2 Great 2 Depressing watch: Dow closes lower than 8,000!

[Fragamemnon]

With the way a few of you are acting, its like the Dow is down to 1000.

for a lot of fourty and fifty-something workers with sizable IRAs and 401ks and no actual "real" pensions, the difference in DOW 7000 and DOW 1000 is very little-either way, their retirement nest egg is fucked and unlikely to recover enough capital to meet their planning goals.

[ToxicAdam]

That chart is based on the S&P, considered by some as the "true" barometer of our economy.


The thing that concerns me the most about this recession is that personal debt is at an all-time high. We are spending more than we are saving. Which indicates that there is a large percentage of people who don't (care or) know how to budget their money. All of this free credit that has poured into our system over the past decade or so has just warped everyone's sensabilities.

Here's another wierd article from the UK. The Chancellor is considering FORCING banks to lend to small businesses and families.

http://www.dailymail.co.uk/news/article-1087994/Darling-threatens-FORCE-banks-lend-firms-families.html

Even scarier...

At present around 43 firms, from one-man bands to giants employing thousands of workers, are collapsing every day.

Business lobby groups warned yesterday they fear the number could rocket to 140 a day if the Government and the banks do not send a lifeboat

[y2kev]

Citi is about to choke 

[TVC15]

Citi is about to choke 

So will I be able to get away with not paying my $1100 credit card debt to them?

Of course not!

[siamesedreamer]

Dude I know from another board who has worked on Wall Street for 30 years:

It is a depression.

I thought we may have been putting in a bottom, but I am frankly now of the opinion that this is not an economic cycle period, but the start of an era of negligible growth and high unemployment.

I have posted for years that I felt the best part of our nation's economy peaked in the 90s and our children would not have it as good as we did. I was unprepared for the speed with which things came unraveled.

As bad as stocks are, and companies...the real worry is two fold:

-govt deficits at Federal, State and local levels. They are very slow to adjust due to the entrenched stregth of unions, but we have promised them benefits we are no longer remotely capable of delivering. There will be massive layoffs and restructuring of public sector compensation. These areas are fat, inefficient and bloated. Altering them will be painful. These people are poorly situated for private sector.

-retirees. So much wealth has been destroyed. People were hardly well postioned for retirement before this depression. Now it is unmanageable. Govts do not have the monies to help.

The plus side...say goodbye to illegal immigration. Americans will soon be begging for the manual labor jobs they have shunned for decades. There will be no work here for people to sneak into this country for.

[FlameOfCallandor]

Shit, if only someone was talking about economics during the presidential election this time last year...

[FlameOfCallandor]

You guys can go ahead and apologize to me. I wont hold it against you as long as I get unleppered.

[Brehvolution]

"The only thing I know about capitalism is that the next letter after a period should be bigger."

[Mandark]

The real worry is public sector unions?  Okay.  Surprised he didn't mention the minimum wage.

[Brehvolution]

I keep hearing about worker concessions. Why do I never hear anything about management concessions?

[siamesedreamer]

The real worry is public sector unions?  Okay.  Surprised he didn't mention the minimum wage.

He's probably the most unbiased poster I've ever seen on any message board. A true independent (although he has voted for the DEM potus nominee 4 out of the last 5 times). So, I usually take him at his word.

[Olivia Wilde Homo]

I keep hearing about worker concessions. Why do I never hear anything about management concessions?

 

Oh you

[Fresh Prince]

Some nobody billionair guy in Australia:
Retail billionaire says charity is 'waste'
http://www.news.com.au/story/0,27574,24688901-421,00.html

Fairfax newspapers reported today that in the book Mr Harvey said: "You could go out and give a million dollars to a charity tomorrow to help the homeless.

"It helped to keep them alive, but did it help our society? No.

"Society might have been better off without them but we are supposed to look after the disadvantaged and so we do it. But it doesn't help the society."

Mr Harvey, the founder of the Harvey Norman retail chain, said the group had given money to charities, adding: "At the end of the day, the more quality individuals you develop in the community, the better off the community should be."

Someone to make FoC proud.

[FlameOfCallandor]

You can say that society is responsible for the homeless or jobless all you want, but you cant say that any individual is. So why should individuals be punished. That being said, I donated enough clothes to goodwill so I wont have to pay any taxes this year.

Goodwill is better run that the government so I might as well give it to someone who will actually use the stuff wisely.

[MyNameIsMethodis]

Citi is about to choke 

So will I be able to get away with not paying my $1100 credit card debt to them?

Dude I was wishing the same thing 

[Fresh Prince]

You can say that society is responsible for the homeless or jobless all you want, but you cant say that any individual is. So why should individuals be punished. That being said, I donated enough clothes to goodwill so I wont have to pay any taxes this year.

Goodwill is better run that the government so I might as well give it to someone who will actually use the stuff wisely.

He says nothing about government or taxes. Just about charities. 

[FlameOfCallandor]

You can say that society is responsible for the homeless or jobless all you want, but you cant say that any individual is. So why should individuals be punished. That being said, I donated enough clothes to goodwill so I wont have to pay any taxes this year.

Goodwill is better run that the government so I might as well give it to someone who will actually use the stuff wisely.

He says nothing about government or taxes. Just about charities. 

Im talking about them bitch. Shit listen up son.

Hes talking about why giving shit to homeless people doesnt help society and then I elaborate because someone mentioned my name.

[Fresh Prince]

Okay.

[brawndolicious]

Im talking about them bitch. Shit listen up son.
Hes talking about why giving shit to homeless people doesnt help society and then I elaborate because someone mentioned my name.

What do you consider "helping society"?  Why would you consider a homeless person (singular) a negative?