3 bad things happened today

Number one, this new debt deal just added $7 trillion to our debt over the next 10 years.

Two, manufacturing dropping to the lowest in 2 years along with several other numbers lately has many people talking about the start of a second recession.

And S&P will most likely downgrade us soon with this deal because it is not close to what they needed to see to keep us AAA rated. So our interest rates will most likely go up soon.

SO this great debt deal which initially took the market up sharply in early trading had a 270 point down swing at one point during the day. They did recover to end up down only 10 points but our market and retirement accounts could start to take a big hit again soon.

It went up because the market thought an agreement would be reached to avoid a default. It went down when the day wore on and it looked like there might not be an agreement and the United States would default. If we have a Teafault, watch your market and retirement accounts go into the toilet.

WayneH wrote: It went up because the market thought an agreement would be reached to avoid a default. It went down when the day wore on and it looked like there might not be an agreement and the United States would default. If we have a Teafault, watch your market and retirement accounts go into the toilet.

Guess you TV has been off today? This was passed early this morning by the House. It had nothing to do with the market worrying if it wouldn't pass. Not sure where that came from? It was the economic numbers and people realizing that we just added $7 trillion to our debt over the next 10 years, and S&P will most likely downgrade us because the Dems wouldn't allow enough cuts.

Uh Vike. It's takes TWO votes (the House and the Senate) to pass the bill. Just because the House passed it, doesn't make it a done deal by any means. All that's I've seen on the news today is how it might not pass the Senate vote and it's not a done deal. The Tea Party is very unhappy with it.

The House passed it this evening.....finished voting about 5:15...what were you watching Viking?

The Viking wrote:
Guess you TV has been off today? This was passed early this morning by the House. It had nothing to do with the market worrying if it wouldn't pass. Not sure where that came from? It was the economic numbers and people realizing that we just added $7 trillion to our debt over the next 10 years, and S&P will most likely downgrade us because the Dems wouldn't allow enough cuts.

If you can't make your argument without lying, then maybe your argument is flawed. If we get downgraded it will because the Republicans refused to entertain revenue increases.

You know, how about people just start admitting we actually are in a depression, and have been. All this bull**** about double dip recession - give me a damn break. There has NOT been a significant improvement to call it anything but what it really is.

Time we stop getting lied to.

I think if we were really in a depression, things would be a lot different. People are still buying cars and luxury (and non-luxury) items. For the employed, it doesn't appear we're in a depression. I notice restaurants, department stores, movie theaters and malls are just as crowded as they ever were. I was at an electronic store and big screen TV's seemed to be selling well, judging from the ones being carried out of the store.

Time to take a good look at the actual history of the 1930s depression. People were still buying cars and homes and jewelry while others were losing their homes and becoming homeless. Movie theaters were MORE crowded during the depression because they were a cheap fantasy escape, which is why many of the movies are very lush, very fantastical for that time period. Color movies were presented to the public. Disney did his best and most popular work in the 1930s. (Does this seem familiar? What are the popular movies of the year so far- that's right, the big production value, dramatic, all kinds of stuff going on movies. And not just this year either - last year as well.)

People have this misconception that EVERYONE was soooo poor and scraping to get by - very far from the truth, and the perception you are operating on now. Denver was a kickin place in the 1930s. Look in the newspapers, check the ads. Check the society pages.

However, all most people were taught in school was about Hoovervilles, and the dust bowl, and Grapes of Wrath. Yep, that was the state of being for a whole lot of people. but not, by far, all people.

This perception is what the government is banking on us relying upon - that we'll go- oh, but not everyone is living in their vans down by the river, so there must not be a depression.

Wrong.

EXACT same patterns of behavior are happening now that happened then. The exceptions are of course - no drought - we've had a surplus of rain and heat in the midwest; the right recipe for very lush, possibly even bumper crops come harvest this year. The other exception? Mass world communication. Everyone knows our problems as a nation, often before its citizens do. We've had a president call for works programs - wait, does this sound familiar? Didn't Obama use almost the exact same words? Calls for all of us to tighten our belts. Calls for the creation of more jobs. Many many speeches designed to calm the worries of the average man.

Seriously, stop looking at popular history and look at real history - there IS a difference.

But don't take my word for it - ask a college professor who specializes in 20th century American history. Because clearly they're going to know more than a former high school teacher who specialized in the same, just has one less piece of paper to show for it. Yes, that was sarcasm.

I'm not looking at any history. I'm just telling you what I am observing. Lots of new cars on the roads. Lots of spending going on. I don't see much evidence of people not spending like normal. I'm not attempting to compare it with an event of the 1930s.

I know it's bad for all the people out of work and who can't find a job, but for the employed it seems to be business as usual.