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03/17/08, 12:52 PM
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Join Date: Feb 2008
Location: Georgia
Posts: 349
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The Domino Effect
People are starting to get it. The next 2 weeks will be key. If people start panicking (buying up food, pulling money from banks, etc.) then we are going to have a fun ride.
Bear's 'Fire Sale' Sparks Fear That No Bank Is Safe
Lehman Shares Hit as Domino Speculation Grows
Can the Federal Reserve Really Make a Difference?
Quote:
"This is all uncharted territory--even for the Federal Reserve.
As the credit crunch spins faster and louder, the central bank is becoming bolder and more imaginative than ever in its tactics. But given the lack of precedence, the outcome may be hard to predict.
The Fed’s decision Sunday to allow non-banks to borrow funds through a version of its discount window is "an historic thing," former Dallas Fed president Robert McTeer told CNBC. The move, which was accompanied by a quarter point cut in the discount rate that narrowed its traditional half-a-point spread with the federal funds rate, is the latest sign the central bank has been in something resembling crisis management for more than a week."
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"“I don’t think the Fed is going to be worried about inflation or the dollar. The Fed is worried about getting through this crisis without big bank failures,” says McTeer."
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03/17/08, 01:15 PM
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Join Date: Oct 2007
Location: Florida
Posts: 102
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The thing I wonder is how many folks KNOW. That is, how many know enough about what is happening to realize that "uh-oh" is happening before their eyes?
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03/17/08, 01:17 PM
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Join Date: Feb 2008
Location: Georgia
Posts: 349
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Well, its all over CNBC, but I see what you are saying. Seeing 1+1 doesn't mean that they understand that it is 2 yet.
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03/17/08, 01:21 PM
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Join Date: Apr 2007
Posts: 223
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I've been seeing it all morning, on yahoo, cnn, msnbc...it's everywhere online today.
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03/17/08, 01:22 PM
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Pragmatist
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Join Date: Dec 2005
Location: North Georgia
Posts: 2,092
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Quote:
Originally Posted by Collinsfarm
The thing I wonder is how many folks KNOW. That is, how many know enough about what is happening to realize that "uh-oh" is happening before their eyes?
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Well, I can tell y'all this.... Europe is watching. I've had more than just a couple of casual discussions with folks here in Amsterdam about the US's financial situation. Mostly they can't believe any Americans still have the means to travel. Then I explain that we (DH & I) don't live in a McMansion® and aren't up to our eyeballs in CC debt, either. I also have to say this: the average taxi driver in Amsterdam knows more about our economics than most Americans.
I don't know how this is being reported on the American news, but it's all over here.
__________________
Every once in a while, declare peace. It confuses the heck out of your enemies. - Ferengi Rule of Aquisition #76
Don't blame me, I voted for Ron Paul.
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03/17/08, 01:24 PM
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Missing Home
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Join Date: Aug 2002
Location: Middle Georgia
Posts: 610
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Most folks around here have no idea what a recession is, much less what they are seeing on the news unfortunately 
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03/17/08, 01:27 PM
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Join Date: Oct 2005
Location: Montana
Posts: 669
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Quote:
Originally Posted by hfwarner3
Seeing 1+1 doesn't mean that they understand that it is 2 yet.
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Yep they see it but they don't add it up. I know lots of people that are going to be blindsided.
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Do what you can, with what you have, where you are.
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03/17/08, 01:30 PM
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Join Date: Feb 2007
Location: MA (for now)
Posts: 1,211
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Not blindsided here. I'm starting to rearrange the house for more inhabitants today.
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Peace, tremulous, unexpected, sent a taproot out of nowhere into Morgon's heart. -Patricia McKillip, Harpist in the Wind
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03/17/08, 01:37 PM
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Join Date: Feb 2008
Location: Georgia
Posts: 349
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I had a talk with my BIL this weekend. He doesn't understand why business is so spotty right now (he does auto body work). I explained that he should expect most ELECTIVE work to dry up but more people will choose to FIX instead of REPLACE soon. He understands most of what I meant but he is a live by cash kid of guy who is good with his hands.
As long as cars are still on the road, he will have work - just not as much of it. Of course, who will be able to afford gas in we go into a depression?
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03/17/08, 02:26 PM
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Join Date: Jun 2004
Location: Texas
Posts: 676
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tw my mom last night... now mind you she & my grandpa WATCH the news.... (I don't have tv and she assumes I am out of touch) and she had NOT EVEN HEARD about Bear Stearns... and honestly could care less...
I have posted some of this elsewhere... and have gotten at most 2-3 replies even... I don't think people WANT to see.
__________________
Lynn
Giving money and power to government is like giving whiskey and car keys to teenage boys.
— P.J. O'Rourke
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03/17/08, 02:47 PM
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live with a smile
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Join Date: May 2006
Location: Central Lower Michigan
Posts: 283
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Well, things are getting interesting here. In a strange way...
George went to his favorite junkyard today for some parts. He got to gabbing with the guy who operates the place. YES, the price of scrap is up but - the junkyard guy said at least two dozen people (in the last week!!!) had brought in old equipment, scrap, cars, etc. because they were trying to meet their mortgage payments and had no other options!!! That's desperation. He told George about another guy who had managed to get a sideline business going (unlicensed, etc.) just hauling in stuff for his neighbors, etc. who didn't have trailers. Then that guy went to make an "extra" payment on his mortgage because he's out of work and has run out of unemployment.
And, what was more interesting to me, is that George came home asking me, "What's everyone talking about on the homesteading forum today?"
See, usually he brushes me off when I tell him about something I've read here. Then, maybe a day or more later it's on the evening news but toned down.
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03/17/08, 03:45 PM
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Join Date: Jan 2006
Posts: 337
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Yes, I am afraid people are going to buy, go to the bank! I hear more talking this way! Get ready for the bumpy ride!
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03/17/08, 04:19 PM
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Join Date: Dec 2002
Location: E. SD
Posts: 1,927
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IMO, it is like watching a train wreck in slow motion.
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03/17/08, 04:50 PM
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Pragmatist
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Join Date: Dec 2005
Location: North Georgia
Posts: 2,092
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Quote:
Originally Posted by uyk7
IMO, it is like watching a train wreck in slow motion.
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That's how I feel watching it from across the ocean.....
__________________
Every once in a while, declare peace. It confuses the heck out of your enemies. - Ferengi Rule of Aquisition #76
Don't blame me, I voted for Ron Paul.
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03/17/08, 04:57 PM
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No charge for awesomeness
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Join Date: Jan 2008
Location: S.E. Ohio
Posts: 1,121
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The Ohio Unemployment Bureau reported today that last month, 77,000 people in Ohio didn't find jobs before their unemployment ran out. I wonder how many will be in that same position over the next few months?
BTW .... Ohio happens to be right up there with the leaders when it comes to unemployment, poverty and foreclosures ..... Last month the little town I live in (population of about 7000) had a free food day for those in a position of low income or poverty, and the line of cars stretched back from the fairgrounds for 2 and 1/2 miles !! I can't fathom the food and money dilemma's occuring for hundreds of thousands of people right now living in the large metropolitan cities. I'm seeing how things may get really ugly soon ....
Ohio Rusty ><>
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03/17/08, 05:03 PM
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Banned
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Join Date: Jan 2007
Posts: 1,604
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When we see the UN or some other world charity org. giving food to our needly then we really will be in a depression.
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03/17/08, 08:28 PM
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Join Date: Dec 2002
Location: E. SD
Posts: 1,927
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"When we see the UN or some other world charity org. giving food to our needly then we really will be in a depression."
I couldn't help but smile at the idea of the UN distributing food. That would support the conspiricy people's thinking that the UN will, one day, enter the US and help the PTB take control, round up all the undesirables (patriots), and place then into concentration camps. I guess the UN people could enter with the Canadian military to carry out orders that our own military refuses to carry out.
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03/17/08, 08:43 PM
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Join Date: Dec 2003
Location: White Mountains, Arizona
Posts: 2,477
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Quote:
Originally Posted by JGex
That's how I feel watching it from across the ocean.....
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There is an old economic saying: When the US catches a cold, the rest of the world catches pneumonia.
Remember about a third of the worlds GNP is from the US. (10 trillion out of 30)
__________________
Mess with me? I may let karma take care of it. Mess with my family? I become Karma.
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03/17/08, 09:08 PM
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Join Date: Jun 2007
Location: wi
Posts: 622
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My eldest brother just shut his big rigs (9) down. He is at home now but will not continue to haul cheese out of WI just to grab a load of limes from Mexico that don't pay enough for fuel. He will sit out for at least 6 months sell all but one truck and try to run local. Get stocked up NOW on basics. as the small truck companys are pulling trucks off the road. They just can't do it anyomre, without major increases in their pay, and it's the swifts and how's that are going to corner the market and will charge what they need to. Stock up and make it quick.
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03/17/08, 09:26 PM
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Join Date: Feb 2008
Location: Georgia
Posts: 349
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Quote:
Originally Posted by uyk7
"When we see the UN or some other world charity org. giving food to our needly then we really will be in a depression."
I couldn't help but smile at the idea of the UN distributing food.
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I'm sorry, but every darn U.N. food mission I went on in the military involved us handing out food that had the U.S. flag on it. I have never seen food from any other country get handed out, but maybe that's just lack of experience on my part. All I am saying is that if I see those blue helmets coming my way, I am not going to expect food...
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