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post #1 of 37 (permalink) Old 09-30-2008, 08:42 PM Thread Starter
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depression?

the stock market crashed yesterday netting a loss of approximately 1.4 trillion dollars. and because the republican and democrats are bickering and not doing their jobs the bill that would have helped tremendously was turned down... it was for 700 billion to go in to recurculation.

banks are closing. companys are going under. people are losing their jobs.

our country is in a recession.

my teacher is saying we maybe about an inch from depression.

what do you guys think? im 19 and am obviously young. i dont really know what to expect.

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post #2 of 37 (permalink) Old 09-30-2008, 08:46 PM
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Re: depression?

I'm not going to claim to know much more than you on the issue but, I'm pretty sure the bailout plan is a terrible idea. We have no money to bailout the financial sector and printing more currency will only drive the value of the dollar down even more, raising the prices of many consumer goods and commodities that we import from the rest of the world.

The reason why banks are closing and people are losing their jobs is because the banks didn't do their due diligence when lending money to people; that and most Americans live above their means anyways.

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post #3 of 37 (permalink) Old 09-30-2008, 09:00 PM
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Re: depression?

to add to the above posted. The stock market has regained most of it's footing and will most likely do so tomorrow (wednesday). When congress gets together on Thursday and the bailout is not passed the market will most likely drop just like monday.

I'm only 24. I was alive during the 87 stock market crash. Dont remember it though. A depression like that of the 1930's would suck for everyone but It may be necessary.
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post #4 of 37 (permalink) Old 09-30-2008, 09:06 PM
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Re: depression?

You have to realize that the stock market is currently performing in the favor of day traders. When we woke up this morning anybody and everybody could have made money purchasing stocks this morning. Tomorrow is not guaranteed to be just like to day. I doubt the market will gain over 100 points tomorrow due to the overall expectation of what Thursday will bring. The consumption factor of oil will come out tomorrow as well. I think the market is complete bs right now and doesn't really tell the story accurately on a day to day basis. If you look at it from a month's standpoint it will definitely show what is going on.

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post #5 of 37 (permalink) Old 09-30-2008, 09:53 PM
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Re: depression?

i don't think our current situation can be compared to the great depression. it was pretty drastic.



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post #6 of 37 (permalink) Old 09-30-2008, 09:55 PM
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Re: depression?

[quote author=araw at bituin link=topic=124985.msg2656553#msg2656553 date=1222826020]
i don't think our current situation can be compared to the great depression. it was pretty drastic.
[/quote]

I think you underestimate the gravity of the situation. However, whatever happens will be much shorter in length than the great depression. We may be in a recession for a year or two tops but, because of globalization and the hyper-economy we live in, we will bounce right back out of it before you know it.

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post #7 of 37 (permalink) Old 09-30-2008, 11:51 PM
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Re: depression?

I watched a lil bit of MSNBC last night about this entire subject and all it really did was make me even more paranoid than I was before I knew anything about it.


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post #8 of 37 (permalink) Old 10-01-2008, 12:00 AM
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Re: depression?

[quote author=Hexedit link=topic=124985.msg2656566#msg2656566 date=1222826153]
[quote author=araw at bituin link=topic=124985.msg2656553#msg2656553 date=1222826020]
i don't think our current situation can be compared to the great depression. it was pretty drastic.
[/quote]

I think you underestimate the gravity of the situation. However, whatever happens will be much shorter in length than the great depression. We may be in a recession for a year or two tops but, because of globalization and the hyper-economy we live in, we will bounce right back out of it before you know it.
[/quote]

Heres the thing, your points are pretty accurate but you forgot the part about hyper inflation and the fact that right now we are dealing with stag-flation. The increase in inflation AND unemployment simultaneously causes things like this to occur. While lending institutions did get rather happy with low interest rates to new home buys and once those rates rose... this caused them to literally foreclose because they couldn't afford it. This flooded the market with properties that just could not be bought quickly enough to counteract what we are seeing today. While the great depression has horrible, i do believe that the bailout plan would in the longer term atleast remedy the situation long enough for people to buy these properties back so banks could handle the lost loans they are dealing with right now. Government intervention anytime in a free market economy is typically a terrible idea but sometimes, it cannot be helped.


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post #9 of 37 (permalink) Old 10-01-2008, 12:56 AM
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Re: depression?

might be a good time to buy stocks when its cheap

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post #10 of 37 (permalink) Old 10-01-2008, 01:11 AM
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Re: depression?

If you have the money it's great. If you need the money to retire in the immediate future you're fucked.

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