Really? Been seeing it quite a bit in newspapers (and BBC News website, where it was on the frontpage) here. Dunno why we'd be reporting on it more than you.The news hasn't brought it up much, but idiot home loan practices, rammed into high gear during the boom housing bubble that popped over the last year, seem to be on the verge of triggering a new worldwide depression
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Thread: Possible worldwide depression
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08-15-2007, 05:13 PM #1Elder Member
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Possible worldwide depression
"We must fight on!"
"We'll die. We fight and we die, that's how it goes."
"Then we die gloriously!"
"There's an important word there, and it's not gloriously."
- Only You Can Save Mankind
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08-15-2007, 05:28 PM #2Junior Member
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Because our news stories fall into either one of two categories: The Super-Happy Fun News or The Tragically Depressing and Horrific News. If something falls into The This Might Be a Crisis Sometime in the Future So Now Might Be a Good Idea to Take a Hard Look at This Issue News, we're not going to hear much about it -- until it progresses up to the Tragically Depressing and Horrific.
Originally Posted by Charles RB
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08-15-2007, 06:36 PM #3Senior Member
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It's been all over the Canadian news, only they are spinning it as a "temporary market adjustment" and leading viewers to believe that everything's going to be okay...in fact, in a few months the economy will be even HOTTER than it was before this "temporary market adjustment" started.
Interpreted by me as: Stock up on canned food, pad the "emergencey survival savings account" a bit more, and learn some practical skills that will translate well when the cube farm job goes south...like sewing or cutting hair.
Ain't I the optimist? ;)
I read TOD on a regular basis..and they have a tendencey to cast a wide net when they pull in their economic articles, which is probably why I'm not so optimistic about the state of the economy as the people who get paid to be optimistic about the state of the economy. Canada is about due for another recession anyway.
That's what we get for letting the banks loan scads of money to people they knew well in advance were never going to pay them back.
Sabrina
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08-15-2007, 07:29 PM #4Moderator
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I think because they don't want American homeowners or stockholders going into complete panic, at least not until the wealthy have managed to sell off their holdings. The selloffs have been going on steadily all week, but nobody wants a market run, and they're terrified they'll get one. A market run in France was what amped the critical situation into public view in the first place, but you can't say it caused the situation because this tinderbox has quietly been smoldering for a long time. France was just the first small flare-up... Originally Posted by Charles RB
- Grant
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08-16-2007, 02:45 PM #5Senior Member
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The most annoying thing is that while I am watching all this coverage of the market melting down (the TSE is apparently in the red for the YEAR as of today), what commercials should come on?
- Commercials for those wierd loans where you use the equity in your home.
- Commercials for "No credit, no problem!" mortgages
- Commercials for pre-paid credit cards endorsed by things like MuchMusic, clearly hoping to get the kids into debt while they are young and impressionable and have most of their working lives ahead of them
- Commercials for credit cards for adults, hoping to do the same.
And then, in the shortest available commercial spot, right before they switch back to the news, clearly shot on a shoestring budget with a buddy's camcorder:
- Commercials for debt management companies.
And people wonder why I have given up on TV.
Sabrina
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08-16-2007, 06:42 PM #6Ben Lipman
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Yesterday on The Daily Telegraph (Murdoch's mouth piece) they had a picture of an American family (Black) and headline saying 'The American Family Putting Interest Rates Up', and went on to explain what Steven did in the column.
And I thought 1) The American press must be weird if Steven is revealing this info to Americans and 2) so Australia blames everything on Black Americans now too - it's taken us a while, but I'm glad we've finally joined the club.
(Why the headline didn't out right blame the loan companies, I don't know - the article did - but I guess fear of 'black' sells papers even in a country where there aren't that many black people*.)
*Laurence Fishburne, whilst down filming the Matrix, said Sydney siders were racist and kept staring at him in restaurants.
We all think he just didn't realise that it was probably a) he's a hollywood star and we don't see that many or b) he's a big huge African American and we don't see that many.I'm not you.
So you know I'm right.
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08-17-2007, 04:16 AM #7Elder Member
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Front page of today's Independent, with the main graphic mentioning "value of UK plc falls £60 billion".
Is the American media still ignoring this? At some point they'll have to pick it up..."We must fight on!"
"We'll die. We fight and we die, that's how it goes."
"Then we die gloriously!"
"There's an important word there, and it's not gloriously."
- Only You Can Save Mankind
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08-17-2007, 04:30 AM #8Loading
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ignore.........
The two most powerful warriors are patience and time - Leo Tolstoy
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08-17-2007, 09:15 AM #9Junior Member
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Oh yeah, says who? Originally Posted by Charles RB
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08-17-2007, 09:18 AM #10Elder Member
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Even I'm not cynical enough to believe the entirety of the United States mass media could ignore a global recession.
"We must fight on!"
"We'll die. We fight and we die, that's how it goes."
"Then we die gloriously!"
"There's an important word there, and it's not gloriously."
- Only You Can Save Mankind
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08-17-2007, 02:37 PM #11Veteran Member
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a little busy trying to figure out how to make the numbers look like our economy is on the upswing... Originally Posted by Charles RB
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08-17-2007, 02:37 PM #12Moderator
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They're not really ignoring it, it's more along the lines of "Well, problems have arisen, but steps are being taken, and in sports..."
Let Americans panic about idiot con games gone awry on a mass scale, and the terrorists win...
- Grant
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08-17-2007, 04:49 PM #13Junior Member
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08-17-2007, 08:16 PM #14Veteran Member
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saw some scary stuff on the local news today. they know.
didn't go into worldwide, but the stock market is doing crap, and basically "it's going to get worse before it gets better".
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08-17-2007, 11:05 PM #15Junior Member
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I am. The degenerate depths that the American media have fallen to the last couple of years have been quite extraordinary. Just look at the reaction since your post. We all know what the storyline is and will be: "Things may look bad right now (and you can't really blame any of it on any particular person or policy), but it will all correct itself soon enough so not to worry -- this is just how economies function." Originally Posted by Charles RB
And if there's a global recession, the news will be "Look at those poor bastards all over the planet having a problem. Here's our special 'Pick American of the Week,' Joe Bloe who's sending his loose change jar to an orphanage on the other side of the planet to do his part in helping out. We're seeing some effects of the recession here, now here's a funny joke by David Letterman about it."
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