DOW Jones Dies today...

PhoenixEmpire · **Posted:** September 29th, 2008, 6:03 pm

I'm assuming post of you know about the planned $700 billion bailout for the American economy.

Well, it was literally scrapped by the house (nothing was kept, the entire idea was thrown out and started over). The reason for this was basically the idea that it was way to much money from the tax payer and it wasn't a sure fire plan, so it was just to big a risk.

After the official news of this was presented to the US, people were generally indifferent. Some didn't like it, but most of us had the general feeling that the house would make a better plan soon enough.

However...the damage was done.

DOW Jones dropped nearly 778pts today, which is the largest drop in US History.
Some say it's the beginning of the second great depression. But all of us will agree that it's a recession, and it's the start of a huge struggle.

Just wanted you're opinions on this.
I know a lot of you aren't even in the US, but no matter where you live the US Economy failing will eventually effect you in some way.

Adbot · **Posted:** September 29th, 2008, 6:03 pm

trekkie · **Posted:** September 29th, 2008, 6:42 pm

know what will happen if we hit depression #2. there will be a lot more people going to school. since there are no jobs and more than likely thousands of people will be collecting unemployment (somehow) most would start looking and while they are at would most likely go to school. when the recession starts getting out we would have a country with better people.

Marking22 · **Posted:** September 29th, 2008, 6:58 pm

trekkie wrote:

know what will happen if we hit depression #2. there will be a lot more people going to school. since there are no jobs and more than likely thousands of people will be collecting unemployment (somehow) most would start looking and while they are at would most likely go to school. when the recession starts getting out we would have a country with better people.

so are you saying we would be smarter if a second depression
cause if you are saying this i would disagree with that cause once you graduate highschool you would need to go to college but couldnt cause you would have no money to pay for it

trekkie · **Posted:** September 29th, 2008, 7:32 pm

nothing stopping people from just going into a class and just sit and listen.

Ranging God · **Posted:** September 29th, 2008, 7:39 pm

Ya my Dad lost a lot of money, he was freaking out!

Giveyoupain · **Posted:** September 30th, 2008, 3:05 am

ha ha that would suck im glad im not in America it seems like there getting alot of problems but Australia isn't perfect atm either. =[

Adbot · **Posted:** September 30th, 2008, 3:05 am

Brad · **Posted:** September 30th, 2008, 3:28 am

Giveyoupain wrote:

ha ha that would suck im glad im not in America it seems like there getting alot of problems but Australia isn't perfect atm either. =[

What happens in Wall Street has a knock on affect to pretty much the rest of the world.

Kyle · **Posted:** September 30th, 2008, 4:18 am

This bill was voted down for two reasons, Nancy Pelsoi bipartisan speech against Bush. I cant stand Pelsoi, i actually met her when i was at the capitol, you could just feel the ***** halo around her. This is an all time low for her, this entire speech was trying to strike fear into America and blame Bush.....

The second was the fact there was no bailout for the American Homeowner.

trekkie wrote:

know what will happen if we hit depression #2. there will be a lot more people going to school. since there are no jobs and more than likely thousands of people will be collecting unemployment (somehow) most would start looking and while they are at would most likely go to school. when the recession starts getting out we would have a country with better people.

With all do respect, this might be the most ignorant statement ive heard. If we went in to second depression everything would close down. So no Wal-marts, no mcdonalds, no gas stations. Because they wont have the money to operate. Do you expect all jolly and happy people to skip to school when there is no electricity because the school has no money to pay bills. Ive heard what the depression was like from my grandma, and the problem with you and every other young person is you think this will only effect one little street in NYC. Try imaging growing green beans in your bathtub to eat? So before you and say somthing like that just think....

Giveyoupain · **Posted:** September 30th, 2008, 5:08 am

Brad wrote:

Giveyoupain wrote:

ha ha that would suck im glad im not in America it seems like there getting alot of problems but Australia isn't perfect atm either. =[

What happens in Wall Street has a knock on affect to pretty much the rest of the world.

Not unless it is some small American confined company or something.

Brad · **Posted:** September 30th, 2008, 5:32 am

Giveyoupain wrote:

Brad wrote:

Giveyoupain wrote:

ha ha that would suck im glad im not in America it seems like there getting alot of problems but Australia isn't perfect atm either. =[

What happens in Wall Street has a knock on affect to pretty much the rest of the world.

Not unless it is some small American confined company or something.

...

Well the fact it's Wall Street means it's not a small American confined company..

CreepyPirate · **Posted:** September 30th, 2008, 6:59 am

Said it in the other thread: Don't care.

Probably should but I don't. I'm 20 years old, i don't give a rats if the world economy is going to hell and businesses are being hit.

To young to care and so are most people, bit of an ignorant view on it but why the hell should we start to worry about it. People will lose money, there jobs, businesses will take a hit, things will get shaken up. The worrld will keep spinning and things will balance out in the end.

trekkie · **Posted:** September 30th, 2008, 9:37 am

With all do respect, this might be the most ignorant statement ive heard. If we went in to second depression everything would close down. So no Wal-marts, no mcdonalds, no gas stations. Because they wont have the money to operate. Do you expect all jolly and happy people to skip to school when there is no electricity because the school has no money to pay bills. Ive heard what the depression was like from my grandma, and the problem with you and every other young person is you think this will only effect one little street in NYC. Try imaging growing green beans in your bathtub to eat? So before you and say somthing like that just think....

1. do you honestly believe that people who are laid off and just sitting at home watching tv? there are so many people at my school who have been laid off during the big company lay-offs and most of them are doing part-time jobs and getting an education to do something else. i know somebody personally who was a computer technician and after he got the slip he went to work at some coffee shop and studying to become a health administrator.
2. my family are from vietnam, and they all lived through the war and lost people. then my mom almost got attacked by pirates on the trip to america, and then got hit by a storm. so i know how hard life can be
3. don't attack me just because you disagree, think about it the world is trying to go green. we are looking for renewable energy. you think that if it wasn't for bureaucracy we would
1. have electric cars on the road where people can fill up for about 80 cents a gallon or do what utah is doing and having cars run on natural gas for 89 cents a gallon.
2. we have the ability to have unlimited power, but people only think short-term, and therefore only care about the cost for the 6 months instead of the next 6 years.
3. we have buildings where the entire house is green and they actually give power back to the powergrid. only thing stopping us from creating a country that runs on clean energy are lobbies who care about their own pocketbook.

4. hey if you never grew anything before you just learned a life-saving skill.

Chris · **Posted:** September 30th, 2008, 9:58 am

What annoys me is that we didn't learn from the depression. Due to a reckless stock market, people withdrew loans from banks to buy stocks. When the stocks went down, people could not afford to pay off the loans and banks failed. That is what caused the depression.

A large portion of this crisis is similar. A lot of ******* politicians felt that EVERYONE should have a house of their own. So, people were encouraged to take out loans to buy houses. Well, these people ended up being unable to pay off the loans, and the market started to tumble a little bit, now the housing market is bad, and banks are failing, but this time they are being saved by the government. It's all recklessness and pessimism that are causing this economic downturn. The US government debt will go up because of these safety nets for the companies, and some people believe that neither of the candidates know what they are up against when they go into office.

The fact is, we simply don't know what will happen. Some believe that the government should stick with laissez-faire and let the free market fix itself. Some say the government should step in and do a lot of reworking of the market. So it's in the hands of the government and the consumers, and then we will find out.

As for my personal affection, I don't know. My family owns land (which has substantially increased in worth) rather than stocks, and our bank has actually had a positive percent change YTD and actually is worth more now than it ever has been (but that isn't counting inflation). Like I said, who knows what will happen.

Brad · **Posted:** September 30th, 2008, 11:42 am

Chris wrote:

A large portion of this crisis is similar. A lot of ******* politicians felt that EVERYONE should have a house of their own. So, people were encouraged to take out loans to buy houses. Well, these people ended up being unable to pay off the loans, and the market started to tumble a little bit, now the housing market is bad, and banks are failing, but this time they are being saved by the government. It's all recklessness and pessimism that are causing this economic downturn. The US government debt will go up because of these safety nets for the companies, and some people believe that neither of the candidates know what they are up against when they go into office.

That's not strictly true. The government didn't push people to get loans and buy houses, they gave more incentives to insurance firms like Fannie Mae and Freddie Mac to give mortgages to people who's financial situation meant they were unlikely to be able to keep up with repayments. Which ended up leaving the firms with severely depreciated mortgage assets. Rather than the big money men at these insurance firms saying 'No, it's too risky' they took the incentive money. Pure greed. Which is why a bailout is a bad idea, because you're showing these people they can be greedy and sub prime lend all they want and when the **** hits the fan the government will just bail them out.

It's not so much the fault of the Government as the greed of the bankers, but the Government proposing to just bail them out certainly isn't helping anything.

Bogrollbloke · **Posted:** September 30th, 2008, 3:16 pm

Does this mean Jay Z can actually foresee the future?

Spoiler for Umbrella Lyrics:

Also, I'm not bothered about this situation, it's happened before, it was likely to happen again at some point. I think we should go back to the days of swapping instead of using currency. Bet it was so much simpler. How many chickens you got to the cow probably never fluctuated.