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thepeel
Joined: 08 Aug 2004
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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 Posted: Sun Dec 23, 2007 12:52 am Post subject: |
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Interesting.
One thing he didn't get into is the effect of the baby boomers retiring on the economy, especially with all these AAA rated lenders potentially going belly up, which could conceivably lead to pension funds seizing up, and all these retirees losing their homes, or having homes worth less than the mortgages.
I think the governments are secretly shyting their pants at the moment. Stephen Harper recently seemed to let the cat out of the bag when he warned Canadians of tough times ahead in 2008, this with Canada's economy more robust than at any time in decades.
Scary. |
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thepeel
Joined: 08 Aug 2004
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| Posted: Sun Dec 23, 2007 8:10 am Post subject: |
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Harper was just pointing out the obvious fact that an American slowdown means a Canadian slowdown.
The big risk at this time is something called level 3 assets. Some of the big firms might be brought to their knees. How that will affect the "real" economy, nobody knows. This financial crises might be just getting started. |
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Tiger Beer
Joined: 07 Feb 2003
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| Posted: Sun Dec 23, 2007 8:54 pm Post subject: |
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| blaseblasphemener wrote: |
| One thing he didn't get into is the effect of the baby boomers retiring on the economy, especially with all these AAA rated lenders potentially going belly up, which could conceivably lead to pension funds seizing up, and all these retirees losing their homes, or having homes worth less than the mortgages. |
I'd think the baby boomers would have had their home paid off by now. Their homes were significantly cheaper 40 years ago, different system that prevented easily access to loans, etc.
It's really only the people who bought their homes in the last five years or so, and particularly those who bought at the height of the bubble.
Unless you are speaking of baby boomer's who were buying second and third homes as additional investments.
Regardless, quite a mess. I listened to Kruger's 70-minute discussion. Looking back on that bubble, it's amazing how many people were in deep denial we were in a bubble, everyone just wanted to 'get in on the action' and everything was geared towards amazing profits in their minds. |
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caniff
Joined: 03 Feb 2004
Location: All over the map
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| Posted: Sun Dec 23, 2007 9:10 pm Post subject: |
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My grandmother sold her North Kingstown, RI beachfront property for almost $800,000 during the spring this year.
She was getting lonely, and wanted to move into an assisted living "silvertown" community. Boy, did she make the right call!! Would've sucked if she had waited until now, or even more bad months from now. The next concern is how much of her savings and investments are in US dollar-based assets.
I also watched the video. It seemed the message was that while nobody knows how bad the financial markets will be hit, there is reason to expect (hope) based on recent history that the overall economy will not totally shit the bed.
Apparently the world has been continuing to infuse capital into the US. Life support for the goose that lays the golden egg (consumer spending)?
Anyway, good video.
Last edited by caniff on Sun Dec 23, 2007 11:40 pm; edited 1 time in total |
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caniff
Joined: 03 Feb 2004
Location: All over the map
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| Posted: Sun Dec 23, 2007 10:59 pm Post subject: |
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Double-posty
Last edited by caniff on Sun Dec 23, 2007 11:32 pm; edited 1 time in total |
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blaseblasphemener
Joined: 01 Jun 2006
Location: There's a voice, keeps on calling me, down the road, that's where I'll always be
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| Posted: Sun Dec 23, 2007 11:17 pm Post subject: |
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twins!   |
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