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not headed for depression?

57loaded57loaded Posts: 4,967 ✭✭✭
in Precious Metals
WSJ opinion article by an economist

i agree with some or most of this actually, except i still think the scale and depth of derivatives is being overlooked not as a cause, which he states but the "scale and depth"

Comments

  • HonoluluDudeHonoluluDude Posts: 2,167 ✭
    Yeah I agree-- the world will recover, but America won't for a long long time.
  • COINB0YCOINB0Y Posts: 4,505
    You know, I was watching a show that had a Wharton Economist on it who stated this is the 6th "Mortgage Bundling Scheme" that has occured in our history that led to a bubble burst.

    Looking back and without Google, I have to agree!

    1.) 1986-87

    2.) There was one in the 70's

    3.) Today, so that makes (3) that just I remember!
  • GoldbullyGoldbully Posts: 17,456 ✭✭✭✭✭
    We of the hippie generation have screwed this country up, but good!!!

    I'm embarrassed to have been a part of them!! image
  • KareemofwheatKareemofwheat Posts: 200


    << <i>We of the hippie generation have screwed this country up, but good!!!

    I'm embarrassed to have been a part of them!! image >>





    image
  • BearBear Posts: 18,953 ✭✭✭
    I can't speak for the economy,

    however, I am getting kinda depressed.image
    There once was a place called
    Camelotimage
  • DeadhorseDeadhorse Posts: 3,720 ✭
    I think we are headed for a depression.

    Whomever wins the election will either make it much worse or fairly short term.

    I don't see us digging out of this mess completely till around 2011 on the upside, a few years longer on the downside.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • dac076dac076 Posts: 817 ✭


    << <i>You know, I was watching a show that had a Wharton Economist on it who stated this is the 6th "Mortgage Bundling Scheme" that has occured in our history that led to a bubble burst.

    Looking back and without Google, I have to agree!

    1.) 1986-87

    2.) There was one in the 70's

    3.) Today, so that makes (3) that just I remember! >>




    I saw that show or something similar. There were six similar mortgage crises dating back to the Civil War. What do they say? Those who do not learn from history are doomed to repeat it?
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>I saw that show or something similar. There were six similar mortgage crises dating back to the Civil War. What do they say? Those who do not learn from history are doomed to repeat it? >>



    I think it's; "those who learn from history are doomed to watch others repeat it."
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
  • pf70collectorpf70collector Posts: 6,670 ✭✭✭
    I am wondering what the next speculative bubble will be? I am sure the inventive minds of Wall Street will come up with something with Congress' full backing as usual.
    Montana State Quarter Die Clash

    Box of 20
  • 57loaded57loaded Posts: 4,967 ✭✭✭


    << <i>I am wondering what the next speculative bubble will be? I am sure the inventive minds of Wall Street will come up with something with Congress' full backing as usual. >>



    tulips

    or physical gold
  • BearBear Posts: 18,953 ✭✭✭
    We are in for a deeeeeep recession.image
    There once was a place called
    Camelotimage
  • DeadhorseDeadhorse Posts: 3,720 ✭


    << <i>We are in for a deeeeeep recession.image >>




    Wise Old Bear, when it gets that deep, it's often called a depression.
    "Lenin is certainly right. There is no subtler or more severe means of overturning the existing basis of society(destroy capitalism) than to debauch the currency. The process engages all the hidden forces of economic law on the side of destruction, and it does it in a manner which not one man in a million is able to diagnose."
    John Marnard Keynes, The Economic Consequences of the Peace, 1920, page 235ff
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