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How bad will the economy get?

everyone LAUGHED at Peter Schiff SO FUNNY ----- called that shit..

actually not its really bad.. hahaha

that black guy charles pick of washington mutual at the end actually made me LOL
 
It will get bad until the economy resets into people using cash more then credit in the past. Hence, people only buying things when they have the cash.
I'm done buying crap or unnecessary things.

Haven't watched the 2nd vid yet, but that first vid is right on.
Another wise person who has seen this happening is Ron Paul and the devaluation of the dollar and the PRIVATE Federal Reserve.
 
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The US economy is really resilient, productivity is higher than anywhere else in the world, asset ownership is higher than anywhere else (our "poor" have more property than european middle class), etc. Basically we have the ability to create wealth faster than anybody else, we can grow more than dirt, and we have lots of crap to sell. The only real issues here are (1) how much the rest of the world weighs us down, and (2) whether or not Obama tries to nationalize everything to save us from ourselves when we will need to be loose and free to create on our own in order to have bottom up recovery.
 
The US economy is really resilient, productivity is higher than anywhere else in the world, asset ownership is higher than anywhere else (our "poor" have more property than european middle class), etc. Basically we have the ability to create wealth faster than anybody else, we can grow more than dirt, and we have lots of crap to sell. The only real issues here are (1) how much the rest of the world weighs us down, and (2) whether or not Obama tries to nationalize everything to save us from ourselves when we will need to be loose and free to create on our own in order to have bottom up recovery.

bagdad_bob_large.gif
 
(our "poor" have more property than european middle class),

Sorry guy I have to call BS here, even in the poorer countries, they tend to stick what little money they have into real assets, not bling and junk. Though the trend is in that direction, just a generation behind the states.
Even many poor people own there own house, though they may not be able to afford the furniture to put in it.
In much of Europe the difference between the bottom and the top isn't nearly so drastic as it is in the states. The rich just aren't that rich and the poor just aren't that poor, in most of western Europe.
Guy across the street died owning two houses (one he lived in and the other a multi family rental), one worth over a million, the other slightly less. He grew much of his own food in the back yard, dressed like a bum and heated his house with scrap lumber. I'd say half the population thinks like he did, not because they have to, but because that's just the way they think.
Mostly people who lived through WW II and remember the bad times or there children they raised to think much like they do. Many have little confidence in the good times continuing indefinitely, with recent and not so recent history indicating the good times rarely last forever.
Germany was still rebuilding from WW II well into the seventies. They have another mind set. I'd say half the population owns or has contract on a plot of farm land or a large garden someplace. Even many people who rent have a contract for a large garden someplace. The Fees are moderate the waiting list is long.
I don't really think the question is how bad it will get, a better question might be, would you have a chance if it did collapse? Could you grow food successfully? Could you build an oven that actually worked? Would you have a clue how to store what food you do have? etc. etc. If you have access to newsgroups read some of the Foxfire or Foxfire2 books, there are likely better out there, but these will sure enough show you quick what you don't know. I was tasked with reading them for an anthropology class way back when, they were sure an eye opener for me.
 
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Sorry guy I have to call BS here, even in the poorer countries, they tend to stick what little money they have into real assets, not bling and junk. Though the trend is in that direction, just a generation behind the states.
Even many poor people own there own house, though they may not be able to afford the furniture to put in it.
In much of Europe the difference between the bottom and the top isn't nearly so drastic as it is in the states. The rich just aren't that rich and the poor just aren't that poor, in most of western Europe.
Guy across the street died owning two houses (one he lived in and the other a multi family rental), one worth over a million, the other slightly less. He grew much of his own food in the back yard, dressed like a bum and heated his house with scrap lumber. I'd say half the population thinks like he did, not because they have to, but because that's just the way they think.
Mostly people who lived through WW II and remember the bad times or there children they raised to think much like they do. Many have little confidence in the good times continuing indefinitely, with recent and not so recent history indicating the good times rarely last forever.
Germany was still rebuilding from WW II well into the seventies. They have another mind set. I'd say half the population owns or has contract on a plot of farm land or a large garden someplace. Even many people who rent have a contract for a large garden someplace. The Fees are moderate the waiting list is long.
I don't really think the question is how bad it will get, a better question might be, would you have a chance if it did collapse? Could you grow food successfully? Could you build an oven that actually worked? Would you have a clue how to store what food you do have? etc. etc. If you have access to newsgroups read some of the Foxfire or Foxfire2 books, there are likely better out there, but these will sure enough show you quick what you don't know. I was tasked with reading them for an anthropology class way back when, they were sure an eye opener for me.

Man, I guess perception is everything. I've traveled extensively through Europe & I would say our "poor"(in the US) have it better than most counties as well. I would also say our "poor" are more productive as well... I lived in Sweden for a year...
 
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The following are facts about persons defined as "poor" by the Census Bureau, taken from various government reports:

Forty-six per cent of all poor households actually own their own homes. The average home owned by persons classified as poor by the Census Bureau is a three-bedroom house with one and a half baths, a garage and porch or patio.

Seventy-six per cent of poor households have air conditioning. By contrast, 30 years ago only 36% of the entire U.S. population enjoyed air conditioning.

Only 6% of poor households are overcrowded. More than two thirds have more than two rooms per person.

The average poor American has more living space than the average individual living in Paris, London, Vienna, Athens and other cities throughout Europe. (Note: These comparisons are to the average citizens in foreign countries not to those classified as poor.)

Nearly three-quarters of poor households own a car; 30% own two or more cars.

Ninety-seven percent of poor households have a color television. Over half own two or more color televisions. Seventy-eight percent have a VCR or DVD player. Sixty-two percent have cable or satellite TV reception.

Seventy-three percent own microwave ovens; more than half have a stereo, and a third have an automatic dishwasher.

As a group the poor are far from being chronically undernourished. The average consumption of protein, vitamins and minerals is virtually the same for poor and middle-class children, and in most cases is well above recommended norms. Poor children actually consume more meat than do higher-income children and have average protein intakes 100% above recommended levels. Most poor children today are in fact super-nourished, on average growing up to be one inch taller and ten pounds heavier than the GIs who stormed the beaches of Normandy in World War II.

While the poor are generally well nourished, some poor families do experience hunger, meaning a temporary discomfort due to food shortages. According to the U.S. Department of Agriculture, 13% of poor families and 2.6% of poor children experience hunger at some point during the year. In most cases their hunger is short-term. Overall, 84% of the poor report their families have "enough" food to eat, while only 3% say they "often" do not have enough to eat.

Overall, the typical American, defined as poor by the government, has a car, air conditioning, a refrigerator, stove, clothes washer and dryer and a microwave. He has two color televisions, cable or satellite TV reception, a VCR or DVD player and a stereo. He is able to obtain medical care. His home is in good repair and is not over-crowded.
Our poor people have bigger homes, more cars, and way more amenities than european middle class. Just a fact. I lived in Norway and Ireland and saw it with my own eyes.
 
global definition actually, based on median incomes. if you make less than half the median (ie, you are in the lower 25%) then you are not lower middle class you are impoverished according to the shared definition

europe uses the same definition, so ... people here in the lower 25% have more assets than people there who are in the middle 50%
 
global definition actually, based on median incomes. if you make less than half the median (ie, you are in the lower 25%) then you are not lower middle class you are impoverished according to the shared definition

europe uses the same definition, so ... people here in the lower 25% have more assets than people there who are in the middle 50%

Why didn't you say that the first time? Can you be straight-forward with the conversation? I'm losing confidence in your thought process...
 
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Our poor people have bigger homes, more cars, and way more amenities than european middle class. Just a fact. I lived in Norway and Ireland and saw it with my own eyes.

In most places, even in the villages there is an extensive public transportation system. Most people still have a car or two and a garage to keep it in. The houses are smaller by choice not by necessity, in most cases. That's just the way they do it here, the population density is way higher in most European countries and much of the countries are still mostly forested or farmland. They conserve by tradition, recycle, use less etc. A smaller house is easier to heat, uses less materials to construct and leaves more room for a larger garden. Though the materials they do use are often massive and generational. They generally build well and build to last.
I've had DSL (underground cable) for about ten years now and live in an outlying community. All the services are underground in most of the countries in Europe. I live in a lower middle class area, Police, Firemen, school teachers, bank employees and can look out the window and see about half the families have upper end cars. The ones that don't, probably by choice not by circumstance.
Like I said, the Germans and many other countries are a bit behind, many had to start from scratch again after WW II, Germany often seems to be years to a decade or so behind the States in gadgets and fashion anyway.
The infrastructure is generally better than the states in most places. The houses are built to last, most of the roads well maintained, tunnels and bridges kept in good repair.
Air conditioning north of France is an unnecessary luxury, though most all of the cars have one.
I see more bling and a bit more extravagance, but largely don't see a drastically higher standard of living in the states. I can drive around all day here and not see any obviously depressed areas.
Even in the European countries East Of Germany, most do OK there and own a Home.
A few things you don't see here, is boarded up houses and trash in the streets, at least in northern Europe.
Most seem to live a bit smaller and a bit more in tune with the surroundings. Many of the conservation initiatives you see in the states, is the way it's always been done here. Save were you can, reuse what you can and put your trash where it belongs.
Typically my unrecycled trash is around four cubic feet every two weeks, often less for a family of three.
A lot of people live years in the past, by choice, not by circumstance. My little town is something like 800 years old. Actually the area the brothers Grimm are from.
i know one old lady who lives in a cottage on about a quarter section right across the river from a major port. She could probably sell and live a fairly extravagant life. She grows her own potatos, raises chickens and goats.
I guess standard of living or quality of life can be relative terms. she doesn't watch much flat screen TV.
What's the name of that song, you don't always get what you want, but you always get what you need.
 
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I know all about the different standards, the point that you disputed was asset ownership which should be clear by now that the US has the highest

Europeans find the european standard acceptable to them, that's cool.
 
I know all about the different standards, the point that you disputed was asset ownership which should be clear by now that the US has the highest

Europeans find the european standard acceptable to them, that's cool.
Or did have until about six months ago, I sure don't see the property values around here dropping much. :)
 
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