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Ouch!
climber
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Topic Author's Original Post - Sep 19, 2008 - 03:58pm PT
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I was born in this old building during the Great Depression. It was an unused warehouse at the time. Seems that damned old depression has been chasing me my whole life.
Is it about to catch me again?
These are scary times.
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JuanDeFuca
Big Wall climber
Stoney Point
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Sep 19, 2008 - 04:04pm PT
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I for one am not handling this finical meltdown very well.
Will have to fine toon the meds.
Juan
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paganmonkeyboy
climber
mars...it's near nevada...
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Sep 19, 2008 - 04:14pm PT
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we can't be in a depression - we have the most honorable and intelligent men running the show !!
oh, wait...
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Ouch!
climber
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Topic Author's Reply - Sep 19, 2008 - 04:16pm PT
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Apparently someone didn't like the avatars. Some were a bit raunchy. LOL! As bad as what got Locker whacked.
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Anastasia
climber
Not there
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Sep 19, 2008 - 04:41pm PT
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My parents have survived the depression, WWII, Cvil War in Greece, and a Junta government. My Dad's father fought in the Greek Independence, WWI, The Catastrophe, WWII, and the Civil War.
We are a family of survivors.
Now take the lessons this family has taught me..
Don't ever trust a government to take care of you. Don't ever trust the banks.
If you need to trust anyone, trust your family. Now is the season to plant a vegetable garden, buy a sewing machine. Stock up on medical supplies. Stock up on dry food. Put a locking gas cap on your gas tank. Increase the security of your home because desperate people will steal.
Plus, save your money, eat at home, spend less, etc. Pay off your debt and cut up the credit cards. If the banks gets desperate, they will use those opening to take your security away.
AF
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salad
climber
Escondido
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Sep 19, 2008 - 05:01pm PT
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does this mean i have to sell my benz?
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Dick_Lugar
Trad climber
Indiana (the other Mideast)
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Sep 19, 2008 - 05:10pm PT
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My grandpappy was a coal miner in WY. during in the depression. Coal mining was one of the few steady jobs during this time to keep the trains running. Him and his brothers would go and hunt elk and deer(illegally I recall) up around Pinedale, WY. to fill up there freezers to feed them and there families. That will be my POA as well if the poop hits the fan. Godspeed STr's, godspeed!
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WoodySt
Trad climber
Riverside
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Sep 19, 2008 - 05:24pm PT
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We aren't even in a recession and some of you are planing the end of the world. Now, I'm not saying that the economic situation won't get worse; but past economic woes I've experienced were a hell of a lot worse than what we have now. So don't run to the window and leap out yet.
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Wonder
climber
WA
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Sep 19, 2008 - 05:44pm PT
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WoodySt=troll ignore the bot. This thread IS NOT about him.
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bobinc
Trad climber
Portland, Or
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Sep 19, 2008 - 05:47pm PT
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in really bad times, the rich suffer the most...
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Nefarius
Big Wall climber
somewhere without avatars.........
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Sep 19, 2008 - 05:49pm PT
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"We aren't even in a recession "
Hahaha you're a dork fooling yourself. hahaha
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Ouch!
climber
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Topic Author's Reply - Sep 19, 2008 - 05:57pm PT
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Hope I don't have to start eating bears and possums and such again. Skinning bears is hard work and it takes forever to get the stink off.
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Captain...or Skully
Big Wall climber
Nunya, America
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Sep 19, 2008 - 06:07pm PT
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Just stink, then.....Of course, you'll get fewer dates, though.
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Ouch!
climber
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Topic Author's Reply - Sep 19, 2008 - 06:12pm PT
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I don't think that would be a problem. Locker must have lots of dates to spare. Although it could be a problem if they don't have enough teeth to chew bear meat.
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jstan
climber
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Sep 19, 2008 - 06:18pm PT
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Maybe it is just me but it has seemed George has been longing to pull the pin ever since he got in. In the last two months of his reign, I think he finally did it. Hard to imagine how they can actually write legislation to do this. The bill will be 2000 pages long so no one will actually know what it says.
For instance, Fidelity made a bet Freddie would not fall and coughed up $2B a few days ago. They decided to have the company eat the loss and not to break their MMA buck. But now what stops them from picking up $2B out of that $50B budgeted to support MMA's? The bottom is out, just from the problems implementing anything.
The question is, how long before we see that the bottom is out? George obviously figures more than two months. If ever there was a person who merits a personal interview before his maker, it is George W. Bush.
I have thought unemployment was the benchmark to see how far things are going to go. Now I am scrambling. Everything will be going much much faster. Maybe the thing to watch is the Treasury auctions, the degree of oversubscription, or the magnitude of sovereign wealth participation(if I can find where that is reported!!!!). Or the spread between interest rates paid by the US and the rates paid by Norway say. Find a nation where they don't smile much and look you right in the eye without blinking. We used to be sort of like that. During the War.
Now we are into grabbing slings and the denying we ever do that.
So
incredibly
disappointing.
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Dr. Rock
Ice climber
http://tinyurl.com/4oa5br
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Sep 19, 2008 - 06:22pm PT
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What about all the international help we are getting?
Nice to know someone still has a minimum amount of respect for the US?
Or are they just trying to save their own bacon?
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happiegrrrl
Trad climber
New York, NY
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Sep 19, 2008 - 06:28pm PT
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Well....people have been saying the GOP would pull something off to keep the power from shifting.....The meltdown of America might qualify.
Right now we have catastrophic failures of business where we, the people, aren't even feeling it. Most of us are in about the same boat we were in before Fannie/Freddie/Lehman and AIG tanked. The ripple they are causing(think....oh, tsunami....) is still way the hell over there. A long time before it comes crashing on our shore. Days, weeks, months? I couldn't say - but I am REALLY wondering why there is no REAL talk of what the effects of this are going to be. "Uncharted territories" is all I've seen(admittedly, I have limited news resource - mostly from online links provided to me).
There will be trickle down - that I would think it's safe to say. And what does that mean? I would guess distribution channels will begin to dry up as corps start reneging on contracts. We are a corporatized country, and some of the most basic things we use are supplied to us, indirectly, from very large entities. Entities who are shitting their pants about now.
Retail banks will be failing . Who in their right mind believes otherwise? SUPPOSEDLY we have the FDIC.... Right.....wouldn't be the first time the cookie jar's been raided. And even with the FDIC - how much failure IS too much? We're thinking in terms of people's 100K. But there are an AWFUL lot of people who have bank accounts... An awful lot. No f'in way could there be enough in the FDIC coffers to handle massive losses. Bank of America will be the only one standing and they'll be pulling their old excess charges scam big time. hell, in a year it will probably cost $5 TO make a deposit with BoA!
What happens by the time the FDIC comes to Uncle Sam and says "I'm tapped. Can you lend me a dollar or two?
That money's looooong gone. To the corporate rapists that got bailed out this last few weeks and in the upcoming maelstrom.
THEN we'll see what the shitstorm really looks like.
I am in a problem if this occurs. NYC is the very last place to be. I have to admit I am even a little worried leaving Teddy at this time while I go to Yosemite for this trip. I have 99% faith things will be okay for that time. But....I got to find a way away. Soon.
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jstan
climber
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Sep 19, 2008 - 06:48pm PT
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Everyone is scrambling. To try and see what will happen. It would seem greatly increased taxes will be one result of George's action.
From Bloomberg:
http://www.bloomberg.com/apps/news?pid=20601087&sid=a.kAXACVdHTI&refer=home
U.S. Debt May Grow $1 Trillion on Rescue, Barclays' Pond Says
By Sandra Hernandez
Sept. 19 (Bloomberg) -- The U.S. may have to borrow an extra $700 billion to $1 trillion to fund the biggest rescue of the financial system since the Great Depression, according to Barclays Capital Inc.'s Michael Pond.
Federal takeovers of Fannie Mae, Freddie Mac, and American International Group Inc.; the central bank's expansion of lending to financial firms; and a slowing economy will add $455 billion to the Treasury's borrowing needs, the New York-based interest-rate strategist estimated. Pond said Treasury Secretary Henry Paulson's plan to rid banks of ``hundreds of billions'' of troubled assets would bring the amount to $700 billion assuming the plan costs $200 billion.
``We could easily add up to an additional trillion to the outstanding Treasury debt just from the initiatives announced over the past couple of weeks,'' said Pond, ranked the best Treasury Inflation-Protected Securities analyst in 2008 by Institutional Investor magazine.
The government's liabilities swelled in past weeks as policy makers sought to arrest a growing financial crisis by taking over financial institutions threatened by a shortage of capital.
The Treasury on Sept. 7 took over mortgage-finance companies Fannie Mae and Freddie Mac and said it would buy mortgage-backed debt in the open market. The Fed this week boosted its Treasury auctions to bond dealers by $25 billion, loaned $85 billion to the insurer AIG, and quadrupled the amount of dollars foreign central banks can auction to $247 billion. Paulson today said the government will buy illiquid assets from banks' balance sheets and insure money-market mutual fund holdings.
Deficit Widens
``The odds of the deficit becoming enormous are certainly there,'' said Nils Overdahl, a bond fund manager in Bethesda, Maryland, at New Century Advisors, which oversees $500 million. ```I suspect you will see issuance at a variety of maturities.''
The deficit will likely widen to $650 billion in fiscal 2009 because of the U.S. rescue of Fannie and Freddie, analysts at JPMorgan Chase & Co. wrote in a Sept. 12 report.
Over the next decade, the gap between spending and receipts will swell to $5.3 trillion, Goldman Sachs Group Inc. analysts wrote Sept. 10, revising a previous forecast of $3.6 trillion. The non-partisan Congressional Budget Office forecast a record $438 billion deficit for 2009 on Sept. 9.
``The deficit will soar to enormous proportions,'' said Lou Crandall, the chief economist at Wrightson ICAP LLC in Jersey City, New Jersey. ``Even before this week's events, estimates based on visible factors were pointing to a deficit above $500 billion next year, with the prospect of billions of mortgage- backed securities on top of that.''
To contact the reporters on this story: Sandra Hernandez in New York at shernandez4@bloomberg.net
Last Updated: September 19, 2008 13:40 EDT
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Karl Baba
Trad climber
Yosemite, Ca
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Sep 19, 2008 - 07:01pm PT
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With a nod to the article above, it should be obvious that the dollar is DOOMED! We just keep printing money. People claim it's a taxpayer bailout but since taxes won't be increased to pay for it, we just keep printing money (which is "borrowed" somehow) How can the dollar stand when we print a trillion for the war, a trillion for the banks, and so on?
It smells like a scam to me. The US is being liquidated and where is all this lost money and where will all the foreclosed real estate go? I hope the people are watching closely!
Peace
karl
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