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Thread: Anyone else worried about the Economy lately?

  1. #14
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    its gonna get bad before it gets worse.
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    Well, a lot of people are saying that all this government intervention makes us closer to a socialist state. Maybe capitalism is fundamentally flawed in itself, and all of these problems were inevitable. You might say, they weren't inevitable, its just a whole lot of incompetent bankers borrowing too much money and a lot of flawed economic concepts and bad governing, but what if all of those things have to happen whenever you have capitalism?

    I mean, we like to make our economy look stronger than it is. If you measure the strength of an economy with government spending and commercial spending, then you can just start a war to raise government spending, maybe raise gas prices to boost commercial spending, since no one can really go without gas anymore. Not to mention the fact that banks borrow some multiple of the money they have, so they have even more money when they're doing well, and even less when they're not. (This is just my oversimplified view of leverage, though. I'd like to see what a real economist says about it.) That's a big contributor to so many of them going bankrupt now. There was some article in Newsweek or something I read in a dentist's office, that covered all of this pretty well, but "leverage" is the word to look for.

    Now yes, we mishandle credit all over the place, we the citizens who don't own banks, and yes it's handled badly by the government. I heard about this guy that barely speaks English and only gets by on a part time job getting this huge loan to buy a house, a loan that he shouldn't have technically qualified for based on income. That guy got screwed over hard, and he didn't know what he was getting into, so that's not his fault.

    I think we can agree we need tighter government regulation on banks, anyway. Anything that you can get a loan for, anything involving any kind of bank or broker or whatever. Or maybe not. Maybe someone here knows economics? (It's definitely not me.)
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    Well I would say that for most people a home rates a bit higher than fancy computer peripherals or nice cars in priority as well as cost. (obviously not for everyone, I have seen a Corvette parked out in front of a single wide trailer) 500K for a 2 bedroom starter home in SoCal...

    Don't get me wrong, I haven't purchased a house either and by the looks of it probably never will be able to...stagnant salary, 60K in school loans, and a collapsing lending industry. I suppose it comes down to some kind of a morality question...Who is at fault the predatory lender or the gullible borrower? Obviously accountability for action is important, and that in some ways implicates the borrower, however if you dig a trap for someone is it their fault for falling in? Are soldiers at fault for not being on point enough to not step on a landmine? If you think so than I would venture to say that opinion is a wild oversimplification that doesn't take into account anything other than the observer.

    Now some people are attempting to use the foreclosure of peoples homes as a means to disqualify their eligibility to vote.

    The Macomb GOP’s plans are another indication of how John McCain’s campaign stands to benefit from the burgeoning number of foreclosures in the state. McCain’s regional headquarters are housed in the office building of foreclosure specialists Trott & Trott. The firm’s founder, David A. Trott, has raised between $100,000 and $250,000 for the Republican nominee.

    The Macomb County party’s plans to challenge voters who have defaulted on their house payments is likely to disproportionately affect African-Americans who are overwhelmingly Democratic voters. More than 60 percent of all sub-prime loans — the most likely kind of loan to go into default — were made to African-Americans in Michigan, according to a report issued last year by the state’s Department of Labor and Economic Growth.
    Last edited by Cthogua; September 18th, 2008 at 04:00 PM.
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  5. #17
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    I guess all in all...now isn't a good time to get buried in 60k of debt from student loans....
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  6. #18
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    Quote Originally Posted by Quote View Post
    Well, a lot of people are saying that all this government intervention makes us closer to a socialist state. Maybe capitalism is fundamentally flawed in itself, and all of these problems were inevitable. You might say, they weren't inevitable, its just a whole lot of incompetent bankers borrowing too much money and a lot of flawed economic concepts and bad governing, but what if all of those things have to happen whenever you have capitalism?
    people have posited this for a long long time.

    personally i believe it ...its common sense...
    and the whole principle of regulation is based on this tenant.
    that left to its own devices capitalism will run aground...
    a will necessitate a large painful course correction.

    seems to be happening more frequently
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  7. #19
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    America's a mixed grab bag of governing ideas. Cries of "socialism" are just the barking of binary minds.

    The idea that the poorer one is, the less responsible for one's actions one becomes, is a rather bad way to govern a society. Pandering like this tends to hurt a group rather than help it, and thus tends to result in widening income gaps. It is only through responsibility, which includes education, and hard work, which includes education, that the poor move up in the world. And it is the lack of same that causes "the other half" to trend downward.

    Everybody I know who has a house worked years for it. Some start with small houses then refurbish resell and continue until they are in a "good house." Some just wait a long long time until they are secure enough. My grandparents paid for their house with cash they had accumulated in 30 years of hard work.

    People who tell you "you can have it all right now if you vote for me!" are politicians. And if that kind of irresponsible rhetoric gets inacted into law, it is the responsible who end up paying for it, non-rhetorically. And the responsible know this, and they immediately begin figuring out a way not to get caught holding the bag for some Pop Politician's self-glorifying vote-insuring Robin Hood fantasy.

    Which again reminds me of that comedian (Pat Paulson?) I read about who ran for mayor of San Francisco in the 60s. His platform was "Anything you want!"

    Oh god. Did I just talk politics.

    Sorry.

    kev
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  9. #20
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    pat paulson couldn't be more relevant!
    this one is right on

    http://video.google.com/videosearch?...um=4&ct=title#






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  10. #21
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    Quote Originally Posted by kev ferrara View Post
    The idea that the poorer one is, the less responsible for one's actions one becomes, is a rather bad way to govern a society. Pandering like this tends to hurt a group rather than help it, and thus tends to result in widening income gaps. It is only through responsibility, which includes education, and hard work, which includes education, that the poor move up in the world. And it is the lack of same that causes "the other half" to trend downward.
    I agree, to a certain extent, but also running a society on the blind assumption that everyone has the same opportunities is inviting just as much abuse. I assume what you're talking about in the pandering to the idea that the poor are less responsible is state welfare programs, and really anything that supports poor people off the state in anyway. How is the working class supposed to become educated then if there is no support to do so and the average cost of sending a kid to college costs as much as a house? Never mind the decrepit state of public education in poorer areas. How is this education supposed to happen? The concept that the poor can be, enmass, brought up out of poverty by their own will to not be poor anymore is ridiculous...Who's going to work in a coal mine if they don't have to? Who's going to pick fruit all day if they don't have to? There HAS to be poor people in order for capitalism to work...in order for someone to make money someone has to get fucked

    I'm not really trying to be combative here. I'm really just curious as to what the model is in which poor people become responsible, educated, and immune to predatory marketing without the help/pandering from the state.
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  12. #22
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    Concerned but not over worried. It happens. We haven’t died. No one has killed us. Life may be a bit tough for a while. It’s happened before and will happen again.

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  13. #23
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    yeah but i've heard that the country isn't projected to right itself for another decade till we are back in the black.


    who knows what to make of these projections though....taken with a grain of salt.

    but the theory is sound...that every bubble burst cascades slowly every 2-3 years into an other bubble (dot com- slowly creating an entrepreneurial housing frenzy, etc) and inevitable burst as the investment class
    sees these downfalls as opportunities (i.e. cleaning up on foreclosures ) creating a new bubble wich soon bursts...its apparently a cycle that is accelerating and snowballing unchecked.

    leading the doomsayers to conclude that a biggy is on its way,
    projected to last over a decade....so they say.


    time will tell.


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  14. #24
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    Well yeah, it was something that has been going on with Japan: http://efinancedirectory.com/article...damentals.html people should have realized it was going to be the same in the US, and a good guide to any economic market really.
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  15. #25
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    Raffi helps takes my worries away from the overly sensational media.
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  17. #26
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    Quote Originally Posted by Cthogua View Post
    I agree, to a certain extent, but also running a society on the blind assumption that everyone has the same opportunities is inviting just as much abuse. I assume what you're talking about in the pandering to the idea that the poor are less responsible is state welfare programs, and really anything that supports poor people off the state in anyway. How is the working class supposed to become educated then if there is no support to do so and the average cost of sending a kid to college costs as much as a house? Never mind the decrepit state of public education in poorer areas. How is this education supposed to happen? The concept that the poor can be, enmass, brought up out of poverty by their own will to not be poor anymore is ridiculous...Who's going to work in a coal mine if they don't have to? Who's going to pick fruit all day if they don't have to? There HAS to be poor people in order for capitalism to work...in order for someone to make money someone has to get fucked

    I'm not really trying to be combative here. I'm really just curious as to what the model is in which poor people become responsible, educated, and immune to predatory marketing without the help/pandering from the state.
    Cthogua, I don't quite know how to respond to you except by pointing out that millions and millions of people have left poverty through hard work. That includes every one of my relatives who came to the lower east side between 1900 and 1937 and worked godawful jobs that I can't imagine. My great grandfather fell off a skyscraper he was working on and was in a coma for 3 weeks. When he woke up, he moved upstate and started a farm with his own two hands raising 7 children in the process. The values of these people were rock solid and had little to do with their own comfort and everything to do with the future of their family. There are Subcontinent Indians, Koreans and Mexicans who are doing the same thing now in this country. The commonality between them all is a lack of cynicism, a lack of self-destruction, a willingness to sacrifice for the future, a willingness to police their neighborhoods themselves, and a commitment to the future of their families and themselves which includes policing the education of their children themselves. This education is not necessarily for some white collar job.

    Self-preciousness, on the other hand, leads to utter narcissism and a belief only in the here and now. Momentary pleasures, pursued diligently day in and day out, result in absolutely nothing in the long term except poverty and self-hatred.

    This is just my opinion however, and I wouldn't insist on it.

    Best,
    kev
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