endzone_dave Posted August 18, 2011 Share Posted August 18, 2011 July housing was the worst this year. The Philly Manufacturing Index for July was horrible. Europe is having trouble bailing some of its countries out. Oil is dropping but gas prices remain high. It almost looks like we're heading for the big one. This really isn't meant to be a potical thread to blame which side caused this. This is more about whether you think we are heading for very bad times. I guess one of the only positives have been the strong earnings of our companies. Unfortunately, I think they will keep hoarding cash if they think times are going to be tough. Link to comment Share on other sites More sharing options...
Monte51Coleman Posted August 18, 2011 Share Posted August 18, 2011 I personally think we are still in a major recession. Maybe not by standard mathematical standards, but definitely by real world experiences of most except for the wealthy. Link to comment Share on other sites More sharing options...
Madison Redskin Posted August 18, 2011 Share Posted August 18, 2011 Could we be heading for a major recession? Yes. Are we? I don't know. Things aren't looking good, but they don't ressemble 2007/2008. Unemployment, which has a strong connection with housing and consumer confidence, needs to fall considerably for us to have a chance at a strong rebound. Also, people shouldn't bury their heads in the sand or spread panic by telling everyone the end is nigh and they should stock up on canned goods. Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 18, 2011 Share Posted August 18, 2011 Chavez pulled his $11 billion of gold out of the US and Euro banks and put it into Chinas. Lots of rats jumping ship today. I'm watching CNN and they are talking about the economy and at the bottom flashed a story about a street sign being stolen in Texas, Justin Bieber Way. Now that's news! Link to comment Share on other sites More sharing options...
China Posted August 18, 2011 Share Posted August 18, 2011 I'm watching CNN and they are talking about the economy and at the bottom flashed a story about a street sign being stolen in Texas, Justin Bieber Way. Now that's news! That sign got put up when and 11 year old got to be Mayor for a day; that was one of her official acts. Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 18, 2011 Share Posted August 18, 2011 That sign got put up when and 11 year old got to be Mayor for a day; that was one of her official acts. Now, that's the kind of leadership we need. But on topic, maybe this Syria thing could turn into another profitable War for us and save our economy!!! Link to comment Share on other sites More sharing options...
Predicto Posted August 18, 2011 Share Posted August 18, 2011 Chavez pulled his $11 billion of gold out of the US and Euro banks and put it into Chinas. Lots of rats jumping ship today. Just an aside, but that basically has nothing to do with the health of our economy or banks. It has to do with the fact that we froze all the assets of Libyan dictator Quaddifi last month, and Syrian dictator Assad yesterday, and Chavez thinks we will freeze him next. As for the OP - I think we are in the same recession that we always were, and it is major. Link to comment Share on other sites More sharing options...
FanboyOf91 Posted August 18, 2011 Share Posted August 18, 2011 Chavez pulled his $11 billion of gold out of the US and Euro banks and put it into Chinas. Lots of rats jumping ship today. Actually, he took it home. Link to comment Share on other sites More sharing options...
88Comrade2000 Posted August 19, 2011 Share Posted August 19, 2011 No. We are still in a recession, heading for a great depression. The coming collasp of the dollar and inflation in 2013; we are heading for a crash. Link to comment Share on other sites More sharing options...
Springfield Posted August 19, 2011 Share Posted August 19, 2011 I could be wrong, but I remember hearing somewhere that there was some housing program that ended last July. Basically, they expected July's numbers to be lower this year and August would be a much better bearing on the state of the housing market. Either way, we're ****ed. Link to comment Share on other sites More sharing options...
PCS Posted August 19, 2011 Share Posted August 19, 2011 I agree with others. We are still in a recession. Major or not can be debated by those with far more expertise in the area than I have,but we're still in one. I also agree that there is a possibility that it could get even worse. Link to comment Share on other sites More sharing options...
Hooper Posted August 19, 2011 Share Posted August 19, 2011 We've been living high on the hog for 25-30 years now. Spending more and more, taxing less and less, and 99 percent of us have sacrificed nothing. It's been a nice ride. This isn't a recession or a depression. It's a reckoning, and it's going to take a long time to fix. Link to comment Share on other sites More sharing options...
Hubbs Posted August 19, 2011 Share Posted August 19, 2011 I personally think we are still in a major recession. Maybe not by standard mathematical standards, but definitely by real world experiences of most except for the wealthy. Ding ding ding. We're running the largest peacetime deficits as a percentage of GDP in American history—larger than the New Deal. We're allowing an unfathomably bankrupt financial sector to live on in zombie perpetuity through mark-to-fantasy accounting. We're printing trillions to artificially inflate asset prices, artificially reduce interest rates, and artificially create inflation. All of this combined is the single greatest experiment in pure economic distortion in the history of the world, with each giant policy bazooka geared towards one thing: Statistical growth, no matter what the ultimate real costs. And what do we have to show for it? GDP grew by 0.8% in the first half of the year. The stock market has given up everything it gained since the beginning of QE2. Every month, the number of Americans on food stamps sets a new record. Every month, the average duration of unemployment sets a new record. We're now seeing hundreds of thousands of unemployed drop off the multi-extended benefits that last for 99 ****ing weeks. And this is all with the federal government desperately propping up GDP by simply borrowing over 10% of it every year. This is all with the Fed pursuing the exact policies Ben Bernanke had in mind when he so erroneously told Milton Friedman, "Regarding the Great Depression: You're right. We did it. But thanks to you, we won't do it again." What do you think the real economy looks like with the curtain pulled back? I've said it before, I'll say it again: Bernanke hasn't prevented the Great Depression. He's postponed it. And he's made it worse by doing so. Link to comment Share on other sites More sharing options...
Ellis Posted August 19, 2011 Share Posted August 19, 2011 I've said it before, I'll say it again: Bernanke hasn't prevented the Great Depression. He's postponed it. And he's made it worse by doing so. I'm not trying to pick an arguement but honestly, what could Bernanke do on his end at this point? Everyone keeps looking at him for a solution like it's his fault and he's basically said, "I've got nothing to work with!" Bernanke is out of options from his position of the economic machine and can't do anything with rates. He's alluded at least twice in the last year that the solution lays at the doorstep of Congress... and they must come up with a solution--a policy, a plan, something--to get things rolling again. All the usual variables that we've adjusted over the last 30+ years have been exhausted at this point. Overhaul is the solution, imo... and I honestly couldn't tell anyone where to begin. Link to comment Share on other sites More sharing options...
twa Posted August 19, 2011 Share Posted August 19, 2011 "the solution lays at the doorstep of Congress"......Well that certainly answers the question in the OP Link to comment Share on other sites More sharing options...
Koolblue13 Posted August 19, 2011 Share Posted August 19, 2011 I don't know, but when I buy camping gear, I look for survival gear first. Link to comment Share on other sites More sharing options...
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