Are we heading into a Third Depression?

[z31maniac]

krugman wants to spend another trillion when the first trillion didn't do shit for jobs or growth. fucking brilliant.

To be fair, there could have been a serious economic impact if the Stimulus Package had actually been about creating jobs instead of funding more welfare programs.

I don't remember the exact percentages, but something like 40-50% of the stimulus went to Medicare/Medicaid/Unemployment insurance and things like that.

You know what? I think I do. I lost my job, I'm going to loose my house and my car. I like many Americans spent our whole lives working hard to take care of our family. Now it is all lost because people and greedy companies/executives could not take responsibility for their dept. Our Government gave out billions of our dollars to help bail out these poorly run companies and thier CEO's while the rest of America has to eat a shit sandwich. I hope things get so fucking bad that there is a civil war which will force a change and the people who caused this will have to fend for themselves. There is only so much crap we the average American can take from these elitist assholes (politicians). Believe what you want but our government will never do anything to help out the average American, they never have. All I can say now is fuck it.

Boot straps.

Grab them and pick yourself up.

Or I guess you could continue to sit in your house, on the internet, and wish Civil War on the country.

[Sean5294]

To be fair, there could have been a serious economic impact if the Stimulus Package had actually been about creating jobs instead of funding more welfare programs.

I don't remember the exact percentages, but something like 40-50% of the stimulus went to Medicare/Medicaid/Unemployment insurance and things like that.



Boot straps.

Grab them and pick yourself up.

Or I guess you could continue to sit in your house, on the internet, and wish Civil War on the country.

Don't think I have not tried. I have sent out over 200 applications for different positions and have received nothing. I have since started a lawn mower company but that will not stop a foreclosure. FYI the only reason I still have the internet is to sell things online. I stand by my statement, let the civil war begin. We as American are truly fucked.

[Sean5294]

When your household cash gets tight on cash what do you do??........you economize!

Government needs to do it for real.

You hit the nail on the head. That is exactly what needs to happen. We also need to stop sending out foreign aid while our country is in the crapper. It's not like other countries are going to help us in return. We need to worry about our own people for a while and let the rest of the world deal with their own problems.

[z31maniac]

Don't think I have not tried. I have sent out over 200 applications for different positions and have received nothing. I have since started a lawn mower company but that will not stop a foreclosure. FYI the only reason I still have the internet is to sell things online. I stand by my statement, let the civil war begin. We as American are truly fucked.

So you keep trying. Take a job waiting tables, slinging booze at the local dive.

But if you're at home at 10am on Tuesday morning posting on the Internet, you aren't trying THAT hard.

[Sean5294]

So you keep trying. Take a job waiting tables, slinging booze at the local dive.

But if you're at home at 10am on Tuesday morning posting on the Internet, you aren't trying THAT hard.

WOW that is really arrogant of you. Im actually posting lawnmowers on craigslist right now. I find it funny how people who have jobs really think it is that easy to find work right now. I have applied for any job I can find even those that I know I have no chance. There are at least 10 people for evey job out there. I hope you do not loose you job because it is a bad situation. But it is really the only way you will understand.
Now I have to get back to work.

[Farbin Kaiber]

I'm posting in this thread at 9:46AM on Tuesday morning.

[Sean5294]

^^ :)

[Sean5294]

Here is what Im listing today. I picked it up for 180.00 because the guy said it would not start. Turns out it was just out of gas hahaha
It went from this:


To this:

It should sell for around $500.00. Not to bad of a turn around.

[z31maniac]

Not bad at all, hopefully it sells quickly.

[Massive Lee]

It should sell for around $500.00. Not to bad of a turn around.

It will sell if all you neighboors are still employed ;-)

[Sean5294]

It will sell if all you neighboors are still employed ;-)

lol, we have two forclosed houses on our street at the moment.
I have sold 4 similar in the last week or so they do pretty well. That mower normally sells for around $1200 new.

[Massive Lee]

lol, we have two forclosed houses on our street at the moment.

It must be demoralizing to know that your own house has temporarely lost value just because two houses are foreclosed. If they sell at half the price of yours, then you are affected somehow. So, don't sell. Keep on selling lawnmowers :D

[Sean5294]

The mower sold for $400.00, not to bad.

[der affe]

Stop having so many god damned babies... Ok, that's just a minor issue here, but I believe it's a very big issue. If you can't afford to feed yourself, don't make more people to feed... It's simple math actually.

i completely agree! i can't understand how people do this. i feel bad when i have to make the dog's food streach until i get my next UI payment, i can't fathom how it would be with children. unfortunatly, with gov programs that reward you for having kids, this has become a sad fact.

i never bought my house (although i am doing a lease to own) because when it came time, i did not feel financially secure in my job to take on the loan for the purchase of it. luckily i didn't, because a year after i could have i had my accident (knocking me out of work for 7 months) only to go back to work for 6 months to be laid off because of work slow down and their want to get rid of me because of an accident that was caused by their negligence. yea, right to work state!

i have been working since i was 13 (38 now)and had up until this point, never taken UI. after being laid off, i have had 6 surgeries to correct the damage from the accident all the while STILL looking for a job. i am looking at a career change into the medical field now, after this next round of surgeries barring any complications.

i have been picking myself up by the boot straps for a long time and they are starting to streach out!

[mrsleeve]

Krugman thinks we are fucked

The U.S. economy is in the “early stages” of a depression, one which will be much more severe than the Great Depression, Nobel Prize winning economist Paul Krugman warns.

“We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression,” Krugman writes in the New York Times.

“But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense,” he wrote in the Times.

This third depression will emerge as a result of the failure of government economic policy.

“Around the world ... governments are obsessing about inflation when the real threat is deflation, preaching the need for belt-tightening when the real problem is inadequate spending,” writes Krugman.

“Unlike governments of the past, which tried to balance budgets in the face of a plunging economy, today’s governments allowed deficits to rise. And better policies helped the world avoid complete collapse: the recession brought on by the financial crisis arguably ended last summer.”

But, Krugman notes, future historians will say that this wasn’t the end of the third depression. “After all, unemployment — especially long-term unemployment — remains at levels that would have been considered catastrophic not long ago, and shows no sign of coming down,” writes Krugman.

Other elite opinion-makers seem to concur with this tragic hypothesis. The Washington Post is reporting that this past weekend’s G-20 Summit was a “prelude to a depression.”

If not another Great Depression, many experts are warning that the United States could slide back into a recession.

Yale economist Robert Shiller, who predicted the housing bust, has warned that the economy still hasn’t escaped the possibility of a double-dip recession.

“We just went through a Great Depression scare,” he told Bloomberg. “The Fed and the government took on extraordinary measures to prevent that," he said. "But I think our confidence is still vulnerable.”

And confidence is the major driver of the economy, Shiller says.

He defines a double-dip recession as another downturn before the economy gets completely back to normal. “I think there’s a significant possibility of that,” Shiller said.

President Barack Obama warned his counterparts from the Group of 20 nations to not reel in measures to stimulate their economies too quickly. The United States fears doing so could endanger the global recovery. Some nations in Europe and elsewhere are shifting their focus on cutting deficits — especially in the wake of Greece's debt crisis, which rattled world markets.

Treasury Secretary Timothy Geithner said during the weekend that world leaders must work together to make sure the global recovery stays on track, the Associated Press reported.

Asked if the global economy could slip back into another "double dip" recession, Geithner said the answer to that question hinges on decisions made by world leaders.

"It is within the capacity of the people who are going to be in those rooms together in the next few days to avoid that outcome," he said.

One of the mistakes made in the 1930s was that countries pulled back their recovery efforts too soon, prolonging the Great Depression, he said.
Geithner said the United States doesn't want to see that happen again.

"What we want to do is continue to emphasize that we are going to avoid that mistake," he said. "It's only been a year since the world economy stopped collapsing ... it will take some time to heal."

Although the world economy has recovered from the worst financial and economic crisis since the 1930s, many challenges remain, Geithner said.

"The scars of this crisis are still with us," Geithner told reporters. "If the world economy is to expand at its potential, if growth is going to be sustainable in the future, then we need to act together to strengthen the recovery and finish the job of repairing the damage of the crisis."

Meanwhile, Vice President Joe Biden defended the Obama administration when it comes to fiscal restraint in a year when spending is polling higher than usual among voter concerns, swamppolitics.com reported.

Biden said the Obama White House has introduced a proposed budget freeze and pushed for a debt commission that Republicans ultimately rejected, swamppolitics.com reported.

"We are on our way out of this recession," Biden said.

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