Bad economy? Remember Depression?

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For eight years we have heard complaints about how bad our economy is under President Bush. (Letters to the Editor, Sept. 27, "Vote GOP -- when hell freezes over").

When I was four years old, my father used to take me, once a week, under the elevated train tracks, near our apartment in Chicago, where we stood in line for 30 minutes or more to receive a 1/4 lb. stick of butter and a quart of milk. This was in 1928. I'm not sure if my memory is correct; but I think his wage was 25 cents an hour.

The Augusta Chronicle Sept. 29, on page 6B, lists the amount of money Americans paid just to see a movie. It totals over $68 million for one weekend; and this is when our nation is in a mortgage crisis.

Someone needs to go talk to those people about our bad economy!

Gil Ward

Evans

Comments (29) Add comment
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HTN007
19
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HTN007 10/03/08 - 01:15 am
0
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Can we revisit this issue in

Can we revisit this issue in six months? You may be back in that line again................

JesusIsComing
9
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JesusIsComing 10/03/08 - 05:06 am
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Nice perspective, Mr. Ward.

Nice perspective, Mr. Ward.

imdstuf
10
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imdstuf 10/03/08 - 07:21 am
0
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It is getting like that again

It is getting like that again for some people. Just because Gil is not back in the same situation he assumes others are not. There are homeless parks going up around the nation. As the credit crisis presses on more companies are laying off and people are buying less. This is no depression, but it sure is a recession. This is not to point blame, just to point out, things are not perfect and happy for everyone right now.

a different drum
26
Points
a different drum 10/03/08 - 07:33 am
0
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Personally, I think there is

Personally, I think there is going to be a depression sooner or later -- for years our manufacturing plants have been moving overseas. We buy far too much foreign oil and other products. This Bailout Bill reminds me of a hostile corporate take over of the American economy financed by the American tax payer.

a different drum
26
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a different drum 10/03/08 - 07:50 am
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I don't under why credit

I don't under why credit should be frozen for businesses and people with good credit ratings. Banks are in business to make money by lending money. I can understand banks might be more cautious for a time. I trust the American people more than I do the government. I think our economy will keep on going without the government's intervention. There are going to be a lot of companies that made bad business decisions going under. There are going to be a lot of individuals with financial trouble. We will have to face up to reality and deal with the problems as they develop.

aftbrn
0
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aftbrn 10/03/08 - 08:20 am
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This bail out is not about

This bail out is not about bailing out the USA, most of this money is going over seas. See http://fedupusa.org/ . The real story is a small fraction of of this bad debt is american, the rest is offshore. Do you want your tax dollars going to bailout other countries?

ITDoc
1
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ITDoc 10/03/08 - 08:50 am
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Credit is NOT frozen for

Credit is NOT frozen for people and businesses with good credit. The lenders are simply not going to loan out money to credit risks without this bailout. This bailout is expressly designed to allow credit practices which got us into the mess to be continued ad infinitum. I have verified with my own bankers this fact: I could borrow as much as my business or my family needs without paying exorbitant interest rates. It's true: they asked for a bigger downpayment than they asked for in the past. In the old days, that was part of good lending practices. Bailout passes, Obama wins, we fought WWII for absolutely nothing. NOTA '08

ITDoc
1
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ITDoc 10/03/08 - 09:06 am
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Watch Bill O'Reilly attempt

Watch Bill O'Reilly attempt to hold Barney Frank accountable for his DOCUMENTED actions. http://www.youtube.com/watch?v=RAuOEdttjZQ

ITDoc
1
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ITDoc 10/03/08 - 09:14 am
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Lastly: Without a bailout,

Lastly: Without a bailout, the value of EVERYTHING will go down. GOOD! I for one would like to see housing return to 60k for a house that currently sells for 120k. I'd like to see cars sell new for 10k again. I'd love to make $20,000 a year and be able to maintain my lifestyle. This bailout just props up prices, keeps the non-qualified credit risks buying overpriced goods and services, and keeps the Democrats in favor with the havenots. A crash of our financial system would give us the fantastic opportunity to start over with a system that would be more fair without Government handouts. If YOU can't get credit, look at your OWN credit for the reason, no where else.

PLAYLIKETHUNDER4
0
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PLAYLIKETHUNDER4 10/03/08 - 09:25 am
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economic collapses are

economic collapses are somewhat...i say, somewhat cyclical...not if, but when.......

aftbrn
0
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aftbrn 10/03/08 - 09:29 am
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Tall2 I agree with you 100%,

Tall2 I agree with you 100%, this bailout does nothing but continue to reward those who put us in this position to begin with. I too have had the same experience as you. Credit is not frozen if you have good credit. I just received approval for a new home loan, and yes they asked for more money down but again that is just good lending practices. I will be absolutely sick if this bailout passes and we continue to reward those who made poor credit choice or lending practice. What message does that really send.

ITDoc
1
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ITDoc 10/03/08 - 09:45 am
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The message it sends is the

The message it sends is the same message that has been sent via parents to children since the 70's: It's Not Your Fault. The (teacher, boss, government) is unfair to those of us in (insert sub group here).

marandan
24
Points
marandan 10/03/08 - 10:22 am
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Tall2, I also agree with you

Tall2, I also agree with you 100%. Also, Biden said last night that they need to go back and have judges either lower the price you pay for your house or they will lower the arm rate. How in the heck is that fair? That just screws that business that sold them the house. If those people signed a binding legal contract, then it is on them to live up to their obligation or give it back. That is how it works. Man, is everyone who feels like they are not in a good deal, can just renig on their obligation? The people that signed these deals weren't crying when the arm rate was low, I belive anyone who has made their payment for more than one month, should be liable for their debt. Otherwise everyone can just quit paying their bills, but they should have thought it out before they signed the line. We cannot buy out everyone that made bad business deals. This will be a wake-up call for ALL lenders; trust but verify. Don't let Gov't steer you into making bad business decisions, so spoliticians can lure votes. Everyone cant, or won't pay for everything. You cant force lending, because people have different priorities.Vote NO on the bailout, and maybe people will wake-up.

MyTake
0
Points
MyTake 10/03/08 - 10:53 am
0
0
Almost nobody remembers the

Almost nobody remembers the Great Depression anymore, which is why we were dumb enough to get into this one. Hopefully the bailout, disgusting as it is, will help take off some of the sharp edges of it. There will probably be enough pain left to keep us honest for another 75 years.

griesella
0
Points
griesella 10/03/08 - 10:57 am
0
0
The uneducated mortgage

The uneducated mortgage holders think this bill will bail them out by paying off their home mortgage for them> They don't understand that they will have to go through an entire credit check process to see if they qualify for a lower price loan. .

griesella
0
Points
griesella 10/03/08 - 11:01 am
0
0
Personally I think the

Personally I think the dumbing down of America has caused this collapse together with the greed of politicians who buy votes by leading the poor and unemployed to believe that the guv'min will always take care of them.

HillGuy
8
Points
HillGuy 10/03/08 - 12:32 pm
0
0
There was no FDIC insurance

There was no FDIC insurance in 1930 and the dollar was still on the gold standard. There will not be a repeat of The Great Depression; there are too many safeguards in place for that to ever happen again.

a different drum
26
Points
a different drum 10/03/08 - 12:36 pm
0
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Congress just passed the bill

Congress just passed the bill -- WATCH THE STOCK MARKET DROP. The people don't have any confidence in the government solving this problem. This was done under Barney Frank's leadership.

marandan
24
Points
marandan 10/03/08 - 12:48 pm
0
0
Also Grizabella, who says we

Also Grizabella, who says we wont have this same problem again in two months when Christmas comes, and these people choose to buy gifts instead of paying their mortgages? I am totally against this bailout because there is NOT proof that it wont happen again. No matter how it happened, these people reniged on their obligation, which means it should be reposessed. Not give em another chance to cost us money again. Kick em out, and let the market move the houses to people that can pay for them, Also with so many houses on the market again, the prices will come down, and all lenders will compete more fairly(Meaning qualifying people on their ability to pay), not on their social status. In Vegas if you bet your money on the craps table, but your number doesn't hit, the casino doesn't say"OK best out of three" No, they take your money. There is risk in life, for everyone. NOONE(citizens or lenders) should be guaranteed to never lose, at other peoples expense. How is that FAIR?NO Bailout It is called tough love, but it is necessary. Other wise, we will see this financial MONSTER again. It is time for everyone to be smart with their money, and spend it wisely. Buy what what you can afford.

a different drum
26
Points
a different drum 10/03/08 - 01:03 pm
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I am against the Bailout Bill

I am against the Bailout Bill too -- I think it will just make things worst. I hope I am wrong. I would like to see the economy do well as it benefits us all. The trouble is we have the same people that caused the problem trying to solve the problems.

a different drum
26
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a different drum 10/03/08 - 03:06 pm
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The DOW was up before

The DOW was up before congress passed this bill -- now it is -157.15

a different drum
26
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a different drum 10/03/08 - 03:09 pm
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Congress should have listen

Congress should have listen to the public flooding them with phone calls opposed to this bill. These are the people that are out in the real world making our economy work.

standtall
0
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standtall 10/03/08 - 03:34 pm
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This bailout bill is nothing

This bailout bill is nothing more than a shot in the dark by the same people who caused the problem in the first place. Nobody knows what may be the unintended consequences, but I fear the worst.

a different drum
26
Points
a different drum 10/03/08 - 03:42 pm
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Standtall -- I fear the worst

Standtall -- I fear the worst too. We have the same people in these government offices. Some of these people need to go -- they need to be replaced with people with different ideas. The stock market seemed to be doing okay to me, until they passed this bill. That is amazing with all this talk of doom. It had dropped but it appeared to be working its way back up. I believe the free market would have solved the problems on its own.

LaTwon
1
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LaTwon 10/03/08 - 04:06 pm
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gimmee 700 billion or martial

gimmee 700 billion or martial law will be declared.................
http://www.youtube.com/watch?v=gnbNm6hoBXc&eurl=http://www.prisonplanet....

GR-10
0
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GR-10 10/03/08 - 05:15 pm
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Source: Reuters NEW YORK, Oct

Source: Reuters

NEW YORK, Oct 3 (Reuters) - Wall Street ended its worst week in seven years with another tumble on Friday on fears a $700 billion financial sector rescue plan won't unlock credit markets or stave off a U.S. recession.

Based on the latest available data, the Dow Jones industrial average .DJI was down 155.95 points, or 1.49 percent, at 10,326.90. The Standard & Poor's 500 Index .SPX was down 14.85 points, or 1.33 percent, at 1,099.43. The Nasdaq Composite Index .IXIC was down 29.33 points, or 1.48 percent, at 1,947.39.

Read more:

http://www.reuters.com/article/bondsNews/idUSN0335721220081003

soldout
1283
Points
soldout 10/03/08 - 08:21 pm
0
0
to protect your personal

to protect your personal finances become a giver to the Lord's work and attend a Dave Ramsey financial peace course. One man who worked at the soup kitchen in Chicago during the depression said in four years he never found a tither in the soup line. God will take care of his children who apply His principles.

kiseta50
0
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kiseta50 10/03/08 - 09:02 pm
0
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I remember during Jimmy

I remember during Jimmy Carter years, when I was laid of the last time, the mortgage rate was 12-17%. I lived in Delaware, and the unemployment was over 10%. We had odd and even number for gas lines and you could only get $5.00 worth of gasoline. That was the time when I moved to a new apartment, it had to be located clese to a bus stop, suppermarket and gas station, just to save money on gas. We survived that to, and became fat and happy. I don't feel sorry for anybody who bought a house that they could not afford. Now they blamed it on the banks. I thing the next thing will be the car dealers.Are we going to bale them out too? If you have a good credit rating, they are still sending offers for "come and getit" money, just sign on the line,

KSL
144551
Points
KSL 10/03/08 - 10:06 pm
0
0
I hate to say this. But our

I hate to say this. But our brokered accounts are way down. My self run little account that I have paid no attention to (shame on me) is up over the beginning of last week, even though it was down tremendously today. I had complete control of it years ago and then I abandoned it. It is still out performing any brokerage run account that we have. I'm taking back control of our investments. I'm tired of advice that loses us money in the interest of safe investments.

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