What would happen to all these people who have their life savings in the market? What would happen to mortgages that we have right now? What would happen to the few jobs that we have left?
I am curious to see what people say. Please no sarcastic comments or Democrat this, Republican that...I don't care about vendettas you may have with the other party and that doesn't enter into my question.
2007-10-10 12:15:41 · 18 answers · asked by Fedup Veteran 6 in Politics & Government ➔ Politics
Very good question and one which I have been thinking over...
As per '29, companies who had stocks or were floated, would suddenly have their worth dissappear with the press of a button. Those with money, or the power families, would then be able to purchase the remains of these companies for very little amounts of outlay - business fraud on a grand scale. This would enable the ruling elite to control more and more companies.
From a public perspective, it would be a disaster of epic proportions. Those living the American dream of owning your own home would be out on the streets with no home and nowhere to live.
Banks would need to recall loans of all kinds in order to help themselves. Those with mortgages would be forced to walk away from this and money invested as it would be owned by the banks.
What would the banks do with all these properties you ask? Well, lots of people with nowhere to live, and banks owning houses equals??? Homes that were once owned by the public would be the property of banks, and people would be renting their own home from the bank.
Think of it this way; If I lent you $500. Then I had a massive phone bill and car repairs, I would pressure you to return the money because I need it and not you. It boils down to the same with the market economy
The whole system is designed to slowly erode rights and power of the people so they can be governed and controlled by the elite, who get wealthier and wealthier and will have us all trapped under a bigger mountain of debt than at present.
For those who do not believe me or think I am mad, look into the crash of 1929 and I mean really look at it.
VIP; PEOPLE WOULD BE IN THE STREETS UP IN ARMS AND PROTESTING. THEN WHAT??? MARTIAL LAW COMES INTO FORCE...BRILLIANT THOUGH AN ABSOLUTELY ATROCIOUS WAY FOR THEM TO GET THEIR WAY.
2007-10-10 13:09:10 · answer #1 · answered by lee h 3 · 5⤊ 1⤋
Anyone who seriously follows the market realizes, or should realize, it is a big pyramid scheme. It could happen any day with a rumor of some kind. Look at what happened on 9/11, it was minor by world standards and the market fell like a stone.
Since most people don't live on a farm like they did in 1929 it will be much worse.
2007-10-10 12:31:51 · answer #2 · answered by Zardoz 7 · 2⤊ 1⤋
Any answer will be purely speculation. The Fed won't allow it to happen even if it means mortgaging our great-grandchildren's futures. The only reason the market has been able to get above 14.000 this week is because of the Fed stopping a major slide last month.
2007-10-10 12:31:52 · answer #3 · answered by Anonymous · 2⤊ 0⤋
People who have their entire life's savings invested only in securities *deserve* to lose everything if the market takes a nose dive. Prudent investors are diversified to minimize risk.
Many would panic, but the overall effects wouldn't be nearly as disastrous as 1929. The average citizen won't be negatively effected to a great degree.
2007-10-10 12:26:26 · answer #4 · answered by Mathsorcerer 7 · 2⤊ 2⤋
No one really knows the answer to this question. Anything could happen. The economy is like a nuclear cell. It's toxic and unstable, but usually controlled by some bureaucrat for his own purposes.
2007-10-10 12:24:23 · answer #5 · answered by Anonymous · 4⤊ 0⤋
It won't have near the affect as 1929. It happened in 1989 with only a blip. People are too smart and diversified now and plan ahead for those happenings. It was a smaller world then. People are invested overseas and in many areas now.
2007-10-10 12:23:04 · answer #6 · answered by question212 6 · 3⤊ 2⤋
Those with survival skills and common sense would find a way to make it...just like they did after 1929. survival isn't something that only becomes important when in the jungle or dealing with a Clinton.
2007-10-10 12:26:56 · answer #7 · answered by Erinyes 6 · 2⤊ 1⤋
it would be even worse then in 1929 i mean now most people have mortgages so banks would jump on everything cars wont be able to be used cause no money for gas cause of the prices and it would effect the whole world
2007-10-10 12:21:55 · answer #8 · answered by van v 3 · 5⤊ 1⤋
US Citizens should be sitting up and taking notice of a few things...
Have you watched the dollar versus other currencies in the past 5 years? http://futures.tradingcharts.com/chart/US/M
Mortgages already are in crisis: http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article2624571.ece
I'm expecting cost of groceries & goods to go up exponentially.
I do wonder if the market will crash or if it will just decline. And the presidential election of '08 will be an interesting impact on the economy too.
2007-10-10 12:26:50 · answer #9 · answered by Margaret Meg H 2 · 6⤊ 1⤋
The rich would come out smelling like a rose. The middle class would be destroyed. The poor wouldn't notice much difference.
2007-10-10 12:19:18 · answer #10 · answered by obl_alive_and_well 4 · 8⤊ 0⤋