The Economic Crisis
Old 10-08-2008, 10:04 PM   #1 (permalink)
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Default The Economic Crisis

I noticed we didn't have a thread for this... being in Canada I guess the news isn't as dire, but with the global spread the fall has taken in the last couple days or so and our connection to the US, we're gonna be affected and dragged down too.

The DOW keeps going down, along with everything else.

Europe has gotten hit HARD in the last couple days, they're worse off than America maybe right now... 5-8% drops all around today. Iceland is on the brink of doom, and if they go down, things are only going to get worse.

Shit's gonna down y'all.
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Old 10-08-2008, 10:06 PM   #2 (permalink)
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And the fact that Harper thinks we're fine says it all about the kind of leader he is.
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Old 10-08-2008, 10:06 PM   #3 (permalink)
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Im so tired about the "crisis", I enter a conversation about it every 10 minutes, and its 24/7 in the news.

So all Im going to say is:


We should all be afraid....

Banks ----->

Goverments --------->

People -------->

ME -------->

Last edited by Belsius; 10-08-2008 at 10:10 PM.
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Old 10-08-2008, 10:07 PM   #4 (permalink)
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Dirty 30's all over again soon.
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Old 10-08-2008, 10:24 PM   #5 (permalink)
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Yea I am learning about the 20's and 30's in history and I for one don't want that to happen to Canada again
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Old 10-09-2008, 08:39 AM   #6 (permalink)
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The market is just correcting itself. There's not really much to be concerned about right now and panicking is probably the worst thing we can do. There's was a lot of "bad" money out there. Right now, we've filtered and cleaned that out.

We were living on borrowed time as it was in the first place.
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Old 10-09-2008, 09:30 AM   #7 (permalink)
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Its gonna happen irregardless, economies go up, they go down.

Dont worry for to long though, someone will start a war soon and it will all be forgotten.
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Old 10-09-2008, 05:53 PM   #8 (permalink)
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World War 3!!!!!!!!!!!!!!!!
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Old 11-25-2008, 02:58 PM   #9 (permalink)
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So anyone really concerned yet? The fact that Citi bank had to be rescued right now really irked me a bit. The one thing I recall from the Great Depression was the amount of banks that ended up having to fold hence why you see only major, large banks today in the US who swallowed alot of them up. The fact that these big banks are in THAT much trouble is really scary actually.

That being said, I'm more and more believing that what we're witnessing is a shift in our economy, an overdue one imo, from a industrial/factory driven economy to a knowledge based economy. Sadly, this evolution is only compounding matters.
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Old 11-25-2008, 03:14 PM   #10 (permalink)
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Totally agree with everything Claudius said.

I can tell you guys that from a real estate perspective, things aren't so rosy as they were last year. 2007 was a record year in the GTA in terms of sales, and in stark contrast to this year where house prices have actually dipped a little for the time in years, it's causing people to panic.

The inventory for homes currently for sale is huge, and despite price reductions and lower interest rates, buyers are hesitant to put in offers.

The strange thing is that the pundits are forecasting a fairly strong retail showing for Christmas, so I think if Christmas does indeed turn out okay, it'll be a good indication of where we're heading in Canada. My sources point to the real estate market bouncing back sometime in February.

I don't think we have to be worried too much. I can, however, name off a string of people who are struggling much more than they were last year though, so it's definitely having more of a direct impact than what is happening to the banks and big companies.
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Old 11-25-2008, 03:19 PM   #11 (permalink)
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Why would a dip is house prices cause panic? It's about time they stopped soaring. Shit, it was the unbelievably high prices that had me in a panic.
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Old 11-25-2008, 03:23 PM   #12 (permalink)
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I don't think I've felt the effects of this so-called economic crisis.
Then only difference I've seen is the lower gas prices.
And coz of this I say... keep it up!

Last edited by you dont know me; 11-25-2008 at 03:25 PM.
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Old 11-25-2008, 03:24 PM   #13 (permalink)
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Well, like I said, 2007 was a record year. In fact, the real estate market has been running a hot streak for about 6 years now and I guess homeowners were so used to seeing their house value increase at a higher-than-average rate for a good period.

So to see your neighbours listing their houses for tens of thousands of dollars less seems to be scaring a lot of people. That's what I get from every client I run into. A lot of confusion and fear.

I agree, housing prices were definitely increasing faster than they should have
, and it's correcting itself now. Thankfully, it never reached the extremes of places like California or Arizona. But it's tough to explain to someone why their home which they could have sold for $420,000 last year should be listing for $390,000 this year.
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Old 11-25-2008, 03:30 PM   #14 (permalink)
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Quote:
Originally Posted by lang View Post
Well, like I said, 2007 was a record year. In fact, the real estate market has been running a hot streak for about 6 years now and I guess homeowners were so used to seeing their house value increase at a higher-than-average rate for a good period.
Just like the stockholders. I little perspective is called for, I think.
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Old 11-25-2008, 03:38 PM   #15 (permalink)
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Well a lot of projections have 2009 in a recession in Canada. I just hope its just that. A mild recession wouldn't hurt the market correcting itself. It seems that that Candian banks are all in good shape althought trying to get a loan now is harder than ever. I just hope it doesn't hit the Housing and Condo market really hard because thats when you see honest hard working people losing out.
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Old 11-25-2008, 07:27 PM   #16 (permalink)
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Gotta shutdown the world banks!! Got a good movie you can watch about it if anyone is interested, but they are the underlining reason for alot of shit.

All this debt countries are in.... America is so bad but they let England off a debt that would have crippled them years ago... it's all just imaginary numbers at the end of the day.
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Old 11-25-2008, 07:34 PM   #17 (permalink)
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I don't like that my home was reassessed for tax purposes at a value that I might have gotten in a few months had the market value continued to rise. It completely sucks. But I guess I have to be happy that I was paying at a lot less value than I should have for a while. It's all craziness.
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Old 11-25-2008, 11:54 PM   #18 (permalink)
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simple fact of the matter, money based on more money, essentially, interest, is and never will be a sustainable economic model. at some point there needs to be some sort of material behind it, sustaining it, land, food, water, whatever. Im lucky to have some land.
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Old 11-26-2008, 12:55 AM   #19 (permalink)
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Quote:
Originally Posted by ClingRap View Post
simple fact of the matter, money based on more money, essentially, interest, is and never will be a sustainable economic model. at some point there needs to be some sort of material behind it, sustaining it, land, food, water, whatever. Im lucky to have some land.
the fetishization of capital. its a house of cards.
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Old 11-26-2008, 05:09 AM   #20 (permalink)
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BMO posted a rise in profits.

Looks like people don't mind paying high gas prices now. All this negative media, when the markets good everything is to expensive, when the economy is going down we all have to lock ourselves in our houses, which are worth less than a pack of bread sticks, and everyone doesn't have a job.

Last time I checked employment is higher than 90% in the U.S. and Canada.
So what you can't buy a third flat screen TV and buy a house you can't afford, be thankful with what you have, people have it much worse around the world.
30-40% of the people in the world live on $1 a day and unemployment cheques are more than that

If there is a lesson to be learned its live within your means. If you make $30,000 live like a person making $30,000, if you make $60,000 live like a person making $60,000. This whole mess started with people taking out loans they couldn't afford, its not the banks fault, you don't have to take out a loan, its your choice.

Nobody talks about how the banks never wrote down these bad loans on their balance sheets. Doesn't it seem odd that every bank lost billions at the same time

Its a recession if your friend lost a job and its a depression if you lost yours

Last edited by Windex; 11-26-2008 at 05:15 AM.
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