"I smell the acrid stench of fear and uncertainty," said markets commentator David Buik of BGC Partners. European markets also tumbled. Oops Might be a bad day for U.S. stocks tomorrow. I'm not prepared for the global Great Depression-are you?
Its 70 Billion here in Canada. They're expecting a 500 point drop in NYSE tommorow, so around 1 trillion dollars gone from the world economy. Game Over
Oh bugger, let's hope it doesn't effect the internet, as long as the Aussie dollar falls against the US dollar I am happier I guess, the U.S is going down hill and fast - no longer the super power it once was.
OK that could have read better : So that means time to start SHOOTING - it's Bush's fault !! I agree someone needs to shoot Bush !
A lot of banks have been doing some dumb dumb shit. Investment firms and banks made some bad bad bets and Citi lost something like 9 billion over last quarter. I'm sure they convinced banks to do the same in the UK, Germany, Japan, China, Canada, and a few others. Tomorrow will be interesting :/.
There is an old saying to do with the financial world. "When America sneezes, the rest of the world catches a cold" This is what the saying is talking about, it sucks, the world is going to hell, if were not tryingto kill each other with big, dangerous bombs, were making stupid mistakes with our money that could bring around a massive global recession.
Thanks for the heads up Gemini. It's a good thing I moved out of stocks and funds months ago. But I will keep an eye on the stock market tomorrow. Anyone that did not see a US recession coming was either blind or uninformed. A country's economy is going to go to sh*t when jobs are outsourced, workers are imported, tax cuts given mainly to the rich, mortgage lenders were free to prey on homeowners, etc. It's not just Bush's fault, but every US politician that sold this country to the highest bidder. Heck, Ohio was even talking about selling its turnpike (toll highway) to a company based in a foreign country. Before long we won't own anything and the only thing made in America will be unemployment and welfare checks. That will probably get outsourced next.
the us recession is going to affect everyone, right now im worried that im not gonna be able to get a aprt-time job to pay for university
The FED cut interest rates, and temporarily calmed the markets. I'm worried the massive global recession will be worse, once it finally hits.
Its not Bush's fault so much as the people who work for him; and not so much their fault as those who work for them. Many people point to the sub-prime melt down as the cause and blame borrowers for over extending themselves. Others blame the lenders for over extending themselves. Still others blame the government for not controlling the situation. In my opinion everyone is right and everyone is wrong. The sub-prime meltdown and resulting failure to recover as quickly as we could have rests squarely on the shoulders of all three parties. The influences that be, i.e. major media as well as the government got together with lenders and made conditions ideal for people to borrow money well beyond what they could have paid back even in the best of circumstances. The general public was lulled into a false sense of security thinking that if they heard it on television and their friends were doing it so should they. The second major failure was the financial professionals in your local CPA office telling everyone that when they get a pay raise they should buy a bigger house to get a bigger tax break. To get the bigger house you put yourself in more debt and in a lot of cases more debt than what you started out in for not much if any of a real advantage. This aspect wasn't communicated as much as the larger tax advantage aspect was. To further complicate this mess those who weren't buying new houses were cashing out equity at low but not rock solid interest rates. When the action started to die down people were left with a few thousand dollars in their pocket and a raising interest rate that soon took that and much more from their already tight budgets. The third failure was that of the smart borrower and the smart lender. Anyone borrowing money from the smallest cash advance to the largest private loan or mortgage should understand their budget and their ability to pay off the loan. Likewise the lenders responsibility to double check that a borrow can pay back the loan even if the economy takes a not so desirable turn as it has. Case in point the USA Today published an article a few years ago outlining the story of a young man from California who got caught up in the television shows which follow house flippers. During the three years that this guy was active in the housing market he bought over 6y houses in 4 states totaling well over a million dollars in mortgages. He squandered what money he had prior to his flipping venture by not properly hiring workers to do updates to his properties. Also, he was not on site during this time and two of his contractors cleaned out his properties of everything of value and fled. Left with over one million dollars in debt and several houses that were in no condition to sell for a break even price this young man and his new bride were forced to declare bankruptcy. Another similar case involved a part time gas station attendant who borrowed over $500,000 to buy a property. When he defaulted I wonder if the bank sat back and scratched its head on why this borrower defaulted. During this same time many companies were in the midst of outsourcing frenzies cutting US jobs on a daily basis. The government sat back and did little to stop this practice and even encouraged it in some ways. With a decaying infrastructure and raising costs of living the government then decides to give cash in the form of tax rebates to individuals in hopes that they would do what got them in trouble in the first place, spend. Again when gas prices hit record levels they proposed this rebate, and again it sits on the table. What should have been done with this money is for the government to pick a project that would benefit the public interest (interstates in the midwest, disaster recovery in the gulf states, schools, community centers, and the military for the rest of the country) and given the $600 to people in need in the form of jobs doing work that is in some way bettering the community and the country as a whole. This was a massive failure by all parties involved and does not rest solely on one persons shoulders. It can be blamed on bad leadership for failing to properly correct this action but the damage that was done prior can not.
Wait until the end of spring and invest in Banks. They'll hit rock bottom and you WILL MAKE A KILLING.