And so...the "recession" begins

KSav said:
Thanks, @hollydolly; for your kind comments. I am going to take a bit of a break, but I'll likely come back. I get too upset about some of the comments that get made. I should avoid threads like this for that reason. And oftentimes I type faster than my brain can think.
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well I think sometimes it does us good to take a break even for only a day or 2... I often do the same thing...type before my brain is in gear, so I know exactly what you mean....but I hope you will return... (y)
 

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Lara said:
...and the debackle in 1943. All the banks closed their doors and caused a financial panic. People rushed to get all their money out of the banks. The whole banking system closed.

Then Franklin Roosevelt said these few words that changed everything...
"I firmly believe that the only thing we have to fear is fear itself."

And with that the banks opened and the people put their money back in.
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1933

You make it sound trivial that 9,000 banks failed during the Great Depression and depositors lost an estimated 7 billion dollars.

It’s much different today but it’s still terrifying for people that rely on their savings and investments for current income.

I believe that we will be ok but I also believe that we are heading into some new and uncharted territory when all of this economic uncertainty was created by one man with the swipe of a pen.
 
The tariffs are net-deflationary. Gasoline prices and crude oil are both already trending down. Saudi Arabia has already ramped up production. Commodity futures are all down across the board. Farmers need to sell domestically, bringing food prices down. Vietnam has come hat-in-hand over tariffs already. Mortgage rates are crashing. Job numbers are going gangbusters. Production is being repatriated. Honda canceled plans for a facility in Mexico and will add another near its Indiana plant instead and is considering ways to pull out of Ontario. Even Warren Buffett has admitted he's impressed.
 

Lara said:
...and the debackle in 1943. All the banks closed their doors and caused a financial panic. People rushed to get all their money out of the banks. The whole banking system closed.

Then Franklin Roosevelt said these few words that changed everything...
"I firmly believe that the only thing we have to fear is fear itself."

And with that the banks opened and the people put their money back in.
`
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FDR said this in reference to the fear gripping the nation during the Great Depression. That famous line came during his 1933 presidential inaugural speech. Bank failures occurred in 1930-1933 due to the stock market crash of 1929 and people pulling their money out of the banks.

I find no records of banks closing in 1943.

According to Google:
While there's no specific, widespread event of widespread bank closures in the US in 1943, it's important to note that the banking system had been through a tumultuous period in the 1930s, with many banks failing due to the Great Depression. The Emergency Banking Act of 1933 and the establishment of the Federal Deposit Insurance Corporation (FDIC) aimed to stabilize the financial system
 
Aunt Bea said:
1933

You make it sound trivial that 9,000 banks failed during the Great Depression and depositors lost an estimated 7 billion dollars.

It’s much different today but it’s still terrifying for people that rely on their savings and investments for current income.

I believe that we will be ok but I also believe that we are heading into some new and uncharted territory when all of this economic uncertainty was created by one man with the swipe of a pen.
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Thanks @Aunt Bea . I was going to say?? 1943? :ROFLMAO:
 
StarSong said:
Ai yi yi... can we get back to the tariffs, please?

Even the staunchest supporters of this president readily acknowledge his word is not his bond. He hoists all manner of ideas up the flagpole to see who salutes them, rolling many back down with barely a shrug and little explanation ("I was being sarcastic.") when they evaporate.

This isn't necessarily a criticism. I've never been an expert negotiator, quite the opposite. Even bargaining with street vendors in Tijuana was beyond my abilities.

Perhaps he has some kind of tactic in mind that will yield advantageous international trading policies for the US. I don't know what that advantage might be or how it might help the US, but my paltry negotiating skills are limited to: What's the price? "Ok, I'll buy it." or "No thanks."

What I do know for sure - tariffs have become a main topic of conversation that's scaring the pants off a lot of Americans and pissing off a lot of the international community. .
1. When Americans get nervous about finances, we close our wallets.
2. When other countries' citizens believe US policies are unfair to them (whether or not they actually are), they boycott American goods.

I hope this resolves very soon - without inflicting pain on Americans or the rest of the world.
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I been to Tijuana, early 70's and I didn't buy their chicken neck delicacies' either, heard the lil boys in the ditch by the border in cardboard boxes, begging. Of course that was sort of the Homeless, Begger, Panhandler, PHD study sites.
------------------

I'm fairly certain its really all about being the really big cheese. Absolutely not one bit of it honest.
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Is the point of the thread about Honesty, not some other Pointy head idear!... Pretty sure Honesty left the building with the singer!
 
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Jackie23 said:
....yes, and that 'one man' has 6 or 7 bankruptcies under his belt, the same man encouraged people to drink bleach to avoid COVID...the man has a list of outrageous craziness a mile long and yet we are all suppose to trust this man, remain calm with smiles on our face while we watch our children's inheritance disappear down the tube along with the demise of the federal government, the demise of our allies of many years and the destruction of this country's leadership of the free world..this country is spiraling out of control because of this one man!
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No one could have said it better. Thanks.
 
I got a terrible feeling that DC is under a terrible bad luck future today.
Melania closed up her public stuff.
 
I do get the distinct impression that many [not all] of the richer well off countries are helping poorer nations - for example the aussies have upped their support for some south sea isles - but it was also triggered off by China stepping in to "lend a helping hand" . I think without requesting a listing that some of our richer countries are donating to those poorer nations. However I also get the distinct impression that some just accept the donations and make no changes - or are taken over by local guerrila groups and nothing really improves. So the whole field of "care for our neighbours and poorer nations" can just become never ending drip drip drip and nothing changes?
 
UpstateGal said:
I'm glad I didn't upset you. I wasn't laughing at you nor the rules of the forum. I just found your comment humorous for the mere fact that many threads turn to political discussions on this forum.

I don't start these threads I just add my opinion on some of them. Also, I didn't say topics like finance, economics, taxes, etc ARE political topics, I said " they can all turn into divisive political threads".
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What you did do was:
You got personal
 
Of course, people in specific countries look out for themselves and others who may be harmed in nearby areas because of profiteers trying whatever it is they want to profit by. ... :coffee: ... The World knows there is only $12,000,000,000,000 in gold in existence today.

What cha got in bulk is a digital value of ?? Digital value of your bulk commodity is the world currency, not other B.S.
Billionaires' are buying up Properties as fast as they can, another ... ↓↑ → ↓ point of view, "supremacy" of Profit fact of life. the only fact!

You know they don't ride around on a golf cart at Doral talking about the weather! .......... .......... .......... Profit! ..... that's all they talk about!
Unfortunately, Golf Courses are Closing by the 100's every year and building homes may be the left over place. But not so fast, Taxes kill that idea!
 
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StarSong said:
Ai yi yi... can we get back to the tariffs, please?

Even the staunchest supporters of this president readily acknowledge his word is not his bond. He hoists all manner of ideas up the flagpole to see who salutes them, rolling many back down with barely a shrug and little explanation ("I was being sarcastic.") when they evaporate.

This isn't necessarily a criticism. I've never been an expert negotiator, quite the opposite. Even bargaining with street vendors in Tijuana was beyond my abilities.

Perhaps he has some kind of tactic in mind that will yield advantageous international trading policies for the US. I don't know what that advantage might be or how it might help the US, but my paltry negotiating skills are limited to: What's the price? "Ok, I'll buy it." or "No thanks."

What I do know for sure - tariffs have become a main topic of conversation that's scaring the pants off a lot of Americans and pissing off a lot of the international community. .
1. When Americans get nervous about finances, we close our wallets.
2. When other countries' citizens believe US policies are unfair to them (whether or not they actually are), they boycott American goods.

I hope this resolves very soon - without inflicting pain on Americans or the rest of the world.
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It is not going to resolve soon because the alleged rationale is to bring manufacturing jobs back to America. But as mentioned previously in this thread and by the economists I've seen on the news, that would take billions and likely at least 5 years to get those businesses off the ground. What are Americans who can barely make ends meet now and those who were abruptly fired, some who will find it hard to get work (ie: seniors and perhaps the disabled), supposed to do during 5 years of high prices on almost everything we buy. The estimated additional annual expenditure for a family of four is $7,000. That's another $583.33 a month. How many poor families and seniors can come up with even half of that?

Another rationale is that the tariffed countries will want to "make deals" to bring their tariffs down. If that happens, perhaps the price of goods will come down, but that won't be immediately either.

"Even the staunchest supporters of this president readily acknowledge his word is not his bond."
Yeah...the family business that did construction work on his Atlantic City casino(s) that he stiffed out of 30% of their promised pay can vouch for that. And so can his investors he left holding the bag after he declared bankruptcy.
 
Teacher Terry said:
The plan is to purposely crash the economy because poor people are easier to control. Billionaires will get richer by buying stocks, homes, etc when the prices are low.

It’s not hard to find the information on why this is happening. 10 years ago I never would have believed this could happen in America.
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Billionaires become billionaires when the rank and file feel good about the future and have money to spend.

I believe that many of the radical changes may be good for the country in the long run but devastating for many individuals in the short term.

The atmosphere of fear coupled with the constant chaos and lack of empathy from America’s most wealthy and powerful elite’s is what I find the most disturbing

We’ll get through this.
 
MACKTEXAS said:
Yes, these are important issues. Whether or not a thread is removed depends on how it evolves. My projection was simply based on observations of what has happened to threads such as this in the past. It may not happen to this one. [?]

As to your second paragraph, my understanding is that we only need to interact with SS online or at a local office if we are signing up for SS, or changing banks. However, we are finding out that the rules keep changing every day, so it's impossible to know what comes next.
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Yes, that's what I read at first, too. I saw a news report that left the part out about if you're just signing up or changing banks. Then I read an article that made it seem like everyone had to go in person, which would not be feasible, especially with these staff cuts. Mack, here is the latest from the SSA.gov website on the identify verification requirement updates as of March 26th.
https://blog.ssa.gov/social-security-updates-recently-announced-identity-proofing-requirements/
 

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