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Financial Crisis

(37 posts) (9 voices)

Started 3 years ago by VideoGuy
Latest reply from Nyubis

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VideoGuy
Spielberg
Post Count: 8720

Has anyone been following this? About how there's been a lot of tough times in the stock market, and the whole credit crunch?

What do you think about this? Are we going to rebound soon? In a few years? Do you think we're headed for another Great Depression? Do you think it's all hype and we'll be fine?

Personally, I think we're screwed. Nobody's buying houses, unemployment is rising, CEOs are taking million-dollar salaries, and people just don't have any money. All of these signs point to a very bad conclusion. I was talking to one of my customers, a restaurant, and they kinda confirmed this. Less people are going out to eat, because they just don't have the money anymore.

And just today, GM is starting to think about bankruptcy. This is one of the worlds BIGGEST automakers, and they might be going under. Taking out this company would mean taking out like 50% of the world's car dealerships, and more people out of a job. Does this sound good to you?

What do you think should happen? Is it the government's job to help us out? Should we just let Wall Street kill itself? I'd like to hear what you think.

Note: Let's not discuss too much politics or what political party's fault it is. If you want to talk about that, go to the election thread.

[edit] I think GraphJam says it best:

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Posted 3 years ago #

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WJUK
The Lone Ranger
Post Count: 13501

It doesn't make a lot of sense to me really. Banks are declaring bankruptcy and such; which doesn't give us much hope if the guys who practically have a license to print money are going bankrupt.

But I think we'll definitely get over this in time. It's not a matter of "if" but "when".

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Posted 3 years ago #
Gazzo
Member
Post Count: 135

Our economy is definitely pretty horrible, I've witnessed this first hand. My family has never really been financially on good footing, but we've always been able to pull through. Now it's just ridiculous.

Posted 3 years ago #
Nyubis
Nyubis of Strata
Post Count: 9090

Economy is failing over there as well? Our greatest bank has crashed and the others are about to. If the governement didnt buy the big bank, we would've lost almost all of our money.

Personally, I'm not gonna invest in stockmarket when I'm 18. Either you follow all the latest news of it and make it your second job, or you lose money by it. Thats my view.

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Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

Well, there's a small ray of light at the end of this dark tunnel. I think the Dow Jones plummeted in the first few minutes of open trading then somehow managed to pull itself back up. The first time in a while where there have been more buyers than sellers.

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Posted 3 years ago #
AwesomenessFTW
Member
Post Count: 647

I think my family's okay, considering we have enough food to feed Europe for 2 years. I think it really all goes back to our neglect to follow these banks making moves that we would consider illegal, if we were watching them. (I'm trying not to name any banks in particular.) These people were promising people loans they could never pay back, at least, in the time they gave them to pay it back. The dominoes started falling, and here we are with the Dow closing -800 points twice, the most since the Great Depression.

So, I believe that we may fall into a depression, but we have to let the people decide what they want to do to save us, or in some cases, not save us.

(Heh, a 12 year old talking about the financial crisis)

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Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

I know, it was stupidity on the banks part. "Oh look, maybe we should lend money to these unemployed people who have no viable or legitimate income and hope they pay us back." What did they think was going to happen?

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Posted 3 years ago #
Gazzo
Member
Post Count: 135

As bad as the US economy is, it's nowhere NEAR the Great Depression. It's just...not.

Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

It's not the great depression yet. Just wait until Xmas...

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Posted 3 years ago #
VideoGuy
Spielberg
Post Count: 8720

We're not in the Second Great Depression yet, but things are certainly not getting any better. I talked to my grandfather this weekend, and he had an interesting take on the whole thing:

Nowadays, people can get up-to-the-second stock numbers on their TV, computer, or cell phone. Back in the 1920's, people could only get information about the stock market in their morning newspaper (unless you lived on Wall Street). They would have time to think about it while they ate breakfast, got to their office, and then they could buy/sell.

Now, people see the latest numbers, and they panic. Seeing how the DOW will drop 500 points, gain 700, drop 300, gain 200, etc., people will immediately panic and try to get rid of/buy lots of something. Since you can go right on your computer and do that instantaneously, there's no time to think about it, and nothing to slow you down. And I think it's that impulse buying/selling that's causing a number of problems on Wall Street. Think about it.

And WJUK, I agree with you. It's also that kind of stupidity that caused all of the banks to fail and require government bailout.

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Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

That's also a good point. People panic when they see something drop, and they are contributing to the drop by selling. It's gets too crazy.

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Posted 3 years ago #
FairlyObvious
Hotness
Post Count: 820

Eh some banks were actually pushed into giving out loans to people who couldn't afford them. So despite their better judgement some of them had no choice.
and yeah the people that caused the crisis are benefitting from it the most which just pisses me off. Basically they screwed up and all the people are bailing them out . . . it makes me want to scream. I don't even like watching the TV anymore because its just depressing. Someone put it best when they said "If your neighbor keeps burning down his house does that mean that the neighborhood has to pay to fix it?"
I do think we can get out of it though, its just going to take a heck of a lot of work.

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Posted 3 years ago #
FairlyObvious
Hotness
Post Count: 820

btw this is politics and if you are discussing the reason behind the collapse that has nothing to do with the election thread or even political parties.
So I agree with the idea that no one should say "ZOMG REPUBLICANS CAUSED THIS!!!" or "DEMOCRATS ARE OUT TO KILL THE MARKET!!" but I do not agree that the thread should be limited if reasonable discussion is held.
So if anyone wishes to discuss the causes of the market failing or what politics caused this, or their opinions on what caused it, that is fine, as long as it is kept civil. Keep in mind that I will be modding the thread, so keep it clean and civil.

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Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

Hey, I just checked not long ago and the FTSE and Dow Jones have gone up! I heard the FTSE had a 11% increase, not bad. Hopefully things will improve, we're just not in the right shape for an economic down-turn. Well, I guess no one is really.

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Posted 3 years ago #
DrNeroCF
aka Brad Borne
Post Count: 703

MMM, better give loans out to everyone! This bank isn't... RACIST, is it?!

See, the thing is, the stock market isn't really based on actual performance, but on what people thing of it's performance. OMG Apple only made x amount of dollars over their projected earnings! The horror! You convince everyone that everything sucks, and you'll see it in the stock market. You tell them that the government's going to fix everything, stocks go up.

It's all very zeitgeist-y.

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Posted 3 years ago #
ArtisticPlatypus
is artistic
Post Count: 1051

I think it's kind of weird that the financial crisis has been so hyped-up in comparison to the global warming crisis. Sure, the financial crisis may be a bit serious, but it will only affect people (not the state of the world), it will only affect certain countries, and even within those countries not everyone is affected. Compare that to the effects of global warming, ozone holes or overpopulation. C'mon, it's ridicolous!

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Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

That's the way the world goes unfortunately. People care most about themselves and everyone else after that.

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Posted 3 years ago #
FairlyObvious
Hotness
Post Count: 820

Probably because global warming has been denounced by every climatologist . . .
Al Gore is not a climatologist . . .
And overpopulation is also a myth =P
The financial crisis however, is real

Every girl loves a man in fancy pants! =)

Posted 3 years ago #
WJUK
The Lone Ranger
Post Count: 13501

I find it funny (well, not really) that we're all worried about a bunch of numbers going down while many people in other countries are starving and are worried about their next meal.

I'm not too worried about over-population or global warming (think about the Polar Bears! I heard their going cannibalistic because of the melting ice caps) or anything like that. And I'm not too worried about this whole financial crisis either because, for some random unknown reason, I'm cheerily optimistic that things will work out in the end.

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Posted 3 years ago #
ArtisticPlatypus
is artistic
Post Count: 1051

Probably because global warming has been denounced by every climatologist . . .
Al Gore is not a climatologist . . .
And overpopulation is also a myth =P
The financial crisis however, is real

I don't know who Al Gore is, but from what i know the people NOT believing that global warming is true are a really small minority. Also, pretty much everyone i've seen saying that it's a myth are generally.. well.. stupid people. Also, this book seems quite trustworthy. Completely based on gathered facts.
http://en.wikipedia.org/wiki/Six_Degrees:_Our_Future_on_a_Hotter_Planet

And what do you mean with saying that overpopulation is a myth!? Heck, take earths resources (the ones we can use), and split it over about 6.5 billion people. The results will, and i am sure about this, not match the amount of resources we consume. Seriously, the fact that overpopulation exists can not be denied. Underpopulation, however, doesn't exist.

'So sweet to lose a friend, you leave the church and taste the air in your lungs.
Old lies and fireflies, carve angels on your eyes and all is undone.'
~ TUNNG, "Bullets"

Posted 3 years ago #

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