PKTRUCKDRIVER wants to know if we're in a recession

[PaceAdvantage]

Let him know.

[wonatthewire1]

I want to know if the honeymoon phase is over...

[ceejay]

3 to 5 that we are.

but I'm in a "recession-proof" city!

[riskman]

"It was a very organized attack. On May 9th, the accountants snuck in the back door that Friday night after 5:00pm once the bank's doors had closed. Little did anyone know the doors were closing for good..."

And under the cover of darkness, over a hundred FDIC accountants began to systematically dismantle ANB financial headquarters - the venerable US$2.1 Billion institution that had been in business just hours before.




http://www.sovereignsociety.com/2008...8/Default.aspx

[King Ritchie]

Only if you are Media, Liberal, Democrat, Commie, Donald Duck, Mickey Mouse, Goofy or Curious George.

[pktruckdriver]

Riskman


A very scary article, and could we see Bank of America, Chase or any other big Bank do this, God I hope not.

[PaceAdvantage]

BTW, if anyone thinks I have singled out PKTRUCKDRIVER with this thread, I want it to be known that PKTD tried to create his own poll for this very subject (recession or not), but his poll allowed you to select more than one response, which made little sense, plus his choice of responses were a bit muddled, so I had to delete that thread and decided to create this more direct and to-the-point thread in its place.I've already received a PM telling me it wasn't very fair of me to single out PKTD just because I disagree with him, and that is why I am providing this little bit of history that all would not be aware of if you didn't catch that prior thread which was only up for a few minutes.

[PaceAdvantage]

Originally Posted by pktruckdriver

Riskman


A very scary article, and could we see Bank of America, Chase or any other big Bank do this, God I hope not.

Wait, wait wait....hold on here a minute....

ONLY THREE banks have failed this year? THREE? That's IT?

Are you kidding me? I thought America (according to you) WAS DYING? I thought (according to you) that the last eight years under Bush has been the WORST TIME EVER in American history....these are your words, correct?

And only THREE banks have failed so far in 2008? Really? The year is already half-way over....does that mean only SIX banks will fail the entire year?

Here's a little perspective for you, Mr. America is DYING and this is the WORST time in AMERICAN HISTORY....

1986 - 145banks failed in the United States.

There have only been TWO years since 1934 when NO banks have failed. Were those two years during the glory Clinton administration that you like to cite as the salad days of America? No sir....those two years without a SINGLE bank failure were 2005 and 2006, smack DAB in the MIDDLE of the DEVIL BUSH YEARS!

Only THREE US banks failed in 2007. And so far this year, only three have failed through six months....

DURING THE PEAK OF THE S&L CRISIS MORE THAN 1,000 BANKS FAILED in 1988 and 1989, at a rate of more than 2 EVERY BUSINESS DAY for two consecutive years.

So go ahead and tell me again how horrible it is out there, how America is DYING and how these past eight years have been the WORST EVER for America.

Check out this page for a humdinger of a graph:

http://mjperry.blogspot.com/2008/01/...-failures.html

[Dave Schwartz]

So go ahead and tell me again how horrible it is out there, how America is DYING and how these past eight years have been the WORST EVER for America.

It is horrible "out here" for some people, just bad for many others.

Although dying might be an exageration, America is certainly not breathing well.

And the country has changed since 9/11. (The terrorists are winning.)


Dave

PS: Thanks for clearing up the issue of why you named the thread as you did.

[GameTheory]

Originally Posted by Dave Schwartz

It is horrible "out here" for some people, just bad for many others.

Define "horrible". If someone has to cinch their belt to pay for gas (non-truck driver), is that horrible? Or do they at least have to lose their job, or what? To me, horrible is not being able to eat. Anybody reading this doing horrible? How so?

And the country has changed since 9/11. (The terrorists are winning.)

They are? How so?

[bigmack]

Vicious cycle this debate with a regional, occupational, partisan take of ones version of "recession".

For me it ain't half as bad as the "it's bad" crowd utters. Nevertheless, it ain't good.

Whole lotta folk out west here got spoiled on RE. Lots of bad paper to come.

[lamboguy]

only 3 banks have gone down, kinda big ones, but only 3. that is great, its like when a credit manager asks his customer, "have you been late more than 7 times on your payments?" answer hell no, i have only been late 3 times!

as far as spinning goes, the strenghth of the country lies in the value of its currency. this currency the great US DOLLAR has only gone down from 126 to 73 and heading to 52. i guess that is about as good as the only 3 banks folding up, go tell that one to the guys that run all the central banks of the world, and while you are at it, tell the people that have to heat their homes and drive their cars.

thank you for visiting spinderella land

[pktruckdriver]

Now Bossman is right I tried to set-up a poll to get your opinion on how the country is doing, and he being the Guru here fixed it so it looked right, thanks Bossman.


Now as to this other stuff, man you really single in on one thing and ride it for all its worth.

Example the word ,"Death", may be a little strong, but when the things I state are all beginning with ,"All time Historical Low's and High's", it seems you overlook that, and try to focus on my word of death, when we are slowly getting worse and worse, can we recover, so far we always have, so that leads me to think we will this time too.

But when was the last time people stood up for reform, truly stood up and said we need change, THIS IS NOT WORKING AND GOT SOMETHING CHANGED, WHEN??

You seem content on picking on me, the lonely ole truckdriver, and that is ok, I take none of this personally, and hope no one here does either, but my opinion is from what I see happening , not what I want to happen, ok.

Ok
Patrick

[lamboguy]

when diesel fuel for your truck goes up to over $15 a gallon, if and when the dollar falls to 52, you will know what recession means.

back in the nixon era, the world financial leaders got to gether in breton woods, and took the united states currency off the gold standard. it ws called the "BRETTON WOODS ACCORD" instead of gold the $ would be teh standard of all world currencies. meaning gold to be priced in dollars, oil, and other commodties. that is the fiat currency system, its there to fool ya!

gold has been around for about 5000 years before the united states was in existence, i suspect it will be here for about another 5000 years after the united states is gone.

gold has not gone up form $248 an ounce to over $900 an ounce because the president of the worlds supreme power has instilled to much confidence in him in the last 8 years. well as we all know, when there are to many genious's on one side of the equation, the majority is usually wrong. so i guess the jury is still out

[DJofSD]

DURING THE PEAK OF THE S&L CRISIS MORE THAN 1,000 BANKS FAILED in 1988 and 1989, at a rate of more than 2 EVERY BUSINESS DAY for two consecutive years.

Yes, during that period there were a large number of S & L's closed -- but I'm not sure you can accurately say failed. Key to the churn that occured during the so-called S & L crisis was the institution of minimum liquidity requirements. These 3 measurements, when not met, were used as the reason for the RTC to take over and redistribute an S & L's assets.

Surely, some of those institutions were in need of help and others absolutely needed to be spanked. But to this day, I'm not sure the Federal government did not over reach.