Are we headed for another crash?

Cody montana

I've come to the conclusion that no one knows what's going to happen.
So just enjoy life.

MadsL

https://www.youtube.com/watch?v=hfjGSfuSQpA

Menas

Economy needs airbags.

K-9

JustTheOne wrote: »

Our crash was largely in part to the construction industry.

Too many houses been built noone to buy them.

This time around we seem to have learned, but we still have the left crying for 100,000 houses to be built.

Sound familiar?

Lol, the right are also calling for more house building.

Of all the things to blame the left for I've seen over the last few months... I hope that was just a caricature post.

JustTheOne

K-9 wrote: »

Lol, the right are also calling for more house building.

Of all the things to blame the left for I've seen over the last few months... I hope that was just a caricature post.

Left are calling for free houses for everyone.

Wahey lads.

lisasimpson

its the countries not majorly impacted by the last recession will feel the effects of this one. Australia could be one of the big loosers,,, Canada to an extend due to the drop in oil and the impact on fracking

Steppenwolfe

jetsonx wrote: »

Don't worry lads. Jim Power from Friends First said it would be a soft landing. Always optimistic our Jim...

The soft landing 'experts' were the worst of the lot. I was listening to the radio shortly before the last property crash. The presenter was putting the case to one of those stockbroker economists that the property market was grossly overpriced and the coming correction was inevitable. He also mentioned how every property bubble in history had eventually burst so why was ireland any different. The economist's case was basically ireland was different because of the demographics and there were so many young people who need houses and the economy was still growing. His worse case scenario was the popular soft landing spiel. I've never studied economics, but even I knew he was talking out his arse. At the time I thought he was just an idiot and wondered how he had such an important financial position. I've since realised it was all part of the flim flam by the financial institutions. A young woman where I worked was buying a house at the time. I was aghast when she told me. I tried to explain it was madness and she should hang on for 6 months at least. She was dismissive of my reasoning and gave me back the same arguements she'd heard in the media from the flim flam merchants about a possible soft landing at worse. She wasn't too nice about it either. She said I should be wearing one of those 'the end is nigh ' signs and made a laugh of me. Her husband lost his job in the crash. Shortly after this she broke down crying at her desk. They had a baby on the way and they couldn't afford to keep up with the mortgage. I was tempted to ask her how that soft landing was working out for her, but she was in such a state I didn't bother.

melissak

KomradeBishop wrote: »

It's deliberate though - not something 'we' are doing, something being done to us - it's not a mistake. Looks who stands to gain, through every stage (good and bad) of the crisis: The same people who caused it in the first place.

True. But we all go along with it.

dasdog

Aongus Von Bismarck wrote: »

I can see there being corrections in a number of markets. I stand to make significant money in the event of a crash in European shares. The Australian economy tanking due to a commodities bust would also serve me well.

Canada is getting hit even harder than Oz. Their crime stats are ticking up as their petro state economy melts due to the oil price collapse. And their crude is even cheaper than WTI.

Laois_Man wrote: »

Funny this thread should pop up today coz only last night, I read an article on (according to the express) the imminent collapse of Germany and by definition, the Euro
http://www.express.co.uk/finance/city/634309/Europe-on-the-brink-of-financial-meltdown-as-Germany-faces-financial-ruin

Did they mention sterling is rapidly falling on Brexit fears, a manufacturing slowdown, zero inflation and low Brent crude? The Euro zone certainly has its problems both politically and economically but German unemployment hit a 24 year low two weeks ago.

www.dailyshot.info has an excellent high level digest of whats going on. The Food for Thought section at the end always has some really interesting and random (non-economic) data.

KomradeBishop

melissak wrote: »

True. But we all go along with it.

go along with someone or something
1. Lit. to travel along with someone or something. Dorothy went along with the scarecrow for a while until they met a lion.
2. Fig. to agree with someone or agree to something. I will go along with you on that matter. I will go along with Sharon's decision, of course.
3. Fig. to consent on the choice of someone or something. I go along with Jane. Tom would be a good treasurer. Sharon will probably go along with chocolate. Everyone likes chocolate!
4. Fig. to play along with someone or something; to pretend that you are party to someone's scheme. I went along with the gag for a while.

I don't think you can show that 'we all' do go along with it. The public can barely comprehend the issues at hand, to even know what they'd be 'going along' with.

FTA69

I know every socialist has said the same since time immemorial but I do believe a massive correction of the current system will occur in my lifetime, it's simply ludicrous to have so much wealth concentrated in the hands of so few while everything else goes to sh*t.

Bongalongherb

Idbatterim wrote: »

sure didnt bertie say the same thing?! something something about committing suicide, well it turns out his tongue in cheek comment, turned out pretty accurate...

Yeah Bertie said that anyone that thinks the economic boom is going to go bust should commit suicide, but he wouldn't stop waffling when interviewed, no-one could get a word in edgeways.

https://www.youtube.com/watch?v=nE5o79AOXAw

JustTheOne

FTA69 wrote: »

I know every socialist has said the same since time immemorial but I do believe a massive correction of the current system will occur in my lifetime, it's simply ludicrous to have so much wealth concentrated in the hands of so few while everything else goes to sh*t.

You would swear the whole country is living in some shanty town like Ethiopia the way youre going on.

Everything else goes to sh*t, what does that even mean?

c_man

JustTheOne wrote: »

You would swear the whole country is living in some shanty town like Ethiopia the way youre going on.

Everything else goes to sh*t, what does that even mean?

Ah here, it's no secret that wealth is increasingly concentrated in the top tiers of society and that its been accelerated since the 2008 crash.

nyarlothothep

FTA69 wrote: »

I know every socialist has said the same since time immemorial but I do believe a massive correction of the current system will occur in my lifetime, it's simply ludicrous to have so much wealth concentrated in the hands of so few while everything else goes to sh*t.

I would like to believe that but it didn't stop people tolerating massive wealth inequality in the middle ages with the exception of Wat Tyler. People will defend a system to the hilt if they believe it guarantees a sense of stability, now we have an ideological justification for it, it's called neoliberalism, and you have bread and circuses in the form of dominoes pizza and 'netflix binges' (I really dislike that phrase, it's like people expect a medal for vegging out in front of a tv on the basis that they might be awarded 'geek points'). So as long as the masses have their takeaway pizzas and netflix they will put up with long hours, high taxes, a diminishing standard of life in general and the fact that they are just work units and not citizens, to be used by their financial masters as they see fit. Plus ça change.

Mr. teddywinkles

nyarlothothep wrote: »

I would like to believe that but it didn't stop people tolerating massive wealth inequality in the middle ages with the exception of Wat Tyler. People will defend a system to the hilt if they believe it guarantees a sense of stability, now we have an ideological justification for it, it's called neoliberalism, and you have bread and circuses in the form of dominoes pizza and 'netflix binges' (I really dislike that phrase, it's like people expect a medal for vegging out in front of a tv on the basis that they might be awarded 'geek points'). So as long as the masses have their takeaway pizzas and netflix they will put up with long hours, high taxes, a diminishing standard of life in general and the fact that they are just work units and not citizens, to be used by their financial masters as they see fit. Plus ça change.

What's a worker bee if its not a happy one.

wil

JustTheOne wrote: »

Everything else goes to sh*t, what does that even mean?

It'll be cheaper to holiday abroad, again.

nyarlothothep

Mr. teddywinkles wrote: »

What's a worker bee if its not a happy one.

I wouldn't say happy, more like they have a pacifier.

minikin

Feck all y'all, I'm getting back into gold
(As soon as I collect my spangly disco jumpsuit from the dry cleaners)

Steve012

SEPT 23 1989 wrote: »

If oil goes down to 20 dollars a barrel the knock on effect will be as bad as 2008

Yep.

Tigger

FTA69 wrote: »

I know every socialist has said the same since time immemorial but I do believe a massive correction of the current system will occur in my lifetime, it's simply ludicrous to have so much wealth concentrated in the hands of so few while everything else goes to sh*t.

what have you done for me lately to make me feel good

Gavlor

FTA69 wrote: »

I know every socialist has said the same since time immemorial but I do believe a massive correction of the current system will occur in my lifetime, it's simply ludicrous to have so much wealth concentrated in the hands of so few while everything else goes to sh*t.

It has been that way for centuries from the Vikings to the Romans to the colonial empires to capitalism.

Society will always be divided between rich and poor.

Mongfinder General

Gavlor wrote: »

It has been that way for centuries from the Vikings to the Romans to the colonial empires to capitalism.

Society will always be divided between rich and poor.

And you can always pay one half of the poor to fight the other half.

tabby aspreme

Is this the second coming of an Eddie Hobbs series

Bongalongherb

nyarlothothep wrote: »

I would like to believe that but it didn't stop people tolerating massive wealth inequality in the middle ages with the exception of Wat Tyler. People will defend a system to the hilt if they believe it guarantees a sense of stability, now we have an ideological justification for it, it's called neoliberalism, and you have bread and circuses in the form of dominoes pizza and 'netflix binges' (I really dislike that phrase, it's like people expect a medal for vegging out in front of a tv on the basis that they might be awarded 'geek points'). So as long as the masses have their takeaway pizzas and netflix they will put up with long hours, high taxes, a diminishing standard of life in general and the fact that they are just work units and not citizens, to be used by their financial masters as they see fit. Plus ça change.

It was written in the network a long time ago while vegging out in front of our plasma TV's and our automobiles and toasters and then we ripped the curtains back on each-side with such a furious anger and shouted...

Extended Version

https://www.youtube.com/watch?v=0iVmKoe5w5o

Glenbhoy

seamus wrote: »

Stock market crashes and economic crashes aren't the same thing. Money in the stock markets isn't real money.

The problems arise when companies are too leveraged against stock markets with their cash and then the arse falls out of it. The conditions here in Ireland are nowhere near the same as they were back in 2007. There's no reason to expect a 10% stock market drop to result in massive job losses or wage cuts like before. In fact, no reason not to expect moderate growth here to continue.

Except that as an extremely open economy with very limited domestic demand, we are almost totally dependent on the the continued economic wellbeing (or continued illusion of same) of the rest of the world.
Imo the can that was hoofed down the road in 08/09 has to stop rolling sometime, expansionary economics has exceeded my expectations in delaying the crash, but it is coming, and now with China being exposed for what it is, the piper must finally be paid!

c_man

SEPT 23 1989 wrote: »

If oil goes down to 20 dollars a barrel the knock on effect will be as bad as 2008

I hope the "There's E500 billion of oil off the West Coast" crowd will update their placards at least.

melissak

c_man wrote: »

I hope the "There's E500 billion of oil off the West Coast" crowd will update their placards at least.

I don't think so. Regardless of the price of oil worldwide I would not expect the price at the pump to change greatly. It would not be our way...

gctest50

c_man wrote: »

I hope the "There's E500 billion of oil off the West Coast" crowd will update their placards at least.

IHS estimates the value of DRC Congo's mineral wealth at as much as $24 trillion

mariaalice

As far as I can see there seems to be a vast unseen pendulum in society and every thing swings back and forth to the extremes and then back to the middle from neo liberalism to the social contract with society. It is not anything to do with capitalism as such. Its more to do with culture and human society.

Even if you look at terrorism you see it, in the 1970's it was left wing terrorism such as the red brigade and now you have right wing/fascism terrorism such as isis.