His predictions for this and the next years aren't too jolly.
I first started noticing the shit after the summer of last year. The amount of projects dropped at least with 50%. While economy was crazy before, it suddenly started to dry up. It's becoming a struggle to get a job and all that were tolerated before because of the "better half a man than no man" principle, are kicked out today. People are booted, factories either have production stops or are working less hours.
The funny part is that most here don't even realize the shit that is going to hit them. They seem to just happily continue with the things they always did under the assumption that all will be ok. As if the coming recession is only a three-month things or so. Hell, what I see is what is going to hit them within a year, I'm on the front row of the ripple but it's going to increase when it closes in on them. And what we'll experience here isn't even going to be half as bad as what will be going on in the USA.
#18621 - 01/22/0904:55 PMRe: chew on this
Satan's White Trash Neighbor
Loc: los angeles
yes its happening, and as Schiff states there is no way to stop it. the finest financial minds in the world are desperate to reverse the process but its a tidal wave.
our only real hope, albeit based in fantasy, is that when things get bad enough prices on goods, services, and housing will drop substantially, enabling people to survive. as it now a global crisis ANY worse than it is now is going to knock us into the third world.
I am not in a position to invest in the yen, and I wouldnt know how to even if i were. but i also abhor the thought of sitting and watching everything collapse.
yesterday i was driving by Circuit City, which for my euro friends is/was a huge electronics retailer. the second largest in the country and a major employer. they went out of business almost overnight, along with a number of other giant chain stores. these were store that were a fixture of american society.
the results of this are many, taking into consideration not only jobs gone, but the massive rents these stores paid, the surrounding businesses that fed off of them, and because there were so many, the competitive prices of the stuff they sold.
i predict entire malls will now close because of these losses.
of course, something will fill the vacuum. wishfull thinking says that maybe mom and pop stores or other independent businesses will spring up to take their places, but i dont think so. one has to have juggernaut buying power to compete with best buy or walmart, or whatever similar places exist in europe.
no i think there will be a further monopoly of giant super stores unloading garbage chinese products on us, pumping more money into asia, grinding us all further into debt.
as Schiff says, we have no more manufacturing. we have no more exporting power, or the ability to sustain ourselves. western wealth is built on finance and number games, not real tangible resources.
Thanks for putting that thread up. I may have set a new low for myself by masturbating to news wonks debating. I saw the housing market collapse coming many years ago. I didn't realize back then that it would lead quite where we are now. Here I am unemployed for the last 2 going on 3 months. My wife hasn't worked since October. My "kids" can't find jobs. So we have 4 adults sucking off the tit of the state of Virginia and trying to survive. I will end up skipping this month's house payment. Meaning we start the foreclosure process. We have survived on the savings and vacation pay I was able to build up. Now that it is running out, I say fuck it. I have my 401k money left, but I will be using that to move more than likely. Anyway. All the idiots that were in town a couple of days ago for the inauguration might be rethinking that support in a year. DEMOCRATS=BIG GOVERNMENT!! Bang that through your liberal heads. It has always been that way. Obama didn't search out the most qualified or the most forward thinking members for his cabinet positions. Instead he did what every other politician does and rewarded his friends, allies, and ones that he thought would get him some street cred. Politics as usual. Obama=change? Oh it will be a change alright, just not the type of change the 1 million plus freezing their asses off on bitter cold Tuesday morning with their stupid Obama socks and hats expect. Welcome to the third world America. Welcome to the reality of the haves vs have nots. ::::steps off soap box::::
_________________________ Beer, the reason I get up every afternoon.
I had never even heard of that Schiff guy until I watched these videos. Very interesting, all those people should be kicking themselves right about now for not heeding the warning. I personally haven't been affected by this "recession" or "housing crisis" so I can't exactly empathize with anybody.
As far as America turning into a 3rd world goes; I doubt if it will happen anytime soon, but not completely out of the question. Change, is just a buzzword of the time, only time will tell if these claims of hope and change hold any weight. I know lots of people are excited to have Obama as president, yeah it is historical, whatever. The fact is we have no garuntee that the next four years will be any better than the last eight. To me these multi-billion dollar bail outs are a completely retarded idea. First of all this is supposed to be a free market society where if a business tanks; to fucking bad should have had a better business plan. Second of all will injecting billions of dollars of imaginary money into the economy fix anything? That is highly doubtful.
One thing is for sure though, if Obama doesn't fix things fast shit will hit the fan and Haiti will have to invade us to install a democracy.
I don't think the USA will drop to a third world level but not much is needed to lose the "superpower" status. Russia, in the day, dropped down pretty fast and their whole military apparatus crumbled for one reason only; lack of cash. It's not too fantastic to think the same might happen with the USA. Too many bases all over the world, high-technological and pretty huge army, Iraq eating the budget steadily. That has to hurt when the economy drops down. Pray that the yellow ones don't bail out with their cash.
I talked with some dude today that works on/offshore. He normally was working in Qatar and Dubai. Guess what? All the ships there and their projects are frozen. Why? CoS they don't get the bills paid; a lack of cash. Now, if the guys that pump up the oil start having financial issues, be very worried.
UK went officially in recession today it seem. Jolly times ahead.
Oh and Obama can't fix shit, the only option is letting it do with it has to do. All interfering will only make the problem bigger.
I'm sorry to hear about your shit Fake. Are there no other options to gain cash?
Normally if shit goes bad, three things go pretty well; tax-evasive work, black markets and drugs. I'm not going to suggest selling dope (really not, that's bad, evul and such) and black markets require a network, but since many companies are struggling to compete and have to lower their costs, some start to consider using people that work, hmm don't know the popular word at yours but here it's called working for black money. Down here it was a national sport until they killed it somewhere in the end 90ies. In the end, money is money.
Iíve been saying it for at least ten years, (pat on back) that the U.S produces hardly anything tangible and of value anymore. As you guys noted above.
I mean, I am no economist, but having a country with about Three Hundred Million people, that hardly produces anything itself that it uses and consumes, doesnít make any economical sense. Years ago, when I first started noticing this trend, and things were still going very well here, I read somewhere that the new economy for the US, will be based on information, and information technology. What the fuck is that? You canít eat information.
Ok, so we are very well informed, that we are screwed.
In my humble opinion, if you canít eat it, drink it, live in it, or fuck it, itís not worth much.
For the first time in 14 years, that I have been a nurse, I feel lucky to have made the decision to have gone into the health care field. I still dislike the job, but again I have been lucky enough to recently end up in a working environment, thatís bearable and very stable. I work for New York State, and even though they are talking about cut backs, with-holding a three percent raise that was guaranteed us two years ago, and even talking about with-holding one weeks worth of pay (to be given to us when we leave state service or retireóthis has been done twice before), things are still not that bad.
However, things are not rosy for people even in my situation. I am concerned about my parents, and their retirement, most of which is invested in stocks. Originally, they had over a million dollars set aside for their golden years. Now however, if their golden years, are too long...like over five years, then it will not be golden at all.
"The first order of government is the protection of its citizens right to be left alone."
The recession was caused by the overblown market. People were buying things that they couldn't afford on credit and businesses were advertising that they had more than they actually did have. I think that's what caused it- people living beyond their means.
I wonder if the stimulus plan will work, if it is approved. They speak of such lofty goals when we are in such an economic crisis. Better schools, universal health care, no child left behind act version 2...to me I think that something else is more important than this stimulus plan. Like a rationalization of what the World needs to have happen for it to continue to grow- for our future and our children and children's children.
Plus, we lost a lot of money spent on our nuclear weapon's program in the U.S.A. and on the War in Iraq . I think that the best policy is in sharing the load and realizing the people are a government and not an institution. Hopefully we'll be able to pull out of this one, and then everyone will be better off.
Loc: New York City
The country got screwed for a lot of reasons.
Companies sending information jobs overseas instead of here. Even sallie mae who got bought/bailed out has their call center in India. So we are bailing out a company that sends our money overseas. Actually a lot of American companies have done this.
The real estate market with bad loans with variable rates and over inflated values resulting in some morgages going from $1200 a month to $3000 a month. In some case you could get a house with almost no money down, so people are just walking away from some of those homes and letting the banks forclose on them.
Easy credit card access with high limits and higher rates, allowing people to borrow beyond their means with really no way to ever pay the shit off.
The banks used the home mortages/loans as leverage thus so they were borrowing sometimes as much as $40 for every $1 they had.
I dont know what is the best course for the country at this moment.
On one hand, the car companies need to improve their products, and they employee a bunch of people, but why didnt they fix the problem before it got so big.
If the people in charge of the company fucked it up, how can they be trusted to fix it.
We spent a lot of money on a war for the big pink elephant in the corner of the room. We should have been sending a bill to that country for police services rendered. I actually don't think we should have even bothered to invade that country, but with the fucked up pushed documents from the Bush government we went in. In the past, we were the good guy policemen of the world, but after Vietnam we kinda lost our way.
I dont think spending more money we don't have is the way to get out of this mess. I think we need to seriously cut spending, and just look over where the money flow is going. If a company wants money, they have to prove that the money will stay in this country, otherwise whats the point. I think raising Taxes would be a bad thing because people just dont have extra money.
I think Obama is starting out okay, closing Gitamo, and "black" CIA spots and a get out of Iraq in 16 months is one way to at least stop or lessen the hemmorage of cash. Freezing pay for governmenet employees making more than $100,000 a year is a good thing too. At least Congress can't vote itself another raise.
I just don't know, but have the feeling that its going to get worse.
Courage Conquering Fear Fuck em if they can't take a joke Don't Like What I Say, Kiss My Ass