It's the economy stupid

[drunken monkey]

Immediate effects?

I just noticed that my credit limit on one of my cards has been cut by £1000.
Stock wise, banks prices have been hit hard but apart from that things are actually going up a bit in general which was a surprise.

Before Lehman Brothers' demise, a large UK Bank went bankrupt because of its investment in your sub-prime market as its primary method of raising capital. Last week, UK's largest mortage provider merged with a another bank as means to guarantee their liquidity. Earlier this week, another of our banks were seized by regulators.

What this means is that in effect, we've lost three competitors in the market which is never a good thing. As predicted, gas prices have now dropped because of the expected downshift in the economy but as of yet, I've not noticed a similar drop in standard groceries.

So far, the government has been working hard to prevent the banks from actually collapsing which is probably why things haven't hit that hard yet because as far as people can tell, business is still being conducted. The Bank of England is also very likely to cut interest rates as well as cut the rates for banks' borrowings as well in order to keep things flowing.

Interestingly though, the adverts on the telly have all taken an economical persuasion already which is both slightly scary and impressive at the same time.

[BNaylor]

Originally Posted by ericn1300

Start watching the Walmart parking lot to see if your stock broker is shopping there, that would be a more telling sign and with all the jobs lost on Wall Street it might not be long.

Yeah that would be a good laugh but it may not be that funny because that would mean I'd be there too. But last time I checked he's probably recession proof. Retired full bird Colonel out of the Air Force drawing the big bucks in retirement checks. Of course he may revert to shopping at the base exchange which is no big deal. Good stuff and good deals there.

Speaking of Walmarts since they are major players related to the U.S. economy in just about any locale in the U.S. we now have 6 Supercenters and 4 Neighborhood Stores now just in the metro area.

Originally Posted by drunken monkey

Before Lehman Brothers' demise, a large UK Bank went bankrupt because of its investment in your sub-prime market as its primary method of raising capital. Last week, UK's largest mortage provider merged with a another bank as means to guarantee their liquidity. Earlier this week, another of our banks were seized by regulators.

Which brings us to another issue since the problem is global and foreign banks were involved in the U.S. subprime market. I heard the bailout plan just recently passed will include help to those foreign banks/companies.

[xeroinfinity]

Yeah our walmarts around here have been packed lately and they seem to have way to many items out of stock. :

One good thing has came out of this mess, gas prices here have dropped dramaticly, I paid $3.45 a gal for 93 Octane.
I just heard on CNN that its $3 in Minnesota , and the most expensive is $4.29 in Alaska.

[blazee]

Originally Posted by xeroinfinity

Yeah our walmarts around here have been packed lately and they seem to have way to many items out of stock. :

One good thing has came out of this mess, gas prices here have dropped dramaticly, I paid $3.45 a gal for 93 Octane.
I just heard on CNN that its $3 in Minnesota , and the most expensive is $4.29 in Alaska.

Gas is over 3.50 for 87 around here, except for two stations owned by the same guy. He sells gas for 3.16 per gallon. He was on the news, and they asked why he was selling so cheap. He responded that he isn't selling low... his price is based on the price he pays for the fuel and he doesn't understand why everyone else is so high.

[xeroinfinity]

Originally Posted by blazee

Gas is over 3.50 for 87 around here, except for two stations owned by the same guy. He sells gas for 3.16 per gallon. He was on the news, and they asked why he was selling so cheap. He responded that he isn't selling low... his price is based on the price he pays for the fuel and he doesn't understand why everyone else is so high.

It was $4.50 back before the hurricans even hit Texas, I didnt buy much gas those couple weeks.
It is funny how the prices of gas has effected the amount of traffic on the roads. I know when its high thier's no body out cruising , then it drops 10-15 cents and the streets are full agian like they are getting some deal.

[blazee]

Originally Posted by xeroinfinity

It was $4.50 back before the hurricans even hit Texas, I didnt buy much gas those couple weeks.
It is funny how the prices of gas has effected the amount of traffic on the roads. I know when its high thier's no body out cruising , then it drops 10-15 cents and the streets are full agian like they are getting some deal.

When the last hurricane went through, everybody except for a few places raised the prices a lot. One chain of stores refused to screw the customers and kept selling everything they had at the same price and when they ran out they didn't restock until the prices came back down. Another restocked when needed, but never raised the price, they said they would rather eat the costs than gouge the customers.

[BNaylor]

Yeah that goes to show the irregularities in gas prices even in similar regions of the U.S. and whether there is price gouging. At least there are some honest businesses. $3.45 per gal for regular unleaded here for top tier gas like Chevron. But other parts of Texas including where the hurricane hit in the Houston area are below $3 per gal. Doesn't make any sense.

[xeroinfinity]

Originally Posted by BNaylor

Yeah that goes to show the irregularities in gas prices even in similar regions of the U.S. and whether there is price gouging. At least there are some honest businesses. $3.45 per gal for regular unleaded here for top tier gas like Chevron. But other parts of Texas including where the hurricane hit in the Houston area are below $3 per gal. Doesn't make any sense.

Yeah Bob that gas might be a little watered down.

Originally Posted by CNN

-- The Dow closes below 10,000 for the first time in nearly four years after a roller-coaster day, according to an early tally.

A lot of good the Government bail out did.
Att stocks down $1.26.

[ericn1300]

Originally Posted by abcnews.com

National Debt Clock Out of Room

ABC News’ Scott Mayerowitz reports: Do you know what you'd do with $10 trillion? Probably a lot of things -- but there's one thing you can't do with it: fit it on the famous national debt clock near Times Square.

With the country's national debt -- now at $9.8 trillion -- edging dangerously close to the $10 trillion mark, the debt clock is about to be replaced. As of now, it has room for only 13 digits, not the 14 required for $10 trillion. http://blogs.abcnews.com/moneybeat/2...al-debt-c.html

Wo would have thunk? Think the old clock will go up on Ebay or go to the Smithsonian Museum as a sign of the good old days?

Man it's time for a bi-partisan solution, and time to pass a house resolution to end earmarks on future bailout bills, and there will be more. The State of California and GM are asking for help still and others will follow.

[drunken monkey]

Was doing a search on how much the US owes to whom and came across this interesting article.

[ericn1300]

Originally Posted by drunken monkey

Was doing a search on how much the US owes to whom and came across this interesting article.

TheTrumpet is a bunch of bible thumping, end of earther's waiting for the end of times in the form of the rapture. They just see this calamity as another sign, and the worst of it is Bush thinks he going to get a free pass out of this mess by divine intervention and will be blameless in the end.

Originally Posted by Google it

See today's headlines through the lens of Bible prophecy. http://www.google.com/search?hl=en&a...i=&safe=images

[2strokebloke]

But drunken monkey, there are more important things to worry about. Like gun owner's rights to their toys. Politicians can't possibly address these issues, when big things like gay marriage need to be taken care of.

Seriously, the average American has stronger feelings over things like gun ownership and gay marriage, then the fact that their country is on the road to becoming a 3rd world country in a century. Also, we think that the military deserves still more money.

Another link: http://www.msnbc.msn.com/id/17424874/

Japan of course still holds the most - but China comes in second (ever notice how friendly we are to the commies now?)

[drunken monkey]

ahh... somehow how I missed the "message from god" advert on the side.

There is however, no hint of religion anywhere in that article which only deals with the economy.
For a nigh on 2 year old article, it's still pretty accurate in terms of the figures and the scenario it portrays. Right now, the US is at the mercy of the countries it owes money to.