PrettySquareGal
I'll Lock Up
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Here we go again with stocks falling dramatically....
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Do you think there could be a second Great Depression?
- Thread starter PrettySquareGal
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Undertow
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Yeah and so does my 401k
Which is why I stopped socking away into mine, and changed from stocks to bonds and money market. Not that it's going to help. [huh] One way or the other, "they'll" get my money.
I won't be satisfied until the Dow plummets below 7k in under a month. Then we can really start looking towards the hills.
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Same here, still dropping. But I've been seriously considering cashing it out, taking the tax hit, and buying gold or property. It's a mess. My neighbor lost over $300k in her 401k already. Just a huge cluster ****.
PrettySquareGal
I'll Lock Up
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With banks still recovering from a decade-long credit bubble, governments slashing spending to cope with unsustainable debt, and unemployment at levels not seen in decades, a new recession would be “disastrous,” according to Roger Altman, a senior Treasury official in the Clinton administration.
“We could be in for a repeat of the experience of 1937, when America fell back into recession after three years of recovery from the Great Depression,” he wrote in the Financial Times.
http://bottomline.msnbc.msn.com/_ne...ions-second-act-would-be-worse-than-the-first
“We could be in for a repeat of the experience of 1937, when America fell back into recession after three years of recovery from the Great Depression,” he wrote in the Financial Times.
http://bottomline.msnbc.msn.com/_ne...ions-second-act-would-be-worse-than-the-first
Undertow
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I know it, and that's what makes me sick.
To see someone's retirement savings crushed, I don't know...
I've been debating pulling the plug on my 401(k) as well, paying the outrageous 40% and sticking what's left in my gun safe. I don't care if it doesn't grow, I just hate losing it.
China "pulled the rug" from under the EU today by pulling quite a bit from EU banks. The US may still have a lifeline for a few years. As long as the USD avoids collapse, all will remain well for America until the next disaster. I guess that's all I can ask.
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Man, I am a panicky guy by nature, but my decisions are usually more solid. I'm actually entertaining doing this now. Big chunk in taxes now vs. nothing in five years? Boy, it's a tough decision to make. But I see nothing on the horizon that is positive. Nothing. Someone throw me a lifeline?
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LoveMyHats2
I’ll Lock Up.
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No one tell on me, I purchased a "whoop" bunch of Gold Coins and have them carefully stored away in safe deposit boxes.
As far as another depression, I think we are really already there (at least in the USA) and it is only a matter of time before everyone walks out the front door first thing in the morning and it hits em like a brick!
As far as another depression, I think we are really already there (at least in the USA) and it is only a matter of time before everyone walks out the front door first thing in the morning and it hits em like a brick!
LoveMyHats2
I’ll Lock Up.
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A big secret not even the News is sniffy out yet is that about 30 percent of all major companies in the USA have already been having loans from China to keep their front doors open. I state this as that most of what goes on is already out in the open, but there is so much more ongoing that they never have made public yet.
I can give you this example, Eaton company would have to roll it up if not for the fact they send over 100 finance employees from their firm to China every week as China is a hard cooky in business, those employees are required to explain each penny China has already loaned the company and to hold the company "accountable" for each penny they are still asking for.
I personally know one of the individuals that are being sent to China for Eaton and they tell me there are at least several thousand other business men from hundreds of other US companies being represented there as well by the China bank getting loans and accounting to the China bank, as to where the money is at and what the USA companies are doing to make payments back.
LoveMyHats2
I’ll Lock Up.
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I just look at the "house of cards" we have here in the USA currently, they say we are some 14 trillion in debt....financially things are a "rob peter to pay paul" and I am just waiting for the other shoe to drop!
Undertow
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Here we are 9 months later from our last post...
The EU is holding tight while Greece burns, Spain and Italy are saying prayers and hoping for the best. Germany is doing really well...until their exports dry up completely because the rest of the EU suffers.
Egypt, Libya, and Syria are on fire. Pakistan, Afghanistan and Iran could follow.
So, could we hit another Depression, or are we in the clear?
The EU is holding tight while Greece burns, Spain and Italy are saying prayers and hoping for the best. Germany is doing really well...until their exports dry up completely because the rest of the EU suffers.
Egypt, Libya, and Syria are on fire. Pakistan, Afghanistan and Iran could follow.
So, could we hit another Depression, or are we in the clear?
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As I said before: wait until November. I can tell you what is going to happen from there.
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As I said before: wait until November. I can tell you what is going to happen from there.
:arated:
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As I said before: wait until November. I can tell you what is going to happen from there.
:thumb:
therizyflapper
One of the Regulars
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As I said before: wait until November. I can tell you what is going to happen from there.
agreed
therizyflapper
One of the Regulars
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iv noticed history loves to repeat itself
The Swedish economy is doing great and there's no sign of a depression here. I don't think Germany is heading that way either, but things are going to happen within the EU. Angela Merkel just proposed a political union for 'the core group' of countries in order to create stability (or to keep certain countries from running their own economy).
While it's true that the economy works in cycles, the Great Depression was made worse because a lot of the safety mechanisms that are in place now weren't there - we have bank regulation and legislation for example because of the things we learned. Not saying the world won't burn in a year from now, but I think the causes and mechanisms would be very different from the Great Depression.
William Stratford
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Could we hit another depression? Almost certainly. Are we heading for one now? Tricky to say.
Having left school in the 80's, I recall quite well the last serious dip over here....and what we have at the moment does not quite compare. Quite. But it is heading that way. If the euro does indeed go pear-shaped (which is a significant possibility) I suspect that things will get very sticky because we have (foolishly) become so dependent upon international trade. Idiotically, we have lapped up cheaper imports, sending both jobs and money overseas, whilst both teaching generation after generation to demand "social mobility" whilst accepting an influx of cheaper labour for the unskilled and semiskilled work that would have once been the first jobs of school leavers.
Together that adds up to one heck of a house of cards....with a depression waiting to happen when it tumbles.
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