What amazes me that is so many people still refuse to acknowledge how bad it currently is, let alone acknowledge what is now on the horizon. This crash will be global, it will be horrible, and it will change world politics. It will alter the course of humanity. The only "solution" will be a world governing body, with the power to tax and regulate.
The consumer-driven economy is collapsing due to a lack of consumers with spending money; moving Third Worlders around between areas formerly inhabited by Westerners like pieces on a chessboard does nothing because too many of them are economically unproductive - they provide no benefit to the areas in which they land. Unemployed/unemployable people only serve to fill housing and classrooms; they don’t circulate “new” money in an economy or produce anything of value (except more offspring/customers).
Of course Obama, only yesterday, took credit for the “good economy.” He is in the dark closet, looking for the black hat that isn’t there.
“What amazes me that is so many people still refuse to acknowledge how bad it currently is,”
You and me both! Some people still seem to think that things are rosy. I suppose it is all part of the dumbing down of the population, people think that an age when you need a minimum of a bachelor degree to get a job that will barely support one person who is saddled with huge student loan debts is somehow better than an age when young people finished public high school and went to work and became married homeowners with children at twenty two. They think that people who spend a third or more of their gross income on rent but have a huge tv, a “smart” phone and internet are somehow better off than their great grandparents who had no tv, no phone etc. but lived in their own house on 100 acres and owed no one. They think that people who have a degree but can’t name the CENTURY of the American civil war are somehow better educated than great grandma who had a high school diploma even though they couldn’t pass great grandma’s eighth grade final.
It’s possible the crash is over. Oil, precious metals, copper, etc may have bottomed out.
If it's going to crash I hope it comes very soon, not two years from now. It needs to crash on Obama's watch.
There's the problem: the service sector doesn't create much wealth, and creating wealth is the only real growth.
When the Chinese buy the Chicago Stock Exchange it will be up up up ,LOL
When orders for durable goods decreases unemployment goes up in - China.
About the only industry in a “boom” is firearms manufacturers.
I don’t think we have two years. When these guys say recession what they really mean is depression. Likely a deflationary depression. Its not going to be pleasant.