second great depression here we come....
 

The largest bank failure in united states history just happend...

http://news.yahoo.com/s/nm/20080926/..._jpmorgan_news

"Washington Mutual Inc was closed by the U.S. government in by far the largest failure of a U.S. bank, and its banking assets were sold to JPMorgan Chase & Co for $1.9 billion. "

"Washington Mutual has about $307 billion of assets and $188 billion of deposits, regulators said."

"It also plans to sell $8 billion of stock, and take a $31 billion write-down for the loans it bought, representing estimated future credit losses."

"Shares of Washington Mutual plunged $1.24 to 45 cents in after-hours trading after news of a JPMorgan transaction surfaced. JPMorgan shares rose $1.04 to $44.50 after hours, but before the stock offering was announced. "

the economy will be fine my ass....keep an eye on the stock market tomorrow

discuss.

Re: second great depression here we come....
 

Bring it.

Any further delay with fake ass government prop-ups will make it worse later on. Let's do this.

Re: second great depression here we come....
 

just makes me want to ship out even sooner.

i knew this was coming.

Re: second great depression here we come....
 

Ready for the economy to collapse?

From another forum:
Latest Federal Reserve figures this evening indicate they 'printed' up $350 billion in new money over the last week.

Anyway, if this extra money is not withdrawn from circulation in a relatively short time, like a few weeks, the US may experience a commodities price boom not seen since the devaluation of the dollar in the early 1930s.

Alternatively if this money is withdrawn now, you can count on a stock market crash.
http://www.federalreserve.gov/releases/h41/Current/

Re: second great depression here we come....
 

Why do you think its only the second?

1797–1800 3 years
1807–1814 7 years
1819–1824 5 years
1837–1843 6 years
1857–1860 3 years
1861–1865 Decades in the South
1873–1879 6 years
1893–1896 3 years
1907–1908 1 year
1918–1921 3 years
1929–1939 10 years
1953–1954 1 year
1957–1958 1 year
1973–1975 2 years
1980–1982 2 years
1990–1991 1 year
2001–2003 2 years

Almost all of it caused by god damned republicans or their ideals.

Re: second great depression here we come....
 

you guys suck, let the ---- ------- crash ok? then buy stocks, ride it when it comes back. and your golden

Re: second great depression here we come....
 

What's this I here about the gov't dippin' into the 401k funds in order to bail out these financial institutions?? I believe the gov't and these SO-CALLED financial institutions have failed the american ppl BIG TIME...

Re: second great depression here we come....
 

they just better not butt ------- republican bail companies out like they did with chrystler.
a company fucks up, its your god damned fault you desirve to go under.

Re: second great depression here we come....
 

there is a difference between a recession and "the great depression"

Re: second great depression here we come....
 

exactly, ^^^^^^

Re: second great depression here we come....
 

you stupid ----, political parties have nothing to do with this, considering they only control the executive branch anyways.

shut up.

Re: second great depression here we come....
 

Jimmy Carter was a Democrat, his admisitration is who bailed out Chrysler.

Re: second great depression here we come....
 

toys is an ignorant ----------er.

hes posted two replies here and they have just furthered the ignorance.

bandwagon democrats like him really scare me.

Re: second great depression here we come....
 

Wow, that is pretty funny...on another forum we are having this same conversation and this conversation just took place...

"something tells me this will end up in RYM with a people throwing around blame, useless name calling, and pointless posts" -darkelvis
"Probably. It's all Obama's fault." -some other guy
"I'm going to blame carter, call you an idiot, and add a.....

+1" -darkelvis

Re: second great depression here we come....
 

I try not to even think of it, the amount of debt the country carries is astronomical. Total debt amounts to over $516,000 per household.

Re: second great depression here we come....
 

Think about this, Carter started his term, the country was in a mess, Reagan did what he could.

Basically 12 years of tough times.......we ARE headed there again. I called this FOUR years ago, but nobody listened.

Before I lost my job I could have refinanced my house, it wouldn't have helped.


2009, the year of failure.

Re: second great depression here we come....
 

2012... the end of everything.

Re: second great depression here we come....
 

I have no debt, knew these times were coming. When I had my house, my total debt was under 80K.

Re: second great depression here we come....
 

Not personal debt that's government debt.

Re: second great depression here we come....
 

---- i can't even afford to buy a house where i live. BAH from the military hasn't cought up yet, houses here are astronomically high STILL.

Re: second great depression here we come....
 

You know who will be the best off? The ones that choose to live the most modest of lives. As few possessions and as little a paper trail as possible is the way to go. Make just enough "money" to "purchase" essentials (low income, low responsibility jobs are pretty secure) and try to be self reliant.. Yeah I probably sound like a ------- hobo or post traumatic war vet nutbag or something, but there's some truth to it.

Some people won't be affected too much, even in this country.

Re: second great depression here we come....
 

There is a ton of truth to that. Today's society has become one of credit living. It is rare for people to purchase things cash or even have the money to pay off their credit cards never mind have the minimal 3 month living expenses saved. This whole crash is largely due to people over-extending themselves and taking on mortgages they can't afford for excessive periods of time.

Re: second great depression here we come....
 

i probably wont. =/
im just a low payed military guy, don't own a house, have 1 vehicle payment. no credit card debt, no nothing.

Re: second great depression here we come....
 

Me, I have no credit cards (yet). I will get one soon just to have and start to slowly build credit. I have 2 cars that are paid for in cash, one's permanently off the road as a project the other is a beat up 94 civic with no ac or ps, and I'm fine with it. I'll always be fine with that car. It's just a car, it gets me where I need to go and the only problem I've had was a water pump going out winter before last. Other than that it's been bulletproof. I actually plan on renting for a long while. Renting + renter's insurance is the way to go right now. The only debt I'm accumulating is a slight amount (< $10k) of student loans, and at the end of this school year I'll have a bachelor's in physics, so I know I can do something when I get out.

cliffs: No credit besides utility payments on time and I've never overdrafted my bank account (I don't even know if that counts towards credit). I'm not worried. If the economy goes down the shitter a whole lot more, a ton of people will kill themselves thus improving my quality of life. I can live in a shack in the woods and I'd be fine. America has gotten too superficial. Credit is superficial.

Re: second great depression here we come....
 

I need a 12 inch lift for my superduty, I hope full traction doesn't go tits up :1

Re: second great depression here we come....
 

Glad I work in a field that they won't have cutbacks. ------ can't live without their meds

Re: second great depression here we come....
 

I'd rock it. .40 for stopping power, Glock reliability, 3 hi-caps, and a rail. Decent price.

Re: second great depression here we come....
 

wrong thread.^^

Re: second great depression here we come....
 

+1...If more ppl would adopt that mindset, there would be less ppl losing their asses. My car is the only real debt I have as of now. I just got burnt out on the rat race that everybody gets caught up in when it comes to having alot of material posessions. I'm just as happy without all that ---- as I was with it. Stress is a ----------er, and I'll be damned If I'm gonna worry myself to death walking around worryin' about how I'm gonna pay for a bunch of ---- I don't need to begin with. ALOT of ppl have the terms WANTS and NEEDS mixed up...

Re: second great depression here we come....
 

Wtf happened there.. was I not paying attention to which one I was replying to or did doug ninja edit me?

Re: second great depression here we come....
 

right next to each other

Re: second great depression here we come....
 

Exactly, I'm stressed about school work (which is how I should be right now). I know a ton of my classmates are racking up 5 or 10 times the debt I am because they want to have an Escalade or an RDX or the like. Or they have to have the latest and greatest cell phone. My roommates just added 2 new mini Blackberries to their plan that wasn't dead yet, so they ended up paying full price. And for what? So they can check email on their phones. I dunno, people just have their priorities fucked up nowadays. They live to consume rather than consume to live. The media has a lot to do with that though. "My Super Sweet 16" and other stuff like that has been putting the idea that you can't have a good time at your 16th birthday without EVERYTHING going your way, including getting that new Range Rover. And then I see in the news media about places in the middle east where people live in shacks and next door they have Benz's and they go shopping at boutiques and ----. It's just... America's disease is ------ing. What's next, obesity ------ing worldwide? People dealing with the stress that comes with having so many things by eating... living to consume some more?

Re: second great depression here we come....
 

Re: second great depression here we come....
 

Been doing that for the past 4 years. Places I've been looking to move too must have everything I would need within a 1 mile.

Re: second great depression here we come....
 

Re: second great depression here we come....
 

all the people that just do as they should are the ones that get the shaft as always. we have our house and her car and thats it all the rest is paid for

Re: second great depression here we come....
 

time to go to war :6

Re: second great depression here we come....
 

so i wonder if thats the "IMPORTANT INFO INSIDE" envelope i got from wamu the other day is about. i should open it.

Re: second great depression here we come....
 

The American Dream is getting people into trouble. But it's not because the Dream is bad, I think it's because the Dream has changed. America used to be about self reliance, not taking it in the ass in a society where everything is based on a superficial 'credit'.

We should be doing better though, wars generally stimulate the economy.

Re: second great depression here we come....
 

stale