09-16-2008, 07:01 PM | #11 | |
Senior Member
Join Date: Aug 2005
Location: the far corner of my mind
Posts: 8,711
|
Quote:
Thinking about this makes me feel old and now I wish I had never brought it up. It was a sad time in Odessa. A family I knew fell apart due to the collapse and another family I knew lost their house and everything they had over about two months (despite their lavish lifestyle they were apparently living paycheck to paycheck). Much like what we are seeing now. One big difference is that the rest of the country cheered the collapse in oil prices.
__________________
Sorry for th e tpyos. |
|
09-16-2008, 07:36 PM | #12 |
Demiurge
Join Date: Aug 2005
Posts: 36,365
|
I lived through that. Houses for sale everywhere. Dad lost his job, got another one.
It actually helped Texas by forcing it to diversify, and then when the Bush Sr. recession hit later, Texas actually did well. |
09-16-2008, 07:45 PM | #13 | |
Senior Member
Join Date: Nov 2007
Posts: 2,326
|
What's disgusting is that we've
Quote:
Any ideas why?
__________________
Ohbama - The Original Bridge to Nowhere |
|
09-16-2008, 07:54 PM | #14 |
Senior Member
Join Date: Nov 2006
Location: Gotham City
Posts: 7,157
|
I was figuring you must have seen the impact. That's what I remember, too: every house on every block being for sale. Pretty creepy. I think Texas probably came through the crisis a little faster than Oklahoma because, frankly, Oklahoma had no way to diversify and nothing to fall back on. By the end of the decade even our football team had tanked.
|
09-16-2008, 07:58 PM | #15 |
Demiurge
Join Date: Aug 2005
Posts: 36,365
|
it wasnt' "every house on every block".
It was merely a lot of houses. |
09-16-2008, 08:01 PM | #16 | |
Senior Member
Join Date: Aug 2005
Location: the far corner of my mind
Posts: 8,711
|
Quote:
Glad you cleared that up. I was very confused by her statement.
__________________
Sorry for th e tpyos. |
|
09-16-2008, 08:06 PM | #17 |
Senior Member
Join Date: Nov 2006
Location: Gotham City
Posts: 7,157
|
|
09-16-2008, 08:28 PM | #18 | |
Senior Member
Join Date: Jan 2006
Location: WA
Posts: 1,287
|
Quote:
Just look at Mexico. The resulting 'lost decade' after the oil price collapse, loan defaults and then austerity programs set the stage for the mass migrations out of rural Mexico and into the Southwest US. It also laid the conditions for an underground Narco-economy. There is no Chavez in Venezuela without IMF austerity programs. (I'm not saying they were a bad idea, but the programs were put in place because Venezuela defaulted on foreign loans taken out in the oil boom) Much like the early 2000s American banks lent to anyone who had a project (foreign or domestic), only back then banks were filled with petrodollars not mortgage-back securities. Ten percent of American banks failed in the aftermath - I think the number was higher in Texas. All that being said, Volcker did what he set out to do - curb inflation. IIRC he got it down to 3% in less than two years time.
__________________
"Five to one... One in five No one here gets out alive" |
|
09-16-2008, 09:38 PM | #19 |
Junior Member
Join Date: Apr 2008
Posts: 63
|
|
Bookmarks |
|
|