Not bad...Companies that carry too much debt cannot weather a downturn. Happens in every down business cycle.

100's of banks failures, 13% inflation rate,19% interest rates, 10% unemployment, collapse of the US steel industry all in the late 70's We are not even close to the 70's Give Obama two years we will reach those lofty heights....

Ah yes, blame Obama... Because the Republicans did SUCH a good job over the last eight years deregulating as much as possible and giving big tax cuts to the rich that our economy was never stronger... (OK, the rich's economy, but who else counts? )

Absolutely amazing how in less than a month, Obama has put this nation's economy down the toilet... A new record.

It never fails to amaze me how the Republicans can pretend to be fiscally conservative after the last eight years.

The United States of Amnesia...

This will be my only post on this thread (he said hopefully ) ...
But, as bad as the Republican administration has been, if we are OBJECTIVE, we will admit that this down turn started with the Clinton administration and really hit the skids the past two years with a Democrat Congress ...

I only hope it gets turned around in my lifetime, no matter who is in office ...

t.

[This message has been edited by tony mads usa (edited 02-12-2009).]

and I don't bury my head in the sand, but Donny, instead of constantly reminding us of how bad the economic situation is (the 'talking heads' on tv do that enough every day), how about going back to telling us how bad everyone else's keyboard or PA system is ... that was a LOT more fun ... ...

t.

Hey Kingfrog -you hit the nail on the head this time. Some of the "Youngsters" on the forum don't remember the 1970's down turn. Remember standing in line for hours to get 2 or 3 gallons of gas(at any price) or being told the new house you were going to build would cost you from 19-21% interest or returning from the grocery store with only 1 bag instead of the 2 or 3 bags that your money once bought? Yea, tell me just how bad it is today.

Thanks to all the talking heads and a lot of very poor decisions made in the lending business the general public has been convinced we are all going to hell in a hand basket.

And who on earth really believes that government spending is the real answer? Anyone here ever work in retail? Those companies are not going to suddenly start hiring back folks just because someone in Washington thinks they should.

I run a rather successful real estate company and I can personally vouch for how many of our deals the last 2 years were done for folks with marginal credit and no money for a down payment. Did it ever occur to anyone that these buyers did not even have enough cash on hand to maintain a new home? Hell, the feds even had programs these people could attend to learn how to get these "everyone deserves a home" loans.

As far as the car industry is concerned I have no sympathy for them. Even the workers were sold out by the unions who never had the wisdom or desire to protect them from what they had to know was coming. How many decades have they had to upgrade their systems and compete with the foreign manufactures?

Great thread - good place to vent.

Hammer

then there is the RV Motorhome industry where manufacturers and dealers are folding by the bunch.
they did sell a ton of them though.
However many if not most of them were financed for 20 years, yes I said 20 years for a rv.
Now with depreciation on them running about 30 % the last two years their value is about 1/2 of what they still owe on them.
Now, how will the politicos bail those folks out.
Bebop

Politics and Religion very HOT topics. Here's all I'll say, my old buddy Bill taught me this one:

I'm not allied with any sect, denomination, politics, organization or institution and do not wish to engage in any controversy. My primary purpose is to enjoy music and learn from those more experienced here at this forum

Oh yes...the stock market really likes his actions! NOT!
Lee

Ya gotta love Bill, Steve.

My sentiments as well.