We have reached Defconomy 2. Defconomy 1 = Greater Depression...

[blackangst1]

Originally posted by: Craig234

Originally posted by: blackangst1

Originally posted by: WhipperSnapper

Originally posted by: rchiu

exactly. during great depression we had an unemployment rate of 25%, right now we have 6%. wake me up when unemployment rate hit 10% and higher.

Wouldn't those numbers depend on how unemployment is measured and calculated? Is it possible that the 6% figure dramatically undercounts unemployment? How do you account for people who are significantly underemployed?

Also, how do you account for job quality? After all, a poverty-wage job is a job as far as the employment stats are concerned, right? Might it be possible to have 10% unemployment yet have much higher quality and better-paying jobs and 3% unemployment with boatloads of low-paying, low-quality jobs? Just some food for thought.

And the converse is true. There are more high paying jobs now than ever before. Shit...theres job boards catering to the $100k + crowd. Know way to really tell is there. Guess it depends how pessimistic you are. Which seems to be most Ive noticed.
Sorry, off topic.

You need to learn how to research and post facts to back up your claims. The facts would apparently surprise you.

And show me oh wise one master of life what I said that was incorrect?

 

[Wheezer]

When I see fewer lines of cars going to McDonald's, Wendy's, Burger King, Subway and Taco Bell for lunch and dinner as well as fewer cars in the parking lots of restaurants and bars on the weekend and more people depending on the Salvation army and soup kitchens for food....then I'll worry.

I live off less than 12,000 a year...have been for the last 2 years while I finish school and I certainly am not in a panic.

 

[Eeezee]

I'm just glad that I'm a student. I've got 4 more years until I get my PhD and I have no possessions, so I have nothing to lose

 

[wwswimming]

Originally posted by: GTaudiophile
Oh, and there was also this other interview on SPIEGEL today. When asked, "When will the euro replace the dollar as the world's reserve currency?" a leading (and arguably biased) German economist replied, "I am fairly certain that the euro will replace the dollar as the reserve currency in the course of the next decade." (Source)

Ask yourself, where will your money be when the U.S. Dollar becomes the next Peso?

the situation last Thursday morning was serious. i don't think of the Post as serious journalism, but this article looks to be factual. it says, the sell orders were in place Thursday AM for a 22% drop in the Dow. (which would have taken it from 11,000 to 11,000-2420 ~ 8600)

http://www.nypost.com/seven/09..._armageddon_130110.htm

from today's markets Monday, it looks like some investor cash is going back into oil.

 

[TheSlamma]

Can we just hold it off till May 2010? That's when my house is paid off

 

[Craig234]

Originally posted by: SilthDraeth
The best way to make more money is spend less money.

If you stop living on credit, you got nothing to fear.

Save more, spend less: good (for you, not the economy). The whole issue? Far from it.

 

[sportage]

da da da da daaa da, da da da. da da da da da.
da da da da daaa da, da da da.
Brother can you spare a dime.

 

[GTaudiophile]

Glen Beck is shocked that his own "Defconomy" article is proving true.

In the weeks following that DEFCONOMY column, I moved from thinking this meltdown scenario was a frightening possibility to realizing it was a near inevitability.

While it took the people in power far too long to recognize it, they are now understanding the same sad truth. This bailout plan is not a good idea -- it's an absolutely terrible idea. It's just the only idea we have left.

Our financial system is like a 747 flying around with all four of our engines on fire. The bailout effort will not stop us from landing hard, but without it, we may simply drop out of the sky.

What Congress is attempting is a last-second search for an open field to land this plane with as little damage as possible. With that in mind, I think some kind of action may be a necessary evil, but we must be very, very careful.

Action for the sake of action, much like change for the sake of change, doesn't solve problems. It usually inflames them. And what's worse is that it creates brand-new catastrophes we haven't even considered yet. Wall Street and Congress have been playing with fire, and now it's Main Street that's beginning to sweat.

 

[TheSlamma]

Originally posted by: GTaudiophile
Glen Beck is shocked that his own "Defconomy" article is proving true.

Every American running up 8 credit cards, buying Suburbans, Expeditions and Armadas and going home to a 3400 sq ft house with 7% intrest.. while the husband is the only one that works while the mom raises the 2.5 kids and Beck thinks he's the only guy who saw the economy coming to a crash? Please.. anyone who didn't see this coming put the blinders on because they wanted to get in on the greedfest too.

 

[StageLeft]

Originally posted by: Wheezer
When I see fewer lines of cars going to McDonald's, Wendy's, Burger King, Subway and Taco Bell for lunch and dinner as well as fewer cars in the parking lots of restaurants and bars on the weekend and more people depending on the Salvation army and soup kitchens for food....then I'll worry.

I live off less than 12,000 a year...have been for the last 2 years while I finish school and I certainly am not in a panic.

Because, despite making little, you owe little. The situation is different for people who have modest or no savings and a mortgage and car payments and college funds and know that if they lose their job things will get bad very quickly for them.

 

[Zenmervolt]

Originally posted by: GTaudiophile

? DEFCONOMY TWO

How you'll know we're here: Most forms of credit (both to consumers and businesses) become virtually nonexistent. That results in a "vicious circle" of additional write-downs, stock market losses, and bank collapses, which leads to even less credit being available.

Odds we get here: Good. Roubini says that credit conditions are becoming worse everyday across a variety of markets and won't be getting better anytime soon. Without extra credit available, people might have to actually (gasp!) live within their means.

Strangely enough, my CC rates have dropped (currently my CC is 6.9%) and they just increased my limits. I also continue to be inundated with new credit offers.

ZV

 

[SP33Demon]

Just buy gold and invest in Euros until this mess is cleared up. Not that hard folks.

 

[dmcowen674]

Originally posted by: Zenmervolt

Originally posted by: GTaudiophile

? DEFCONOMY TWO

How you'll know we're here: Most forms of credit (both to consumers and businesses) become virtually nonexistent. That results in a "vicious circle" of additional write-downs, stock market losses, and bank collapses, which leads to even less credit being available.

Odds we get here: Good. Roubini says that credit conditions are becoming worse everyday across a variety of markets and won't be getting better anytime soon. Without extra credit available, people might have to actually (gasp!) live within their means.

Strangely enough, my CC rates have dropped (currently my CC is 6.9%) and they just increased my limits. I also continue to be inundated with new credit offers.

ZV

We know AT is full of rich republicans, why rub it in?

 

[Zenmervolt]

Originally posted by: dmcowen674

Originally posted by: Zenmervolt

Originally posted by: GTaudiophile

? DEFCONOMY TWO

How you'll know we're here: Most forms of credit (both to consumers and businesses) become virtually nonexistent. That results in a "vicious circle" of additional write-downs, stock market losses, and bank collapses, which leads to even less credit being available.

Odds we get here: Good. Roubini says that credit conditions are becoming worse everyday across a variety of markets and won't be getting better anytime soon. Without extra credit available, people might have to actually (gasp!) live within their means.

Strangely enough, my CC rates have dropped (currently my CC is 6.9%) and they just increased my limits. I also continue to be inundated with new credit offers.

ZV

We know AT is full of rich republicans, why rub it in?

Yup, I'm rich. With my 10-year-old car and $550/month rent I'm obviously living a lifestyle where I'm rolling in money. My spot-on median income salary makes me a wealthy, wealthy individual.

EDIT: Upon further investigation, my salary is below the 2005 median income for my county. For those who want to be gauche, 60k. Solidly middle-class, but hardly "rich".

ZV

 

[TheSlamma]

Originally posted by: dmcowen674

Originally posted by: Zenmervolt

Originally posted by: GTaudiophile

? DEFCONOMY TWO

How you'll know we're here: Most forms of credit (both to consumers and businesses) become virtually nonexistent. That results in a "vicious circle" of additional write-downs, stock market losses, and bank collapses, which leads to even less credit being available.

Odds we get here: Good. Roubini says that credit conditions are becoming worse everyday across a variety of markets and won't be getting better anytime soon. Without extra credit available, people might have to actually (gasp!) live within their means.

Strangely enough, my CC rates have dropped (currently my CC is 6.9%) and they just increased my limits. I also continue to be inundated with new credit offers.

ZV

We know AT is full of rich republicans, why rub it in?

Dave's definition of "rich" is anyone who can manage their money.

Like ZV I drive an old car too (1995 Geo Prizm) I don't spend my money on worthless junk, I don't go out to eat and I make as big of principal payments to my mortgage as I can. After my last refi I now have mortgage payments of $460. I'm not a Grasshopper like you Dave.. I'm an Ant like ZV. But I'm not Repub I'm Indy

 

[GTaudiophile]

Okay, so I posted this about a year ago.

Perhaps time to review our Defconomy level?

 

[Firebot]

Originally posted by: GTaudiophile
Okay, so I posted this about a year ago.

Perhaps time to review our Defconomy level?

This and ProfJohn's threads are my favourite threads in all of P&N. It's even funnier to see several sheep defend the economy ad nauseum early on in this thread even ridiculing anything possibly predicting a recession let alone a severe one we are currently dealing with, and happen to be the same ones who are spreading doom and gloom about Obama's stimulus package now. I think Obama's stimulus package is ridiculous and I'm a conservative at nature, but only brainwashed Bush-parroting 'the American economy is strong' deniers (I don't care if some of those aren't words, it sounds good!) couldn't have seen at least a moderate recession coming from the housing bubble and inane spending policies and regulations.

We are planted pretty solidly at the border of Defcon 2 now. Obama is not going to be helping America right the ship, and I don't think he realistically would be able to either. Defcon 1 is still a possibility if the US were to become protectionist (like Obama wants) and China decides to play the right cards.

 

[JSt0rm]

yeah the first couple posts past yours are great. GJ on this one GT