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- airwalkery2k, on 10/12/2007, -5/+79The funny thing is by having people believe there's going to be a recession can itself cause a recession as people sell to avoid being hit by the recession.
Ugh. Economies ran by humans. - geekee, on 10/12/2007, -6/+31"I don't think we ever really came out of the last recession yet.."
You are really clueless. - Submerge, on 10/12/2007, -3/+24Exactly, these polls don't help at all. They are pushing recession to happen. I hope recession doesn't occur for awhile, or is real short. Because I'm graduating college next year. Eek
- emarkp, on 10/12/2007, -0/+20Of course, an even larger percent of Americans (or people in general) don't understand even basic economics.
- cyotha, on 10/12/2007, -0/+19I think you mean secession.
- mr804, on 10/12/2007, -7/+25Yeah and 60% of them think Jesus is coming back soon also. Who gives a *****.
- dreicher, on 10/12/2007, -3/+191,373 is a statistically relevant sampling size.
- Detritus, on 10/12/2007, -2/+18Speaking of self-fulfilling prophecies... Isn't 60% pretty close to the percentage of people in the US that expect the world to end in their life time?
Maybe 60% of Americans are just really pessimistic? Or maybe that same 60% is behaving irrationally when it comes to their own finances hoping Jesus sorts out the balance for them.
I just got a 30 year mortgage with no money down and fully expect Xenu, Quetzalcoatl and Jesus to rumble in 2012! - TKardinal, on 10/12/2007, -2/+17Huge inflation? What country are you living in?
In the United States, inflation has been around 3%, which is about exactly where you want it, for at least the last 17 years. - airwalkery2k, on 10/12/2007, -1/+14@laserblazer
Of course the President, Congress, corporations, and so forth all have effects on the economy through the decisions they make (such as deficits, both government and trade, among other things.)
But ultimately, the ones who decide which way the economy turns are the people who react to what they see happening. Rumors about recessions can speed up the process a heck of a lot faster than a steadily growing number the general public pays little attention to. - spyda45, on 10/12/2007, -0/+11Time and time again, history repeats itself. Nearly every decade we see a recession and I doubt this will be the last one, call it the tides of time.
- Urusai, on 10/12/2007, -3/+13Polling Americans is like asking your plumber for medical advice.
- maf54, on 10/12/2007, -0/+8I don't get it...the house market may be a little shaky, but unemployment continues to drop, and new jobs have continued to be created. I agree with the first poster...beleiving a recession is about to start will start it much quicker than it would naturally.
- tuxidomasx, on 10/12/2007, -2/+10maybe housing prices will become a little more reasonable in my area
*cheers* GO RECESSION! - dreicher, on 10/12/2007, -3/+10Because when housing prices went through the roof pay did to?
- coldphoenix, on 10/12/2007, -3/+9A sampling of 1300 is an accurate representation of the 300 million people in America? How do you figure that?
- juanbobo808, on 10/12/2007, -2/+8Title is misleading. American's don't await recession like they await their paychecks, they simply realize that there probably will be on within the next year.
Not to say they're right, because they probably aren't. - dreicher, on 10/12/2007, -2/+7@coldphoenix
Statistics. http://en.wikipedia.org/wiki/Sampling_(statistics)
@burgerboy06
"And that this study is in LA"
You think the L.A. Times and Bloomberg haven't figured out a way to ask people outside of L.A. questions? - lincr3, on 10/12/2007, -3/+8Yah there likely wont be a recession but even if there is, they are a natural part of the economic system. The DJIA is at its highest level EVER thanks to strides made by the current government. They have even had to deal with 9/11, war in Afghanistan, the war in Iraq, and MANY single day record drops.(685 points, 618, 436, 416, 390, 382, 380, 374, and 360...all in the top 12) The market has gone up from 8,376.21 on September 20, 2001 to a level of 12484.62.
I would say the market is rather strong considering the issues it has been through in the past 7 years. - coldphoenix, on 10/12/2007, -1/+6Sad...but basically true.
- Poco, on 10/12/2007, -0/+5It would be more useful if they also indicated which stocks those 60% own so we know which ones not to buy.
- willgonz, on 10/12/2007, -6/+11And maybe jobs will pay less.
- bobcrotch, on 10/12/2007, -1/+5Los Angeles Times and financial news wire Bloomberg
Great sources, I would guess that probably 60% of Americans don't even know what recession means.
Is sensationalism and fearmongering becoming like marketing tactics or something? It seems like any piece of news that comes across these parts is filled with a bunch of hype. What ever happened to reading the facts and drawing your own conclusions? - ahnkou, on 10/12/2007, -2/+6what's even more sad is most of the time my plummer gives me better advice than my doctor does... go figure
- hootpie, on 10/12/2007, -2/+699% of Americans don't know their face from their ass, so there isn't much to worry about.
In all seriousness, if that many believe there's a recession then there will be one (self-fulfilling prophecy). Fear the idiotic masses. - msoule, on 10/12/2007, -2/+5Clearly, you and the folks who run the debt clock site lack a basic understanding of economics. The total dollar value of debt is useless information without comparing it to assets and income (the GDP.) Research what a "debt ratio" is. You will find that the debt ratio of the US is lower now than at any point in the 1990's and is well below the post WWII average.
- bIuebonics, on 10/12/2007, -0/+3@burgerboy06
4.57*10^-4 is 10 keys to press... .000457 is only 7 keys to press. also, 1373/300000000 is 4.576...x10^-6 - inactive, on 10/12/2007, -0/+3Backing up this poll:
Robert Reich - He was most recently secretary of labor under President Bill Clinton. (He is now Professor of Public Policy at the Goldman School of Public Policy at the University of California at Berkeley)
He talks about it here: http://www.youtube.com/watch?v=zjKf87EZ1Lk - dreicher, on 10/12/2007, -0/+3Because most professional economists have an agenda, for one. Ask David Lereah how he feels about housing right now? You're likely to get "now is the best time to buy". Secondly, because economists don't control our economy - consumer spending does (~75% of it, anyway). If people are not optimistic (or more likely these days they are tapped up and swimming in debt), spending contracts...recession, or worse.
- MrDash001, on 10/12/2007, -4/+7Why is it that every time an American sees a survey they automatically believe it. Surveys are the worst forms of research there validity and reliability are always under question. How about this I surveyed 10 people and 6 out of them said they don't care about a recession. So therefore 60% of people do not care about a recession. Well at least according to me.
- bIuebonics, on 10/12/2007, -2/+5Fact: 73.8% of all statistics are made up on the spot.
- nmeadata, on 10/12/2007, -1/+3I didn't even know about the last 2 recessions until they were over. It somehow was never referenced as a recession while we were in it.
"Recession your neighbor looses his job. Depression you loose your job." - ScottMitchell, on 10/12/2007, -1/+3There's no "maybe" about it. Unless you live in a place that has very constricted land use and is in a very desirable neighborhood, prices will retract over the next decade. Housing prices historically have tracked inflation, but they'll skyrocketed the past few years due to high liquidity and a lack of standards in the loan industry because of the ability to "pass the buck" to those who bought mortgage-backed securities.
Here's a fun little video highlighting the recent spike in home prices, as modeled by a railroad in railroad tycoon:
http://video.google.com/videoplay?docid=-2757699799528285056&q=rollercoaster
Let me assure you that the fundamentals of economics haven't changed. Moreover, if you bought a house in the past year or two, especially if you did a 100% down deal, you are likely in a painful position right now (or will be over the next couple of years). - gta3mobster, on 10/12/2007, -1/+3@ spyda45
It's officially called the business cycle ;) - PuterPrsn, on 02/18/2009, -0/+2Am I the only person around who finds it ludicrous that 400 million people's opinions are derived from less than 2,000 people? Now, I understand "sampling" as well as the next guy and better than some, but this is just getting ridiculous!
- runic, on 10/12/2007, -1/+3Buried because no one did the opposing bias poll showing 60% of Americans think large economic growth will occur...
- inactive, on 10/12/2007, -0/+2With democrats in office, the 60% of Americans will have what they wished for.
Look at Illinois - democratic governor wants a gross receipts tax. I guess none of the dems took economics 101 or finance for that matter.
Republicans can go through 9/11, dot.com bubble and Clinton programs, and still keep the economy going strong. - washcapsfan37, on 10/12/2007, -0/+2Pffft. Recession? I've gotten over 20%+ raises for the past five years. Of course being in the IT sector helps a lot. There's been a "threat" of recession for a long time, but we have yet to actually see one. People said there would be a recession after the tech bubble burst. I never felt my job was at risk. People are worried about the cooling housing market. My house has gone up in value by $20,000 (appraised) since I bought it 8 months ago.
People always say the end of the world is coming. Someday they'll be right. Doesn't mean it'll be anytime soon. - eleven, on 10/12/2007, -1/+3Yeah how about we don't worry too much about this - or we'll make it happen. I know I don't want my stocks to tank anytime soon!
- Comatose51, on 10/12/2007, -0/+2Well, that all depends. When people are too optimistic, you have "irrational exuberance" and bubbles. I mean if what people believed or felt like was all that mattered then bull markets would never end and likewise for bear markets. There's a certain amount of underlying facts combined with people's reactions that drive the market. Good investors like Buffet concentrate on the underlying values when investing and don't try to play the market by investing for the long term. In the long run, people's reactions will cancel each other out and the ultimate result will depend on the underlying values.
- inactive, on 10/12/2007, -0/+2Seriously...for your own good. Don't try to sound intelligent again.
- dreicher, on 10/12/2007, -0/+2Agree with the first statement for the most part, but your fix???
"End right to work". Are you advocating ending unionization or strengthening it and bringing back "closed shops"?
"Outsourcing penalties". Yet you cite higher costs as a reason for the recession...seems contradictory. - seeingright, on 02/18/2009, -0/+2This is a joke, right.. we ARE in a recession -- my business is off 70% -- I import musical instruments -- I am thinking DEPRESSION if the dollar starts to crumble and all indications are the currency is getting ready for a free fall -- typical MSM media -- don't tell the truth, just prop the Anointed One up until the fat lady sings!
- drudometkin, on 10/12/2007, -0/+1Glad I'm in the health care field. You will always need me to x-ray your grandma's broken hip.
- Y0tsuya, on 10/12/2007, -0/+1Boos happen because people believe it would happen. So why shouldn't recessions happen because people believe it would happen? It's OK to pooh pooh people for being bearish, but where were you when people were cheering the "Goldilocks Economy"?
There is a historical trend line for everything. However booms and busts tend to overshoot and undershoot so the real world never reverts perfectly to the mean. - dtfinch, on 10/12/2007, -0/+1My macroeconomics teacher at SOU was a big fan of gross receipts tax.
I haven't thought about it enough to have a strong opinion about it though. - shiftkgb, on 10/12/2007, -0/+1I will say, just to get my 2cents in, Bush may suck in alot of aspects but as of right now we have the lowest unemployment rate since WW2. Also in 2006 we made more money than ever before, problem is we also spent more than ever before too :(
- Comatose51, on 10/12/2007, -1/+2@elranzer: Some of them tried over a hundred years ago and the Union army proved that they were wrong.
- Comatose51, on 10/12/2007, -0/+1No, invest in a bear fund or invest by going short. Short it to the moon.
- canyadigit, on 10/12/2007, -0/+1Normal market corrections are both expected and...normal. The housing bubble had to correct just as the tech bubble did at the turn of the century. The media is in large part responsible for causing unneccessary panic selling by investors, this did not occur in years past as there were fewer average joe investors and information was much slower to obtain. I'm a little disappointed in Bloomberg (as I watch everyday) for getting into the poll business to boost readers/viewers, they should know better than to quantify 1373 opinions as having any meaningful importance, other than to ratings via the scare factor.
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