What happens to a country, an economy and a generation of Americans who rely so so much on debt and credit, when the credit lines dry up?
Just pick up a newspaper today.
September 30, 2008
Here's Schiff and Beck. "This is not a textbook. This is really happening"
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16 comments:
We love you Schiff.
10% drop in GDP. Big deal. It would only take us back to the actual amount we produced over the past 10 years.
Are we all going to die if we have 10% less money then last year? Do I need a bailout because I earn 10% less this year?
No bailout. It's time for all of us to write and call and send letters again to our congresspeople.
Whenever I hear Schiff, it just sounds like the voice of reason. I don't agree with everything he says (eg his believe if emerging markets as a saviour) but when he states the situation we are in and gives the reasons, they are spot on.
Glen Beck - sucks to be him. How is he going to afford to send his kids to college?
Guess he lost it all yesterday and now he's pissed off for the "regular" Joe.
No matter how you slice it, Glenn Beck is still a usless pud-puller of a man claiming to know everything about anything.
It's only because Rush Limbaugh hasn't choked to death yet or had a heart attack that I don't hate Beck more. I still need to hate Rush while his heart still beats.
But I'm saving some for Beck.
No matter how you slice it, Glenn Beck is still a usless pud-puller of a man claiming to know everything about anything.
It's only because Rush Limbaugh hasn't choked to death yet or had a heart attack that I don't hate Beck more. I still need to hate Rush while his heart still beats.
And what Beck said was wrong how??? You're a tool
"Americans are gonna have to get used to a lower standard of living where we don't consume and borrow as much, we work harder and save our money."
CRASH CRASH CRASH. The government should stop trying to prop up and slow down the collapse. A major cleansing in the American culture of conspicuous consumpution is about to happen.
It's about time tuition, medical costs, and housing prices CRASHED FOR GOOD. In my ignorant pre-bubble days I asked a realtor how do people afford these overblown prices; She told me: easy credit, prices will only go up. And that's when I began to question the American bubble.
I was arguing with a friend in 2006 that if you cannot save for at least 15% downpayment, you don't deserve to buy a house. He called me an Anti-American and Communist.
anon 12:57 PM
what's it like being such a douchebag?
I do agree...Beck is a clown and a talking head.
I hate Glenn Beck, he's a nasty loud mouth who thinks Dick Cheney is a left wing vegetarian. But this is 100% right on.
Wall Street has ADMITTED that there is money and credit available- it is just no one is willing to extend or give because Wall Street is expecting a bailout and there theory is why use things today when the taxpayer may be pickup up the tab tomorrow? This was a slip of the tongue by some financial talking head I'm sure, the admission that no one is giving credit or $$ because they are expecting a bailout, but sometimes slips of the tongue are the truth.
Also, so what would be wrong with having a REAL economy instead of this illusionary crap we have had for the past years?
The world needs America because we have the largest consumer market and the most transparent economy the world has ever seen. We are the economic engine of the world. If we fail, it will be worse all over the world. We Americans have a can do, pull ourselves up from our own boot straps kind of spirit. My fellow Americans, let's do it; let's get this economic engine revved up and ready to go!
Laugh all you want, Glen Beck has a 5 year, $50M radio Deal. He's doing just fine.
I do not understand what the big deal is - I understand that we must keep the short term buisiness paper market propped up so cash flow can be maintenaied to make payroll, order goods, etc so the economy functions.
What pisses me off is this "cant borrow money to buy a car, cant pay my kids college tuition, credit cards, etc.
Can't borrow to buy a car? Then they go on to say that "only if you pay cash or have perfect credit" OK who the hell owes you a loan for a car. Buy a clunker and learn to fix it up like I did in high school...If you have bad credit and no savings brand new cars should be the last thing to worry about.
Cant pay for college? Most of the people I went to college with just partied and got useless generic degrees and did not pick up any real skills. Try trade school, military, community college- most are still cheap enough to pay as you go.
I am not rooting for a total collapse but really why the f**k are so damn entitled? I think if our standard of living just fell back to what it was in the 70's and 80's everyone would be screaming "third world!" when actually we have just become so damn spoiled as of yet.
One of the talking heads said you couldn't borrow 30 to 40 grand to buy a car.
Hmmm, I NEVER needed to borrow 30 to 40 to buy a car. Imagine that.
These freaks are totally disconnected.
Anonymous said...
Wall Street has ADMITTED that there is money and credit available- it is just no one is willing to extend or give because Wall Street is expecting a bailout and there theory is why use things today when the taxpayer may be pickup up the tab tomorrow? This was a slip of the tongue by some financial talking head I'm sure, the admission that no one is giving credit or $$ because they are expecting a bailout, but sometimes slips of the tongue are the truth.
Also, so what would be wrong with having a REAL economy instead of this illusionary crap we have had for the past years?
September 30, 2008 5:12 PM
Ha, this is interesting. You have a point. I heard a news spiel today that car sellers are complaining that they can't get credit, so they can't sell their cars. That is suspicious to me. They probably can't sell them because people aren't spending and no one wants a big gas guzzling monster. But they sure are fishing for their bailout.
The world needs America because we have the largest consumer market and the most transparent economy the world has ever seen. We are the economic engine of the world. If we fail, it will be worse all over the world. We Americans have a can do, pull ourselves up from our own boot straps kind of spirit. My fellow Americans, let's do it; let's get this economic engine revved up and ready to go!
The world can do without America at this point. America used to be great, it used to be hope and promise, and innovation... and now it's only about war, rx drugs, and debt and easy credit. If you call the shell game that's been playing on Wall Street for the past 20 years transparent, you need a reality check. The world couldn't do without America's production after World War II, right now it can do without American consumption. With this enormous trade deficit, how can America be an engine of the world's economy??
>>Most of the people I went to college with just partied and got useless generic degrees and did not pick up any real skills. Try trade school, military, community college- most are still cheap enough to pay as you go.<<
...and that is what happens when you go to a cheapie "safety" school where you don't have to work really hard to get in, or to graduate.
Which is kinda obviously how you got in, and which is also evident from the level of your intellectual discourse & analysis.
Some of us went to real schools, where we learned useful things, that have allowed us to get jobs where we actually produce things.
Good luck with whatever dead-end career you're in, though. I'm sure you think that you work hard and have something to be proud of, but the truth is that you are a loser, working a loser job, and deep down, it's making you angry & scared to watch your approaching doom.
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