Who or What do you think started this Economic Recession we are now officially in?
It took them long enough to figure that one out!
Personally I believe the greedy oil companies are the biggest blame for our economic woes.
Did you notice how the bottom fell out on the price of crude oil after Congress said that we could start exploring for oil off our coast?
Now it looks like now since oil prices are down it has been set on the back burner again. That is exactly what Opec wanted!
What do you think?
Full Version: Who Started the Recession
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I don't think you can blame this mess on one industry, one group of people, or one political party. I think there is plenty of blame to go around, and one of the biggest problems was greed, including private citizens who lived beyond their means and took out loans and ran up credit charges they couldn't afford to pay back, and also those who have not supported American workers and industry by buying American products. I think anyone that is inclined to place blame needs to look in the mirror first.
I totally agree with your post ccofer 
Also add in that the current administration waited way too long to try and do anything to help everyone out. As is see it he(Bush) is the lamest President this great country of ours has ever had. His daddy runs a very close second.
Also add in that the current administration waited way too long to try and do anything to help everyone out. As is see it he(Bush) is the lamest President this great country of ours has ever had. His daddy runs a very close second.
QUOTE (ccofer @ Dec 2 2008, 05:31 PM) 
I don't think you can blame this mess on one industry, one group of people, or one political party. I think there is plenty of blame to go around, and one of the biggest problems was greed, including private citizens who lived beyond their means and took out loans and ran up credit charges they couldn't afford to pay back, and also those who have not supported American workers and industry by buying American products. I think anyone that is inclined to place blame needs to look in the mirror first.
Excellent! Exactly!!
I think the media and scared people started it. People wanted someone to blame for something so they started scaring people and then people stop shopping and start hoarding food and supplies. We are a scared and stupid species when it comes to the economy and finances. Our survival mode kicks in and people stop being people and start only thinking of themselves. No government program promised by Obama will bring us out of it. All he can do is band-aid and put a social program on it which will cause more problems and loss of civil liberties.
That's my opinion. I also agree with the previous poster that instant gratification has a lot to do with as well which puts the thinking of themselves into play.
That's my opinion. I also agree with the previous poster that instant gratification has a lot to do with as well which puts the thinking of themselves into play.
It is without a doubt that we see too much in the media about what bad shape the economy is in and stop spending. Being as we are a country based on a social enterprise consisting of buying and spending, and if we do buy and spend then all is going well, but if we stop due to all the media blitz then we fail with our type of free enterprise as far as our spending habits go. Other countries watch us and follow suit and as the USA goes so does the rest of the world.
There is no doubt things are not good, but hoarding will only make it worse. I do not agree that anything Obama does will only be a band aid on the already existing problems. As witness in my childhood of how the economy was turning around from the troubles we had after WW2, with the social programs that FDR put into place such as the WPA, Work Projects Administration, which gave people jobs and therefore money to spend. In the 50's we did not have a lot but we got by with regardless. In the 60's we fought against war and we denied that because of the awful war going on that the economy was going well and we bought our kids all we could since we were denied so much as children of war ourselves. We taught them that if something was good, then too much was great. Therefore they became the citizens who now take on mortgages that are way and above their means and file bankruptcy and then do it all over again. We can not survive on a vicious circle like that...we must learn once again to live within our means. We have to teach our children that a penny saved is indeed a penny earned once again and how to invest that penny wisely and to not go and "blow" what they penny has returned to them. For years people like Suzie Orman has preached this to us and we ignored such gurus for the most part overall. The biggest part of this great country of ours spend every dime they can and more and think it would or will never end and the money will just keep rolling in from someplace, but guess what it hasn't. Instead of creating programs like the WPA, we gave everyone who put their hand out government assistance and now the cash cow is drying up and we can't even help our own anymore. We opened our country to everyone and helped them too, not always a bad thing, but sorry it is very true that charity starts at home. If we can not feed and clothe all we already have how can we continue to let more stream across our borders? Maybe we need better regulations that other countries had already implemented on allowing people to come and stay in our country.
What does all this mean? It means just what is happening to us today here and in other countries. Recession, poverty, homeless people who once made 100k a year and spent it all by living above their means. At this point a band aid might very well help. I am not a big huge Obama fan and or supporter, but he is now our president and we have to try to support him and the Democrats (who historically bring about a better economy) and we have to work as one or as the saying goes we will fall if we stay so divided.
There is no doubt things are not good, but hoarding will only make it worse. I do not agree that anything Obama does will only be a band aid on the already existing problems. As witness in my childhood of how the economy was turning around from the troubles we had after WW2, with the social programs that FDR put into place such as the WPA, Work Projects Administration, which gave people jobs and therefore money to spend. In the 50's we did not have a lot but we got by with regardless. In the 60's we fought against war and we denied that because of the awful war going on that the economy was going well and we bought our kids all we could since we were denied so much as children of war ourselves. We taught them that if something was good, then too much was great. Therefore they became the citizens who now take on mortgages that are way and above their means and file bankruptcy and then do it all over again. We can not survive on a vicious circle like that...we must learn once again to live within our means. We have to teach our children that a penny saved is indeed a penny earned once again and how to invest that penny wisely and to not go and "blow" what they penny has returned to them. For years people like Suzie Orman has preached this to us and we ignored such gurus for the most part overall. The biggest part of this great country of ours spend every dime they can and more and think it would or will never end and the money will just keep rolling in from someplace, but guess what it hasn't. Instead of creating programs like the WPA, we gave everyone who put their hand out government assistance and now the cash cow is drying up and we can't even help our own anymore. We opened our country to everyone and helped them too, not always a bad thing, but sorry it is very true that charity starts at home. If we can not feed and clothe all we already have how can we continue to let more stream across our borders? Maybe we need better regulations that other countries had already implemented on allowing people to come and stay in our country.
What does all this mean? It means just what is happening to us today here and in other countries. Recession, poverty, homeless people who once made 100k a year and spent it all by living above their means. At this point a band aid might very well help. I am not a big huge Obama fan and or supporter, but he is now our president and we have to try to support him and the Democrats (who historically bring about a better economy) and we have to work as one or as the saying goes we will fall if we stay so divided.
QUOTE (gen328 @ Dec 6 2008, 11:30 PM)
It is without a doubt that we see too much in the media about what bad shape the economy is in and stop spending. Being as we are a country based on a social enterprise consisting of buying and spending, and if we do buy and spend then all is going well, but if we stop due to all the media blitz then we fail with our type of free enterprise as far as our spending habits go. Other countries watch us and follow suit and as the USA goes so does the rest of the world.
Do you really think the international crisis is due to their copy of USA's limited spending? No way, the US authorized to give credits to peeps who previously couldn't get a mortgage and of course banks did what they love to do ... sell money... and after that sell the contracts to other banks... internationally. So when the interest went up slowly, more and more people couldn't afford to pay back, and internationally banks lost a real lot of money. Here in Europe we are confronted with large terrible loses our banks have had due to investing in US banks.
Banks no longer have any money to give credits to businesses that are able to pay back the money and are very careful with giving loans now...this has its reflection on the economy ... most businesses cannot work without credits. Banks want to have money coming in so they want you to save the money on your saving accounts. Banks need that money to give loans (to the ones who can surely pay them back). In this era of globalization you cannot say that US just should take care better for itself and not worry about all the other countries, US needs the other countries as the other countries are very important for US economy.
There is no doubt things are not good, but hoarding will only make it worse. I do not agree that anything Obama does will only be a band aid on the already existing problems. As witness in my childhood of how the economy was turning around from the troubles we had after WW2, with the social programs that FDR put into place such as the WPA, Work Projects Administration, which gave people jobs and therefore money to spend. In the 50's we did not have a lot but we got by with regardless. In the 60's we fought against war and we denied that because of the awful war going on that the economy was going well and we bought our kids all we could since we were denied so much as children of war ourselves. We taught them that if something was good, then too much was great. Therefore they became the citizens who now take on mortgages that are way and above their means and file bankruptcy and then do it all over again. We can not survive on a vicious circle like that...we must learn once again to live within our means. We have to teach our children that a penny saved is indeed a penny earned once again and how to invest that penny wisely and to not go and "blow" what they penny has returned to them. For years people like Suzie Orman has preached this to us and we ignored such gurus for the most part overall. The biggest part of this great country of ours spend every dime they can and more and think it would or will never end and the money will just keep rolling in from someplace, but guess what it hasn't. Instead of creating programs like the WPA, we gave everyone who put their hand out government assistance and now the cash cow is drying up and we can't even help our own anymore. We opened our country to everyone and helped them too, not always a bad thing, but sorry it is very true that charity starts at home. If we can not feed and clothe all we already have how can we continue to let more stream across our borders? Maybe we need better regulations that other countries had already implemented on allowing people to come and stay in our country.
I have always learned that it is not easy at all to immigrate to the US, that there are rather tough instructions already as we have here too nowadays. Next to that I want to ask you to pay some attention to the economic side of charity. I am sure lots of US companies make big money due to international charity, as soon as that charity stops ... it will directly reflect negatively to the economic situation in the US.
What does all this mean? It means just what is happening to us today here and in other countries. Recession, poverty, homeless people who once made 100k a year and spent it all by living above their means. At this point a band aid might very well help. I am not a big huge Obama fan and or supporter, but he is now our president and we have to try to support him and the Democrats (who historically bring about a better economy) and we have to work as one or as the saying goes we will fall if we stay so divided.
Do you really think the international crisis is due to their copy of USA's limited spending? No way, the US authorized to give credits to peeps who previously couldn't get a mortgage and of course banks did what they love to do ... sell money... and after that sell the contracts to other banks... internationally. So when the interest went up slowly, more and more people couldn't afford to pay back, and internationally banks lost a real lot of money. Here in Europe we are confronted with large terrible loses our banks have had due to investing in US banks.
Banks no longer have any money to give credits to businesses that are able to pay back the money and are very careful with giving loans now...this has its reflection on the economy ... most businesses cannot work without credits. Banks want to have money coming in so they want you to save the money on your saving accounts. Banks need that money to give loans (to the ones who can surely pay them back). In this era of globalization you cannot say that US just should take care better for itself and not worry about all the other countries, US needs the other countries as the other countries are very important for US economy.
There is no doubt things are not good, but hoarding will only make it worse. I do not agree that anything Obama does will only be a band aid on the already existing problems. As witness in my childhood of how the economy was turning around from the troubles we had after WW2, with the social programs that FDR put into place such as the WPA, Work Projects Administration, which gave people jobs and therefore money to spend. In the 50's we did not have a lot but we got by with regardless. In the 60's we fought against war and we denied that because of the awful war going on that the economy was going well and we bought our kids all we could since we were denied so much as children of war ourselves. We taught them that if something was good, then too much was great. Therefore they became the citizens who now take on mortgages that are way and above their means and file bankruptcy and then do it all over again. We can not survive on a vicious circle like that...we must learn once again to live within our means. We have to teach our children that a penny saved is indeed a penny earned once again and how to invest that penny wisely and to not go and "blow" what they penny has returned to them. For years people like Suzie Orman has preached this to us and we ignored such gurus for the most part overall. The biggest part of this great country of ours spend every dime they can and more and think it would or will never end and the money will just keep rolling in from someplace, but guess what it hasn't. Instead of creating programs like the WPA, we gave everyone who put their hand out government assistance and now the cash cow is drying up and we can't even help our own anymore. We opened our country to everyone and helped them too, not always a bad thing, but sorry it is very true that charity starts at home. If we can not feed and clothe all we already have how can we continue to let more stream across our borders? Maybe we need better regulations that other countries had already implemented on allowing people to come and stay in our country.
I have always learned that it is not easy at all to immigrate to the US, that there are rather tough instructions already as we have here too nowadays. Next to that I want to ask you to pay some attention to the economic side of charity. I am sure lots of US companies make big money due to international charity, as soon as that charity stops ... it will directly reflect negatively to the economic situation in the US.
What does all this mean? It means just what is happening to us today here and in other countries. Recession, poverty, homeless people who once made 100k a year and spent it all by living above their means. At this point a band aid might very well help. I am not a big huge Obama fan and or supporter, but he is now our president and we have to try to support him and the Democrats (who historically bring about a better economy) and we have to work as one or as the saying goes we will fall if we stay so divided.
In my humble opinion we have to accept again that trees don't grow to heaven, economy has its ups and downs that was always the case. Now we see a situation where we didn't accept in time that we had to step back ... there were enough signals already that grow seemed to stop, and by changing the rules for giving credit to people with lower incomes so all people could afford a house of their own, they tried to earn a lot as long as possible.
The only thing that can be done now is trying to minimize the bad effects, and re-educate ourselves. We were spending too much and our spending caused the growth of this economy, when the spendings became that high that the credits couldn't be paid back ... the domino effect started. You can see it around you.... most cars are bought with loans ... loans are very tough to get nowadays so the car industy suffers, for houses you do need a loan ... same story ... small shops need loans to pay their stock ... no loans ... no products to sell so the business goes bancrupt.
The manufactures need your money to buy their products, the bank needs your money on your savings account so they can give loans ...
As we really need a solid banking system again, we should save money ... Yes some companies will tell you that you shouldn't stop spending your money... as they want to survive as long as possible and therefor they need your spendings... But in my opinion this is only the start of the crisis... domino stones have just started falling... So if you do have some money now you don't really need... put it on a safe legally guaranteed savings account, so when times are really, really tough you'd still have some money at hand.
It's the people plain and simple. Trying to keep up with the Jonses next door but guess what now the Jonses are homeless and so are you.
QUOTE (ccofer @ Dec 3 2008, 07:31 AM)
I don't think you can blame this mess on one industry, one group of people, or one political party. I think there is plenty of blame to go around, and one of the biggest problems was greed, including private citizens who lived beyond their means and took out loans and ran up credit charges they couldn't afford to pay back, and also those who have not supported American workers and industry by buying American products. I think anyone that is inclined to place blame needs to look in the mirror first.
I think that you're right, in part.
I firmly believe that the roots of this began years ago when US manufacturing began moving
out of the US into Mexico and other countries because labor was much cheaper there that here. The South used to be
known for it's textile mills and now I can't think of even one that is still in operation close by - there used to be
over ten within driving distance of my home. It took away thousands of US jobs and forced us to rely on other countries for the products that we once produced ourselves.
Even the cars, trucks and SUV's manufactured by the "Big Three" auto makers have parts and component systems manufactured outside the US.
Technology is another part of it - there are now robots or machines (mail sorters, etc. ) in so many plants and large offices that do the work humans
used to do. They don't get tired, they don't take breaks, get sick, or go on vacation.
I'm just as guilty as anyone of 'over-consuming', but i'm trying to correct that. I bought a lifetime's worth of perfume, lotion, soap, and beauty products when I worked at Bath and Body Works. I won't have to buy anything else for a LONG time. I now make my own laundry detergent, am planting a huge orchard with fruit and nut trees, growing my own coffee plants and soap nuts (natural detergent), planning a large garden, a larger herb garden, learning to sew and quilt and cook from scratch the way my great-grandmother did. I'm not nearly as wasteful as I used to be, and I find new ways to save what little money I have everyday. It doesn't mean that i've quit spending money - I just spend it differently. I
don't buy prepared meals anymore - I buy cornmeal and flour and sugar and butter and eggs and the essentials and I spend more time in the kitchen cooking. I'm finding that i'm a pretty good cook!
I don't trash a pair of socks because they have a hole in them - I buy a spool of thread in that color and fix them.
I re-dyed my black jeans when they turned greyish instead of buying new ones. I had my shoes re-soled. I bought those Sham-Wow things and quit using paper towels. Yes, overall i'm spending less. I have less money to spend. Gary's not supporting me anymore - I'm supporting myself and Lilli on what I make at my part time job. It takes
creativity and hard work. I'm rather proud of myself for pulling it off so far, actually.
Cheri
I heard that greedy people start recession,
those who do everything to get money, even by illegal means.
those who do everything to get money, even by illegal means.
The bankers who thought no down payment on home loans was good idea
The bankers who thought low interest rate for few years then 27 years of higher interest rates
The bankers who did not check out who was buying the houses and if could afford them
Mean they been talking of housing bubble coming for years so this was foreseeable.
The people who bought more house then could afford.
People who do not save for rainy day know I was happy in first half of 2008 I had a rainy day fund.
Trying to rebuild it again right now.
The bankers who thought low interest rate for few years then 27 years of higher interest rates
The bankers who did not check out who was buying the houses and if could afford them
Mean they been talking of housing bubble coming for years so this was foreseeable.
The people who bought more house then could afford.
People who do not save for rainy day know I was happy in first half of 2008 I had a rainy day fund.
Trying to rebuild it again right now.
George W Bush?
QUOTE (_Danny_ @ Jan 17 2009, 10:05 AM)
George W Bush?
Good one
He certainly did nothing to help! Thank goodness we've got someone with a smart head on his shoulders now.
As for what started the downturn? I'm not sure but the banks played a huge part in it; the hoarding of wealth and greed by individuals and corporations has gotten out of control; the media is not doing a proper job of giving people unbiased information to make good decisions; we're not properly supporting our local businesses or farmers; I could go on but you get the idea.
well i m not sure who started the recession it happening everywhere at the moment and its getting worse
The evil teddy bears from Mars who used your credit card to buy things online and put thousands of people in debt. They also use the cuteness ray to get you to buy things you don't need and have used mind control devices on major television groups to promote their leader Hannah Montana!
What Recession? I am making more money now than I ever have in my LIFE! 
QUOTE (oldbuddy @ Jul 25 2009, 06:31 PM)
What Recession? I am making more money now than I ever have in my LIFE!
I totally Agree with you 1000000% Ever since this reccession started my sites have taken one of their biggest BOOMS! People are doing offers constantly trying to win contests and referring more people every time. This recession has let the GPT Business Grow (PTC, PTP, PTS, etc). Since people are at home because they have been fired or they dont have a job, they look for new ways to make money from Home!
QUOTE (ccofer @ Dec 3 2008, 12:31 AM)
I don't think you can blame this mess on one industry, one group of people, or one political party. I think there is plenty of blame to go around, and one of the biggest problems was greed, including private citizens who lived beyond their means and took out loans and ran up credit charges they couldn't afford to pay back, and also those who have not supported American workers and industry by buying American products. I think anyone that is inclined to place blame needs to look in the mirror first.
It's probably a combination of everything that is replied in this topic, but I tend to agree with ccofer.
Greed of banks worldwide, greed of citizens, greed of the oil producing countries, etc.
But I still believe in the economic power of the United States, I hope that Obama will focus on the new green economy that will dominate in the future. Not only because of pollution, but also because of the limitations on oil production.
Solar, wind, biofuel, etc. will be the next domains where the U.S. can make the difference with the rest of the world. Silicon Valley is the place to create the most efficient solar cells if you ask me
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