3% drop.

[Ares]

BBC NEWS | Business | Shares on Wall Street plummet 3%




.... Wow, around a 3% drop on Wall Street.

That cant be good.

[The Mob]

hahahah...
and people still dont believe that we are in a recession. what idiots.

[Ares]

..Who doesn't believe it?
I think everyone has realized or complained about the prices...

[The Mob]

many different economists. and in the news they are still scarred of one. note how they say it, they are scarred of one. that means that they still have not recognized that it is already here.

the prices that you are talking about, higher gas and higher food prices are due to inflation and speculation

[BrioCloud]

Recession is two consecutive quarters of negative growth in the Real Gross Domestic Product. And somehow there has been an increase in the last one or the one before that. I live in Stockton California and was apart of the people who bought new houses, but now there are foreclosed home everywhere. However, these foreclosed homes are being bought cheap and are actually pretty good deals.

[Ares]

My girlfriends dad is doing that, hes being very smart. While all these foreclosed homes are going pretty cheap he is buying them. Waiting it out a few years then once the prices come up then it will be profit. Same with everything right now.

[BrioCloud]

My girlfriends dad is doing that, hes being very smart. While all these foreclosed homes are going pretty cheap he is buying them. Waiting it out a few years then once the prices come up then it will be profit. Same with everything right now.

Its not if your smart or not. You still have to have the money to buy them. Its not like their $20 per house.

[Fuggle]

BUT THE TV COMMERCIAL SAID IF I READ THEIR BOOK I CAN FIND 20$ FORECLOSED HOMES OF CRIMINALS AND SHIT! k

[FrogMan]

Yea Its all about money to buy those properties and if you liquid enough to afford to keep all em houses for a while.

[hellsing293]

It is a recession, but if the media panicked (yes, apparently it has a k) don't you think the people would panic? That's why I'm happy that I plan on going into a field where I make enough $$ to survive.

[uhoh711]

My dad still doesn't believe we're in a recession.

[SpoonMan999]

It is a recession, but if the media panicked (yes, apparently it has a k) don't you think the people would panic? That's why I'm happy that I plan on going into a field where I make enough $$ to survive.

That plan is just vague enough to work!

Also, we're not officialy in a recession yet but we are well on our way.

[BrioCloud]

I don't know whats the hype. I've been living comfortably. I just bought a mountain bike and driving training for $270. Pretty ironic now that I typed it out. But my parents aren't very wealthy and we are doing fine. Recession this recession that. People are going broke because you borrow too much money for housing. Come on now, its like abusing your credit card. If they were any smarter things like this wouldn't of happened.

The U.S. economy and housing market was always correlated. Many people was in the hype of buying new homes like my family. We moved from a very valuable but old and ugly house from the bay area in Oakland, to a cheaper brand new two story house in Stockton. The lines were so long in buying homes, people were put on waiting lists and the salesperson doesn't even care who walks in anymore, there were so much business. There was a record amount of buying houses, and now there there are a record amount of foreclosures. The hype was so big, that the price for each house rose $10,000 per week. The value of my home became twice that of what we purchased. It has now dropped a bit less than the value of which we purchased. People bought houses on loans, the loan is big, now that the house value has dropped, they don't want it anymore and can't sell it for the original price. You become bankrupt. The housing market loses money.

[SpoonMan999]

I don't know whats the hype. I've been living comfortably. I just bought a mountain bike and driving training for $270. Pretty ironic now that I typed it out. But my parents aren't very wealthy and we are doing fine. Recession this recession that. People are going broke because you borrow too much money for housing. Come on now, its like abusing your credit card. If they were any smarter things like this wouldn't of happened.

The U.S. economy and housing market was always correlated. Many people was in the hype of buying new homes like my family. We moved from a very valuable but old and ugly house from the bay area in Oakland, to a cheaper brand new two story house in Stockton. The lines were so long in buying homes, people were put on waiting lists and the salesperson doesn't even care who walks in anymore, there were so much business. There was a record amount of buying houses, and now there there are a record amount of foreclosures. The hype was so big, that the price for each house rose $10,000 per week. The value of my home became twice that of what we purchased. It has now dropped a bit less than the value of which we purchased. People bought houses on loans, the loan is big, now that the house value has dropped, they don't want it anymore and can't sell it for the original price. You become bankrupt. The housing market loses money.

There are three major issues with the economy right now:
-Oil
-The housing market
-The strength of the dollar

First, we look at oil, the price for oil goes up every day and thus the price for gas goes up every day. This means more money out of our pockets because the oil companies are trying to supply the rest of the world with oil and running low on supply, middle eastern countries know once they run out of oil they run out of power. The solution? Increase our own supply capabilities and start drilling in more places, such as off the coast of California.

Second, the housing market, what happened with the surplus in home owners turning into a surplus in forclosures is easily explained...loans. There were companies offering loans to people with little or no credit who did not have the assets to justify said loans. This means they weren't able to afford the payments and thus had to try and sell, but with the prices as high as they were it was hard to sell and thus they ended up going bankrupt and forclosing. Now, those homes are being sold cheap and prices have gone down, but people are too broke to buy them.

Third, the strength of the dollar, with Europe and China's currency sky rocketing in value it was a given that the dollar would lose a little value. Things have gone past "a little value" and it's starting to make the dollar look like a Peso (Mexican currency). Why is this? Quite simply Bush is doing pretty much jack shit to stop it from happening. We're in the middle of the largest productivity boom in our nation's history and our currency can't hold it's own anywhere and the stock market is in shit shape.

There's my two cents.

[valyaji]

I am lacking in the required post count on this site to post a URL. I am sorry that I did not know this and I will make an effort to correct this.