gobbledonk Posted September 16, 2008 Report Share Posted September 16, 2008 OK, commentators have been talking up the subprime crisis for at least 12 months, but some of the stuff they are coming out with now are truly scary. As one pointed out tonight, the 5 biggest investment banks on Wall St all survived the dot bomb crash, 9/11, 1987's crash etc : 3 of those 5 have been taken out by subprime. Add a government bailout for Fannie Mae, the imminent collapse of AIG (in an industry where everyone is in bed with everyone else) and dire predictions of more pain to come - the question I would ask is "what will it take for them to start using the dreaded 'D' word ?". I doubt that too many board members experienced the 1930s Depression era (thankfully) but it definitely left its mark on my mother's generation. Its difficult to imagine that it could ever get that bad again, but history has a nasty habit of repeating itself. Hopefully, this thing will run its course within the coming 6-9 months. Link to comment Share on other sites More sharing options...
cavanami Posted September 16, 2008 Report Share Posted September 16, 2008 You have to remember that the Great Depression was contrived. Brought on by greedy mama f'ers, same as we have today. The next five years will tell who survives and I expect it won't be pretty! Link to comment Share on other sites More sharing options...
Julian2 Posted September 16, 2008 Report Share Posted September 16, 2008 When too may people start getting rich, the "old money" starts shutting things down until the "new money" comes back to where it belongs. Link to comment Share on other sites More sharing options...
elef Posted September 16, 2008 Report Share Posted September 16, 2008 Read an interview a few days ago with a swedish professor in economics history who claimed that we had depressions every 40 years since 1890 and now it's time for the one for 2010 (1890, 1930, 1970 the others). Link to comment Share on other sites More sharing options...
Julian2 Posted September 16, 2008 Report Share Posted September 16, 2008 "...Every morning, when you look in the mirror, I want you to think 'What am I going to do today to increase the money supply?'..." John Ehrlichman, assistant to Richard Nixon, apparently speaking to Charles Pardee, a Federal Reserve governor,sometime in the early 1970s http://www.marketoracle.co.uk/Article4075.html Link to comment Share on other sites More sharing options...
cavanami Posted September 16, 2008 Report Share Posted September 16, 2008 Federal Reserve...farkin' hell, easy answer...print more money and loan it to the US gov at a nice interest rate! Can you say, "the USA is completely f'cked?" Link to comment Share on other sites More sharing options...
Julian2 Posted September 16, 2008 Report Share Posted September 16, 2008 Didn't all those guys all end up in jail? Link to comment Share on other sites More sharing options...
cavanami Posted September 16, 2008 Report Share Posted September 16, 2008 Some did. One died before he went to the can. Now, they make them politicians! Link to comment Share on other sites More sharing options...
Bangkoktraveler Posted September 16, 2008 Report Share Posted September 16, 2008 If a business or person is so far in the red as the US government is, the business or person is bankrupt. Hard to believe things will get better. Hard to believe history's worst terrorist attack, the failing of so many business, and the government being in the red so much is all happening on GWB's watch. Link to comment Share on other sites More sharing options...
chuckwoww Posted September 16, 2008 Report Share Posted September 16, 2008 History will show Bush as a weak fool. So intent on kicking ass after 911 he couldn't see the problems on Wall Street. Link to comment Share on other sites More sharing options...
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