Economic crisis in the U.S

What are your thoughts on this?

[crunchie]

Might finally teach them some fiscal responsibility. Problem is though, that their economy effects the world economy.

[VernonDozier]

>> Might finally teach them some fiscal responsibility.

Of all the scenarios, this is the least likely. I suppose it's possible that it'll cause us all to reflect on how we got into this mess, learn some lessons, then come together and try to solve it. That would be unlikely in early 2009. With an election season just on the horizon, fuggeddaboudit.

[crunchie]

That would be unlikely in early 2009.

Going backwards are we? :)

[VernonDozier]

Going backwards are we? :)

Not so much backwards or forwards, more just multiples of 4. On stuff like this, nothing productive can get done in the second half of a president's term. Pols are more likely to actually roll up their sleeves and get things done in the fist half. The second half is far more about blaming the other side, getting credit for yourself, looking tough, etc. regardless of who the president is and what the issue is. People remember who "caved" and who didn't. You'll get props for sticking to your guns even if the plan you're sticking to is a dumb one.

[crunchie]

Sounds like politics the world round :)

[Agilemind]

It is showing just how dysfunctional the political climate in the US has become. It will probably also mean the end of US military imperialism (if the leaders are at all sensible).

[Ancient Dragon]

>>It will probably also mean the end of US military imperialism (if the leaders are at all sensible).

And good, its about time US stops trying to be the world police force. IMHO we need to stop fighting other countries wars for them and stop instigating them.

[a.oprea]

of course there is a crysis, the whole capital system is a major crysis, how can there not be a problem when every coin in every part of the globe comes from a loan. you ask the question: where does the money to pay the interest comes from? well... it comes from another guy that made another loan... an so on. it's no wonder every country is over saturaed in debt, since economic growth implies having an even greater national dept

[sergent]

All the good programmers know that you should not make your program over-complicated because it will make the program buggy and will make it crash sooner or later. I guess politicians didn't learn that yet. U.S. (and other Western countries') economy is really fragile, and too complicated, therefore prone to crash sooner or later. There is many examples of it.

[Ancient Dragon]

One bright spot -- the price of regular unleaded gas went down 30 cents/gallon today, now at $3.39/gallon where I live. I heard on the radio that was the result of the stock market drop of over 600 points yesterday.

[frogboy77]

That's good its the equivalent of $10.23 here.

[Agilemind]

All the good programmers know that you should not make your program over-complicated because it will make the program buggy and will make it crash sooner or later. I guess politicians didn't learn that yet. U.S. (and other Western countries') economy is really fragile, and too complicated, therefore prone to crash sooner or later. There is many examples of it.

Not only have we made our economic system very fragile in the name of "efficiency" we've forgotten the reality that the world is unpredictable and we are no match for the forces of nature. We should always be saving for a rainy day because the one think that is certain is that the rainy day will come, now the rain has come after we gambled all our money away at the casino.

You can't build a house out of hope any more than you can eat optimism. People are bad at planning for the future which is why we created institutions to do it at a bigger scale, but we forgot and let our leaders persuade us they are there to fulfill our need for instant gratification, and we persuaded them that is what we wanted.

One bright spot -- the price of regular unleaded gas went down 30 cents/gallon today, now at $3.39/gallon where I live. I heard on the radio that was the result of the stock market drop of over 600 points yesterday.

I see this as looking at the world through rose tinted glasses. The point being, although the tumultuous economic conditions has given rise to some advantages, such as the price of gas dropping. In the long run something costly is going to have happen to equal that out. In fact, forget the long run, the equalling out of that is happening right now, being the cost of jobs and the massive losses on the stock market.

Basic economic principles here - 'There is no such thing as a free lunch.'

If you keep spending recklessly or lending recklessly, guess what. In the end it will catch up you.