This recession could last for years.

Jump to Last Post 1-12 of 12 discussions (23 posts)
  1. bgamall profile image68
    bgamallposted 15 years ago

    The consumer is the catalyst of our economy. The consumer is tapped out by bad loans, too much credit, by a greedy banking system that wanted profits before responsibility.

    Option arm loans, credit card loans, and other debt will put a dangerous strain upon the economy through 2011 at least.

    Even Moody's rating agency has said the US AAA rating is at risk because of massive spending to bail out banks that won't lend. That will cause interest rates to go sky high if it happens. And even if it doesn't happen rates could go sky high anyway.

    to the government, the financial system is more important than the people, and that was true under Bush and is still true under Obama. Obama will make less war which is good, but he will not break the big banks, which is necessary to financial recovery. … BAC,%5EDJI

  2. LondonGirl profile image79
    LondonGirlposted 15 years ago

    Couldn't agree more. Debt is a very serious issue here in the UK too.

    1. BristolBoy profile image64
      BristolBoyposted 15 years agoin reply to this

      I am a young person and even I cannot believe the level of debt that has been accumulated.  Many young people like me know have at least £21,000 of debt when they are 21 due to university loans etc.  Fortunately though that isn't a 'real' loan.

      1. LondonGirl profile image79
        LondonGirlposted 15 years agoin reply to this

        I agree with you, and massive mortgages, car loans, overdrafts, credit cards....

        Did you get my email, by they way?

        1. BristolBoy profile image64
          BristolBoyposted 15 years agoin reply to this

          Did and sent a reply.  Sorry for the delay in the reply, your original message appeared to be in my spam folder.

  3. lxxy profile image60
    lxxyposted 15 years ago

    All I can's gonna get worse before it gets better. You might find this guy interest: Mish's Global Economic Trend Analysis.

    One of my favorite hobbies is following the market and what not have you, this guy spits it out real easy for me to digest.

    1. bgamall profile image68
      bgamallposted 15 years agoin reply to this

      I think Mish and Peter Schiff and Krugman, all sides of the political spectrum, have a problem with what is going on with the bank bailouts.

      1. lxxy profile image60
        lxxyposted 15 years agoin reply to this

        You are correct...because the bank bailouts are useless.

        1. Dunn Eggink profile image60
          Dunn Egginkposted 15 years agoin reply to this

          Our current financial system is being ghosted off a cliff and the drivers are bailing out. But, don't worry it's only our money system not our lives. You still have your own will to decide how to handle it. Don't believe people (Alex Jones)who say that our lives are run by the NWO. As usual I say go green and go local. Get a composting toilet an alternative electricity generator and whatever you will need to live a good gypsy life if need be.

          I also like Peter Schiff. Apparently he's a descendent of the Schiff Warburg family and has the insider knowledge. It's his roll to be like "Don't say we didn't warn you."
          Even though he's most likely in with the Rothschilds, it's nice when they come right out and say it clearly for everyone to ignore. George Soros is another Rothschild agent who's good for being frank and open about what's going on.

  4. nicomp profile image61
    nicompposted 15 years ago

    Obama has made more war so far. So much for the draw down.

    1. bgamall profile image68
      bgamallposted 15 years agoin reply to this

      He has continued the pipeline war in Afghanistan, I agree. But he isn't provoking Russia. The neocons are mad men, and women (Palin) if they think that is even sane policy.

  5. BartCougy profile image59
    BartCougyposted 15 years ago

    So true. Soooo true.

  6. profile image0
    pgrundyposted 15 years ago

    Didn't you hear? Bernanke was on TV last week announcing we'd have positive growth by the end of this year and that the recession is over, although unemployment "is a lagging indicator."

    Yay. I guess we can all go celebrate now. smile

  7. Mark Knowles profile image58
    Mark Knowlesposted 15 years ago

    There is no doubt in my mind that this "recession" will last for years. Part of the problem is banks that are too big to fail and over borrowing.

    I do not see how we can fix it with more borrowing and bigger banks - which is what is happening at the moment.

  8. wittywriter profile image60
    wittywriterposted 15 years ago

    Recession has really hit in the medical field. Can we say no raises, besides no cost of living raises. We are cutting back on nurses and Lna's were I am at and freezing jobs. No overtime, no working over your scheduled time or you will be asked to leave. I do not dare to change from the facility that I am working because if there is even a hint that we have put in an application at any other facility you can lose your job. I am basically stuck underpaid, overworked and tight belted. We can not even take a regular vacation this year. Our 'big' vacation will be a weekend at York Beach in Maine that the only way we can pay for it is having my mom and dad go with us to help with the expenses. Looks like day trips here and there over the summer for the kids. I can not even afford to let them go to camp this year. sad

    1. BristolBoy profile image64
      BristolBoyposted 15 years agoin reply to this

      The industry (renewable energy) I am looking to go into appears to be doing much better than most.  Looks like there are lots of decent entry jobs around (around £25,000pa).  However, even I must admit that many such companies are cutting back on previous years.  However, when they have had growth of 50% pa growth of only 20% is still a big slowdown for them.  I just count myself extremely lucky - I nearly did accountancy or mathematics at university with a view to entering the financial sector!

      1. Will Apse profile image88
        Will Apseposted 15 years agoin reply to this

        Breaking the big banks is a very bad idea. The collapse of Leman Brothers precipatated the whole crisis. Suddenly any bad thing could be imagined and investors panicked.

        In a years time, when things have recovered enough, break the banks up, cut Wall Street down to size and make banks do just the basics instead of insane derivative and futures trading and debt leveraged to the power of ten.

        The productive capacity exists for everyone in the world to be materially secure and have a good life. Capitalism needs to learn its lessons and curb its greedier practitioners.

        1. bgamall profile image68
          bgamallposted 15 years agoin reply to this

          Ah, I disagree. The investors should be afraid, and the reason is that the debt of our country is now enormous. I would suggest that your argument, Will, though plausible, leaves out the fact that things cannot continue as they have previously. People cannot borrow as they have previously. People cannot hope for asset appreciation as they did previously. Now is the time for the big banks to be taken down. If not now, there will never be a chance to stop them.

          The Lehman bankruptcy did not start the crisis. The run on the money markets, maybe by China started the crisis. The late September near collapse of the banking system started the crisis.

          But so what if they big banks go under? Just import big banks from other countries to lend. I view this idea that the big banks determine whether we have depression or not to be a bogus argument. There is always someone willing to lend if they think they can make money. If they cannot make money, the economy is a lot worse off than we think anyway.

  9. profile image0
    pgrundyposted 15 years ago

    I vented my sarcasm in hub #13. Appreciate the inspiration, thanks! … on-is-Over

  10. forlan profile image59
    forlanposted 15 years ago

    i do not think so. it is difficult to predict economics

  11. Will Apse profile image88
    Will Apseposted 15 years ago

    You have an insane, semi-religious faith in the free market, that much is clear. The only problem is that the history of capitalism is a history of continual crisis. Governments have struggled to create the conditions that prevent the recurrent crises because they threaten our societies survival (check out the thirties). Regulation enforces a measure of sane cooperation and gives us a chance of prospering. And it really was Lemans who turned a bad situation into a nightmare.

    ps I am insane too.

    1. bgamall profile image68
      bgamallposted 15 years agoin reply to this

      Actually Will, you are defending the party line, the financial industry line. I don't think you are right. Why can't the government start new banks, capitalize them to the max, and have them lend. Then the new banks, with good underwriting, keep the loans, with no securitization. Just let the JPM's and BAC's and C's wither and die.

      Then the wealthy will lose their shirts but the economy will continue.

  12. BundleBoy profile image69
    BundleBoyposted 15 years ago

    I am praying it ends this year!


This website uses cookies

As a user in the EEA, your approval is needed on a few things. To provide a better website experience, uses cookies (and other similar technologies) and may collect, process, and share personal data. Please choose which areas of our service you consent to our doing so.

For more information on managing or withdrawing consents and how we handle data, visit our Privacy Policy at:

Show Details
HubPages Device IDThis is used to identify particular browsers or devices when the access the service, and is used for security reasons.
LoginThis is necessary to sign in to the HubPages Service.
Google RecaptchaThis is used to prevent bots and spam. (Privacy Policy)
AkismetThis is used to detect comment spam. (Privacy Policy)
HubPages Google AnalyticsThis is used to provide data on traffic to our website, all personally identifyable data is anonymized. (Privacy Policy)
HubPages Traffic PixelThis is used to collect data on traffic to articles and other pages on our site. Unless you are signed in to a HubPages account, all personally identifiable information is anonymized.
Amazon Web ServicesThis is a cloud services platform that we used to host our service. (Privacy Policy)
CloudflareThis is a cloud CDN service that we use to efficiently deliver files required for our service to operate such as javascript, cascading style sheets, images, and videos. (Privacy Policy)
Google Hosted LibrariesJavascript software libraries such as jQuery are loaded at endpoints on the or domains, for performance and efficiency reasons. (Privacy Policy)
Google Custom SearchThis is feature allows you to search the site. (Privacy Policy)
Google MapsSome articles have Google Maps embedded in them. (Privacy Policy)
Google ChartsThis is used to display charts and graphs on articles and the author center. (Privacy Policy)
Google AdSense Host APIThis service allows you to sign up for or associate a Google AdSense account with HubPages, so that you can earn money from ads on your articles. No data is shared unless you engage with this feature. (Privacy Policy)
Google YouTubeSome articles have YouTube videos embedded in them. (Privacy Policy)
VimeoSome articles have Vimeo videos embedded in them. (Privacy Policy)
PaypalThis is used for a registered author who enrolls in the HubPages Earnings program and requests to be paid via PayPal. No data is shared with Paypal unless you engage with this feature. (Privacy Policy)
Facebook LoginYou can use this to streamline signing up for, or signing in to your Hubpages account. No data is shared with Facebook unless you engage with this feature. (Privacy Policy)
MavenThis supports the Maven widget and search functionality. (Privacy Policy)
Google AdSenseThis is an ad network. (Privacy Policy)
Google DoubleClickGoogle provides ad serving technology and runs an ad network. (Privacy Policy)
Index ExchangeThis is an ad network. (Privacy Policy)
SovrnThis is an ad network. (Privacy Policy)
Facebook AdsThis is an ad network. (Privacy Policy)
Amazon Unified Ad MarketplaceThis is an ad network. (Privacy Policy)
AppNexusThis is an ad network. (Privacy Policy)
OpenxThis is an ad network. (Privacy Policy)
Rubicon ProjectThis is an ad network. (Privacy Policy)
TripleLiftThis is an ad network. (Privacy Policy)
Say MediaWe partner with Say Media to deliver ad campaigns on our sites. (Privacy Policy)
Remarketing PixelsWe may use remarketing pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to advertise the HubPages Service to people that have visited our sites.
Conversion Tracking PixelsWe may use conversion tracking pixels from advertising networks such as Google AdWords, Bing Ads, and Facebook in order to identify when an advertisement has successfully resulted in the desired action, such as signing up for the HubPages Service or publishing an article on the HubPages Service.
Author Google AnalyticsThis is used to provide traffic data and reports to the authors of articles on the HubPages Service. (Privacy Policy)
ComscoreComScore is a media measurement and analytics company providing marketing data and analytics to enterprises, media and advertising agencies, and publishers. Non-consent will result in ComScore only processing obfuscated personal data. (Privacy Policy)
Amazon Tracking PixelSome articles display amazon products as part of the Amazon Affiliate program, this pixel provides traffic statistics for those products (Privacy Policy)
ClickscoThis is a data management platform studying reader behavior (Privacy Policy)