The Greatest Depression of 2009... It is Time

Originally posted by BlackOps719
reply to post by Portugoal

 

We shall see. Hopefully you are right

Nothing wrong with a healthy sense of optimism, even if the house is burning down around you.

(BTW thanks for that ignorant American jab...I can never hear that one enough times

Stay classy

[edit on 1/20/09 by BlackOps719]

I try

Originally posted by EyeoftheHorus
I'm an avid Jim Cramer fan and this man knows his stuff. He's been wrong on a few small occassions but he nails the stuff that really matters.

Knows his stuff?
Wrong on a few SMALL occasions?

7/07
"Subprime, of the actual lending thing, is completely meaningless. I'm saying that if every loan in 2006 that was subprime that blew up...you would still not notice. It has no relevance whatsoever.

10/1/07:
"I'm now convinced...that a brutal recession will be avoided and prosperity assured."
The US officially entered recession two months later.

3/11/08:
"Bear Stearns is fine! ... Bear Stearns is not in trouble! ... Don't move your money from Bear! That's just being silly! Don't be silly!" - Jim Cramer, Mad Money
3/17/08: JP Morgan Chase makes an offer to hurriedly buy BSC with federal backstopping; sale completed 3/30/08.

3/21/08:
"I call it a bottom. Not just for the stock itself, which happens to be the venerable Bear Stearns, but for the whole stock market."
DJIA closed 3/20/08 at 12,361
DJIA closed 1/20/09 at 7949

Cramer also called a market bottom on numerous dates including 7/30/08, 3/21/08, and so on.


Listening to Jim is like taking financial advice from a three year old hopped up on caffeine and gummy bears....not a real good idea overall.

reply to post by Divinorumus


Hey I have been reading that the import business is already struggling due to the US economy. The buyers on the receiving end (the US) cannot get loans to buy goods that are waiting to be shipped (mostly Asia). Even if the exporters did get the loans who can buy the goods once they hit the shelves? I personally am not buying anything other than food and paying the bills. So it looks to me like importing has gotten constipated. LOL... This cannot be good for the world economical system.

reply to post by Riviera


Your history is wrong. The UK cleared the remaining debt to the US for re-building after WWII in 2006. It took a long time but you got every penny, sounds like you have spent it wisely!

Good luck with 2009

Reality Check---

1) Subprime mess is into 50% of it, and the bottom hasn't hit yet.
2) Options ARMs and Alt-A type mortgages are starting to kick in, will be worse than the subprime crisis of 2008.
3) Credit card, corporate debt, student loan, auto loan, haven't kicked in yet, another set of disasters.
4) US major banks market caps are around 500 billion.
5) Total derivatives in the market 700-800 trillion.
6) 700-800T is being backstopped by 500 billion not trillion.
7) 350B in TARP money already spent.
8) 8 Trillion that has been already guaranteed or spent.
9) US GDP 15 trillion, world's GDP 75 trillion.
10) US Deficit will reach 1.2 trillion.
11) T-Bond bubble will soon burst which will bring financial Armageddon.

You add all of these figures and the math simply is not there, too many trillions backed by few hundreds of billions, that is the bottom line. The financial institutions have overextended beyond belief, and this thing is still in a huge tailspin.

[edit on 21-1-2009 by Vojvoda]

Maybe a national garage sale to raise money? Seriously, the situation is simply not good. I want to be optimistic but even the "optimistic" soothsayers offer little evidence as to exactly how the economy wlll improve. The fact is, if you still have a job, then the only real effect you have felt is watching your 401-K drop 30% and your home value plummet. If you are not trying to sell your house, and have an affordable payment, then the deflation might actually seem like things are better. Of course, it is all smoke and mirrors. We will ALL be paying for this soon. We will ALL be feeling this soon whether you have a job or not.

It is scary for me because I now have a baby on the way and I wonder what kind of life he/she will have?

I am hoping we are all wrong and that a year from now we will all be laughing about this. I think we all know that that is highly unlikely.

reply to post by Portugoal

"The fact of the matter remains that America's economy is in shambles whereas Canada has the best banking system in the world (but you wouldn't know that because ignorant Americans don't know a thing about Canada and do not care). I just think it's going to be a very ironic time when America begins to collapse while the younger sister lives on, being the quiet, friendly economic power it has always been."

I have made a copy of this, and emailed it to myself and made an
appointment in my e-scheduling software to re-read it in 6 months.

We will see how you are faring at that time.

You call us ignorant Americans, and surely there are some here,
and I think you might find ignorant ppl anywhere in the world
including Canada.

Alot of the parts for the big 3 auto makers are made in Canada,
and when that comes crashing down, that will just be the beginning.

Canada's Export partners: US 78.9%, UK 2.8%, China 2.1% (2007)

I think you are going to see a reduction in exports to the US.

That will impact your economy, ppl are going to lose jobs.

Canada is the top oil importer to the US, but at the current low price
producers will stop production on wells that are expensive to operate,
they already have here.

It will really gear up after the release of financials after this
first quarter passes by, give it 90 - 120 days.

6 months and it will really be unwinding all around the world.

Good Luck to you all !

I won't say folks are pessimists per se, but I do think there is a bothersome trend for people to clamor for collapse as if they just can't wait for it to happen. Some ask for it outright. And I think many assume the very worst. It's not going to be just a collapse.. it's going to be the WORST one like.. ever! And our country will fall apart, and we'll have civil war, and we are simply all doomed. There is no hope whatsoever.

I think it will get worse before it gets better, but I don't foresee soup lines, or civil war. I at least, am assuming worse may happen, but I am also hopeful we will get out of it without the entire country falling apart.