Economic meltdown

[BentFX]

The US auto industry is teetering and the credit bubble has burst. The US is in a recession and they say it will get worse.

Myself, I'm OK. Times are tough but my job is secure and I've recently received a 20k settlement for an auto accident.

How are you affected by the current economic situation?

 

[MarioMaster]

Well, I'm only 13 years old, so I don't really have the chance to vote right now. But I do know that the world is falling apart .

 

[adamlinux]

I am currently unemployed but I am very aware or the economic crisis, just turn on the T.V. and go to CNBC or and look at the stock market, its falling like a plane with no fuel. Like I said I don't have a job, but I will be getting one soon because I have this feeling that in a year or so a job at a gas station or even McDonald's will be hard to get. I dunno, mabe I am wrong and things will get better, but they don't appear to be at the moment... :happysad:

 

[Smith6612]

Well, things are a little tight amonst some people I know, but I'm doing just fine over here. Still have plenty of money left over at the end of the month. Besides, having some gold and silver coins laying around, it at least leaves some insurance.

 

[Spartan Erik]

My parents own everything they buy. No loans, no monthly payments towards a car, nothing. I think Americans as a whole need to live modestly.. that's why this "bad economy" isn't hurting us. My family lives modestly, we save money as often as possible, and make good investments.

People need to realize that getting loans on houses where they can't even afford a down payment is a BAD IDEA. And shame on the banks/lenders allowing them to get these loans! They should not qualify! The housing market is in the dumps because of greed and bad decisionmaking.

There should not be a bailout of any kind as I think people need to learn from their mistakes. A bailout would just prolong the inevitable. Could you imagine Congress bailing out the automakers? Giving them a handout to continue their failed business efforts? What a waste of taxpayer money! Regardless, a recession is inevitable, and I figure it is better to happen now than later.

 

[adamlinux]

yeah I agree with you Spartan Erik but you gotta admit, when the stock market and banks are screwed they get help for the government, but what about when people need help, they don't have anyone. So yes I agree, but its just bull that the gov will bail them out and not REAL people. As far as this meltdown though, it was bound to happen, the world will only finance us (the U.S.) so long before we have to start paying them back, and that is what is happening now, only problem is we don't quite have the money...:happysad:

 

[Sohail]

My country's doing great at the moment, we have absolutely no problems at all because we can put all these problems to our advantage...

 

[Anirban1987]

This economic crisis has originated in USA. So the USA Govt. has the moral responsibility to solve this crisis. The Bush administration has miserably failed to foresee the crisis. I hope that Mr. Obama will be able to clean up the mess and reboost the economy.

 

[westview]

This economic crisis has originated in USA. So the USA Govt. has the moral responsibility to solve this crisis. The Bush administration has miserably failed to foresee the crisis. I hope that Mr. Obama will be able to clean up the mess and reboost the economy.

Oh the Bush administration noticed... They just didn't do anything about it (or anything effective anyway) :rant2:
I fully agree with adamlinux's assessment on the Government... I hope the new Administration will be able to do something... about it.

Happy Thanksgiving Peoples!
*Takes out 5 inch long mini turkey*

 

[agroup]

This economic crisis has originated in USA. So the USA Govt. has the moral responsibility to solve this crisis. The Bush administration has miserably failed to foresee the crisis. I hope that Mr. Obama will be able to clean up the mess and reboost the economy.

i think so :happysad:

 

[brayden13]

i agree that the economic crisis originated from the United States. I don't get why the whole world has too suffer just because America had a idiot president. I hope Obama will do better.

 

[whitebus]

Causes:
1-Subprime mortgages - and bad credit in general
2-High energy prices - over consumption, under production and something about bombing oil producing countries
3-Labour cost disparity - manufacturing growth in China (transferred from NA) and our acceptance of cheap good with little or no reciprical trade... have you seen the size of the ships that go back empty?

Solutions:
1-restrictions on lending and temporary interest relief for those with bad debt
2-reduced consumption (including efficiency investments), increased production (especially clean energy) and mideast peace (simple enough)
3-investment in green technology manufacturing here, free trade where labour costs are comparable, tarriffs where they are not

 

[MuRRe]

Im 23, student, living in Sweden with my GF.
I won't feel so much besides it will get hard to get a job for the summer.
I have 3.5 years left in school, hopefully I will graduate when the tides are changing, hopefully BEFORE it has turned.
My money are secured since I get them from the government every month.