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Economic news - Should we be worried?

Discussion in 'Sports and News' started by Inky_Wretch, Sep 20, 2007.

  1. Inky_Wretch

    Inky_Wretch Well-Known Member

    Oil is at $82, gold is trading at the highest price since 1980, the Euro and Canada are both at record highs compared to our dollar. And then there's this...

    Fear of dollar collapse as Saudis take fright ... http://www.telegraph.co.uk/money/main.jhtml?xml=/money/2007/09/19/bcnsaudi119.xml&CMP=ILC-mostviewedbox

    Some of you amateur economists explain all this to me.
  2. JR

    JR Well-Known Member

    Loonie hit 99 cents today, highest in over 30 years.

    It'll hit parity soon and some economists are predicting that it could surpass the US dollar as early as next spring.
  3. Double J

    Double J Active Member

    Actually, it reached parity for a short while this morning - $1.0004.

    The last time it was worth a dollar in US funds was November 25, 1976. TrueDough indeed! :D
  4. IU90

    IU90 Member

    We're doomed.

    Seriously, though, it is pretty scary. The prevailing opinions I've seen seem to agree that the dollar's decline still has quite a ways to go before it hits bottom and even speculation that it'll eventually be replaced by the Euro as the international currency of choice. We've been living off borrowed money for too long and I guess its time to finally pay the price. Maybe the entire U.S. economy is tracking the boom/bust cycle of our housing market.
  5. Ace

    Ace Well-Known Member

    When hedge fund billionaires start leaping out of windows, I'll be worried -- but come to think of it, that'd be worth it anyway.

    So why worry?

    The ony thing for sure in economic predictions is no one knows what the hell will happen in a year or two down the road but they sure have plenty of perky or dire soundbites for public consumption.
  6. Double J

    Double J Active Member

    In all fairness, who could possibly have guessed that it would be a bad idea to give mortgages to people with no down payments and bad credit ratings?
  7. Beaker

    Beaker Active Member

    Just ask Alan Greenspan.
  8. Ace

    Ace Well-Known Member

    It's the government's fault for letting them do it against their better judgment, is what I hear.
  9. spnited

    spnited Active Member

    Not to mention the "interest only" provisions with no principal payment for the first five years.
    Live the new American dream... own your own home but default on the mortgage in 5 years.
  10. Bob Cook

    Bob Cook Active Member

    Hey, as long as someone was going to buy the loans off of the brokers who gave them, the brokers had no incentive NOT to give them.
  11. Bubbler

    Bubbler Well-Known Member

    Where are the economists who think everything exists in some Adam Smith wet dream?

    A "good" economy that isn't good for the common man, isn't good at all. It's a paper sham doomed to fail. This "good economy" has been been on that road for several years now.

    The reckoning is here.
  12. Pastor

    Pastor Active Member

    With the Fed dropping interest rates, this is to be expected. The idea is that this will enable individuals to alleviate some of the stress created by the foolish brokers which would then be able to keep the economy humming along while we look to break even.

    Were the federal government (aka W) not spending so much money so frivolously things would be just fine. The Fed cut would be hardly a blip in the grand scheme of things. However, as we, the United States of America, rack up debt while continuing to spend like an addict going after his next big score, this just isn’t going to be enough.
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