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The economic and financial landscape of 2007 bears striking similarities to 1929. Back then, there were large, unregulated pool operators and other insiders constantly muscling the tape in whatever direction they chose. The public, too, was involved, thinking the country was experiencing a new era. Meanwhile, business began deteriorating in the spring of 1929, though the partying in stocks lasted until the fall.
Originally posted by grover
We went from a surplus to a deficit almost overnight, that according to the GAO is solely the result of the bush tax cuts ...
Originally posted by marg6043
What is going to happen is going to happen ...
Originally posted by FlyersFan
Originally posted by grover
We went from a surplus to a deficit almost overnight, that according to the GAO is solely the result of the bush tax cuts ...
hmmm .... it couldn't possibly be any fault of Clinton's because he spent money on the wrong things and lived off the fat that 12 years of Reagan/Bush gave him, could it??
Clinton - who used up the weapons we had built up and stored during the Reagan/Bush 41 years. He looooooved to shoot off those cruise missiles (after each Monica event) but he never replaced them.
Clinton - who emptied our strategic oil reserves and didn't replace them.
etc etc He lived high off the goods left behind by 12 years of Republican administration. Now we are having to replace those at greater expense.
Sure he balanced the budget ... because he starved the military and defense sectors .. and our INTELLIGENCE sectors .. to death.
However, I agree that we shouldn't be having tax cuts while we are in a war. We need to fund the war and cutting taxes doesn't do it. In times of peace, it would be great. But, radical Islam is going to be at war forever and I don't see how we can afford tax cuts while having to deal with them.
Originally posted by marg6043
What is going to happen is going to happen ...
Yep. I agree with ya. Higher powers than us - powers that we elected AND the real powers that run in the shadows - are moving economies and there isn't a darn thing we can do about it.
[edit on 5/22/2007 by FlyersFan]
Savings At Lowest Rate Since Depression
Americans Spent Everything They Made Last Year — And Then Some
Americans once again spent everything they made and then some last year, pushing the personal savings rate to the lowest level since the Great Depression more than seven decades ago.
The Commerce Department reported Thursday that the savings rate for all of 2006 was a negative 1 percent, meaning that not only did people spend all the money they earned but they also dipped into savings or increased borrowing to finance purchases. The 2006 figure was lower than a negative 0.4 percent in 2005 and was the poorest showing since a negative 1.5 percent savings rate in 1933 during the Great Depression.
More...
Originally posted by radardog
There are a few things that worry me:
1. Baby Boomers are retiring. When people retire, they slowly pull money from their investments for cash. Pensions work along the same method - the money coming from your 401k or pension is money that was once invested in stocks or bonds.
2. The population in the United States follows an upside down pyramid model in terms of age. There are much more older Americans than younger Americans. Thus, a lot more pulling out their investments than putting in.
3. Younger americans are less likely to invest than their older counter-parts. Wherein the most investments that younger americans tend to do is the money market of the checking or savings account (where they earn minimum interest for exchange of high liquidity).
Originally posted by TheBandit795
In these kinds of cases you have to follow the money. Try to find out who will be able to profit from the situation of a huge market crash. If that happens, stocks will be dirt cheap and will be bought up by someone. Follow the money and you will find out a lot about conspiracies.