[sittinguy]

I don't think there will be a 2nd crash, THIS IS IT BABY!!. This is just the beggining. I think before Obama's first term is up we will have the SHTF, that we all have been talking about.

All we would need is another oil spike, with 3 0r 4 dollar gas, and that would be the nail in the coffin for the consumer.

Like Noworries said

1) price controls;
2) soup kitchens;
3) unemployment over 15%;
4) massive cuts in defence spending (and corresponding geopolitical instability);
5) dollar collapse? (ie--depreciation of 30-50%).

[hermit]

There will be a "Credit Crisis II," far worse than "Credit I," because the collapse of the banks is not over the way many want to pretend it is.

It is impossible to overstate how serious the real estate collapse is. We are going to go through another massive wave of defaults leading to a Depression.

Good point. I see that I've made a mistake in thinking that just because I've still got a job, that the worst is over.

[Narz]

NEXT TUESDAY!!!!!!!!!!!!!! [/roccman]

[Armageddon]

In the GD1, people did not have credit card debt and/or 2nd mortgages on their homes. People were also much more self reliant. What is about to happen now is unprecedented in human history.

[Chuckmak]

About 15 minutes from now. Mark my words.

[vision-master]

In the GD1, people did not have credit card debt and/or 2nd mortgages on their homes. People were also much more self reliant. What is about to happen now is unprecedented in human history.

+1

[vision-master]

I don't think there will be a 2nd crash, THIS IS IT BABY!!. This is just the beggining. I think before Obama's first term is up we will have the SHTF, that we all have been talking about. All we would need is another oil spike, with 3 0r 4 dollar gas, and that would be the nail in the coffin for the consumer.
Like Noworries said:
1) price controls;
2) soup kitchens;
3) unemployment over 15%;
4) massive cuts in defence spending (and corresponding geopolitical instability);
5) dollar collapse? (ie--depreciation of 30-50%).

We still are able to pop up and gasp for air. How much longer......

[Pops]

Everything is different this time,
Or maybe not.

Ya place yer bets and take yer chances.

I put down mine a few years ago.


If you haven't changed your wager in the last few years, I'll wager you'll lose.

[bratticus]

At least the breadlines are fancier this time.

http://thebreadlinedc.blogspot.com/

[Revi]

I think we're headed for some hard times now. I was talking to a guy from the Dept. of Transportation here in Maine. They are losing 120 jobs in February. A lot of them will be the management, which sounds like not so bad, but they will bump everyone else who is driving the trucks and working. I think the State of Maine is going to lay off a lot of people very soon.

It's not looking good around here.

I don't think the first crash is over with.

I think the analogy to make is that Obama is like Captain Sully, and we're in that jetliner that landed in the Hudson. He has to land us just right, or we're toast. Nobody had ever done a successful ditch before. I hope captain Obama can do it.

[Armageddon]

Back in the GD, there were no food stamps. If not for food stamps, we would have major soup kitchens already. Did they have medicare, medicaid, welfare and pensions in the 20's and 30's ? If not, just think how bad things would be currently.

[Armageddon]

I think we're headed for some hard times now. I was talking to a guy from the Dept. of Transportation here in Maine. They are losing 120 jobs in February. A lot of them will be the management, which sounds like not so bad, but they will bump everyone else who is driving the trucks and working. I think the State of Maine is going to lay off a lot of people very soon.

It's not looking good around here.

I don't think the first crash is over with.

I think the analogy to make is that Obama is like Captain Sully, and we're in that jetliner that landed in the Hudson. He has to land us just right, or we're toast. Nobody had ever done a successful ditch before. I hope captain Obama can do it.

Throw this in the "your local economy" thread too.

[vision-master]

Back in the GD, there were no food stamps. If not for food stamps, we would have major soup kitchens already. Did they have medicare, medicaid, welfare and pensions in the 20's and 30's ? If not, just think how bad things would be currently.

No, you were on your own accord.

[Armageddon]

Back in the GD, there were no food stamps. If not for food stamps, we would have major soup kitchens already. Did they have medicare, medicaid, welfare and pensions in the 20's and 30's ? If not, just think how bad things would be currently.

No, you were on your own accord.

I didn't think so. Imagine if they didn't have those today ?

[ki11ercane]

Already 22 days old:

Subprime crisis seen spilling over into 2009

That is because most of the subprime mortgages, which provide collateral for $800 billion in securities, have yet to go bad, said Christopher Whalen of Institutional Risk Analytics, based in Hawthorne, California.

"The collateral is not yet problematic," Whalen says. "That's the next big shoe to drop."

Whalen said that defaults would soar as the rates of low-interest "teaser" mortgages held by borrowers with poor credit move up. At the end of August, about $46 billion in subprime loans, representing 225,000 homes, had defaulted, according to Credit Suisse Group.

The number will more than triple to $143 billion by the middle of 2009, the bank forecasts. Total subprime loan defaults will top out at about $270 billion, or 1.52 million homes, in 2010 or later.

Take 2008, and at the least 50% of it's damage, and go into 2009. Again in 2010, take 25% of 2008 numbers, and apply. THAT'S A BEST CASE SCENARIO.

While you're waiting, I found this simple recipe for homemade biscuits. Going to eat them next time I make pot roast. Enjoy.