U.S. prices plunge, crisis called worst since WW2

U.S. prices plunge, crisis called worst since WW2

www.reuters.com

It is the first time that the heart of the finances of the industrialized countries are at stake, are in a very, very turbulent and difficult episode," he told Sky Television late on Tuesday.

"In that sense, it is new and it is the first time since World War Two," he said.

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Anybody who still thinks we are "heading" for a recession is just plain out of touch. We have been in a recession for 14 months - If we can't pull out of this soon we face entering a depression.

We as a people have to go back to the basics if we want to ever survive this type of financial catastrophe. The days of easy credit, 2 cars, snowmobiles, boats, vacation homes, did we really ever need all that?

I for one would happily settle for a modest home to raise my children, less toys, less gadgets, more time at the table playing good old fashioned monopoly.


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star/flagged



the S is HTF, we can see it building up everyday.

Start getting ready.

I'd love to spend more time with my family but the bills and putting food on the table take precedence,...unfortunately


[edit on 19-11-2008 by warrenb]

I think that is the saddest thing of all...we live to work these days insteading of working to live. I am fortunate in that I own a home business so I can stay at home with my youngest child and I can pick up the 2 in school when they are ill or when they forget their lunch. My husband worked 2 jobs for many years which helped us when we were down and out.

We don't have as much stuff as a lot of people and we really have to budget and be careful with our money, but I find that we are stronger as a family unit and hopefully passing on a message to our children that we don't need every new video game or the latest Ipod or a cell phone for every family member.

We got thru the days where there was not very much left over for groceries and fun stuff...and it wasn't easy, but it made us a lot smarter with what little we had.

Originally posted by warrenb
star/flagged

the S is HTF, we can see it building up everyday.

Start getting ready.

I'd love to spend more time with my family but the bills and putting food on the table take precedence,...unfortunately

[edit on 19-11-2008 by warrenb]

Like the rest of you here we too have had to tighten the ol budget belt in our house. I sound like my father going room to room turning crap off like lights yelling "Are you leaving the light on in that room for Casper or what?" The company I worked for closed our plant 2 years ago and that left my wife (a nurse) as our sole source of income. I looked at getting a job but nothing in our area comes even close to 1/2 what I was making. Not to mention all the ones posted in my area want you to work 2nd shift. Which I am ok with, but with my wife working full-time 2nd if I were to do the same, the cost of daycare for 4 kids would eat my check entirely and then some. And that is IF we could find someone to watch them until 1am. We came to the conclusion that if we cut back on alot of things we could squeeze by on her income until all 4 kids are in school full time. By then our oldest will be old enough to be left in charge of her younger siblings and no daycare will be needed. I am however pondering a new career after watching Daddy Daycare. I have after all done that kind of work now for the past two years here at home.

I know that my daughters have learned alot in the past two years, like that dad can do laundry and cook. Hell, he can even do things mom cant like run a sewing machine...of all the things to remember from high school home ec. class...

Originally posted by angelonmyshoulder


Anybody who still thinks we are "heading" for a recession is just plain out of touch. We have been in a recession for 14 months - If we can't pull out of this soon we face entering a depression.

We as a people have to go back to the basics if we want to ever survive this type of financial catastrophe. The days of easy credit, 2 cars, snowmobiles, boats, vacation homes, did we really ever need all that?

I for one would happily settle for a modest home to raise my children, less toys, less gadgets, more time at the table playing good old fashioned monopoly.


www.reuters.com
(visit the link for the full news article)

Carefull, my wife is liable to invite you over for dinner and games with us. She has always collected board games, and we have a closet in the house that looks like a Toys R Us game isle. BUT when we get a power outage in the winter (happens at least once a month here) we have something to do. Better then the annoying video games that seem to zombify kids today.

It's amazing what you can cut back on... I didn't buy any of my kids summer shorts this year. I went through the dresser and found a pile of jeans with holes in the knees. Scissors came out, Sewing machine turned on and voila enough Denim shorts to last the summer ;-)

Cost: 1.00 for new thread

Originally posted by ch1ldofthe70s


I know that my daughters have learned alot in the past two years, like that dad can do laundry and cook. Hell, he can even do things mom cant like run a sewing machine...of all the things to remember from high school home ec. class...

reply to post by ch1ldofthe70s


I would love it ;-) We too have 2 closets full and I think Santa has 3 more on the sleigh this year. My kids would take the family game night over video games hands down. We have had many great times and laughs at that table after dinner. Moments I hope they will remember and have with their own children!

Originally posted by angelonmyshoulder
reply to post by ch1ldofthe70s

 

I would love it ;-) We too have 2 closets full and I think Santa has 3 more on the sleigh this year. My kids would take the family game night over video games hands down. We have had many great times and laughs at that table after dinner. Moments I hope they will remember and have with their own children!

Agreed. I remember my mothers game was Yatzee and Trouble. Dads was Pinochle and Spades. I learned alot about my parents in the time spent playing those gmes at the table. How many kids today know anything about thier parents other then that they are the source of thier money flow?

Absolutely correct!

They've been cooking the books to stave off the official defining of this being a recession. Quarterly, semi annual & annual reports are soooo open to fudging.

I call this a "DepRecession". It's a hybrid crisis we haven't seen before. They are already saying deep recession, so I think it's time we start calling this what it is. Part recession, part depression.

The 25% unemployment required for official depression status is ludicrous in the modern economy. Top managers and Ceos etc get pay well out of proportion with middle managers, managers and staffers. Each individual hit on the board of a newly defunct company probably made at least ten times that of his subordinates, maybe 50 to 100 times that of the lower rank and file workers. It's likely that if they say 5% unemployment, in old school depression talk but taking in the disproportional pay of the upper echelon we could multiply that figure by a yet unknown variable.

The "great depression" was largely engineered and this is no different. It's just that the business world has become its own little nightmare with it's creative accounting and politically correct business language.

Credit default swaps? How about worthless nothings!
Insolvent? How about the company was run to the ground by thieves!
Financial Instruments? How about fake money laundering!
Hedge Funds? How about double dipping!?

She's gone boys!

Originally posted by angelonmyshoulder
Anybody who still thinks we are "heading" for a recession is just plain out of touch. We have been in a recession for 14 months - If we can't pull out of this soon we face entering a depression.
www.reuters.com
(visit the link for the full news article)

If we indeed do hit depression or something worse than that it's going to be a lot harder to get out of it than the 1930's version -

In the 30's we produced rather than imported so there was better hope of eventually finding a job.

In the 30's the population was much more self-reliant in that in the smaller cities many had gardens, could sew, knit, etc.

Just imagine the population alone - can you imagine the crime now compared to the 30's if things got scary.

The mindset of the population is not that of our Grandparents and Great-Grandparents who suffered thru the depression. We have to adjust to going without alot of what we are accustomed to.

Originally posted by Atlantican

I call this a "DepRecession". It's a hybrid crisis we haven't seen before. They are already saying deep recession, so I think it's time we start calling this what it is. Part recession, part depression.

Originally posted by angelonmyshoulder
Anybody who still thinks we are "heading" for a recession is just plain out of touch. We have been in a recession for 14 months - If we can't pull out of this soon we face entering a depression.
www.reuters.com
(visit the link for the full news article)