Scary, incomprehenisble stuff

[SeattleUte]

I think the powers that be are in shock about what's happened to our financial system. I don't really understand it. But Lehman Bros., Merrill Lynch and AIG all out of business or teetering on the brink scares the bejeezus out of me. I feel we may not be anywhere near close to the end. I know a few people will wind up getting even richer from this disaster, as many did from World War II, but for most people this could be very bad.

[MikeWaters]

Yeah, it's sad that we will suffer for the greed of other people.

They will still walk away with their riches, most of them.

[Levin]

It's been frustrating reading all the newspaper articles and not feeling like I've learned enough to have a grasp of the situation. There are snippets here and there where understanding comes, but no piece has provided a good overview. The WSJ comes closest. You're right, scarey, incomprehensible stuff.

[Clark Addison]

Not to go into too much detail, but we have some fairly complex models at work that basically try to predict where we are in the economic cycle (mainly focused on consumers, not businesses, so not totally relevant to the discussion at hand). I don't think this is any surprise, but these models indicate we are still on our way down. We won't hit the bottom of the trough for a while yet.

Having said that, just as a football team is never as good as they look on their best day, and never as bad as they look on their worst day, yesterday was a bad day economically, but it doesn't mean that things are as bad as they looked then (at least I hope not, as someone who could be hurt by the whole Merrill Lynch thing).

[BarbaraGordon]

I've actually experienced a widespread regional economic collapse. When oil prices plummeted in 1982, the lone pillar of Oklahoma's economy crumbled. Foreclosures were rampant, unemployment soared, and twenty-five financial institutions folded. There were literally runs on the banks, evocative of eras thought long past. Everything spiraled downward from there. It took a decade before there was any noticeable recovery.

It was not pretty. I don't recommend it.

[creekster]

Originally Posted by BarbaraGordon

I've actually experienced a widespread regional economic collapse. When oil prices plummeted in 1982, the lone pillar of Oklahoma's economy crumbled. Foreclosures were rampant, unemployment soared, and twenty-five financial institutions folded. There were literally runs on the banks, evocative of eras thought long past. Everything spiraled downward from there. It took a decade before there was any noticeable recovery.

It was not pretty. I don't recommend it.

LEt's see, you were about what, eight years old? 5 years old? I am sure it was very stressful for you.

Despite your youthful persepctive on those events, you are certainly correct. I was living in Odessa Texas in 1981-1982 (and well past the age of majority). Like you said, the economy absolutely fell off the edge of the table. It was like going from the Great Gatsby to the Great Depression overnight.

[Archaea]

Originally Posted by creekster

LEt's see, you were about what, eight years old? 5 years old? I am sure it was very stressful for you.

Despite your youthful persepctive on those events, you are certainly correct. I was living in Odessa Texas in 1981-1982 (and well past the age of majority). Like you said, the economy absolutely fell off the edge of the table. It was like going from the Great Gatsby to the Great Depression overnight.

You are old. You were even returned from your mission.

[creekster]

Originally Posted by Archaea

You are old. You were even returned from your mission.

Just like you, my friend.

[Archaea]

Originally Posted by creekster

Just like you, my friend.

No I'm young at heart, senility causing me to forget anything unpleasant.

[BarbaraGordon]

Originally Posted by creekster

LEt's see, you were about what, eight years old? 5 years old? I am sure it was very stressful for you.

Despite your youthful persepctive on those events, you are certainly correct. I was living in Odessa Texas in 1981-1982 (and well past the age of majority). Like you said, the economy absolutely fell off the edge of the table. It was like going from the Great Gatsby to the Great Depression overnight.

I didn't mean I experienced it as an adult, and I don't think I claimed any stress. You are correct, it started when I was five and didn't really start to let up until I was in junior high.