A third party by 2012. 
I hope so, these two suck.
I hope so, these two suck.
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Greatest Depression Ever Prediction - Celente
- Thread starter Big Smoothy
- Start date
- Joined
- Mar 18, 2002
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- 30,626
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- Age
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- Colorado Springs, Colorado
no kidding...they can't stop pointing the finger at each other...I go to other blogs and all they do is blame one another...
ok...that's great. Its DONE...what are we gonna do from THIS point on? is it really that hard to do?
ok...that's great. Its DONE...what are we gonna do from THIS point on? is it really that hard to do?
Economic apocalypse around the year 2012? Bold statement. But times are very strange, indeed. This is under 3 minutes. It's quick.
Celente interview on FOX on May 24, 2009:
Celente interview on FOX on May 24, 2009:
| YouTube Video | |
I see what he is talking about regarding commercial real estate. There are a lot of vacant factories in the midwest and a lot more places for lease/rent popping up around my town.
I believe we are in for a lot worse, but I don't know about the greatest depression ever. At this point, there has been no change in the way business is conducted, only free money and no credit. I see this going south for multiple reasons.
1)The banker's response to this credit card legislation is going to be extremely negative. Fees and rates are going to increase substantially for everyone and we are going to go from a situation where credit is not available to where it is undesirable. This country runs on money people don't have. Personally, I think this is a good thing and more people may live within their means, but that is not necessarily good for big business.
2)We have yet to feel the sting from unemployment. The initial wave of people who filed are still getting benefits and there are significantly less jobs available. Once that runs out they are fucked. More foreclosures, less money floating in they pipeline, I could go on.
3)These credit default swaps are going to sink a few more ships since most banks are still on a bailout high. The primary reason banks aren't trying to rework mortgages is because Uncle Sam will be there to bail them out again. At some point this will stop, and the banks will either rework mortgages (Not going to happen) or the Fed will eventually buy the toxic assets, at which point either the gov't or these banks are going to take huge losses.
This is all going to continually feed itself until the gov't has wasted at least an entire generation worth of taxes. At some point, they have to turn off the spigot. Of course, I think this will bring opportunity to the right people, but the greed on Wall Street will almost ensure that those people are not currently on Wall Street.
1)The banker's response to this credit card legislation is going to be extremely negative. Fees and rates are going to increase substantially for everyone and we are going to go from a situation where credit is not available to where it is undesirable. This country runs on money people don't have. Personally, I think this is a good thing and more people may live within their means, but that is not necessarily good for big business.
2)We have yet to feel the sting from unemployment. The initial wave of people who filed are still getting benefits and there are significantly less jobs available. Once that runs out they are fucked. More foreclosures, less money floating in they pipeline, I could go on.
3)These credit default swaps are going to sink a few more ships since most banks are still on a bailout high. The primary reason banks aren't trying to rework mortgages is because Uncle Sam will be there to bail them out again. At some point this will stop, and the banks will either rework mortgages (Not going to happen) or the Fed will eventually buy the toxic assets, at which point either the gov't or these banks are going to take huge losses.
This is all going to continually feed itself until the gov't has wasted at least an entire generation worth of taxes. At some point, they have to turn off the spigot. Of course, I think this will bring opportunity to the right people, but the greed on Wall Street will almost ensure that those people are not currently on Wall Street.
it's really not that big of a deal fellas, just chill. Uncle Roid says everything is gonna be alright, promise.
It's 24 minutes but very interesting on what has happened to Las Vegas. How similar to other communities in the future? Perhaps not as severe. Consumerism and cheap good for the last 30 years. Vegas can adapt and change in the future, IMO.
Dozens of evictions per day, unfinished construction sites, empty neighborhoods, no jobs, hospital refusing ambulances and massive budget cuts.
But this is not gloomy. It's informative and well-done:
Dozens of evictions per day, unfinished construction sites, empty neighborhoods, no jobs, hospital refusing ambulances and massive budget cuts.
But this is not gloomy. It's informative and well-done:
| YouTube Video | |
Yes, that was strange.....and bad.
As stated, the owner of the house that was renting out the house, failed to pay his mortgage. The house went into foreclosure.
The police/constable show up at the door, knock, and say, "you have 2 hours to get out."
Where is the mortgage? Who knows. What part of the world is it in? Who knows.
But that's not a fair way to go about it. Can't they give notice? I'm sure they can.
Those with prime credit are the new wave of those behind on their morgagtes due to lay-offs & unemployment, and also those that get jobs after losing them are taking massive pay cuts.
Next year in 2010 you will see it getting very, very, ugly:
Regular folks with good credit will lose their homes and all of th equity in it.
For most people - this means losing everything. And they'll exhaust their savings before losing their home.
Next year in 2010 you will see it getting very, very, ugly:
Regular folks with good credit will lose their homes and all of th equity in it.
For most people - this means losing everything. And they'll exhaust their savings before losing their home.
Link & Entire: Real Estate | Borrowers with good credit fuel foreclosures in 1Q | Seattle Times Newspaper
Chubby
Elite Member
If that happens I will sleep in my car or sleep in the park (if wheather is nice) and take shower at my work everyday. I know it will be hard for the first few months, then eventually I will get used to it.
If that happens I will sleep in my car or sleep in the park (if wheather is nice) and take shower at my work everyday. I know it will be hard for the first few months, then eventually I will get used to it.
perhaps you may be in this situation soon, Chobby?
I hope not. But if so, you can get support and ideas here.
As far as the mortgage crisis, foreclosures, and utilizing savings and going broke to keep their homes, I would have assume the majority of these were due to people that bought more house than they could afford and it caught up to them.
I have always been a big proponent of living BELOW my means, I have always purchased houses that I could easily afford, I also believe in keeping a safety net, enough funds in a liquid account that can last for at least 6 months if I had ZERO income. We have NO credit card debt, the only debts we ever have are a mortgage and a car payment, that's it. If I ever incur any debt is is only because there is a no interest financing deal, like the last TV we bought, could have paid cash, but went with the no interest financing for 2 years, then paid the balance at the end.
To many people in this country were/are living ABOVE their means, buying houses, cars, etc. that they cannot afford, and maintain huge credit card debt. Eventually this will catch up with most people and it has.
I have always been a big proponent of living BELOW my means, I have always purchased houses that I could easily afford, I also believe in keeping a safety net, enough funds in a liquid account that can last for at least 6 months if I had ZERO income. We have NO credit card debt, the only debts we ever have are a mortgage and a car payment, that's it. If I ever incur any debt is is only because there is a no interest financing deal, like the last TV we bought, could have paid cash, but went with the no interest financing for 2 years, then paid the balance at the end.
To many people in this country were/are living ABOVE their means, buying houses, cars, etc. that they cannot afford, and maintain huge credit card debt. Eventually this will catch up with most people and it has.
Chubby
Elite Member
This was not my complete post. Looks like a part my post is deleted. I wonder who did it..mod?If that happens I will sleep in my car or sleep in the park (if wheather is nice) and take shower at my work everyday. I know it will be hard for the first few months, then eventually I will get used to it.
This was not my complete post. Looks like a part my post is deleted. I wonder who did it..mod?
I don't see anything deleted.
This was not my complete post. Looks like a part my post is deleted. I wonder who did it..mod?
gotcha
I agree with this 100%, it is going to get fucking nasty. I have no idea how any economist can say that we are near the bottom with a straight face. Sure, consumer goods have increased, but I bet you would find these to be essentials like a fridge, washer, etc. rather than electronics and such. I would bet the farm that most of this was paid with credit, considering that as consumer spending increased so has credit card debt. Also, new homes sales weren't as bad as last month. No shit, house sales increase every spring, that is a seasonal thing, I see everything happening like this:
1)The initial wave of people filing for unemployment exhaust their fund in the next 3 months and either stay unemployed or go from a decent wage before unemployment to a McDonalds wage. Regardless, there aren't enough jobs out there. The lack of credit and the poor scores will leave them with little recourse, and most will find it hard to even find a place to live.
2)This is going to drive unemployment up further and more people will lose their homes, but at a slower rate.
3)These banks are going to take huge charge-offs and we are going to lose a couple of the big boys that we couldn't lose 8 months ago when the bailouts started. This is going to be primarily driven by the fact that banks will make what little credit that is available undesirable and will wait too long to re-work mortgages.
I see the markets and such dropping again, we will see them dip below 8000 again, possibly even 7000. These bailouts have been like putting a band-aid over a bullet wound, what have we really changed? Until we adjust the way business is run we will continue southward, we can't continue to live off of money we don't have. Unfortunately, the way all of this shit goes down, I see this country moving more liberal/socialist. It's fucked up because if people were more fiscally responsible (A traditionally conservative trait) we wouldn't be here. This is going to hit a lot of people really hard. If you haven't started, I would start building a safety cushion right now.
All I can say is I hope you're 100% wrong!!!
You and me both, this is gonna suck. Although, I am a home body and cheap as hell, so I should be a'ight.
I get weekly job opening updates from the college I graduated from and there seems to be a lot more lately. I know Hawaii is a different beast than the mainland, but 3 times as many job openings has to mean something.
Here's a recent July 12, 2009 interview with Celente. Some repeitition, but also some more news.
| YouTube Video | |
Here is one of the most insightful interviews I've heard from Celente.
It's a podcast. Just click the link below --> then click the microphone and listen.
Well worth it:
Gerald Celente
It's a podcast. Just click the link below --> then click the microphone and listen.
Well worth it:
Gerald Celente
As much as I generally agree with Gerald (and I still do in that podcast), I think that was a very poor quality interview.
The interviewer only ever asked leading questions that already "pre-agreed" with Gerald's positions. For example, "How are these people on Wall Street any different from a common sociopath?"
^ I do agree, Danzik.
And one thing I know about almost all (save ABC) that have interviewed Celente, is that they don't play "Devil's Advocate" nor directly challenge some of his positions.
I wish he would be challenged more.
I am biased toward Celente because I feel I am perceiving the things that he talks about.
And one thing I know about almost all (save ABC) that have interviewed Celente, is that they don't play "Devil's Advocate" nor directly challenge some of his positions.
I wish he would be challenged more.
I am biased toward Celente because I feel I am perceiving the things that he talks about.
So everything is going to crash and burn in 2010. Roger.
