Is anyone besides me getting a really bad feeling about this Economy?Its always gone up and down. But my gut feeling is that we are in big trouble.I think the housing situation might be a trigger to bigger things to come. I think we are in uncharted waters here. Never before have we been dependant on other countries like we are in this world economy. With our own problems it just takes one thing from China for example to put a shaky U.S. in the drink. My reason for bringing this up is not to bash one political party over another they are both have fault. But to express my growing feeling that the Economy may be the cause of deadly wound the one world system receives. Are we at the beginning stages of a World wide Economic crash?? Anyone have any thoughts opinions.
The Economy
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kriss=OH MY GOD=JESUS= you and i agree finally. in the little town i am in i can feel it. people better give thanks if they have a job. not many spec houses going up here, only ones with contracts being built. went to the beach on july 4th and had for sale signs on everything. the company i am working for is having to import chinese products to compete with deflated prices. may be a mess. i think you are on to something kriss.
Gee Kriss, I have no clue really, but it's something to look at...Gee, looks like I need to read the news. (I'm not that great at hearing news)Lovest ye in Christ Jesus (Yahshua) our Lord and Saviour.
(tim bennett;17296)
kriss=OH MY GOD=JESUS= you and i agree finally. in the little town i am in i can feel it. people better give thanks if they have a job. not many spec houses going up here, only ones with contracts being built. went to the beach on july 4th and had for sale signs on everything. the company i am working for is having to import chinese products to compete with deflated prices. may be a mess. i think you are on to something kriss.
I don't know whats scarier Tim the economy or me and you agreeing
kriss=OH MY GOD=JESUS= you and i agree finally. in the little town i am in i can feel it. people better give thanks if they have a job. not many spec houses going up here, only ones with contracts being built. went to the beach on july 4th and had for sale signs on everything. the company i am working for is having to import chinese products to compete with deflated prices. may be a mess. i think you are on to something kriss.
I don't know whats scarier Tim the economy or me and you agreeing
HeadlineSince late 2006 NEW!!! 151 major U.S. lenders have "imploded" CounryWide Morgage (one of the biggest) just anounced 12,000 new layoffs My stepdaughter owns a morgage company says she went from writting 400 loans a month to 5 last month I read a letter last week from a man who owns his own Highway Construction buisnessits been a family buisness since the late 40's They do Government contracts.And for the first time ever there is NO new government Highway construction Jobs to bid on.
SAN FRANCISCO (MarketWatch) - U.S. stocks are expected to extend their declines next week, following a sell-off from Friday after a weak August payrolls report stoked fears that economic growth has stalled in the wake of the subprime- and credit-market turmoil, strategists said. Investors are expected to focus on Federal Reserve speakers early in the week as they look for clues about whether the central bank plans to cut the benchmark interest rate from 5.25% at its meeting on Sept. 18, a move that is widely anticipated by market players. The attention on these speeches is likely to trump any effect from the relatively light calendar of economic data releases, analysts said. Federal Reserve Governor Frederic Mishkin, San Francisco Fed. President Janet Yellen and Fed. Chairman Ben Bernanke are all expected to speak early in the week. Investors "want to know that the Fed is in there, they are ready, and they are not going to let the consumer just fall off the table," said Kenny Landgraf, president of Kenjol Capital Management. The government on Friday announced an unexpected drop of 4,000 jobs in U.S. nonfarm payrolls in August, the worst showing in four years. The report surprised investors, undercut optimism about economic growth, and sparked widespread calls for the Federal Reserve to cut interest rates when it meets later this month. The Fed funds futures market is currently pricing in a 75% chance for a 50 basis point cut in September. The odds were under 50% ahead of the August payrolls report. Worries that the soft jobs report may presage an economic pullback will keep market players on edge as they scrutinize the speeches by Fed officials and, later in the week, August retail sales, industrial production and consumer sentiment. "Volatility [in stocks] will remain elevated and given the employment number, combined with the fact that the market had rallied in the last couple of weeks, the bias is to the downside," said Michael Malone, trading analyst at Cowen & Co.
Sep 12th, 2007 As the dollar falls, so does the wealth of dollar holders - particularly Americans. We checked this morning and found the dollar had dropped to over US$1.38 per euro. Last week, we paid US$5 for a cup of coffee in London. And the price keeps going up.Why is the dollar falling?Speculators, investors, and central bankers have figured out that the US government and the Bernanke Fed will not protect the dollar - not when millions of Americans are having trouble making their mortgage payments. The US money supply is increasing - nearly five times faster than GDP growth. And now, fearing a Japan-style deflation, the Fed is likely to cut rates later this month.The Chinese have one of the largest dollar piles in the world.“Is China quietly dumping US Treasuries?” asks Ambrose Evans-Pritchard in the English press. “A sharp drop in foreign holdings of US Treasury bonds over the last five weeks has raised concerns that China is quietly withdrawing its funds from the United States, leaving the dollar increasingly vulnerable.”The report continues:“Data released by the New York Federal Reserve shows that foreign central banks have cut their stash of US Treasuries by $48bn since late July, with falls of $32bn in the last two weeks alone.“‘This comes as a big surprise and it is definitely worrying,’ said Hans Redeker, currency chief at BNP Paribas. ‘We won’t know if China is behind this until the Treasury releases its TIC data in November, but what it does show is that world central banks are in a hurry to get out of the US. They don’t seem to be switching into other currencies, so it is possible they are moving into gold instead. Gold is now gaining momentum across all currencies and has broken through resistance at 500 euros,’ he said.“Two top advisers to the Chinese government gave strong hints in August that Beijing should use its estimated $900bn holdings of US Treasuries and agency bonds as a ‘bargaining chip’, words taken as an implicit threat to trigger as US bond crash if provoked.”The Chinese have denied it, of course. But betting against the U.S. dollar has been one of the surest gambles you could make over the last 35 years. Now, it is probably still a good bet.Bill BonnerThe Daily Reckoning Australia
U.K. Stock Market takes huge tumble on Friday, Same Morgage problems as US should be interesting to see how this effects us next weekNorthern Rock value sinks by £850m as City takes frightIAN McCONNELL, Business Editor September 15 2007 Comment LOOKING HIGH: Adam Applegarth says substantial amount' of funding is needed by Northern Rock. Northern Rock's value was slashed yesterday by nearly £850m as the City took fright over the FTSE-100 mortgage bank's need to tap the Bank of England as "lender of last resort", and the shockwaves reverberated across European financial markets.Shares in Newcastle-based Northern Rock plummeted 201p, or 31%, to 438p, cutting its stock market worth from about £2.7bn to less than £1.85bn, as savers anxious to withdraw their money queued outside branches and bombarded call centres.Northern Rock's request for emergency funding - at a penalty rate of interest - was the first call on the Bank of England to act in its role of lender of last resort since it was granted independence on interest rate policy by the incoming Labour government in 1997. Such support operations are, the Bank of England noted in a statement , "expected to happen very rarely and would normally only be undertaken in the case of a genuine threat to the stability of the financial system to avoid a serious disturbance in the UK economy".Northern Rock, which has pursued an aggressive growth strategy, has had to call on help because the global credit market crisis has hammered its ability to raise wholesale funding to lend on to customers.Banks have become worried about which of their peers may have heavy exposure to these instruments - making them more wary about lending to each other. Some banks also face having to take on to their own balance sheets investment vehicles which they have backed but which cannot obtain short-term funding in current market conditions, draining available capital from the banking system.
bill gates seems to think the economy is ok. coke is thriving. if yu are lazy yu mite not eat. if yu are a worker and not sick=yu will eat. the lazy will not even get out to the road if jehu is coming through. walmart doing ok. eastman kodak. and the indian convenient stores are thriving. the innovative will always find a way to eat. the complainers will always look for a bail out=government=ALWAYS. THEY FEEL THEY ARE OWED A LIVING.
tim_from_pa
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Kriss:I was just talking with my parents over breakfast about the housing market. Maybe my analysis is simplistic, but I complained first about the employment statistics. Have you ever noticed that we are given the average wage by economists but rarely (that I am aware) of the range or standard deviation of the wage? For example, they might say the average wage is per capita is $80K (my figure), but if you have 9 people making $20K to one making $620K, it averages that and everything sounds great. Then they will say that there is less that 5% unemployment, but what they do not say is that these people all lost good-paying jobs (like me) and now are reemployed in retail or other cheap employment.Now, given that situation, I think they want the economy to look better than it really is (since we all lost our good-paying jobs), so they play mathematical games with mortgages. When my wife and I took one on this house, I INSISTED on a fixed rate. I know higher mathematics and this way I can calculate payments. Guess what? Our mortgage is now paid off because I could predict things and knew how much "extra" to add to pay it off in a timely fashion (praise be to God). Here is the crux of what I am saying: The mortgages nowadays, because nobody wants to admit how destitute we all are, were rearranged TO PLAY MATHEMATICAL games so that the "average" couple could "afford" something far greater than they could really afford and what they would have allowed them to have years ago. For instance, they just pay the interest or maybe even a FRACTION of the interest. Then when things change, "all of a sudden" the couple is asked to pay far more than their budget allows (and what they are used to paying) because the lenders now need some of the principal paid as well. This comes as an unpredictable surprise and they lose their home. The market falls and the lending companies start to feel the recoil. Or, to put it simply, one can only go so far playing these games before "something gives". I foresaw this extreme danger for years now, but this is only the start. You are on target. I do not have a good feeling at all over the economy.And to get off on a political tangent, I wonder if we are not being "mentally prepared" to accept a police state in the future. I see people's beliefs changing so radically even in the last, say, 10 or 15 years now. Many are starting to sound like they want socialism, spit-can the constitution, and want a liberal interpretation of the bible. A bunch of mindless cattle.I thank God for people like you that have understanding and can herald things like this.
I agree with you Tim and this recent interest cut changes little its just a tempoary bandaid on the problem. People more and more are trying to make ends meet with credit cards and this balloon has to pop. .Furthemore lowering the interest rate drops the value of the Dollar which is already at/near record lows. Washington has the same problem in finances they do in government they are completly out of touch with average americans. All the jobs created are minuium/low wage jobs. There numbers dont count anyone who has already drawn their unemployment benifits out. Its all paper numbers its not reality. But hey, Its no big deal all their rich friends are doing great.
Heres an excerpt from todays finacial report: The bottom line is this: You may continue to show a 'paper gain' on investments, but on a purchasing power basis, the top was in in 2000 and what appears before you now is the Fed's best efforts to walk the line between a deflationary collapse and a hyperinflationary collapse. They may be able to pull it off, too. But your purchasing power will suffer - and your quality of life seems likely to continue to fall as what's now only 4.8-cents of purchasing power of the original pre-Fed US dollar is set up to be hollowed out again! You also need to temper your view of bankers when you read things like Alan Greenspan's book: By the Federal Reserve's own calculator, what cost $100 when Greenspan took over at the Fed was pushing $180 when he left. Greenspan presided over roughly halving the purchasing power of the dollar. I think that's an all-time record for any Fed Chair. A better book title might have been "I halved the Dollar!"
I thought this an interesting letter and answerONE SIMPLE QUESTION How can a countries currency continue to crash to all time lows, and have a raging upward ( new Highs) BULL market at the same time, this is not logical. We have entered the twilight zone!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! . In the past commodities soared up and paper DOW stocks plunged to lows. Then visa versa. per cycle. NOW we have the 9th WONDER of the world......a country ready to tip over into bankruptcy but the DOW will not care, its on the way to 20,000 then 50,000 then 100,000. Maybe when MISSION Accomplished, arrives after we BOMB IRAN, to kingdom come the DOW, will hit one million just before the US Dollar hits 0 !!!!!!!!!!!!!! Please answer this in your daily posting. Long time reader,"AnswerLet's separate this into some specific questions to answer and then get to it:How can a currency crash and the stock market be at new 'all time highs'?How has the commodity cycle disappeared this time around?Just for the heck of it - is this really an all-time high for the Dow?What this reader hasn't realized is one of the People's Economist's greatest secrets - which I shall share with you forthwith: this is not the Twilight Zone. This is an economic cartoonSuppose for a moment that you and I are investors and we read about a really hot market going on in Pottsylvania. (If you're really awake this morning, you'll remember that Pottsylvania is not a theoretical place at all, but is the home of the legendary Boris Badenov, arch-villain in the Rocky and Bullwinkle (cartoon) Show.) Let's also suppose that Badenov's colleagues in Pottsylvania have taken over the treasury and they are printing money like crazy.At the time we make our first investment in Pottsylvania, the Pottsylvanian currency (which I don't recall hearing named, but it makes no difference) is trading dead even with the US Dollar. Now we wait. After a year, the Pottsylvanian stock market has doubled. But! The value of the Pottsylvanian currency has been halved
Dear Kriss,Surprisingly I read a post that predicted this a couple of days before it started.A fascinating financial forecast - that came true.Also don't forget that the NWO control the federal reserve - and when they get it wrong it is deliberate (to weed out other financial organisations) or unseen and potentially catastrophic.
copy of a letter to a finacial siteDear******Just to let you know NetBank, the first and largest internet bank went under on Friday. I have several accounts with them, all under the FDIC limit. This appears to be the first of possibly many banks to fail due to the sub-prime collapse.
I think the current mortgage crisis, is because banks made loans, which couldn't be repaid. Basically banks overextended credit & they are taking a hit for it. The bigger problem is the average American has too much debt. Both in mortgages & credit cards. As a culture, we are financially irresponsible.I, too, sense something big coming with the economy. God hasn't made it clear to me yet. But I'm concerned about our government's national debt.Regarding China, I think as a country God is about to bless them. For the past 20 years, China has seen a spiritual awakening. Although the percentage of the population that is Christian is still very low. The Christians that are there have weathered intense persecution. And I get the feeling that God will bless their nation because of them. Apart from the Middle East, that is losing it's Christian witness as believers move to the West. Asia is the least evangelized area of the world. But before the end comes, I expect the gospel will be preached more fully there.
Dear Nova,One of the banks in the UK that has been massively hit is Northern Rock it has been bailed out by the Bank of England to try restore customer trust to stop the run on the bank.It is one of the UK banks that runs itself along the same financial principles as a lot of US financial institutions.I do not think it fair to blame(entirely), the average joe consumer for the problem as the the banking world has been massively promoting this credit culture for years.I think the banking cartels have either totally messed up (very rare for big banks) or have engineered this, as they have in the past.With regards China: I think you are spot on! The percentage is low but a small percentage of a massive population is still a lot. Conversions to Christianity are apparently on a massive scale(unverified). This seems to counter the supposed spread of Islam in the world.Amazing, and at the same time disturbing, things are happening in the world at this time.
IMF Chief Warns Dollar May Suffer “Abrupt Fall”October 24, 2007 | From theTrumpet.comThe dollar may still have further to fall, and the effects would not be good for the global economy. An abrupt fall may be ahead for the dollar. As the dollar reached yet another record low against the euro, the head of the International Monetary Fund (imf) warned that it could have further to go. A runaway sell-off, he said, could hurt other major economies. “There are risks that an abrupt fall in the dollar could either be triggered by, or itself trigger, a loss of confidence in dollar assets,” said imf chief Rodrigo Rato. Rato spoke amid growing concerns that the recession in the U.S. housing market could spread to the rest of the economy. “We still do not know the full effects of the decline in the housing market and the subprime problems of the U.S. economy,” he said. “Further disruption in financial markets and further falls in housing prices could lead to a global economic downturn.” The imf chief warned that such a fall in the dollar could hurt the “growth prospects” of countries with flexible exchange rates, but also that some emerging economies could be “tipped into a crisis.” Rato also warned of inflationary pressures created by high oil and food prices. As reverberations are still being felt from the subprime loan fiasco around the world, be warned: A secondary quake may be on its way, and it could be of even greater magnitude than the first. •
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