Ski_Banker
Suspended
Just a quick poll on where you think we are (or will be in the next, say, 3-6 months).
I think the odds of this recession turning into a depression are greater than 50%. And that's not lip service, I'm storing food, water, etc. Seriously.
Normally I agree with you....but how you can think Obama is good for this country is a pretty stupid and sheepish statement.
The problem is that just because we "want" to "solve" this economic problem with minimal pain, doesn't mean we -- the gov't -- even can.
I agree. I think it's a lot worse than people realize. All these bank failures started during GOOD times. We're going to have at least 4 more things feeding a spiral of more bank failures in my opinion.
1. People who lose their jobs who then can't afford their homes(this will be big).
2. People who have ARM mortgages that are going to come due in the next 1-2 years.
3. Business realestate failures
4. Credit card defaults
These 4 things will lead to more 2008 type bank failures, which will then result in more of 2008 type economics.
My main questions are:
- If we enter a full blown depression, will we have continous food and water?
- Should I buy back into the Dow around 6,000 or is that too high?
- Should I keep my other money in gold or cash(will the dollar collapse)?
.
Whatever it is, I hope this nation learns from this over-indulgence and take responsibility for their own credit issues.
If deflation continues, yes. If we manage to steady it, 50/50. Either way the unintended consequences will be sloppy.
Well, for what it's worth, I'll again be the odd man out. I do have concerns because this recession is not limited to the United States but is worldwide. But another Great Depression? I don't think so. There were too many lessons learned about economic theory and too many governmental measures available today that were not imagined during the Great Depression.
Will we have tough going in the next 12 to 18 months? You bet ya. Another Great Depression. Don't think so.
Intel just reported that they may lay off up to 5,000 people in the Bay Area. Depression? For the jobless it is.
1. People who lose their jobs who then can't afford their homes(this will be big).
2. People who have ARM mortgages that are going to come due in the next 1-2 years.
3. Business realestate failures
4. Credit card defaults
These 4 things will lead to more 2008 type bank failures, which will then result in more of 2008 type economics.
Gold? You can't eat it, drink it or smoke it...
I'm putting all my money into physical tangible assets. Ammunition, beer, food, weed and a shit load of Peanut M&Ms - they should last me for at least 8-12 months.
Just a quick poll on where you think we are (or will be in the next, say, 3-6 months).
+1Well, for what it's worth, I'll again be the odd man out. I do have concerns because this recession is not limited to the United States but is worldwide. But another Great Depression? I don't think so. There were too many lessons learned about economic theory and too many governmental measures available today that were not imagined during the Great Depression.
Will we have tough going in the next 12 to 18 months? You bet ya. Another Great Depression. Don't think so.
But so far, he has the right economic team in place and I've been impressed.
Whatever it is, I hope this nation learns from this over-indulgence and take responsibility for their own credit issues.