America Is In The Great Depression
WRITES Cheryl from the US:
It is a nightmare over here, trust me! Drive down the streets in very nice areas and Foreclosures signs going up right and left. Stock market took quite a hit today and some people are losing their life’s savings in one fell swoop. Gas went up the other day in some places by 89 cents more per gallon add-on to already outrageous prices even before Ike hit Texas! I was reading an article last week about the potential for suicides by people losing their homes. Trying to remember history but believe it was the Crash of 1929 or 32 that caused the multitude of people to kill themselves who lost everything and thus the Great Depression. Here is something from the news over here today but not the latest and it only worsens.
Posted: 15th, September 2008 | In: Back pages, Money, Twitterings Comments (8) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
Comments
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September 16th, 2008 at 6:44 am
I scarcely ever do this: but here is a lift of the piece I’ve just added to the debate in the Forum:
chenier: “I don’t know what is sitting in the desk drawers at Goldman Sachs and Morgan Stanley…”
Must have, once only, offers of Zero rate credit cards. Spend, spend, spend and, just for luck, spend again. No repayment, no monthly bills. Just go bust when found out.
Take that generous Golden Bullet payment, enhanced pension and accept quango appointment with UK Civil Service.
We now go into classic terminal journalistic panic. Daily Wail banners “How much worse will it get?” Well with Mutually Assured Destruction and a mushroom cloud I suppose.
Sky and the BBC’s Busy-nest bimbos are today breathlessly telling us the Far East Markets have crashed by 5.12 per cent, another is down a whole SIX per cent within a couple of hours of opening.
Excuse me? Say that again. A whole SIX per cent re-adjustment after the largest banking melt-down for 80 years? Overvalued bank shares are stabilising at true prices?
Open the 26th floor windows John, there’s a good chap. I may have to dash …
Yup. It’s sell short, sell bullshit, buy steel and hold on to oil.
Just one point everyone should remember… bricks and mortar can become piles of rubble but the land remains and they seem to have stopped making land…except in the Netherlands and those fancy Palm Islands off Dubai. I’ll bet there are a few
wanbankers snapping up the multi-million holiday hideaways there right this second.Isn’t it about time the City of London Police earned their daily crusts and arrests were being made?
Don’t stop in the Square Mile… more than a few Civil Servants and politicians are well-worth the trouble of a early morning knock at the front door… but be soon, be quick boys and gals in blue….the shredders are already reaching melting point. When you do get there, find out and let us know which airline has supplied the escape tickets …those should still honour the air miles.
I need a breath of fresh air..
September 16th, 2008 at 6:31 am
Oh for goodness sake! Stop being silly. This is a man-made disaster deliberately scrambled to put fear in everybody so that millions of people can be controlled more easily.
It has happened at a time when the whole World is moving to the Right - either the political Right or to the right of their respective religions.
Fear is the quickest way of controlling the people and bringing them to heel - and it’s working!
Watcher —– Psychically. I am picking up that your husband is probably more likely to be in this decline because of you - not the financial markets. I think he has had enough of you.
September 16th, 2008 at 12:03 am
Depends what contracts they had negotiated, though Lehman did actually get put to the sword; going into Chapter 11 means that all contracts are in the pot.
It is therefore possible that the fat cats will have to stagger by on the many, many millions they paid themselves before they trashed the firm…
September 15th, 2008 at 11:58 pm
The airlines going bust too, its all happening at once.
Felt very sorry for those leaving Lehmans in Canary Wharf today, one started there this morning and another had been there a week - but those 5000 are the minnows.
Anyone any clue on how big the golden handshakes were for the fat cats?
September 15th, 2008 at 11:45 pm
Watcher, I can’t fault your husband’s mood at all. Who would ever in their wildest dreams think we would be going through this, in this day and age. We remember our grandparents speaking of the Great Depression, our parents speaking of World War II. Now, here we are our country was attacked, our country retaliated and goes to War; economy is going to hell faster than we can read the latest news; people are losing their homes; losing their life savings; children are being pulled out of college as parents can no longer pay the tuitions …
September 15th, 2008 at 11:25 pm
Oh! I’ve just found that. Well I don’t know my way around Anorak very well, but I tried to join the forums and they sent me a password that wouldn’t work, even if I cut and pasted it so I’ve just stayed on the Madeleine McCann case.
This, however, could be the “World War” or “Crisis” that Spooky predicted (bless him) around the time that Madeleine comes back. By which time we’ll all be throwing ourselves out of windows anyway.
——
M&A
Artemis
Sorry to hear that, Watcher. If you like to try again we could have a go at sorting out what went wrong.
September 15th, 2008 at 11:16 pm
I think that people are genuiney concerned about the financial crisis; it may be that we are less willing to comment on it because we know so little about what will happen next.
And, of course, it is difficult to be satirical about the prospect of another Great Depression.
For anyone who is interested, John Blake has started us off with an excellent comment on the Forum side entitled
‘Greenspan “Worst Economic Crisis I’ve Ever Seen”
which Cheryl’s comment above is a response and follow up to…
September 15th, 2008 at 10:47 pm
No Posts! Surprised.
My husband is practically in a decline. He’s downstairs as we speak, outside a bottle of whisky. He can see all our security and plans for the future fading into oblivion. I suppose we can always grow our own vegetables and keep chickens.