The coming financial crisis

[Father Demon]

My point wasn't to rail against people because they can't control their finances.

My point was the press has been going on and on about a recession, and suddenly people who can't balance a check book know enough about global finance to "think we are in a recession."  75% think we're in a recession?  I bet 40% of our population couldn't name first and last name of the three presidential candidates right now, but all of the sudden they are smart enough to recognize a recession.

People don't THINK we are in a recession, they hear it on the news and regurgitate what the press wants them to say.  Hence my ridiculous example about the re-polarization of the earth.

But, back to the more interesting point.

When I was in school, I was required to attend art class, metal shop, wood shop, sewing, and and an elective such as band or music.  Not all at once, but over my high school years.

Not once was I taught anything about personal finance. 

Most parents don't know enough about for themselves, let alone enough to try to teach it to their children.  I disagree with FF, in that I think a semester at a minimum should be required for all jr. high kids, and again as high school students.  At least a base of knowledge would be helpful against the "spend-now-pay-later" culture of the profit-first society we live in.

[Phanatic]

You could have a whole semester on taxes...

As for recession I don't even know what that means. I do know that as a family we can't spend as much as we used to because of gas and other rising costs. Milk seems to follow gas in per gallon prices somehow. That and a lack of finance experiance on our part early on that we'll pay for over the next 10 years or so. So am I running out and pouring money into the economy somehow right now? Most certainly not. I'm paying down debt the best I can.

Now I have neighbors who have brand new cars and boats and two or three refi's on their house. I think they gave up on living for tomorrow thinking it will never come and have their fun now while they can. I don't agree but once they got in trouble they saw quick out and said farg it. Somehow they manage to keep digging that whole deeper too.

[Cerevant]

Ever wonder why "Home Economics" class has nothing to do with economics?

I agree, people need to be educated.  The problem is, that you forgot that the US is run by the corporations who want people to spend all their money, and some they don't have.

[PoopyfaceMcGee]

This article explains the credit/subprime crisis as well as anything I've seen.

Great read.

[PoopyfaceMcGee]

Funney.

[Geowhizzer]

Even the "regular" media is starting to get nervous...

US ponders: How deep is economic abyss?

[Seabiscuit36]

Even the "regular" media is starting to get nervous...

US ponders: How deep is economic abyss?

lol, CNBC Thursday had a headline that its believed the recession is over, and has been driven mostly by consumer fears.  No one knows where this is going, the global economy is a mess daily.  Oil is the biggest predictor of where the economy will go. 

[Father Demon]

If oil is number one, housing is a very close, second-cousin almost, second.....

[Cerevant]

From a commercial report on the state of the economy:

The economic reports are weak. Inflation remains persistent. Housing activity continues to fall and will likely fall further as builders need to reduce inventories. Industrial production fell during February and the regional survey points to continued weakness in March.

All four of the measures used by **** to determine business cycle peaks and troughs are in decline. This is consistent with a recession. In addition, the leading economic index declined for the fifth consecutive month, which is also consistent with past recessions. Our running tab of positive economic indicators slipped to eight ( 8 ) out of 20.

It ain't lookin good.

[Phanatic]

DO we really want this president messing with banking?

Paulson Proposes Financial Overhaul
http://biz.yahoo.com/ap/080331/fed_overhaul.html

[PoopyfaceMcGee]

Robert Kiyosaki's ("Rich Dad") take on bailouts

I can't tell if he's really for or against anything, but he makes a lot of good points with historical reference to devalued currency.

[ATV]

This will likely be more than just a financial crisis. For those that aren't already familiar...

http://books.google.com/books?id=zC2OMovDiC4C&dq=long+emergency&pg=PP1&ots=3ZTeBbw1iU&sig=AcJiqqso4jmWlia8rSxPEpH3TqI&hl=en&prev=http://www.google.com/search?hl=en&rls=com.microsoft:*&sa=X&oi=spell&resnum=0&ct=result&cd=1&q=long+emergency&spell=1&oi=print&ct=title&cad=one-book-with-thumbnail#PPP1,M1

[PoopyfaceMcGee]

Great link, shteinhead.

[Butchers Bill]

DO we really want this president messing with banking?

Paulson Proposes Financial Overhaul
http://biz.yahoo.com/ap/080331/fed_overhaul.html

Paulson is actually a brilliant guy.  Probably the best appointee Bush had made.

[ATV]

Great link, shteinhead.

Is it not working, ass-face?