Buffett called it: Recession

[One Half Full]

Well, Warren B. just announced that we are in a Recession. None of this "stagflation" beating around the Bush. Well, in my opinion, the economy has been going to "hell in a hand-basket" for a good 10 years. The rich have been getting richer, the poor getting poorer, people have been forced to take out loans for things they would have been able to pay for before that time.

[HRx]

I think it's safe to speculate that we are going to see things get alot worse before them improve! Gas prices alone are were just about enough to drive the country into a recession. lol

[AMISLANDER]

What the heck are we going to do???? I'm so glad I filed a Ch.7 and not a 13; Will need every extra dollar just do put gas in the car and do laundry!

[One Half Full]

Speaking of Gas HRx. I hope that the automotive industry takes this opportunity to begin producing "affordable" hybred cars. Although we hear a lot about corn based ethenol, frankly, that is not going to work either. It sure has not kept the price of Gas at a reasonable level. Some Ethenol producers are going BK too. I was at some of the Pre-Iowa Caucus pep-rallies around here, and Hillary C was saying that "the future is here in Iowa" meaning corn-- you know, like ethenol-- and I am thinking, Gee, so you start to get the farmers to produce corn to make oil out of, and what happens to the beef/ hog industry? The more corn producers that shift to producing ethenol, the less will produce animal/people food. (Sort of the Irish Potato famine problem). Corn is an additive in a lot of foods. And believe me, there is not unlimited land for growing corn around here. Least-wise not that can be irrigated. LOL

[chpxiii]

Oh boy. My boyfriend and I spotted this recession last summer. But! Because of the "official" definition (negative growth in the GDP for 2 consecutive quarters) no one has been wanting to say it's a recession.

Of course not. How can we be so negative??? We have to be POSITIVE! And POLITICALLY CORRECT!

We called it. (But we're not famous and no one wants to hear us so they didn't listen! heheh...) Even had a young schmuck team member try to deny it was a recession because of the definition of a recession I just stated. But I've felt for the last going on 1 year that we're going into a recession. I feel so fortunate that I can live off of minimum wage. I'm just hoping I don't have to.

When you have a proven loser running the country, is this any surprise?

[BKOnce]

Can someone also fortune telling these Qs:

1. How long will this recession last?

2. Would it become another depression (No, not 1929-era again pur-pleazeee!! ...I beg yours not!)

[HRx]

Two recessions in an eight year period! That's fugly!!

[JollyGG]

Two recessions in an eight year period! That's fugly!!

Historically, on average there is a recession every seven years.

After all what goes up must come down.

[Bandit]

Can someone also fortune telling these Qs:

1. How long will this recession last?

2. Would it become another depression (No, not 1929-era again pur-pleazeee!! ...I beg yours not!)

1) Maybe one year but we hope not more than two years

2) Hope not but I would not check it off as in impossible.

[Bandit]

Two recessions in an eight year period! That's fugly!!

Historically, on average there is a recession every seven years.

After all what goes up must come down.

This time we did get two recessions in eight years. But you wont see it on the charts until later.

[HRx]

Historically, on average there is a recession every seven years.

After all what goes up must come down.

Most folks would probably be able to understand ONE recession every seven years, but TWO?? lol

[Bandit]

Oh boy. My boyfriend and I spotted this recession last summer. But! Because of the "official" definition (negative growth in the GDP for 2 consecutive quarters) no one has been wanting to say it's a recession.

Of course not. How can we be so negative??? We have to be POSITIVE! And POLITICALLY CORRECT!

We called it. (But we're not famous and no one wants to hear us so they didn't listen! heheh...) Even had a young schmuck team member try to deny it was a recession because of the definition of a recession I just stated. But I've felt for the last going on 1 year that we're going into a recession. I feel so fortunate that I can live off of minimum wage. I'm just hoping I don't have to.

When you have a proven loser running the country, is this any surprise?

There are people who study this all the time & can predict things from watching the economy but they don't want to say the wrong thing or the right thing THE WRONG WAY and lose their job. ROFL!
I think this one is way more chaotic than the one after 911 because no one can figure out for sure what is happening and put the pieces together that makes sense without sounding like a looney tune, like pieces are missing, so you have to wonder. I would rather know what is happening & see it coming than to sound like a moron or live in denial.

All too often people (including myself) simply do not want to hear the truth because it hurts too much.


Yes there is a big fat loser in charge...$%*(^@#$&*....
I bet he has a lot of paranoia & denial in that pea brain.

[One Half Full]

2. Would it become another depression (No, not 1929-era again pur-pleazeee!! ...I beg yours not!)

A Depression of the sort that hit the US and the World during the 30's would most likely never happen (in the same way) due to Government participation in the Economy through regulationand so on (FIDIC). Those who wish total de-regulation are actually just asking for a Depression. Each generation seems to find fun and easy ways to get around the rules. Remember the collapse of the Savings and Loans of the 80's. That was because they were unregulated.

The Credit/Mortgage industry does share some "fault" but it is only a participant in a chain of causality. Stuff like outsourcing jobs, China entering the junk business, Europe uniting under one currency, and the US continuing to sink in debt due to this damned silly and illogical War (which China used to apparently to barter unlimited and unbridled access to Walmart) are as much to blame.

None of that particular nonsense was around in the 1920's.

(Will it be over in a year?) Last time I read anything about it, the consensus was that it would be ugly and long. I think a year would be too short a time to re-group.

[Bandit]

Speaking of Gas HRx. I hope that the automotive industry takes this opportunity to begin producing "affordable" hybred cars. Although we hear a lot about corn based ethenol, frankly, that is not going to work either. It sure has not kept the price of Gas at a reasonable level. Some Ethenol producers are going BK too. I was at some of the Pre-Iowa Caucus pep-rallies around here, and Hillary C was saying that "the future is here in Iowa" meaning corn-- you know, like ethenol-- and I am thinking, Gee, so you start to get the farmers to produce corn to make oil out of, and what happens to the beef/ hog industry? The more corn producers that shift to producing ethenol, the less will produce animal/people food. (Sort of the Irish Potato famine problem). Corn is an additive in a lot of foods. And believe me, there is not unlimited land for growing corn around here. Least-wise not that can be irrigated. LOL

I was hearing that ethanol is costing too much to make & the clean up is more costly than oil. I don't know if it is true but I know that ethanol plants do produce a real bad smell- a one of kind smell that you cannot miss.

We can go for using the sun more but honestly, life & survival is not easy & it is a struggle no matter what we try that I have become more aware of the older I get. I can't pretend that life is easy any more because it isn't.
I enjoyed your post even though I am sure Hilary was just trying to get votes.

[JollyGG]

okay I couldn't take it. I had to look up when past recessions have been and how long they have lasted.

http://adage.com/datacenter/article?article_id=122402

and http://en.wikipedia.org/wiki/Recession

July '53 - May '54 = 10 months
August '57 - April ' 58 = 8 months - 3 1/2 years since previous recession
April '60 - Febuary '61 = 10 months - 2 years since previous recession
Dec '69 - November '70 = 11 months - 9 years since previous recession
November '73 - March '75 = 16 months - 3 years since previous recession
January '80 - July '80 = 6 months - 5 years since previous recession
July '81 - November '82 = 16 months - 1 year since previous recession
July '90 - March '91 = 8 months - 8 1/2 years since previous recession
March '01 - November '01 = 8 months - 9 years since previous recession
2008? - 7 years since previous recession

The great depression lasted 3 1/2 years or 42 months.