3rd quarter GDP downgraded to 2%

[musclehead]

I'm not one to say I told you so but.....  I think I was on here about a month ago saying these economist bozos didn't know what they were talking about.

now I'm thinking it's a toss up wether or not it'll be downgraded again 

unfortunately I'm thinking it will go down more 

I don't want it to, we've all suffered enough.

[BF]

I'm pretty sure the economy is going to go down further also.  

I'm scared ^@%$less that our dollar is going to go down the tubes also.  When our dollar gets devalued, you'll be paying 500.00 for a loaf of bread....if your lucky.

The current craphole that we're all in now is from the direct result of the de-regulation of the banking (Wall Street) and mortgage industries that started back in the Regan administration.  As well intentioned as that was (there was some merit to the idea), it has done nothing but result in one economic disaster after another.  Remember the Savings and Loan bailouts?  That was the first direct result of de-regulation of Wall Street.  

Pandora's box has been opened and Wall Street has now become UN-regulated and allowed to run amuck with unfettered greed.  

Wall Street now owns Washington and every politician in it.  Untill we RE-regulate Wall Street and get Wall Street out of Washington's hip pocket, we're only going to continue our slid into economic oblivion.  

May God help us.....because Washington sure as hell ain't gonna.  

[musclehead]

I'm pretty sure the economy is going to go down further also.  

I'm scared ^@%$less that our dollar is going to go down the tubes also.  When our dollar gets devalued, you'll be paying 500.00 for a loaf of bread....if your lucky.

The current craphole that we're all in now is from the direct result of the de-regulation of the banking (Wall Street) and mortgage industries that started back in the Regan administration.  As well intentioned as that was (there was some merit to the idea), it has done nothing but result in one economic disaster after another.  Remember the Savings and Loan bailouts?  That was the first direct result of de-regulation of Wall Street.  

Pandora's box has been opened and Wall Street has now become UN-regulated and allowed to run amuck with unfettered greed.  

Wall Street now owns Washington and every politician in it.  Untill we RE-regulate Wall Street and get Wall Street out of Washington's hip pocket, we're only going to continue our slid into economic oblivion.  

May God help us.....because Washington sure as hell ain't gonna.  

plenty of blame to go around, most folks blame the gub'ment for the most recent recession. the community redevelopment act, which allowed loans to be made that could never be paid back.

sold with a federally backed garuntee to wall street, greed did have a factor to play in there.

[BF]

I'm NOT blaiming one adminstration.  The facts are the facts and the de-regulation started in the Ragan adminstration. 

Yes, there is more than plenty of blame to go 'round.  ALL adminstrations are guilty as EVERY administration has continued to DE-REGULATE the mortgage and banking industies.  They are ALL guilty as charged.....including the Obama administration. 

We are so far down the rabbit hole now (meaning that Wall Street is so intrentrenched into the Washington political process) that the economy is now at a precibus that I'm afraid that we'll never recover from. 

I don't care who's fault it is (everyone of them's fault).  What we need now is answers, actions.....and REGULATIONS.   

[Thespian]

 One only has to look at the causes of the depression of the 1930's, they are the same as this one. Turning Wall Street into a gambling house. Bets on bets on bets? ??? And you relay make a killing when a company go's under. I guess it's OK to to destroy the American middle class, it's the free market! After all we don't want those people getting too close to the elite. Just rich and poor. It worked great back in the good old dark ages.    

[BF]

One only has to look at the causes of the depression of the 1930's, they are the same as this one. Turning Wall Street into a gambling house. Bets on bets on bets? ??? And you relay make a killing when a company go's under. I guess it's OK to to destroy the American middle class, it's the free market! After all we don't want those people getting too close to the elite. Just rich and poor. It worked great back in the good old dark ages.    

Because of that unfettered and un-regulated greed that went on in the 20's and 30's that almost destroyed this country and it's economy, Washington placed into effect strong regulations on Wall Street that brought about stability and a steady (slow, but nontheless steady) growth in the economy, the stock market and and the housing market that this country enjoyed and prospered for 40+ years.  

Then we started to de-regulate Wall Street (the financial and housing markets) and all one has to do is take a look around to see the result of that un-regulation.  

It seems that no one is listening.  

[Thespian]

 Ignorance Is bliss BF.
Don't bother me man I'm busy hating the government, and all there roads, and bridges, dam's and cops, and fire department's and army. you know all that  socialist stuff.

[BigAl]

Down she goes and where she stops nobody knows.