Will their be a World Economic Crunch by Easter 2008?

No - stop stirring the scheisse you naughty man
No - we've been through worse in recent history
Not a crunch, but more like a significant slow-down
Not a slow-down, but more like stagnation
It's going to get a bit ugly, but NZ will be pretty insulated
It'll be raining sharebrokers for a few days, but no worse than 1987
I'm calling the second Great Depression... buttcakes
Apocalypse Now! Stock up on canned food and get in your bunker!
Total voters : 60

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"Come on Ruthie let's dance"
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Re: Who Wants To Call A World Economic Crunch By Easter 2008?

Postby Jim on Thu 19/Mar/09 12:33pm

Thats scary. :cry:
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Re: Who Wants To Call A World Economic Crunch By Easter 2008?

Postby Tama on Tue 24/Mar/09 10:38am

http://www.rollingstone.com/politics/st ... over/print wrote:It's over — we're officially, royally fucked. no empire can survive being rendered a permanent laughingstock, which is what happened as of a few weeks ago, when the buffoons who have been running things in this country finally went one step too far. It happened when Treasury Secretary Timothy Geithner was forced to admit that he was once again going to have to stuff billions of taxpayer dollars into a dying insurance giant called AIG, itself a profound symbol of our national decline — a corporation that got rich insuring the concrete and steel of American industry in the country's heyday, only to destroy itself chasing phantom fortunes at the Wall Street card tables, like a dissolute nobleman gambling away the family estate in the waning days of the British Empire.

The latest bailout came as AIG admitted to having just posted the largest quarterly loss in American corporate history — some $61.7 billion. In the final three months of last year, the company lost more than $27 million every hour. That's $465,000 a minute, a yearly income for a median American household every six seconds, roughly $7,750 a second. And all this happened at the end of eight straight years that America devoted to frantically chasing the shadow of a terrorist threat to no avail, eight years spent stopping every citizen at every airport to search every purse, bag, crotch and briefcase for juice boxes and explosive tubes of toothpaste. Yet in the end, our government had no mechanism for searching the balance sheets of companies that held life-or-death power over our society and was unable to spot holes in the national economy the size of Libya (whose entire GDP last year was smaller than AIG's 2008 losses).


The most galling thing about this financial crisis is that so many Wall Street types think they actually deserve not only their huge bonuses and lavish lifestyles but the awesome political power their own mistakes have left them in possession of. When challenged, they talk about how hard they work, the 90-hour weeks, the stress, the failed marriages, the hemorrhoids and gallstones they all get before they hit 40.

"But wait a minute," you say to them. "No one ever asked you to stay up all night eight days a week trying to get filthy rich shorting what's left of the American auto industry or selling $600 billion in toxic, irredeemable mortgages to ex-strippers on work release and Taco Bell clerks. Actually, come to think of it, why are we even giving taxpayer money to you people? Why are we not throwing your ass in jail instead?"

But before you even finish saying that, they're rolling their eyes, because You Don't Get It. These people were never about anything except turning money into money, in order to get more money; valueswise they're on par with crack addicts, or obsessive sexual deviants who burgle homes to steal panties. Yet these are the people in whose hands our entire political future now rests.
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Re: Who Wants To Call A World Economic Crunch By Easter 2008?

Postby Dazzle on Tue 24/Mar/09 11:09am

Hasn't AIG been accused of doing ENRON like market manipulation in the petrol futures market? Putting hundreds of billions of $ into the market while also owning storage and distribution interests, driving the price of fuel to more than double while at the same time production was up and demand was down?

And while the rest of the world is tightening up economic controls, little ole NZ has a govt with the fore sight to start loosening em up again. :thumbsup:
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Re: Who Wants To Call A World Economic Crunch By Easter 2008?

Postby j2hyde on Tue 24/Mar/09 7:49pm

Everyone who's big enough does that. It's OPEC's and Gencore's core business. Why do you think Chinalco is buying a large chunk of Rio Tinto, and why do you think BHP tried to buy them last year? Market manipulation is business as usual.
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