Bernanke: Economic outlook has worsened

Discussion in 'Money Talk$' started by JamieinNH, Feb 14, 2008.

  1. JamieinNH

    JamieinNH
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    WASHINGTON - Federal Reserve Chairman Ben Bernanke told Congress Thursday that the country’s economic outlook has deteriorated and signaled that the central bank is ready to keep on lowering a key interest rate — as needed — to shore things up.

    In remarks to the Senate Banking Committee, Bernanke said the one-two punch of the housing and credit crises has greatly strained the economy. Hiring has slowed and people are likely to tighten their belts further, as they are pinched by high energy prices and watch the value of their single biggest asset — their homes — weaken, he warned.


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    Now, where in the world are all those people posting in this forum just a few short months ago saying that the economy was just fine? I wonder why those people never post anything in these types of threads that clearly show our economy is and has been sagging for a long time now.



    Jamie
     
  2. StefanM

    StefanM
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    "Move along. The economy is fine. Nothing to see here, folks..."
     
  3. JamieinNH

    JamieinNH
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    While a lot of people would like to think there is nothing to see... It is my opinion, that in time you will see there is a lot to see and worry about. If things don't change this country will not be able to continue as it has.

    Time will surely tell...

    Jamie
     
  4. billwald

    billwald
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    It's a done deal. Make plans to live with a lower standard of living. Say with half your present net income.
     
  5. StefanM

    StefanM
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    I completely agree. I believe that we are already in a recession, and with the looming crisis in health care, it's only going to get worse.
     
  6. Revmitchell

    Revmitchell
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    The word recession gets a bad rap. It as we all know it simply means slower growth for two quarters. Recession happens for a number of reasons. Currently we have the slower housing market because lenders are less likely to give out loans to as many people. People defaulting on subprime loans put a stop to much of that.

    The housing market has also slowed because housing prices have been greatly inflated and overvalued. In Florida property taxes have run people out of their home alone.

    Recession is not always a bad thing. It is likely to occur from time to time because growth can only go so far. These are natural adjustment.

    Unfortunately some use these natural adjustments much like they use natural changes in the earths temperature. As politcial tools to gain power. So the situation is presented as a crisis and the one working for power says so and so is the one to fix the crisis.

    The same goes for future speculation as to how far the problem will go.

    It is not necessary to guess whether we are in a recession or not. Growth can be measured quite effectivley. It is like being pregnant. Either we are or we are not. So if we are going to "believe" we are in a recession then apparently you have some figures for that.
     
  7. StefanM

    StefanM
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    The economic data can't be fully compiled until a while into the recession.

    It is my belief that once the data can be analyzed, we will recognize this period as a recession.
     
  8. saturneptune

    saturneptune
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    If I remember correctly, Florida does not have an income tax. My guess is that your property tax is lower than most other state's property tax plus the income tax.
     
  9. saturneptune

    saturneptune
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    The reason we are in a bad fix on the economy is our own fault. It is called greed. People expect to have the best of housing starting off in their early 20s, so they buy mortgages that greedy companies should never have been allowed to sell. The creative way to live beyond ones means, increasing interest rates, interest only, balloon payments, assuming a outrageous increase in equity each year. If one cannot afford a fixed rate 15 or 30 years, paying no more than 25% of your net monthly pay, then one cannot afford the house.

    It is the same with cars. Lets buy the fanciest car we can. So now, we can finance a car for 84 months. The same goes for all the other ridiculous toys we must have we cannot afford, the ipods, ephones, and other such nonsense.

    The concept of starting off a family modestly, saving each month, and setting aside for giving is out the window. We have not only taken away the savings and giving, we spend more than we make.

    Where did we learn this? How about the federal government, from both Republicans and Democrats. What is the difference between tax and spend, and raise the deficit and spend? What is the difference? The end result is the same, disaster.

    I am not sure when this got out of control. The baby boom generation is the last generation that pays any attention to this at all. Most alive today never lived through a depression, or a real world war. Its called being spoiled brats. Give me my toys.

    We saw slides of a missionary trip to Zambia last Sunday. What a different world. They never worried about a virus in their computer, what color their next car is, how their 401K is doing, or what songs they can download to their ipod.

    What do you think God thinks about America's greed in general? How many Americans give Him thanks for basics like food, shelter? We not only dont give thanks, we expect more and more. Wants have become needs.

    It seems to me God is fully justified to cut off the blessings to this nation.
     
  10. saturneptune

    saturneptune
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    posted in error
     

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