Iran and Venezuala have been spending like no tomorrow from sky-high oil prices.haha Europe is gonna fall to levels of the 1970s.
At this pace, the new world super economies will be Iran, Russia and Venezuela
A slowdown like this is driving down prices very quickly, and is likely to for a while.
This will put a HUGE crimp in those government's budgets, which are rife with fuel and food subsidies for their poorer citizens.
You will see some serious rioting in both countries if oil falls too much further and starts cutting into their governments' ability to carry those subsidies much farther.
I feel this is a very likely scenario.
Russia for their part is going to be in some serious hurt.
Putin's strong-arming foreign investors has meant that capital is leaving Russia at a VERY fast rate, their stock markets have been taking 15% hits at the times that Europe, US and Asia are taking 7% hits. They have had to halt trading on the Russian exchange.
Couple that with falling oil/gas revenues, and Russia will be in very bad shape indeed.
We are at 26% unemployment rate with millions homeless with widespread bank failures.
We saw this in the 1930's
It was the great depression.
http://money.cnn.com/2008/10/06/news...poll/index.htm
I take that back, the Russian stock market didn't fall 15% today, it fell 19%.
http://www.iht.com/articles/ap/2008/...ets.php?page=1
Russia is sitting on a lot of cash though. That will help them avoid some of the worst shocks for a while, and give them a lot of leeway to help their financial sector.
Are you talking abut the US? Unemployment is at 6%, not 26%.
It was only down 19% because they closed the markets after 10 minutes.
Details, details. What's 20% between friends?
how many deserved to be homeless between now and then? and i'm speaking of the idiots that borrowed way above their means.
come on cheap oil!!!
I just looked at the CNN le, it must be a typo then. Still, no one can deny the possibility with the current state of things.
I really hope the economy doesn't drastically effect any one here at Spurstalk. Or anywhere else for that matter. My 401K took a hit. I just pray that there are no layoffs where I work. I can't really get any cheaper than I already am so cutting corners isn't really an option.
BUT YOU LIVE ABOVE YOUR MEANS!!!!!!!!
Sin,
Viva
The funny thing about this false stat is some dumb probably repeated it like phyzik did. 1 out of 4 people do not have a job!!!!!!!!!!!!!!!!!!!!
How can you read that U.S. unemployment is 26% and not automatically think it is a typo
Inflation rate in 1 more year maybe
I'm going back to this because its typical idiotic Viva talk. Most of those people lost their homes because of a compilation of things. I'm willing to bet that at least half if not more of those foreclosures could have been avoided had inflation from high gas prices not been so drastic and so quick. We aren't talking about just higher prices at the pump either. The average rise in cost of living increased 25-35% for the typical family. Thats the real difference here.
Lets say hypothetically your ARM goes up 300 bucks thats not anything compared to a 5 or 6 hundred dollar rise in the monthly cost of living. That rise happened in less than a year and half before most of these people could find productive ways to restructure their expenses IE paying off debts early to lower the monthly expenses.
I'm not saying stupid people didn't get into stupid messes but the there's more to it than getting a more expensive house. Once again Viva fails to see a larger picture.
Meh, comparatively speaking, the US looks to be in good shape. Plus I'm liking this strong dollar
A little bounce back in the last hour. Had to be some bargain hunters.
If we don't get some liquidity into the worldwide credit markets FAST I expect to see MAJOR layoffs/cutbacks top to bottom in corporate USA and some fundamentally sound companies fail because they can't access capital.
Here in San Antonio Rackspace comes to mind as a company that is especially vulnerable. They didn't get their IPO done in time and if they can't get adequate access to commercial credit lines they will go down in flames fast the way they are burning cash on hand.
that's just about the only good thing coming out of this. That Chavez isn't going to be able to sell his bull anymore
Rackspace could be in trouble here in San Antonio but depsite that I think the 2 least affected job types will be the I/T and Medical fields.
Well, bun nugget, i was referring to people with $15 an hour jobs in $200,000+ houses. i'm not into splitting hairs here like you blathered about and that was some serious blathering you did.
I've got a few cousins working at Rackspace. I hope they don't get layed off.
How many of those people are out there?
Might get back to 10,000 before the bell.
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