Global Economic Crisis: Should I be afraid?

HoosierDaddy · Post by **HoosierDaddy** » 16 Jul 2008 20:30

Think times are tough now? Compare these periods:

1. Arab oil embargo of the 70's. Gas prices shot up, gas shortages and lines at the pump, Nixon reduces the national speed limit from 70mph to 55mph.

2. Early 1980's had inflation around 10%, mortgage rates like 14%, silver was $40 per ounce (because some dufus in Texas tried to corner the market).

3. The last recession (the "tech bubble") in 2000 was about 2 years long. This one has only been maybe 6-8 months.

Most economists are predicting the end of the tunnel might be early next year. The key is not thinking short-term when you talk about the stock market, the economy, and investments. We will certainly get through this recession just fine. The lesson to be learned in this recession is no more sub-prime mortgages.

HoosierDaddy · Post by **HoosierDaddy** » 17 Jul 2008 02:02

I personally wouldn't flinch at all, if the big three US auto makers go bankrupt in the next several years. The stupidity of the US automotive industry is on par with BH/KA IMO.

Selling new cars with less than 40mpg in this day and age is the equivalent of Marty and Daniel being robots. Stupidity and arrogance don't go well with each other.

:endrant

SandChigger · Post by **SandChigger** » 17 Jul 2008 03:07

(Isn't this about the point where Nebby is supposed to pop back in with another off-the-wall comment?

)

Nebiros · Post by **Nebiros** » 17 Jul 2008 04:41

Well it looks like nobody here really is worried about an economy in crisis. So I guess the answer to my question is no I should not be afraid. I mean it will recover by next year right?

Am I at risk of losing my home, starving, unable to get around, not earn enough money or lose money? No.

I BOUGHT my house with no strings attached (if that is the correct term) It is my family property and I'm in no debt. No mortgage.

I have enough money to put food on the table without cutting back.

As for gas prices, well it is a little of an inconvenience but I can live with it.

If my bank closes however, I will have no access to my money so perhaps there I should worry a little.

Back in 1997 there was an economic crisis in South East Asia. I was still in school back then and I got through it without any trouble.

The worth of my national currency is stable. no extreme drops in the value at the moment.

So what is all the fuss about OUTSIDE the United States? I'm talking about stock markets in Asia affected as a result of the economic turmoil in America. The economy will recover next year so what is the big deal?

Shadout · Post by **Shadout** » 17 Jul 2008 08:12

1) Next year isnt now. A crappy US economy greatly affect everyone else. Technically we got recession where I live right now (not that it has really had any impact yet, lowest unemployment in a very loong time, but that will surely change). Beside, even if US recover next year, it probably means everyone else will only recover the year after or so, a bit of lag between changes.

2) Oil prices

This is nothing compared to 70's oil crisis of course (yet anyway) or the early 80's. Though its worse than the Tech bubble in 2000, that was mostly created from the inside of an industry, when everyone finally realized that all those idiotic new internet companies wasnt making any money.
And the reason that recession existed for so long was partly because of 9/11 attacks, which didnt exactly improve investors faith in a future economic boom.

I hope the whole goddamn world burns. It's only what it deserves.

We just have to introduce sandworms. Who will care about oil then! Or mortgage. Caves are free.

Phaedrus · Post by **Phaedrus** » 17 Jul 2008 10:47

Ah, Chigger, you summoned it.

Nebiros wrote:Well it looks like nobody here really is worried about an economy in crisis. So I guess the answer to my question is no I should not be afraid. I mean it will recover by next year right?

Am I at risk of losing my home, starving, unable to get around, not earn enough money or lose money? No.

I BOUGHT my house with no strings attached (if that is the correct term) It is my family property and I'm in no debt. No mortgage.

I have enough money to put food on the table without cutting back.

As for gas prices, well it is a little of an inconvenience but I can live with it.

If my bank closes however, I will have no access to my money so perhaps there I should worry a little.

Back in 1997 there was an economic crisis in South East Asia. I was still in school back then and I got through it without any trouble.

The worth of my national currency is stable. no extreme drops in the value at the moment.

Yeah, we get it. You don't really give a shit about the economy, it's all about YOU.

Some of us get to pay for rising college costs, deal with rising gas prices, and pay for food that gets more costly every week. And I don't have it particularly bad.

When even Bernanke is getting worried, I'm not particularly optimistic. He's an idiot, but usually for saying, "Nothing's wrong!" when something is.

Oh, but my point is this: shove it, if all you're going to do is talk about YOUR economic status.

Mandy · Post by **Mandy** » 17 Jul 2008 12:46

I wasn't particularly worried until I went to the grocery store the other day. The produce section was looking kinda slim (this was a big supermarket) and normally that section of the store is pretty packed with fresh food. Plus potatoes were $1 a pound, which is crazy. That's a basic staple, and is usually much less. I can only imagine how hard these times are on people who are poorer than I am.

SandChigger · Post by **SandChigger** » 17 Jul 2008 19:10

Phaedrus wrote:Ah, Chigger, you summoned it.

BEHOLD MY POWER! FEAR ME! FEAR ME!

NOT EVEN NINJA TELEPORTACOMMENTER FREAKZILLA HAS SHOWN THE ABILITY TO CONJURE THE QUIZZICAL SPIRIT NEBBIROSH!

MWA-HA-HA-HA-HA!!!

Nebiros · Post by **Nebiros** » 17 Jul 2008 22:34

To some extent you are right Phaedrus. I don't give a damn about the US economy because they elected George Bush twice. Americans got what they deserve.

I care more about stopping global warming and protecting the rainforests. The economy will recover next year while our ability to live on planet Earth might not.

As a human being however I do worry about rising food prices because the world's poor will be starving. And I also worry if my bank will colse.

So I do have SOME concern. But media is reporting on the stock markets as if I am the one who should panic which is not true.

Phaedrus · Post by **Phaedrus** » 17 Jul 2008 23:13

SandChigger wrote:
Phaedrus wrote:Ah, Chigger, you summoned it.
BEHOLD MY POWER! FEAR ME! FEAR ME!

NOT EVEN NINJA TELEPORTACOMMENTER FREAKZILLA HAS SHOWN THE ABILITY TO CONJURE THE QUIZZICAL SPIRIT NEBBIROSH!

MWA-HA-HA-HA-HA!!!

I would have much more respect if you'd stop using your powers altogether. Like, now. Quickly. Please.

Spare us.

Nebiros wrote:To some extent you are right Phaedrus. I don't give a damn about the US economy because they elected George Bush twice. Americans got what they deserve.

I care more about stopping global warming and protecting the rainforests. The economy will recover next year while our ability to live on planet Earth might not.

As a human being however I do worry about rising food prices because the world's poor will be starving. And I also worry if my bank will colse.

So I do have SOME concern. But media is reporting on the stock markets as if I am the one who should panic which is not true.

I originally wasn't going to respond to this, but what the hell.

1) Even if your argument about just desserts wasn't ridiculous, the entire population didn't vote for W. So the people who've hated him since day 1 deserve this shit, too?
2) George Bush, despite his bullshit posturing, didn't really cause the recession. It's a recession. They happen. The Fed is probably more responsible than the Executive Branch ever could be, and the extent of their effect is questionable. There's no such thing as an infinite period of economic growth. It's fun to blame whomever's in office for all the tribulations of the world, but it's just not that accurate.
3) Just because the media is stupid and overreacts doesn't mean that the economy doesn't matter and doesn't affect you personally. Remember when I said I hope the world burns? Yeah, you're not helping to move me from that position. Quite the opposite.
4) Your "as a human being" thing is kind of funny. Concern for other people's welfare, unless of course they're smoking, drinking, having sex, or some other "immoral" form of amusement? It's not good if they starve, but damnit, let's keep them from having any fun or enjoying life, right?

SandChigger · Post by **SandChigger** » 17 Jul 2008 23:47

Bless the beasts and the children....

Tha' there means yer oorankootank monkays (the orangish ones) and people like you-know-who.

Phaedrus wrote:I would have much more respect if you'd stop using your powers altogether. Like, now. Quickly. Please.

Spare us.

Ha. Ha HA!!

WHAT CURRENCY IS YOUR RESPECT THAT I SHOULD VALUE IT, YOUNGLING WHO LOOKS LIKE A MAN NAMED TOM LOOKED NEARLY THIRTY YEARS AGO?!?

AND HOW TIRED ARE YOU THAT I SHOULD SPARE YOU?! TREAD LIGHTLY!!!

HA! HA HA!!! MWA! BWA! HA HA!!!

(I'm really sorta starting to get into this.

)

Nebiros · Post by **Nebiros** » 19 Jul 2008 04:03

http://www.youtube.com/watch?v=HA_RZKtsROs

edit: a funny video about recession. Happy?

Nekhrun · Post by **Nekhrun** » 19 Jul 2008 10:51

Nebiros wrote:http://www.youtube.com/watch?v=HA_RZKtsROs

Yeah, I'm going to click on a link you post with no context to it.

orald · Post by **orald** » 19 Jul 2008 17:02

I must say, after clicking it earlier today and watching like half a minute or so, I've come to the conclusion that Chig and the rest are right- you ARE a total idiot.

SandChigger · Post by **SandChigger** » 20 Jul 2008 00:31

Ah, Orald redeemed!

(But only temporarily.

)

GamePlayer · Post by **GamePlayer** » 20 Jul 2008 20:02

Don't get it.

Nebiros · Post by **Nebiros** » 23 Jul 2008 00:38

GamePlayer: I'll give you a hint; recess recession

SandChigger · Post by **SandChigger** » 23 Jul 2008 03:29

Well that's fairly disappointing, I must tell you, Willy.

Usually you drone on for a several tedious paragraphs, at least.

Is that all you got?

loremaster · Post by **loremaster** » 27 Jul 2008 14:15

Phaedrus wrote:Ah, Chigger, you summoned it.

Nebiros wrote:Well it looks like nobody here really is worried about an economy in crisis. So I guess the answer to my question is no I should not be afraid. I mean it will recover by next year right?

Am I at risk of losing my home, starving, unable to get around, not earn enough money or lose money? No.

I BOUGHT my house with no strings attached (if that is the correct term) It is my family property and I'm in no debt. No mortgage.

I have enough money to put food on the table without cutting back.

As for gas prices, well it is a little of an inconvenience but I can live with it.

If my bank closes however, I will have no access to my money so perhaps there I should worry a little.

Back in 1997 there was an economic crisis in South East Asia. I was still in school back then and I got through it without any trouble.

The worth of my national currency is stable. no extreme drops in the value at the moment.
Yeah, we get it. You don't really give a shit about the economy, it's all about YOU.

Some of us get to pay for rising college costs, deal with rising gas prices, and pay for food that gets more costly every week. And I don't have it particularly bad.

When even Bernanke is getting worried, I'm not particularly optimistic. He's an idiot, but usually for saying, "Nothing's wrong!" when something is.

Oh, but my point is this: shove it, if all you're going to do is talk about YOUR economic status.

Good point, well made.

Nebiros · Post by **Nebiros** » 17 Sep 2008 21:06

I'm hearing more news on government bailouts most notably AIG although I know little about that company until today.

I'm also hearing of a near crash on the stock market with all those nasty red arrows.

But I'm still not feeling the pain.

Rakis · Post by **Rakis** » 17 Sep 2008 23:12

Nebiros wrote:I'm hearing more news on government bailouts most notably AIG although I know little about that company until today.

I'm also hearing of a near crash on the stock market with all those nasty red arrows.

But I'm still not feeling the pain.

Do you have a mortgage in the US?

orald · Post by **orald** » 18 Sep 2008 00:11

1800-400-400...A...I...G...

Geez, I still remember that shitty commercial from years ago, I wonder if they even still have that number here.

Lundse · Post by **Lundse** » 18 Sep 2008 02:37

Speaking of the economy...

http://en.wikipedia.org/wiki/Algorithmic_trading

In short, 1/3 of your (US) and my (EU) economy is run by computer programs.

In case anyone was having doubts that we _do_ leave valuable decisions and thought-processes in the hand of machines...

Ready for that Jihad yet?

chanilover · Post by **chanilover** » 18 Sep 2008 12:01

Nebiros wrote:I'm hearing more news on government bailouts most notably AIG although I know little about that company until today.

I'm also hearing of a near crash on the stock market with all those nasty red arrows.

But I'm still not feeling the pain.

That's a relief. There's the small matter of 5,000 people in the UK who lost their jobs on Monday when Lehmans went under, but never mind, eh?

SandChigger · Post by **SandChigger** » 18 Sep 2008 12:17

Who resuscitated this PoS?

Oh...right.