Recession?

[Capt Worley PE]

Bad news sells papers. Nature of the beast. I just hope nobody buys into ti.

 

[Wolverine]

One more comment: We no longer have a manufacturing or agricultural based economy in the U.S.; we have a knowledge based economy. It's all about new ideas and efficiencies.

Not only that, but we're also now intricately intertwined with the global economy more than ever.

That being said, I'm not sure the purist definition of "recession" applies anymore, certainly not here. There are certain segments of the economy that are receding as swirls and eddies off the main flow (housing, manufacturing, the State of Michigan), but the overall economy paints a different, turbulent-but-positive picture.

(disclaimer: but if I really knew anything, I would be debating it over at EconomistBoards.com)

 

[squishles10]

Not that I don't believe you, but I haven't seen any of that. I'm like the boy in a bubble with my government job. I guess I've been out of the loop for a few years. I only deal with one consulting firm and they seem busy, but they only do public/government work.

It's okay if you don't believe me just kidding. It really changes so fast...

The only work we really had was in Palm Desert, so that's probably why you're not seeing it, if that's where you are. I was in San Diego and Orange County. The companies that thought ahead and diversified into public works are still doing okay, it's the stupid ones like the one I referred to above that only did housing that got in trouble.

 

[C-Dog]

Oh dear, FACTORY ORDERS DROP 2x MORE THAN EXPECTED

and it keeps on hitting the fan... Head Fed Comments

 

[NCcarguy]

I CAN say this. In Raleigh, I know of 3 companies that have had layoffs in the past month. One laid off about 15, another about 10, and the biggest was 30. That's a LOT of competition that I'm probably getting ready to fight with over a job, since I won't have a THING that's job cheargeable to work on in about 2-3 weeks! It's not feeling good to me!

 

[benbo]

With the jobs report this morning it looks like maybe it is a bit worse than it seems to me personally (at least so far). Hopefully this will be a short recession, and the people looking for work can find it soon.

 

[C-Dog]

In an interview w/ NPR this morning, Kevin Phillips, a former Republican advisor, and economist, stated that the 1900's was the century of the US, while the 2000's will be the century of Asia. He said the US is repeating the ways of England and others who went from an industrial economy to one of moving money. It will take 10 years to recover from the current state. The US needs to stop being the worlds policeman and start concentrating on matters at home.

 

[ktulu]

Someone needs to come up with a DOT approved infant carrier that can be installed on the back of a bicycle.

B/c I won't be able to drive my truck with gas at $113 a barrel.

 

[Road Guy]

we need to send 100 engineers in the desert and tell them they cannot come back until they completely figure out the car engine that runs on water thing

 

[Guest]

^^^ I think we could manage that on THIS board!

I will start:

Step 1: Obtain a treadmill

:Locolaugh: :Locolaugh:

JR

 

[kevo_55]

In an interview w/ NPR this morning, Kevin Phillips, a former Republican advisor, and economist, stated that the 1900's was the century of the US, while the 2000's will be the century of Asia. He said the US is repeating the ways of England and others who went from an industrial economy to one of moving money. It will take 10 years to recover from the current state. The US needs to stop being the worlds policeman and start concentrating on matters at home.

Isn't Europe doing better than us right now?

I do agree, the US should stop being the ultimate superpower and take care of it's own. Of course, I'm not saying that we toss our "stick." I'm just saying that we take it out when we need to give out a good ass kicking to some unlucky SOB.

 

[C-Dog]

From Yahoo Finance

Throughout history, when capitalism stumbles chaos erupts and sometimes despots take over. For example:
• In 1897, the Russian ruble was pegged to gold and a period of relative economic growth followed. Russia went off the gold standard to finance World War I. The government fell to the Bolsheviks in 1917, and the Russian mafia took control of the economy.

• After World War I, the German middle class was wiped out and Adolf Hitler was voted into power in 1933.

• In the 1930s, China was the only country on the silver standard. In 1935, the nationalist Chinese government started issuing paper money. In 1937, in order to fight the Japanese, the government began printing funny money. The value of their currency went from four yuan per dollar in 1936 to a trillion yuan per dollar in 1949. In May of 1949, the Chinese government fell to Mao Tse-Tung and the Communists.

• In 1984, Yugoslavia hosted the Winter Olympics just as their currency, the dinar, began to devalue. In 1989, the IMF recommended more devaluation and the freezing of workers' wages. Rioting broke out, and in 1989 Communist party leader Slobodan Milsoevic was elected into power. Yugoslavia broke apart as war and ethnic cleansing began.

We, as a nation, must learn from history...

 

[wilheldp_PE]

Federal Reserve = Fiat Money = Evil

 

[Capt Worley PE]

I thought Fiat money was what I spent on that old 850 Sport Coupe.

 

[EM_PS]

My dad had a Fiat in the 70's - neat car (4-dr sedan), rusted out like crazy though -

For the love of money:

Money money money money, money

Some people got to have it

Some people really need it

Listen to me y'all, do things, do things, do bad things with it

You wanna do things, do things, do things, good things with it

Talk about cash money, money

Talk about cash money- dollar bills, yall

For the love of money

People will steal from their mother

For the love of money

People will rob their own brother

For the love of money

People can't even walk the street

Because they never know who in the world they're gonna beat

For that lean, mean, mean green

Almighty dollar, money

For the love of money

People will lie, Lord, they will cheat

For the love of money

People don't care who they hurt or beat

For the love of money

A woman will sell her precious body

For a small piece of paper it carries a lot of weight

Call it lean, mean, mean green

Almighty dollar

-- The O'jays

 

[Road Guy]

Isn't Europe doing better than us right now?
I do agree, the US should stop being the ultimate superpower and take care of it's own. Of course, I'm not saying that we toss our "stick." I'm just saying that we take it out when we need to give out a good ass kicking to some unlucky SOB.

I dont think so, most countries in Europe have double digit unemployment, inflation, and declining populations (of course the declining population part might be needed here)

 

[Dleg]

Well, it's in the news today that we're not technically in a "recession" because the last two quarters still showed some, albeit very small, growth.

Yet?

 

[Road Guy]

whatever were in I will be glad when its over thats for sure.

here is a question for an educated crowd...

Should you be able to buy a house with no money down? We have all seen the stories on foreclosures, but how many of them bought houses, some really expensive ones, and didnt put a dime down, or back loaded half the interest payments? What I am getting at is maybe a lot, ALOT of people bought houses before they were really financially ready to do so/

If you buy a house and dont put anything down your really still renting basically.

I dont advocate 20% or anything, but back in the day, banks wouldnt even talk to you if you didnt have something to put down

 

[Dleg]

Of course you are correct, and of course a lot of dumb people (and not so dumb people) jumped into those deals, without much thought of the consequences.

The question is whether or not the banking industry should be held accountable by the government for all those dumb decisions by people. Or if the government should decide, for all fo us, that we can't take out a home loan, with no downpayment. From what I understand, all those foreclosures are going to hurt all of us, in one way or another. And let's not forget that the banking/lending industry has a long, long history (going back to biblical times - need we even mention WWJD) of problems that ultimately required government intervention because of widespread consequences.

 

[FINK_RB_PE]

whatever were in I will be glad when its over thats for sure.
here is a question for an educated crowd...

Should you be able to buy a house with no money down? We have all seen the stories on foreclosures, but how many of them bought houses, some really expensive ones, and didnt put a dime down, or back loaded half the interest payments? What I am getting at is maybe a lot, ALOT of people bought houses before they were really financially ready to do so/

If you buy a house and dont put anything down your really still renting basically.

I dont advocate 20% or anything, but back in the day, banks wouldnt even talk to you if you didnt have something to put down

We bought our house with no money down and in three years it is half paid for. I am not trying to be a smart ass but we did not have 10% to put down but we had good earning potential. I think the big problem is that lenders would not check the information on the credit application and people who were making 30K a year were putting down 50K and gettig loans they could not handle. I also think it is a smack in the face to bail people out of these mortgages. If they get help all of us who were smart and researched what we could reasonably afford and proceeded cautiously into one of the biggest decisions of our life and when times got tough we were still able to make our payments should get the same assistance.

On a side note if any one here is interested in getting out of debt and really prospering check out Dave Ramsey, the guy is great. Straight forward and no BS. probably the best thing in the home buying process was listening to his advice on his radio show.

Just my 2 cents.