Quote:
Originally Posted by Ziroc
The USA thought the dow hitting 6000-ish was scary a while back? That was a bump. I have a bad feeling we're about to be hit with the one-two. This is the 'two'.
I've seen the spending friends do--buying a new car every other year, buying crazy stuff they put on credit cards.. It's all gonna default soon--I know MANY people that are about to file bankruptcy, or are on near it.
The ONLY way this can be 'fixed' is do a massive reset of all loans. basically kill all debt, and start over with new rules. or rules to protect abuse. hell, I don't know if this would work, as it would cause all stocks to fall to zero. since there would be nothing to trade worth a damn.  |
IMHO we missed the last chance for a semi-orderly reset with the Tarp Bailouts, we shouldn't have ever done that. I agree Ziroc, I don't see how we can do a reset, without causing a complete colapse of the worlds markets, now. There might could be some kind of thing done where the banks/credit card companies, lenders make a deal to cut all debts by a percentage in order to make the landing a little softer. Though I wouldn't hold my breath that is going to happen. The banks and lenders have been for the last decade or so looking at what they can get, the interest rates, if they get it back. Not at if they lend the money will they get it back. Inshort counting their chickens before they hatch, something my Granny taught me not to do.
The good news is if one can hang on until it all colapses, there will be to many houses/cars/what evers for the banks to reposses they won't have enough employees to collect the toys, kick people out of their houses, etc. Make friends with your nieghbors, now because it's easier to do it now, then later when everybody is scrambling.
The bad news is with nearly everyone in the same boat and scrambling for resourses/food etc., there will be lots of violence. With the populations in the industral nations being 50-50 or 51-49 in the cities to rural. Apartment dwellers will have a hard time growing food. Sure folks can ban together and start gardens in the common areas, but all that is needed is a couple of A**holes to raid the Gardens and strip them of the food while eveybody sleeps to screw the pooch for everybody.
I know folks will think I'm being pessimistic, but I would say I'm being realistic. Look around and see how people treat each other. Watch the news see how folks steal from each other, kill each other, and that's when times are relatively good. What is going to happen when times get realy bad?