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Is America Headed for a Depression? »

Posted by: populist 2 years, 7 months ago

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Traders are nervous, with the upshot being a swing to cash and gold. Why gold? Under the circumstances that exist today in the financial marketplace, any rise in interest rates will certainly pass the tipping point to where millions of Americans will be forced from their homes and put out on the street.

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populist

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Comments: 16

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Amat
March 14, 2007, 7:34 p.m.
Of course we are headed for a depression! Problem is nobody knows exactly when... It's happened before and it WILL happen again.
Traders are not nervous -- traders thrive on volatility. It's investors who are nervous.
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contrast
March 15, 2007, 10:47 a.m.
here comes populist again. Does anyone take this guy seriously? If you do I have some wonderful time shares in the sahara desert.
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worthlesswhiteman
March 15, 2007, 10:57 a.m.

Wonderful!! A depression is what we need.
If the baby boomers refuse to voluntarily pay their fair share for the demise they have created then the natural course of a depression will MAKE them pay.
This is welcomed news for a Gen Xer like myself!! Sooner is better than later.
Avg rating: (+11/-1 10)
ningyo
March 15, 2007, 11:05 a.m.
who wrote this..howie dean??pelosi??shrillary..this is just another election year campaign ad for the bush bashing dems--they dont have anyhting to run on..no ideas or answers..so lets run down the econmy--this whole sub prime scare is just that..overblown panic--there are something like 8000 or so sub-prime lenders and maybe 30-40 are in trouble--thats normal in any business--some owners make mistakes or take risks they shouldnt--the big one like wells fargo and countrywide are enormously diversified and probably were more cautious than most with these loans--just more sky is falling nonsense from the lib left --same as the phony libby trial and now the big to-do about firing the US attorneys --all noise...no substance
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engineer
March 15, 2007, 11:48 a.m.
If you on a credit card, and the dcredit runs out and then asked for payback you cannot expect but to go down. Well as a nation we have done this. We are going into debt at the rate of over four (4) TRILLION dollars per year. Foreign holdings equal 150 Trillion dollars The dollar is starting to decline. Nothing is made here. We have taken our technical people and outsourced their jobs and skills while discouraging new engineers and others from pursuing technical fields. With home prices on the way down and people not being able to pay for normal living expenses we will definitely go into a great depression. Our credit has run out.
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evolute50
March 15, 2007, 11:59 a.m.
Stories like this are the Depression. Or depressing. But what is really depressing if you think about it is that human beings base their economies on something stupid like gold. Who cares about gold? Or diamonds? Diamonds aren't rare anymore, and they can be manufactured by human beings in a form that is just about as good as the "real thing."
They're just forms of rock and people "bank" on them. It's all pretty stupid.
But not as stupid as American Idol always turns out to be.
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keinkampf
March 15, 2007, 12:26 p.m.
Gee, I predicted a long-lasting downturn 7 years ago--October 8, 2000, to be exact--on a page of my website. It arrived within three months, and we've never really recovered to anywhere near where we were in the late 90's boom. Now others are actually being tipped from a few years of really weak recovery into a full-fledged depression. But I've been saying this for years (see www.christ... ). Interesting....
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Leemck02
March 15, 2007, 12:36 p.m.
Reflecting on the 1929 to 1941 Great Depression, the nation made reforms to avoid a repeat. GNP,later GDP, measuring the economy, of little value now, and oversight, I think the SEC, were outgrowths. We had the government involved boosting productivity and Bank Insurance, FDIC, as long term preventions. Much was done to hold back another depression. Newt Gingrich bought in his Contract With America, some say on America, that went straight at New Deal reforms. Things like Medikill and Golden Rule, Enron, WorldCom, Andersen, Adelphia as a few from lowered oversight and reporting standards were ushered in, perhaps with ties to GOP contributions. Reform reviews are reasonable but did the baby go out with the bath water? Dumbing down bankruptcy laws frightens me. The last 10 years of free for all wealth accumulating interests lobbyist campaign funds, free aint always free. America has had depressions since but is ripe for a big one, especially not having tools to predict the economy.
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not2needy
March 15, 2007, 12:47 p.m.
Of course we are heading for another depression, this one will be worse than the last one and will probably last longer. Everyone here is losing their homes because of the mortgages are going up more every month. It's downright scary and anyone who doesn't believe this is going to happen lives in LaLa land. Time to wake up!!
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woodenleg
March 15, 2007, 2:25 p.m.
The liberal/left are salivating at the thought of proving the American system is a failure and the best thing that could happen for them is a economic depression.
Avg rating: (+2/-0 2)
simonsez
March 15, 2007, 2:26 p.m.
We are not heading for a depression.
Everyone is not losing their homes here.
The sky is not falling, etc. etc. etc.
Signed, LaLa Land, GA.
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ibkellyb
Aug. 15, 2007, 1:40 p.m.
we were one of the couples that got a subprime loan and knew that in 3 years our interest rate would go sky high, so what have we been doing the past 2 1/2 years, repairing our credit so that we could refinance and so we did this month with a 7% interest rate fixed for 30 years. So i don't buy this crap about the subprime loans, people knew what they were getting into and chose to ignore it until it was too late. Maybe if people weren't so narrow minded to think that the way to happiness is through stuff they could live normal simple lives with a nice home and happy family. I am be no means an economist but I am smart enough to know that if people keep blaming others and the rest of the world for their problems it will eventually affect us all as a society. And I am not a Bush Bot but for crying out loud, the economy of our country doesn't just change because Bush came in office and made some poor foreign policy decisions. It started a long before him.