The Economy: Why It’s Worse Than You Think

http://www.newsweek.com/id/140553/page/1

by theoneill • 18 years ago

13 7 18 years ago

newsweek.com

Enlightenment• 18 years ago

The economy is going to get very bad and it won't even get turned around for a couple more years.

As Buffet, the rich one, said "The recession will be far worse than eveyone expects".

Thank everyone that you know that took out one of those Liar Loans to help cause this mess!

dhs• 18 years ago

Well, there were banks which developed, offered, and sold the financial products you now call "Liar Loans". And those banks did so in plain sight of governmental institutions supposed to do checks and balances. The whole system obviously didn't work as intended, so I doubt that blaming the customers will help much in learning from the mistakes that were made.

bprater• 18 years ago

We are witnessing the end of the golden age of America being the extreme powerhouse.

I guess it had to happen. Maybe things will be better for us in the end. We really don't need a four-car garages and 80 hour workweeks.

(And nearly zero investment into serious alternatives to oil-based energy certainly didn't help this whole situation.)

donw2• 18 years ago

I'd like to think of this as a chance to rebuild some of that industry that we've so happily shipped overseas over the past three our four decades. Competition will force American businesses to either innovate or die, and I'd like to think that there's some hope that we'll choose the former option.

noonespecial• 18 years ago

Perhaps we'll also roll up our sleeves and make some stuff again, instead of being the worlds "office space" and letting the rest of the world do the building for us.

Americans were always so very good at making stuff. Rockets, cars, computers, fun stuff. Seems all we make these days is weapons, fast food, and the same movie over and over.

donw2• 18 years ago

That's what I was thinking. I have a feeling that Ford and GM will need to crumble like British Leyland did, in order for us to start building real cars over here again.

RobertL• 18 years ago

I think the most convincing evidence I've seen to date that says we're in a real recession (probably too early to start using the "d" word but that may be coming sooner than we all think) is that the border patrol apparently apprehended some illegals a few weeks ago as they tried to sneak back into Mexico.

The Economy: Why It’s Worse Than You Think

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