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Author Topic: Upcoming Crash Will Be ‘Worse Than 2008’ Says Economist Peter Schiff  (Read 54693 times)
Wiggs
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« Reply #25 on: September 03, 2012, 05:31:54 PM »

Deebo expanding into white collar crimes.
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« Reply #26 on: September 03, 2012, 05:52:49 PM »

Dennis Kneale Slaps Clown Peter Schiff For His Failed Doomsday Predictions - In 2009 & Again In 2012
Mega-classic clip!~~~~~

Awwww, poor Petey - featured in another classic show-up where he is laughed off the show like a clown.

"15% official unemployment by the time Obama's term has ended" - hahahaha, nice prediction Petey - you have 5 more months to make up that 7% lmao.

Why does the sun go on shining, why do T-Bills keep going up? Don't they know it's the end of the world? - cause you don't love the USA any more. Why do the birds keep on singing, why does the mighty dollar continue to shine? Don't they know it's the end of the world - it ended when you lost all your bucks.

I wake up in the morning and I wonder - why everything is the same as it was. I can't understand, oh I can't understand - why life goes on the way it does...

Why does my heart go on beating, why is inflation so low? Don't they know it's the end of the world, it ended when all your clients said goodbye.

<a href="http://www.youtube.com/watch?v=LLoxUB_kZPQ" target="_blank">http://www.youtube.com/watch?v=LLoxUB_kZPQ</a>



 Roll Eyes Unemplyment was just released at 12% +/- 3% so I guess he actually nailed it
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« Reply #27 on: September 03, 2012, 05:58:04 PM »

while economics is a legitemate science, the production and consumption in the markets is entirely dependant on individual choices.

thats important to remember when facing an economic problem.

however, the massive debt accumulated by world governments isnt an issue that cant be resolved slowly over time with gradual growth and repayment. we are currently on that track, although we still need the euro zone to agree to some kind of deal before we can say for sure just how long it might take for the global economy to be back up and running at full steam.

up untill recent months we were seeing very promising growth. the upcoming election has put a damper on that. but its a stall temporary in nature.

there was alot of suburban development around the world that was artificially produced through bad loans. the government absorbed that debt. and added it on top of the debt of entitlement expenditures it had already accumulated. these things will need to be paid back in time. and it will take a considerable amount of time. but so long as we as individuals, and as a society, continue to look ahead and produce goods and services without despair we will eventually pay back all that debt.


but the debt itself isnt the rate limiting factor to economic growth.  thats the availability of resources. and thats pretty much unlimited. if the owners of the means of production wanted to and the people  were willing to then we as a people could start  a revolution of prosperity.  but that would take the wealthy to risk losing their wealth by putting into the hands of the workers and it would take alot of hard work by the people.. neither of those things are very likely.
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« Reply #28 on: September 03, 2012, 07:05:22 PM »

  Every Empire Falls
in this case it's occident that's falling. First europe, then the USA, then china. Lot of people will die from famine, then from wars, again. It's cyclical.
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« Reply #29 on: September 03, 2012, 07:18:40 PM »

Why dont you be an overachiever and get a headstart.
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« Reply #30 on: September 03, 2012, 08:31:17 PM »

 Shocked Federal Reserve is a highly organised Criminal organisation designed to fuck the common man over - this has been known for a long time.

<a href="http://www.youtube.com/watch?v=ji_G0MqAqq8" target="_blank">http://www.youtube.com/watch?v=ji_G0MqAqq8</a>
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« Reply #31 on: September 03, 2012, 09:53:12 PM »

Thanks for cheering me up, wiggs.  Angry
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« Reply #32 on: September 04, 2012, 11:41:33 AM »

Anyone know about short selling stocks?

Could you make money, or in a "crash" are you screwed either way?
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« Reply #33 on: September 04, 2012, 11:42:42 AM »

What does Peter Schiff bench?
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« Reply #34 on: September 05, 2012, 04:26:26 AM »

Roll Eyes Unemplyment was just released at 12% +/- 3% so I guess he actually nailed it

Exactly - in fact, REAL employment numbers are closer to about 17%.  It's always cooked, under-reported numbers in the MSM.
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« Reply #35 on: September 05, 2012, 06:32:00 AM »

Very possible.   When obama took office the shit was already a year old. All they could do was put a bandaid on it to stop the bleeding. That was done but some huge changes need to be made.  One thing we dont need is to go back to what got us here in the first place. That is the further redistribution of wealth from the middle class to the 1% by tax subsidys to corporations that dont need them. (for instance the oil industry) and billionaires who take their profits to overseas accounts insyead of reinvesting it back into the economy.

This is WAY BEYOND THE ability of 33333 or coach to understand. Embarrassed

LOL oh boy. stop the bleeding? more like they took a small cut and took a battle axe to it. what was done? doubling the national debt? records numbers of unemployment? or 40% welfare? This administration did nothing but add to the problem.

Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democrat Party. Obama was the one who voted for that deficit spending. He inherited a problem he voted for. Fannie and Freddy mac took the house financial committee. Then they gave them a trillion dollar bailout. LOL.
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« Reply #36 on: September 05, 2012, 07:41:16 AM »

LOL oh boy. stop the bleeding? more like they took a small cut and took a battle axe to it. what was done? doubling the national debt? records numbers of unemployment? or 40% welfare? This administration did nothing but add to the problem.

Budgets do not come from the White House. They come from Congress and the party that controlled Congress since January 2007 is the Democrat Party. Obama was the one who voted for that deficit spending. He inherited a problem he voted for. Fannie and Freddy mac took the house financial committee. Then they gave them a trillion dollar bailout. LOL.

You stop with your logic and reasoning.
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« Reply #37 on: September 05, 2012, 06:19:07 PM »

i hope you gullible shitstains know that most MSM/state produced numbers are here to reassure the average joe, but that in reality you often have to double or triple them to get closer of what s really going on. In the meanwhile journalists, industrials and politics at the top of the pyramid who all know each others and who know what's really going to happen quietly remove their money and prepare their offsprings future in calm places.
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« Reply #38 on: September 06, 2012, 01:17:40 AM »

Anyone know about short selling stocks?

Could you make money, or in a "crash" are you screwed either way?

If you think the markets going down "short" the stocks

The more it goes down the more you win, opposite of going long
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« Reply #39 on: September 06, 2012, 02:14:37 AM »

Who cares? Dec 21, 2012 we're all being abducted by aliens. I saw it on Ancient Aliens.
lets just throw blows and let all the homies see before god comes back? Lips sealed Lips sealed Lips sealed Lips sealed Lips sealed
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« Reply #40 on: September 06, 2012, 02:32:08 AM »

The only straws holding up the house of cards in Toronto/Vancouver right now are foreign direct investment in real estate. Namely, wealthy chinese and russian citizens bidding up housing prices as they invest in foreign real estate. It drives up home prices and keeps them artificially inflated, forcing citizens here to accept higher prices than they could normally afford under the dream of "owning a home".

Once the FDI tires and slows here, it'll crash. There's too much housing, and too much of it is cheap. Too many condos going up...it puts too much downward pressure on prices and it's not sustainable.


The scariest part for us is how much money the Canadian gov't has invested in mortgages by backing them through CMHC. When folks walk on their homes, and they will, who will pay back the gov't? How will the gov't bail itself out? Will it tax the citizens who have walked on their mortgages? Will it tax the rich and cripple investment (foreign and domestic)?

Or, as has always been the way, will it tax the middle class working slob who bears the brunt of it all and slops through it.

Like my rather crass buddy's t-shirt said at a baseball game the other day: "I work very hard. Millions of people on welfare depend on me."

Now we can change the word "people" on that t-shirt to read "scumbags who walked on the mortgage they couldn't afford".
Yeah harper has really fucked us hard on this one, the ignorant shit saw exactly what happened in the south, and now hes letting the same happen here. Worst part is hes fucking up alberta bad, and the hit wont be felt for another 10 years.  I fucking hate the left in this country, but there gonna take over in the after math and fuck us real hard.  Im just hoping there somewhere in this globe to move to when it all goes down, if shit tanks and we go left wing again Im gone.
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« Reply #41 on: September 14, 2012, 05:31:27 PM »

Dec. 21, 2012 its over.
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« Reply #42 on: August 08, 2013, 10:46:08 PM »

http://www.shortlist.com/cool-stuff/design/developer-builds-25-villas-on-shopping-mall-roof

Developer builds 25 Villas on shopping mall roof


06 Aug 2013

Sticking it to the man is all well and good, but it can backfire. Spare a thought for a developer who built 25 villas on the roof of a shopping mall in Hunan province without government approval. Because who needs government approval when you're a maverick housing developer?

Turns out, he does. He will not be allowed to sell any of the properties.

The villas, which cover approximately 20,000 square meters of Wings Housing Plaza in Hengyang, have been under threat of demolition. The city government has since ruled that the villas can remain but must not be sold.

The villas were built in 2009 atop the four-story construction materials and furniture mall, according to blog posts last week by Chinese netizens on China's version of Twitter.

Each villa has a blue roof and yellow exterior paint. Most have large porches and cement yards divided by white picket fences dotted with bushes. Even after construction was completed, the developer did not apply for a construction project planning license and a sales permit from the local government.

"The houses are now dormitories for our employees. Some migrant workers who took part in the villas construction are also living in them," Wang Jianxin, the developers general manager, told the Morning Herald.

"A construction expert said that if there is any structural change to a large building, the developer must have architects survey the structure and calculate the load that could be supported by the building. If the plazas structure is proved strong enough to hold the villas, then they will not have to be demolished."

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« Reply #43 on: August 08, 2013, 10:54:27 PM »

<a href="http://www.youtube.com/watch?v=qPjGWcM3Awc" target="_blank">http://www.youtube.com/watch?v=qPjGWcM3Awc</a>
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« Reply #44 on: August 09, 2013, 01:11:29 PM »

If people had to pay 50% of the property's cost up front in the USA no one would buy much. The balance is due within 3 years.

<a href="http://www.youtube.com/watch?v=rPILhiTJv7E" target="_blank">http://www.youtube.com/watch?v=rPILhiTJv7E</a>
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« Reply #45 on: September 17, 2013, 10:18:12 PM »

http://www.startribune.com/business/223867621.html

Gap in employment rates between rich, poor at widest levels in records dating back a decade

WASHINGTON — The gap in employment rates between America's highest- and lowest-income families has stretched to its widest levels since officials began tracking the data a decade ago, according to an analysis of government data conducted for The Associated Press.

Rates of unemployment for the lowest-income families — those earning less than $20,000 — have topped 21 percent, nearly matching the rate for all workers during the 1930s Great Depression.

U.S. households with income of more than $150,000 a year have an unemployment rate of 3.2 percent, a level traditionally defined as full employment. At the same time, middle-income workers are increasingly pushed into lower-wage jobs. Many of them in turn are displacing lower-skilled, low-income workers, who become unemployed or are forced to work fewer hours, the analysis shows.

"This was no 'equal opportunity' recession or an 'equal opportunity' recovery," said Andrew Sum, director of the Center for Labor Market Studies at Northeastern University. "One part of America is in depression, while another part is in full employment."

The findings follow the government's tepid jobs report this month that showed a steep decline in the share of Americans working or looking for work. On Monday, President Barack Obama stressed the need to address widening inequality after decades of a "winner-take-all economy, where a few do better and better and better, while everybody else just treads water or loses ground."

"We have to make the investments necessary to attract good jobs that pay good wages and offer high standards of living," he said.

While the link between income and joblessness may seem apparent, the data are the first to establish how this factor has contributed to the erosion of the middle class, a traditional strength of the U.S. economy.

Based on employment-to-population ratios, which are seen as a reliable gauge of the labor market, the employment disparity between rich and poor households remains at the highest levels in more than a decade, the period for which comparable data are available.

In the first seven months of 2013, the employment rate was 73.5 percent for households with income of more than $150,000 a year, compared with 33.8 percent for households making less than $20,000 — a gap of 39.7 percentage points, similar to the ratio in the most recent years after the recession. In contrast, the employment gap was 36.4 percentage points in 2005, at the height of the housing bubble.

"It's pretty frustrating," says Annette Guerra, 33, of San Antonio, who has been looking for a full-time job since she finished nursing school more than a year ago. During her search, she found that employers had become increasingly picky about an applicant's qualifications in the tight job market, often turning her away because she lacked previous nursing experience or because she wasn't certified in more areas.

Guerra says she now gets by doing "odds and ends" jobs such as a pastry chef, bringing in $500 to $1,000 a month, but she says daily living can be challenging as she cares for her mother, who has end-stage kidney disease.

"For those trying to get ahead, there should be some help from government or companies to boost the economy and provide people with the necessary job training," says Guerra, who hasn't ruled out returning to college to get a business degree once her financial situation is more stable. "I'm optimistic that things will start to look up, but it's hard."

Last year the average length of unemployment for U.S. workers reached 39.5 weeks, the highest level since World War II. The duration of unemployment has since edged lower to 36.5 weeks based on data from January to July, still relatively high historically.

Economists call this a "bumping down" or "crowding out" in the labor market, a domino effect that pushes out lower-income workers, pushes median income downward and contributes to income inequality. Because many mid-skill jobs are being lost to globalization and automation, recent U.S. growth in low-wage jobs has not come fast enough to absorb displaced workers at the bottom.

Low-wage workers are now older and better educated than ever, with especially large jumps in those with at least some college-level training.

"The people at the bottom are going to be continually squeezed, and I don't see this ending anytime soon," said Harvard economist Richard Freeman. "If the economy were growing enough or unions were stronger, it would be possible for the less educated to do better and for the lower income to improve. But in our current world, where we are still adjusting to globalization, that is not very likely to happen."

The figures are based on an analysis of the Census Bureau's Current Population Survey by Sum and Northeastern University economist Ishwar Khatiwada. They are supplemented with material from the Massachusetts Institute of Technology's David Autor, an economics professor known for his research on the disappearance of mid-skill positions, as well as John Schmitt, a senior economist at the Center for Economic and Policy Research, a Washington think tank. Mark Rank, a professor at Washington University in St. Louis, analyzed data on poverty.

The overall rise in both the unemployment rate and low-wage jobs due to the recent recession accounts for the record number of people who were stuck in poverty in 2011: 46.2 million, or 15 percent of the population. When the Census Bureau releases new 2012 poverty figures on Tuesday, most experts believe the numbers will show only slight improvement, if any, due to the slow pace of the recovery.

Overall, more than 16 percent of adults ages 16 and older are now "underutilized" in the labor market — that is, they are unemployed, "underemployed" in part-time jobs when full-time work is desired or among the "hidden unemployed" who are not actively job hunting but express a desire for immediate work.

Among households making less than $20,000 a year, the share of underutilized workers jumps to about 40 percent. For those in the $20,000-to-$39,999 category, it's just over 21 percent and about 15 percent for those earning $40,000 to $59,999. At the top of the scale, underutilization affects just 7.2 percent of those in households earning more than $150,000.

By race and ethnicity, black workers in households earning less than $20,000 were the most likely to be underutilized, at 48.4 percent. Low-income Hispanics and whites were almost equally as likely to be underutilized, at 38 percent and 36.8 percent, respectively, compared to 31.8 percent for low-income Asian-Americans.

Loss of jobs in the recent recession has hit younger, less-educated workers especially hard. Fewer teenagers are taking on low-wage jobs as older adults pushed out of disappearing mid-skill jobs, such as bank teller or administrative assistant, move down the ladder.

Recent analysis by the Associated Press-NORC Center for Public Affairs Research shows that whites and older workers are more pessimistic about their opportunities to advance compared to other groups in the lower-wage workforce.

Eric Reichert, 45, of West Milford, N.J. Reichert, who holds a master's degree in library science, is among the longer-term job seekers. He had hoped to find work as a legal librarian or in a similar research position after he was laid off from a title insurance company in 2008. Reichert now works in a lower-wage administrative records position, also helping to care for his 8-year-old son while his wife works full-time at a pharmaceutical company.

"I'm still looking, and I wish I could say that I will find a better job, but I can no longer say that with confidence," he said. "At this point, I'm reconsidering what I'm going do, but it's not like I'm 24 years old anymore."
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