Economy on the rocks ...... ?

Question

What is the latest news on the U.S. economy? Are some folks saying it is going down the tubes??

Answer 1

The economy has been on the rocks for some time. There are vast stretches of America where people can't sell their homes. And likewise (cause and effect) that means people are so lacking in liquidity they can't mortgage homes.

Good jobs are rarer than hen's teeth.

The infrastructure is the middle stages of decay and no one can imagine how to fix it.

And two years ago, your government sent hundreds of billions of dollars to Iraq, sleds full of hundred dollar bills, and handed it out without even bothering to collect receipts.

The fact that people are just now being alerted to the economic screw-ups is astonishing.

...I guess it's hard to split your attention between the McCanns, drunk starlets and news of the real world.

Answer 2

"Some folks" are always saying that it is going down the tubes.

The credit industry IS seeing more problems due to the sub-prime lortgage loan issue of late, and that is causing some companies that heavily invest in these to have problems, but the economy generally is as sound (or rocky) as it was, say, 4 months ago.

Things are not very good for the non-investor (or small investor). People's wages get them less than they did, say 10 years ago. The foreclosures caused by the sub-prime issue may cause a sudden drop in median relative income, but so far nobody is playing with the FEDs numbers in a panic to avoid recession.

So far.

Answer 3

While we've been preoccupied with 'important' issues of the day - like Britney Spears' rehab; Paris Hilton's drunk driving; and Tom Cruise's marriage - many of us seemed to have missed the incidental information about the American economy in recent years. It's been on a downhill spiral practically since the day George W. Bush took office!
Here's what's about to happen:

1. This coming October or November, more than two million homeowners won't be able to make their mortgage payments, which will create the largest number of home foreclosures in American history;
2. As 'balloon' payments come due, adjustable mortgage rates increase, and desperate householders try any avenue available to refinance, the mortgage industry will see its bubble burst. All those poor-credit risks will jump ship and giant mortgage companies will be left holding the bag on millions of houses across America;
3. Even the government won't be able to stop the flow of 'bad paper'. All these hedge funds and other high-risk, high-yield investors will see their get-rich-quick house of cards collapse;
4. By the 2008 election, the GOP will see what's coming (it already knows) and you'll see a mediocre attempt to win any election. It will be smarter to let the Democrats win because shortly after Bush leaves office, the U.S.A. will see the worst economic depression in its history, largely due to Bush's runaway war spending that has put this country's taxpayers TRILLIONS of dollars in debt. Better that the Democrats are in office when the depression hits so that the Republicans can come back strong in 2012 running on a promise to restore the economy;
5. China will finally call in its chips and revoke our 'credit cards' by refusing to buy more U.S. bonds. When that happens, the U.S. will be in the same situation as Russia: unable to finance its military. Then China - who has waited patiently for this to happen, and has suckered the Bush family dynasty into making 'deals' that caused all this to happen - will simply come over here and take whatever it wants: real estate, military hardware, banks, natural resources (especially our oil, coal and natural gas supplies), weapons of mass destruction - even our women if there's a strong demand for western women on the international sex-slave market;
6. Desperate, unemployed, starving, and homeless, most American citizens will cling to any promise made by any charlatan. Just as the Nazis did before World War II, we'll be taking wheelbarrows full of cash to the bakery to buy a loaf of bread because our currency will be worthless. A new 'leader' will come on the scene, promise to make things better, and will be voted into office to lead a new Fascist government, and American will discover that their own hubris, gluttony, arrogance and incompetent leadership has sold them down the drain.

Franklin D. Roosevelt once said: "The liberty of a democracy is not safe if the people tolerate the growth of private power to the point where it becomes stronger than the democratic State itself. That, in its essence, is Fascism - ownership of government by an individual, by a group, or by any controlling private power."

But, we've been pretty busy to worry about all this kind of stuff. After all, it looks like Lindsay Lohan might be going back to rehab!! -RKO- 08/27/07

Answer 4

It's like the weather, wait an hour and it's all changed! Don't buy flowers just yet. The fed is helping out the economy, and a new president may bouy it even more.

Answer 5

The market has always had ups and downs-- sometimes big ones. But it always recovers. It would probably help a lot if we stopped spending half a trillion dollars a year in Iraq.

Answer 6

Well... the fed seems to think so... and to be honest... THEY KNOW...

sometimes things seem to be going just fine and dandy... and BAM! Recession...

Answer 7

that's what they say.