If this isn't a sign that we are DEFINITELY in a recession, I don't know what is (real estate, credit)
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I wonder how the government is going to fudge this numbers this time around to show that the economy actually grew. This is a bear market baby. You can short the whole US economy other than energy/commodity stocks. Even then, they might take a hit when demand goes down the drain and living standards drop like a led zeppelin. Euro Pacific capital, here I come. Bye bye fidelity and USD denominated holdings.
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Well you'll always have your naysayers and won't believe that we will be in an "offical" recession until we do have two quarters of negative growth. But by then it already too late.
What kind of bothers me is that the Unemployment is going up but the amount of worker filing for unemployment is going down. This means there's a lot of people out there are probably not recieving any type of income.
abc7.com: Jobless claims show unexpected improvement 6/05/08 (broken link)
It's going to be a bear market for a long time with the prospects of Obama/McCain white house. mmm cap & trade. time to get out of dodge guys (unless yall plan on shorting it all). Even then, the dollar is just gunna get weaker and weaker. What happens when the next big investment bank fails? The Fed can't cut rates without futher fueling out of control inflation. Real estate still has a long way to fall. It'll be sweet when I can pay $20,000 in cash for a 1000 sq ft starter home.
Actaully it takes some time before they can say we are in a recession. Always has. But peole are free to make their own conclusions and have been for some time.
I don't care what economists say, this is a recession and we've only seen the tip of the iceberg. Best case scenario - a repeat of the '81-82 recession. More likely scenario - repeat of the 1930s Great Depression. Worst case - complete and total economic collapse.
They don't invite him on CNBC anymore because Peter schools Kudlow on his pseudo-capitalist Statist tendencies. Although John Browne from the firm is still invited because as Peter puts it: "he's polite and doesn't get in Kudlow's face like I do"
The last prediction before game over is the bond market crashing. When it happens, it's already too late to get out of the dollar.
Other predictions is the double and tripling of airline ticket prices post-consolidation and a sharp rise in the cost of apparel. Americans will learn to sew again.
It didn't take a genius or a crystal ball to see this.
Get your hands on a copy of "Crash Proof: How to profit from the coming economic collapse" and see how accurate he's been
There's a point in time where the numbers are so large you cannot fudge them or gloss over them.
I think we are starting to hit that point. There have been so many closures and layoffs that the numbers are showing up in the reports.
Hold on to your hats..we're in for a rough ride here.
I think it wouldn't be so bad if the government acknowledged it and tried to deal with it but the constant "everything is ok" or "we have a soft economy" is just bull.
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