrillz2]

Originally posted by Master LTR450
Ok well you must live at home and rely on your parents?? because thats the dumbest thing i heard in a while unless like i said you live at home with no responsibilties.

Are we going to have another depression NO i dont think so, honestly i dont think it would be possible. Yes everything is falling apart and yes we are billions of dollars in debt but we are also The United States Of America!!! The biggest problem to our economy will all be over in a couple of months. Not saying its going to be an instant turn around but it will become better slowly. Another thing we really need to do is get our troops out. That is costing ALOT of money with nothing benficial to come from it honestly. Just my .02

I think he was just trying to make the point that sometimes people need to ease up and not stress so much about *****. But for a change, I actually agree with everything else in your post. Having troops over there is absolutely pointless right now. Well, having as many as we have over there. You still have to keep enough there to keep peace. I mean, look at Korea. We're still over there and that was over 60 years ago.

[hypersnyper6947]

You retards want us to just pull out now, so then all the soldiers who died in this war there deaths mean nothing, no accomplishments. We are almost done over there why not just finish the job. We will never leave Iraq, we will continue to train there police and army and help there whole structure all together. No I don’t think another great depression is possible. People are hording there money, why do think the government gave us all $600, so we would spend it and boost the economy. If everyone just stopped freaking out about it things would start to come around. Yes gas sucks, so why don’t we drill in the Gulf of Mexico. Because you hippie democrats say no we shouldn’t. Mexico is drilling there and there gas is dirt cheap why not us. There are 3,500 oil platforms off the coast of Louisiana and Texas, when Katrina came did we spill any oil....NO. Drill Drill Drill. We are not going to hurt anything by doing so. I think groceries have gone up even more that gas has buy the way. Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.

[gcart2]

Originally posted by hypersnyper6947
You retards want us to just pull out now, so then all the soldiers who died in this war there deaths mean nothing, no accomplishments. We are almost done over there why not just finish the job. We will never leave Iraq, we will continue to train there police and army and help there whole structure all together. No I don’t think another great depression is possible. People are hording there money, why do think the government gave us all $600, so we would spend it and boost the economy. If everyone just stopped freaking out about it things would start to come around. Yes gas sucks, so why don’t we drill in the Gulf of Mexico. Because you hippie democrats say no we shouldn’t. Mexico is drilling there and there gas is dirt cheap why not us. There are 3,500 oil platforms off the coast of Louisiana and Texas, when Katrina came did we spill any oil....NO. Drill Drill Drill. We are not going to hurt anything by doing so. I think groceries have gone up even more that gas has buy the way. Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.


lol i like this

[k4f5x0r]

Originally posted by hypersnyper6947
You retards want us to just pull out now, so then all the soldiers who died in this war there deaths mean nothing, no accomplishments. We are almost done over there why not just finish the job. We will never leave Iraq, we will continue to train there police and army and help there whole structure all together. No I don’t think another great depression is possible. People are hording there money, why do think the government gave us all $600, so we would spend it and boost the economy. If everyone just stopped freaking out about it things would start to come around. Yes gas sucks, so why don’t we drill in the Gulf of Mexico. Because you hippie democrats say no we shouldn’t. Mexico is drilling there and there gas is dirt cheap why not us. There are 3,500 oil platforms off the coast of Louisiana and Texas, when Katrina came did we spill any oil....NO. Drill Drill Drill. We are not going to hurt anything by doing so. I think groceries have gone up even more that gas has buy the way. Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.


i completely agree with this. not being able to offshore drill is completely retarded. if only the stupid hippies would see that its benefits outweighs the risks.

[Yippie-Ki-Yay]

If im not mistaken, wouldnt we still be in the great depression if it werent for WWII making tons of jobs available.

[nakomis0]

Originally posted by hypersnyper6947
Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.

Right vehicle pollution isn't bad. Its the plants that are killing us!
Also that whole smoking is bad thing is a joke. Smoking never hurt anybody, I think its the drinking water.

But seriously... We aren't gertting out of Iraq. As far as drilling for oil.. I could careless if we drill today or yrs from now. I'm fine with the gas prices, its worse in many other countries.

I would like to see more pressure put on companies and people to produce and buy alternative cars... perferably electric. The higher gas prices will help that. 5 yrs ago if you made an electric car, barely anyone would buy, due to the 'crisis', if that same vehicle was made today I think alot of people will be interested and buying one if they can keep the cost of it reasonable and the distance per charge usable.

Again with the oil, I'm fine with sitting on it. I would like to know that we will have oil for when it truly starts getting out of hand ... like $500+ a barrel. You could even say its a national security issue.

[Quad18star]

If you look at the history of it all , you could say that you're on the path to another Depression.

The Great Depression was said to have started with the crash of the stock market on Black Tuesday (Oct 29th 1929) ...... lately Wall Street was taken nose dives .

Over 700 banks closed in the first 10 months of 1930 . Look at how many banks are going under right now. $140 billion in deposits was lost in the 30's.

Too many people defaulted on their loans because of layoffs causing Lenders to fold during the 30's. Recently Freddie Mac and Fanny Mae folded ... AIG needed to be bailed out by your Government.

Exports hit record lows because the Depression was hitting hard all around the world. Present day exports are not doing very well.

Core industries could not turn a profit ( farming, lumber , mining) ... same holds true today ... many of these core companies are folding.

Jobs were being lost to outside markets .... same holds true today.

Oil holds very little weight in the whole issue. The main problem was too many people spending more than they could afford ... banks and creditors handing out too much to people which they knew could not afford the big loans . When times started getting tough because of layoffs , people couldn't pay their loans , bankruptcy was filed , the banks lost money , the banks had to close up , the government lost interest in deposits . It's a snowball effect.


So when you take a good look at it and compare Then and Now .... you could paint a fine line between them. You might be balancing on the edge of a Depression , and any more falls in the stockmarkets could throw you right into one.

[bwamos]

Also, in general the majority of peoples retirement and life savings are in the good old stock market. (CD's, 401K's, Money Market Accts, etc..)

History could tell you that it is not a good idea.

I don't beleive we are heading into another great depression just yet. Potential is there.. but it is a world market now. Before WW2 we were isolationists. If our market fails so does the rest of them, and we are all on an even playing field once again.

[Moto49X]

Originally posted by Master LTR450
Ok well you must live at home and rely on your parents?? because thats the dumbest thing i heard in a while unless like i said you live at home with no responsibilties.

Are we going to have another depression NO i dont think so, honestly i dont think it would be possible. Yes everything is falling apart and yes we are billions of dollars in debt but we are also The United States Of America!!! The biggest problem to our economy will all be over in a couple of months. Not saying its going to be an instant turn around but it will become better slowly. Another thing we really need to do is get our troops out. That is costing ALOT of money with nothing benficial to come from it honestly. Just my .02

Sorry bud, I pay rent just like everyone else. Have all my own bills, and run a business operating 6 days a week. I let everyone think their way, and I'll think my way. Leave it be brother.

[Pappy]

Originally posted by Quad18star
The main problem was too many people spending more than they could afford ... banks and creditors handing out too much to people which they knew could not afford the big loans . When times started getting tough because of layoffs , people couldn't pay their loans , bankruptcy was filed , the banks lost money , the banks had to close up , the government lost interest in deposits . It's a snowball effect.


Yeah, no one was complaining when they were selling their homes for 3 times what they were worth, and living well beyond their means.....ofcourse now everyone wants the govenrment to bail everyone out....again. The banks rolled teh dice and lost....I wish I could do that with my company and know I had a bail out waiting for me!

Personal responsibility would help out greatly here.

Depression? no
Recession? doubtful
Tighten your belt and learn to manage your life...absolutley:macho

[450raider]

im still pointing my finger at gas prices (saudis, opec, and congress for letting it all happen), everything was just fine till those greedy saudi and opec a-holes found out somehow that charging more for oil than its worth is legal (if thats even the case) and THEN the value of the dollar "weakened" (not the other way around as the media would have you think) THEN food prices went up cause of delivery, then people started to fall behind little by little so they bought less to try to keep up, then the stocks go down, and im lost from there i just never really took interest in stocks or stock markets, ive always thought of wallstreet as a las vegas for insanely rich people...... anyway someone needs to put a leash on the saudis and pull gas back down to the $1.50 mark (still more than its actual worth so theyde still be profitting) and youd quickly see the global market pick up again, JMO

Originally posted by k4f5x0r
i completely agree with this. not being able to offshore drill is completely retarded. if only the stupid hippies would see that its benefits outweighs the risks.

or the democrats lol

[madskrillz2]

Originally posted by hypersnyper6947
You retards want us to just pull out now, so then all the soldiers who died in this war there deaths mean nothing, no accomplishments. We are almost done over there why not just finish the job. We will never leave Iraq, we will continue to train there police and army and help there whole structure all together. No I don’t think another great depression is possible. People are hording there money, why do think the government gave us all $600, so we would spend it and boost the economy. If everyone just stopped freaking out about it things would start to come around. Yes gas sucks, so why don’t we drill in the Gulf of Mexico. Because you hippie democrats say no we shouldn’t. Mexico is drilling there and there gas is dirt cheap why not us. There are 3,500 oil platforms off the coast of Louisiana and Texas, when Katrina came did we spill any oil....NO. Drill Drill Drill. We are not going to hurt anything by doing so. I think groceries have gone up even more that gas has buy the way. Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.

No I don't want us to completely pull out. I said, we need to stay there to keep peace. We just don't need the majority that's over there right now. But THANK YOU for bringing up the whole drilling for oil ordeal. Some how, the government has tricked most of the population into believing all the oil is over seas. Given, there is A LOT but there is also plenty here in our backyard for us to easily live on.

[hypersnyper6947]

I think this sub prime mortgage meltdown has more to do with it then gas prices. If everyone didn’t get in over there head with these adjustable rate mortgages for way more than they can afford everyone wouldn’t be broke. The greedy mortgage companies allowing this caused many problems for everyone. Now that the market is terrible for sellers and great for buyers, it is very hard for buyers to be approved. Like Pappy said if people were not trying to live way out of there means everyone would have had a bit more money to fall back on when fuel prices started to rise. You would not believe how many jobs were lost or just put on hold from this mortgage mess. If you look at the growth charts for new companies, countries etc..... You will notice that the growth is exponential for the first couple of years then it flattens out. As a country we have been in the exponential growth stages for a while, now we are starting become a older country its starting to plateau. Not a bad thing

[Master LTR450]

Originally posted by hypersnyper6947
You retards want us to just pull out now, so then all the soldiers who died in this war there deaths mean nothing, no accomplishments. We are almost done over there why not just finish the job. We will never leave Iraq, we will continue to train there police and army and help there whole structure all together. No I don’t think another great depression is possible. People are hording there money, why do think the government gave us all $600, so we would spend it and boost the economy. If everyone just stopped freaking out about it things would start to come around. Yes gas sucks, so why don’t we drill in the Gulf of Mexico. Because you hippie democrats say no we shouldn’t. Mexico is drilling there and there gas is dirt cheap why not us. There are 3,500 oil platforms off the coast of Louisiana and Texas, when Katrina came did we spill any oil....NO. Drill Drill Drill. We are not going to hurt anything by doing so. I think groceries have gone up even more that gas has buy the way. Also, just so you people know 97% of the carbon emitted into the atmosphere is from decaying plants and other natural causes. Good luck trying to change the world by driving a hybrid car.

Retards??? Yes we need to start pulling some troops out and we need to leave some there. i have all the respect in the world for our troops if it wasnt for them we wouldnt be what we are today. But its time for us to go and let them take care of their own county and grow their own country with a little help from us. If we stay their like we are now they will never grow. And no all the troops that died didnt die for nothing either. they died for US me you and the people of The United states of America. At the same time you sit there and say gas is the problem lets drill for oil. Yes drilling for oil will HELP but it is not a fix for the problem nor is it the biggest problem. And oil is NOT going to be there forever! Everyone sitting there saying ohh them damn saudi's and whoever else needs to stop. It has nothing to do with foreign countries. Why cant we just take blame for our own problems instead of looking for an easy way out??

[hypersnyper6947]

I agree the drilling more will not solve all the problems but it will help bring prices down which is what people are looking for now. Glad to see you support the troops, we all should. This is a war on terror not a war on Iraq, we still have not got all the big players in terror that we need to, like Osama. We are getting closer and closer. Once we finish destroying the structure of the terrorist organizations we can pull out.

[Quad18star]

Originally posted by Pappy
Yeah, no one was complaining when they were selling their homes for 3 times what they were worth, and living well beyond their means.....ofcourse now everyone wants the govenrment to bail everyone out....again. The banks rolled teh dice and lost....I wish I could do that with my company and know I had a bail out waiting for me!

Personal responsibility would help out greatly here.

Depression? no
Recession? doubtful
Tighten your belt and learn to manage your life...absolutley:macho

Exactly .

I have many friends right now that have huge mortage payments because of HUGE loans. I mean these people have taken out $320 000 loans for homes ( $300 000 gets you a NICE home in my area) .... their mortgage payments are over $2000 a month and the Loan terms are for 40 years. By the time you tac on the interest and such , they've had paid damn near 1 million dollars for their home.

And that's just for the home... thats not including their $40 000 new trucks , $25 000 campers , monthly utility bills , groceries , gas, insurance , and so on.

I talked to a Real Estate agent which is a friend of ours and she said the scariest part about all of this , is that by this time next year ... all these guys that have bought these huge homes and are living the high life right now are in for a HUGE shock. The local economy is run by the Mines ... and this time next year their contract is up. By the looks of it , there's a high chance of a strike.... and if the strike lasts for more than 2 months , SOOOO many people are going to default on their loans.

My dad worked for this same company before he retired .... he said these guys are in for a reality check . Back in the early 80's my dad was on strike for 10 months ... they signed a contract for a 5 cent per hour raise. The company held the guys out until homes were lost and families were broken apart. It's going to happen again next year. :(

[Quad18star]

I just read an article saying that your president is looking to see if congress will approve a $700 billion bad debt bailout plan.

------------------------------------------------------------------------------------
Bush asks for US$700 billion bad debt bailout


In what is being described as part of the biggest bailout package in the U.S. since the Great Depression, the White House is asking Congress to allow the government to takeover US$700 billion in bad debts.



Amid the turmoil in the financial markets, President Bush makes a statement outside the Oval Office of the White House in Washington, Thursday, Sept. 18, 2008. (AP / Pablo Martinez Monsivais)

CTV.ca News Staff

If Congress approves the plan, a draft of which was obtained by The Associated Press early Saturday, it would give Washington broad power to buy bad mortgages of any American financial institution in the next two years.

The Bush Administration also wants to raise the legal limit on the national debt from $10.6 trillion to $11.3 trillion to allow for the bailout.

"We're going to work with Congress to get a bill done quickly," U.S. President George Bush said at the White House.

"This is a big package because it was a big problem," he said, although he did not refer to details of the plan.

Bush has said that any further stress on financial markets would cause massive job losses, devastate retirement accounts, erode housing values and dry up loans for homes, cars and college tuitions.

"People are beginning to doubt our system, people were losing confidence and I understand it's important to have confidence in our financial system," he said.

The AP reported that the draft does not say what the government would get in return from companies seeking help.

On Friday, U.S. Treasury Secretary Henry Paulson said he would work through the weekend with congressional leaders to finalize a financial plan that would help an ailing economy hit hard by the American mortgage crisis.

With files from The Associated Press

[wilkin250r]

Originally posted by Pappy
Personal responsibility would help out greatly here.

Yes and no. That philosophy works just fine on a small scale, you got a company with a few thousand employees, sure, let them pay for their mistakes and risks.

But we're talking a national tragedy. These banks are SO big that if they fail, honestly, the entire national economy will fail.

Imagine what would happen to the internet if Microsoft went belly-up, and every single Internet Exlporer program just suddenly stopped working. Sure, there are a few running Firefox that would be okay, but for the most part, the internet as we know it would come to a screeching halt.

Imagine the cell phone industry if AT&T and Verizon both went under. Sure, there are a few Alltell users would work, but the entire industry would basically crumble.

These companies are too big. They CAN'T fail, or the entire economy fails. It's not just a company, the ripple effect would be financially catastrophic for millions of people.