Foreclosure!

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I am reading a book right now about the Oklahoma Dust Bowl (The Worst of Bad time) in the 1920's. That seems to be a huge catastrophy and lots of lives were lost, and people lost everything they had but, the bottom line is......The people and the economy did come back eventually through our spirit and ingenuity.

We have had the Great Depression, World Wars, 9-11 etc, and while they were horrible....the nation survived and somehow, when the dust settles, we will survive this too.

It is not easy, but, catastophies will keep happening throughout the world, but, we always come back because of our ingenuity.

I have not always had it easy in life, but, when I was down, I had to rethink life and how to make it better for me and my children by doing whatever you need to get through a crisis. Like I tell my children when they complain....you figure it out. And they always find a way.

How is that for being the eternal optimist?

Carol Bice
 
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I'm not going to lie, it's nice to hear someone who doesn't think our country is going to hell in a hand basket. :>
 
Carol Bice said:
I am reading a book right now about the Oklahoma Dust Bowl (The Worst of Bad time) in the 1920's and 1930's. That seems to be a huge catastrophy and lots of lives were lost, and people lost everything they had but, the bottom line is......The people and the economy did come back eventually through our spirit and ingenuity.
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Carol and Ted are right on the money! This down period is not even close to as bad as compared to the devastating times of the 1920's and 1930's (Boss, you are too young to remember). Like every economy, there are ups and downs. We will bounce back.
 
Frank said:
Carol and Ted are right on the money! This down period is not even close to as bad as compared to the devastating times of the 1920's and 1930's (Boss, you are too young to remember). Like every economy, there are ups and downs. We will bounce back.
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I don't know back in the depression we pulled ourselves out because we could manufacture stuff other countries needed after the war.

What stuff do we manufacture that anyone wants now?
 
Frank said:
(Boss, you are too young to remember).
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Thanks for noticing.... and yes the rumor of my pony tail returning are true...

Frank, I do remember the 1908-81 recession, very similar to this one...and you're right...we'll make it back stronger than before...
 
Kristine...

Kristine said:
What stuff do we manufacture that anyone wants now?
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Kristine, In 2007, U.S. exports of goods rose 12 percent to $1.15 trillion, according to the International Trade Administration of the U.S. Department of Commerce (exports from your home state, Michigan, grew 10 percent to more than $41 billion for the year).
We still manufacture and export, to name just a few items: Jets, passenger airliners, heavy equipment (think Catepillar), high-end computers (think IBM), vehicles, machine tools, telecommunications equipment, electronic goods, musical instruments, and medical devices.

Do not give up on America Kristine! We are a remarkably resilient country and we will come through this.
 
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BOSS said:
T

Frank, I do remember the 1908-81 recession, very similar to this one...and you're right...we'll make it back stronger than before...
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1908!? ;)

The 1980 economic slow down in some ways was better than now.

Remember 21pct interest rates and 11 pct inflation? That is actually better than 3pct interest rates and 5 pct inflation, or whatever those numbers are now.

Why? because people actually earned more money on investments then than now, i.e. the real ROI back then was 10pct v -2 pct now.

Back then investing in CD's was the way to go which encouraged savings and safety. Now, the money has to go somewhere, it went to the stock market. with the economy iffy, money left the stock market and sought refuge in gold, silver and crude oil. Which is part of the reason you saw the run up in Crude oil prices this summer.

Its a tangled web, isn't it.?.

One other difference, I see people today overspending and in debt more than ever. It wasn't like that in the 80's.

joe
 
Joe Mioux said:
Its a tangled web, isn't it.?.

One other difference, I see people today overspending and in debt more than ever. It wasn't like that in the 80's.

joe
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Oooops on the typo...

Yes it is a tangled web...very hard to grasp in some instances and in plain sight in others. I agree with your conclusion Joe, I only meant to state that we will come out of this...

Today too many people live for the moment without regard for the future, and the "instant gratification" society that has access to money they *think* is cheap, leads to many over borrowing and getting into a state where they can't pay down the principle because they can barely cover the interest.
 
as Donald Trump said last night on CNN's Larry King show, this "downturn" has NO real comparatives, and IS cause for worry, yet, is a fantastic time to get INTO the market.
The trouble with this derivative meltdown, is that this has never happened before, and Wall Street's sheer greed, is like an iceberg, whose entire mass is largely hidden...none of us a really sure what has NOT yet manifested itself.
Yes, there HAVE been downturns, and YES, there have been bounce backs, BUT, way too many people have now lost huge portions of their 401k's that they were counting on, and the return to prosperity is gonna be a long road, so, many people are going to be forced to work beyond their envisioned retirements.
The early 80's recession was a supply and demand recession, THIS TIME, it's a "shortage" of supply and demand, where TENS of THOUSANDS of people have EXITED the housing market, where MANY of them should NEVER have been...the financial disaster looming, is NOT yet reared it's ugly head.
The reduced "earning power" of up and coming retirees, is gonna "kill" hopes of a quicker than normal recovery!!
The massive aid efforts for hurricane relief, and the huge military overhead, is going to hurt for many generations to come!
The "winds" are blowing AGAINST us......time to "tack"......
 
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Victoria said:
I can't help but think the terrorist organisations are sitting back and watching with glee. And they didn't really have to lift a finger.

V
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Ditto that. Thanks to an incompetent administration/crime cartel who reacted in all the wrong ways (except Afghanistan, the real mission). This had to be part of what they had in mind.

We'll come back sure...but when?
 
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Another one bites the dust....

Last night, the Fed's grabbed the assets of Washington Mutual, in the largest (to date, $300B) private bank failure in the history of the world, and quickly sold it off.....to JP Morgan Chase....

Just more dust in the wind!
 
BOSS said:
Last night, the Fed's grabbed the assets of Washington Mutual, in the largest (to date, $300B) private bank failure in the history of the world, and quickly sold it off.....to JP Morgan Chase....

Just more dust in the wind!
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In a strange way, these individual consolidations and takeovers are good. They probably take a little of the pressure off of the "big collapse" scenario and the taxpayer didn't have to pay for it (yet).

Who would have thought that in 1995, one small change would have led us to the brink of disaster.
 
Well Boss

Well Boss, you posted earlier that you wanted Wall Street to be torn down. Well yesterday you got your wish.

The interesting thing is that the stock market, ie Wall Street, lost $1.2 trillion dollars yesterday in value. This hit every American who has money invested for retirement. But it saved the taxpayers $750 billion dollars. Who was the winner?

Another interesting thing was that it was the Republicans who did not support the plan. Isn't it the Republicans who are the supporters of Wall Street?
 
Yea sfox....and in sincerity it was not a *wish* that Wall Street would fail, but that the idiots would get their due... I would never wish harm to the mom and pop slobs, but I do have great disdain for those making money off the backs of real working class people...

Investments are like gambling really...you take your chances. Hence, all my money is in dirt like I have said before...

I would never wish harm to anyone, but I do feel the Wall Street brokers should be held accountable for the current state of affairs. By the way, early futures trading this morning looks like we'll see a 200+ bump at the opening bell, with a steady climb throughout the day...my guess is the market will regain 350-400 points today alone...so all is not lost...yet.
 
Sfox, from what I saw and heard from "our representative's" statements regarding the vote, was that Main Street America was listened to. The representatives were deluged with comments from their constituents regarding the vote. Most apparently listened to who put them in office. Now the powers that be need to convince Main Street that they won't be the losers....the plan needs assurances that the fat check CEO's and CFO's don't get rewarded for the mess they've led us into. Write more regulation and supervision into the bill, it may get passed. I'm not for big brother, but I @@@@ well don't want to see people cashing in with my tax money while I have to foot the bill with more taxes.

Thank you....
 
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Rhonda, the real question is does Main Street understand the problem? It seems that Main Street is fixated with placing blame and punishing those CEO's, but that does nothing to solve the crisis. The market shed $1.2 trillion dollars of value yesterday and that money is money that Main Street put in their IRA's, their 401-K's and their kids 529 plans.

And the idea of putting more regulation as a way of fixing this is unrealistic. More regulation might work at stopping a future crisis, but to say that it is needed right this moment and that the regulations will somehow help is just a myth. Without the bailout, it will not only be Wall Street suffering, but Main Street too.

People can cry foul all they want. People can fix blame all they want. People can say they don't want to pay for this all they want. The truth is with a bailout plan or without a bailout plan, Main Street is going to pay for this one way or the other. Their only hope is to make the pain last as short a time as possible.

Understand, I am not happy about this. And last night when Nancy Pelosi made her speech and tried to fix blame for this on the President, it showed that Washington is actually more concerned about their own political future, rather than the financial future of Main Street. Now is a time for leadership, from both parties, not politics.

 
Nancy Pelosi was wrong in the timing of her tirade... as a matter of fact, it would have been wise all around if she had kept it to herself as a general rule of thumb.

V
 
sfox said:
And last night when Nancy Pelosi made her speech and tried to fix blame for this on the President, it showed that Washington is actually more concerned about their own political future, rather than the financial future of Main Street. Now is a time for leadership, from both parties, not politics.
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Whaddy mean blame Dumbo???

He had an ironclad alibi.

He was preoccupied in Iraq.
 
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