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US recession creates "meltdown" in stock markets

londonstockexchange.com — European and Asian stock markets report a fall following fears of a US recession.

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  • zeny888, on 01/18/2008, -46/+4MORTGAGE MELTDOWN: It's America's capitalism at its worst.
    http://digg.com/business_finance/MORTGAGE_MELTDOWN ...
    • thebellmaster1x, on 01/18/2008, -2/+24Spamming stories: It's Digg users at their worst.
  • edstate, on 01/18/2008, -7/+74And they all want Uncle Ben to drop the rates yet again, so the dollar continues to tank, and it just keeps spiraling out of control. Nice.
    • slicerace, on 01/18/2008, -1/+23Welcome to stagflation.
    • ZenMojo, on 01/18/2008, -2/+10An investor-based economy is wonderfully manipulated by human whim.
    • blitzer, on 01/18/2008, -2/+20"Uncle Ben" should stick to making rice.
    • dafragsta, on 01/18/2008, -1/+6Yep... welcome to the world of an empathetic economy. We'll bear the brunt, but there'll be ripple effects. When our economy was making a rebound in 2002, we felt ripples from the Japanese market falling into recession which kept us down for a little longer.
    • arunforce, on 01/18/2008, -1/+5Well we either have to take a hit in the foreign sector or the domestic sector, I don't know about you, I'd prefer foreign.

      There is no easy remedy to this...
      • sat0shi, on 01/18/2008, -1/+2Yeah well, I don't since I am that foreign sector. Good thing I sold all my Nikkei stock last month, I would've taken a huge hit.
      • arunforce, on 01/18/2008, -1/+1No, actually, if the dollar keeps dropping, it's more beneficial to you, since the dollar becomes relatively cheaper.
        • jmpeagle, on 01/18/2008, -1/+1that means relative prices are rising for the U.S., but falling for foreigners. If the value of our currency multiplied by 10 tomorrow (to give an extreme example), the amount of things the average American could afford would go up.
    • DangerCollie, on 01/19/2008, -0/+1""American financial mismanagement has brought us to this economic meltdown," he said."
      Like it or not that's the way the rest of the world is seeing it.
  • iching, on 01/18/2008, -13/+28Are we going to see something like "The Shock Doctrine" which will enable
    these corporatist and neo-cons take advantage of the general populous with the economic downturn?

    Economist Milton Friedman once said, “Only a crisis produces real change. When that crisis occurs, the actions that are taken depend on the ideas that are lying around. " Naomi Klein examines some of what she considers the most dangerous ideas—Friedmanite economics—and exposes how catastrophic events are both extremely profitable to corporations and have also allowed governments to push through what she calls "disaster capitalism.”

    Klein writes in the introduction to “The Shock Doctrine” that “The history of the contemporary free market was written in shocks.” She argues that “Some of the most infamous human rights violations of the past thirty-five years, which have tended to be viewed as sadistic acts carried out by anti-democratic regimes, were in fact either committed with the deliberate intent of terrorizing the public or actively harnessed to prepare the ground for the introduction of radical free-market reforms.”

    • capiCrimm, on 01/18/2008, -2/+15In other words, stockholm syndrome for government. Beat the living ***** and terrorize your population and they'll love you like a battered wife(or at least they won't leave)
      • tehxen3, on 01/18/2008, -1/+1At least that's your twisted interpretation. Population is who wants those changes and increased prosperity. Government isn't all-knowing and omnipowerful.
        • yodaj007, on 01/23/2008, -0/+1You completely missed the point of iching's post.
    • SpykerSpeed, on 01/18/2008, -2/+10As far as I can tell, every time there's an economic downturn, governments try to take MORE control over the economy, not introduce freedom. Which is the exact opposite of what that woman is talking about.
      • pintomp3, on 01/18/2008, -1/+2as seen in friedman and the chicago school's favorite free market experiment in chile under pinochet, they take things away from the public sector and transfer to the private sector.
    • belovedkid, on 01/18/2008, -0/+1i am reading this book at the moment, and i dont believe a shock has taken place at the moment. This is a crisis of our own making that we must bear as a nation. The shocks that we have endured as of late involve moreso "law shocks" and the like...our economy is failing quite easily on it's own.
    • tehxen3, on 01/18/2008, -1/+1Friedman was a genius. Crises like this force governments to free their economies, push reforms and change the status-quo malaise.
      Socialists would like their utopia to go on forever but reality always comes to shake you up.
    • freezeout, on 01/21/2008, -0/+1both Hitler and Napoleon rose to power on the shockwave of a financial meltdown
  • SparkyMaGee, on 01/18/2008, -9/+18Awesome! Less consumption! Will we truly be less happy if the stock market goes down? Unless we are unable to feed ourselves and have a source of good water we should be fine. People who want to be a member of society might actually have to start helping one another, share and not be so damn greedy in order to survive.
    • ZenMojo, on 01/18/2008, -2/+9A consumer-based economic support system would help. Jimmy Carter took a lot of ***** for the Stagflation he inherited from Nixon. Don't be surprised if a brilliant Democrat barely pulls us through and inevitably takes ***** in the history books.
      Whoever comes next is going to have a ***** storm and need at least two terms, Republican or Democrat.
      • hexydes, on 01/18/2008, -3/+2Wouldn't that require a brilliant Democrat to be running during the primaries though...
    • andy3109, on 01/18/2008, -0/+2Well the people who have all of their savings for the 20-30 years they can't work in stocks would certainly be less happy. Us young people might not be as much though :)
    • hematose, on 01/18/2008, -0/+3In our society, we specialize in something we're good at and do our work in exchange for other things that we are not good at. If Joe the engine machinist is suddenly given less hours to build engines because people are consuming less of them, he gets less money to buy steaks and rice from the farmers. Therefore, an economic downturn like this does prevent some people from eating and getting water, namely those that were barely able to afford it before. Are you're suggesting that we go back to a subsistence economy where everyone needs a farm in their backyard to be able to eat? On the whole, greed ensures that our economy works. We do help one another by going to work and making money. I think what you mean by helping one another is giving away stuff for free. That is not a long term strategy for success for anyone.
  • Frnnkdlxx, on 01/18/2008, -23/+13If they're scared because of the recession that we're ALREADY IN, imagine what they'll be when the full and awesome scope of this derivative bubble becomes apparent.

    We're talking Americans praying in the streets for The 1930 great depression. Oh, did I mention this is going to wipe out Europe and seriously damage Asia. No one is getting out of this one unharmed.
    • tghd, on 01/18/2008, -0/+9Uhuh???
    • p0ss, on 01/18/2008, -1/+6TheKingsSon is right, even if the capitalisation got him dugg down.
      China has the best foreign account figures in the world, america owes a lot, China is owed a lot. They have the population and the industrial infrastructure to wether the storm. Their biggest problems will be food shortages and the possibility of an epidemic.
      • sat0shi, on 01/18/2008, -0/+1Japan owes more money than any other country in the world. :(
  • eminiguy, on 01/18/2008, -7/+12Volatility is good for day traders, so I, for one, welcome any crisis Wall Street can come up with. Bring it on!

    BTW, Noami Klein is wrong about 50% of the time, and I am being very generous here. How exactly do you want to make money with what she has to say?
  • bort901, on 01/18/2008, -2/+49What came first? the recession or everybody saying there is going to be a recession?
    • jongos, on 01/18/2008, -1/+22It doesn't matter. When people stop consuming because they think a recession has hit, that's when you know we're in a recession. So all this talk about a recession now puts us about 6 months in.
    • thechitowncubs, on 01/18/2008, -5/+7The Federal Reserve came first.
    • skyshock1, on 01/18/2008, -3/+5I mean I don't know about you guys, but I'm doing pretty damn well for myself. My friends all seem to be doing well too.

      Where's this recession that people keep going on about?
      • nick911, on 01/18/2008, -3/+3You are lucky, ask someone that has lost their job and they will let you know where it is at.
        • nastronomical, on 01/18/2008, -2/+5People are always losing and getting jobs...so by your ignorant statement we are always in a recession?
        • topgigmedia, on 01/18/2008, -1/+2No ***** - someone who otherwise would have had a stable job that was let go due to a downsize or something similar - caused by negative economic growth.
      • jeffiek, on 01/18/2008, -0/+6There are more people in the country than just you and your friends.
      • Sananda, on 01/18/2008, -1/+3Be careful for what you ask for....
      • Chirp08, on 01/18/2008, -1/+2Agreed, I don't see any impact around where I live. Housing has slowed, but it hasn't stopped, not by a long shot. I live in a new development and there are new people moving in and houses being sold every week. I just got a promotion at work, although I think it helps that half of our company, the half that has to ok everything, is based in Germany. The low value of the dollar is helping because they can essentially afford to pay us more and spend more on our budgets this year. I'm sure the recession is happening, but only to people who spent their money and took out loans they knew they wouldn't ever pay back
      • brad3378, on 01/18/2008, -0/+2Michigan
    • BESTenemy, on 01/18/2008, -3/+2Yep, as if we just skipped the depression and went straight onto "recession". They call it that way, cause it sounds better - like a something that's associated with recovery, like something that leads out of a depression. Well, we ain't even half way into that thing they're afraid to recognize for what it is.
    • brad3378, on 01/18/2008, -0/+1If you're from Michigan (like me), the recession definitely came first.
  • mCanada, on 01/18/2008, -13/+6Buried for probably being promoted by the digg moderators. Short article with not much depth about the markets.
  • thebellmaster1x, on 01/18/2008, -6/+80Recession? But my President told me the economy was strong!
    Surely he's not...lying?!
    • N3M3515, on 01/18/2008, -1/+31Yeah it was only a few weeks ago when I saw Bush on CNN saying that "the economy was looking strong". Must have been looking at China's economy.
    • EXreaction, on 01/18/2008, -0/+7It's the terrorists! They are ruining our economy! Now is the time to invade Iran and stop them before they can do any damage!


      Think they'd ever say that?
    • kualla, on 01/18/2008, -3/+4Im surprised that with the US's economy affecting other countries own economies that someone hasn't even made an attempt at assassinating president bush... Not saying anyone really deserves to die over money but when middle class start to have to worry about being able to get to work and feed their families and god only knows how much worse the poor are struggling.

      Bush might not have much time left in office but it didn't take him all that long to really mess things up to begin with. I just hope that the next president can turn things around for the better because I sure don't see a president that says things are going good trying to make any changes when that is exactly what is needed for this country as well as for the world.
      • hexydes, on 01/18/2008, -0/+3Wow. Talk about overboard...

        You know, there are a LOT of other people who have their hands in the budget than just President Bush. To suggest otherwise is not only being completely partisan, but dangerously blind to the reality of the situation. I don't care what party you are, if you are trying to blame one person for the current economic situation, then you're never going to find the root causes.
      • hobbler, on 01/18/2008, -1/+0Cheney comes after Bush. Noone wants that.
  • ronpaul20008, on 01/18/2008, -5/+23you aint seen nothing yet.... hold onto your guns & gold....
    • mojotooth, on 01/18/2008, -1/+1Yeah I remember when a ***** insane family member said the same thing. It was 1999... He's broke now, but at least he has his guns. And some gold coins. I guess he kinda nibbles on them from time to time to make sure they're still gold...
  • recipher, on 01/18/2008, -19/+40This isn't even the start of it. You know what's even worse?

    http://www.youtube.com/watch?v=eBGIQ7ZuuiU
    • greenlight2001, on 01/18/2008, -2/+10You just Roll'd me! *****! I didn't even see that coming and I'm ALWAYS on the defensive for being Roll'd. Kudos to you.
    • bieber, on 01/18/2008, -2/+19The sad part is, I didn't even have to click the link...I just felt the Rickroll coming on. Now if only I could develop the same sense for those pain collages...
    • blackdude, on 01/18/2008, -3/+2Oh My God, I just got Rick Rolled.
    • duggyadown, on 01/18/2008, -5/+2For those who fell for the Rick Roll, pay attention to the URL, and notice the last four letters: "uuiU" It's pretty easy to remember, and most roll's I've seen are uuiU.
    • Archon810, on 01/18/2008, -0/+2That is true. That is worse. You were right.
    • nycmac247, on 01/18/2008, -3/+2Dear sweet Jesus ... and I haven't even been with a woman?!?!?
      (drunk)
    • andy3109, on 01/18/2008, -1/+1Thank god I have a slow connection...got myself out of that one just in time!
    • mike17032, on 01/18/2008, -1/+1If you didnt know that was a RR, you fail the interwebs.
    • Hoov, on 01/18/2008, -0/+1I'm not sure what's sadder. That I've never heard of this Rick Roll'd ***** before now or that I watched the whole video.

      And wtf is with that bartender at 2:07?
    • kaelyiesta, on 01/18/2008, -0/+1I've memorized the GUID for that youtube vid. No one will take me by surprise again!
    • mojotooth, on 01/18/2008, -0/+1Well... better than tubgirl I guess...
  • MacSuxWindozSux, on 01/18/2008, -6/+14But Bush said the economy is strong.
    Whole world... Bush.... Whole World... Bush...

    I don't know... sounds like someone's lying.

    Reminds me of all those times Bush didn't say "Stay The Course".
    • masterm1nd, on 01/18/2008, -8/+2Whole world...Bush... Exaggerate much?
    • Kishoba, on 01/18/2008, -0/+2To be fair, it's not that our "economy" is weak, so much as it is that our dollar is weak because of our own government. It's not the businesses that are to blame, especially when you look at the record high of the Dow over the last year. Our government has been deficit spending to the point where the dollar has no meaning. In the end, all business and citizens alike will pay the consequences for our politicians actions.
  • bossm4n, on 01/18/2008, -17/+14Alarmist rhetoric. We've had corrections in the last 10 years that make this market bump look like a pimple on a frogs ass. The markets can't keep going up forever without some profit taking and such. The Dow is up over 4000 points in the last four years. The sky is not falling quite yet Chicken Little. Be cautious, but no reason to panic.
    • MutatedNantuko, on 01/18/2008, -8/+7Yay, someone on Digg isn't ***** insane.
    • dagoonmaster, on 01/18/2008, -1/+6yay seems like someone understands the markets, hooray for education
      • hexydes, on 01/18/2008, -1/+4Except for the three people that buried him (I bumped him up one).

        Seriously people...talk to your grandparents, if they lived through the great depression. I know you're all excited about a doom and gloom scenario (like the song by Garbage, "I'm Only Happy When it Rains"), but honestly, this is an issue, but not the end of the world.
  • Curlz31, on 01/18/2008, -8/+12I didn't see Obama warning people about a monetary collapse, maybe because he knows nothing about monetary policy OR does not want to make his international banker friends angry. THE FEDERAL RESERVE IS CAUSING THESE RECESSIONS PEOPLE. Wake the ***** up.

    http://www.youtube.com/watch?v=8GzRWSof8uQ
  • Look4Truth, on 01/18/2008, -6/+8Gold, silver, storable goods...and do it now.
  • redxninja, on 01/18/2008, -2/+1LOL
  • MattRK, on 01/18/2008, -8/+2And i thought everyone hated the USA.... haha. Looks like they depend on us for something.
    • p0ss, on 01/18/2008, -1/+2the big fat man we've been holding drags us all down when he falls
  • stinkypyper, on 01/18/2008, -5/+18You know what I hate. The market drops because of "fear" of a recession, not an actual recession.

    I have an idea how to balance it out though, stop ***** around with the Kyoto accord, sign the ***** thing, then do you what you do best, lead the world in the next economic revolution, the green revolution, you have your chance to be the world leader in energy. If you still wanna stick with oil fine then, put up with the terrorism and let the European countries and Japan develop all of the highly profitable energy technology.
  • restlessdesign, on 01/18/2008, -3/+5"Unless we are unable to feed ourselves and have a source of good water we should be fine. People who want to be a member of society might actually have to start helping one another, share and not be so damn greedy in order to survive."

    Clearly, since that worked out so well over in Russia...
  • nick911, on 01/18/2008, -10/+4Soon you will see the true fruits of pure greed. If one is honest with their self you can see that something would eventually have to give. I believe there are things that have been set in motion that will not be able to be reversed.

    Think about this, have you really started to think about the possibility of life with out electricity? Life with out gasoline? Life without food at the supermarket? Can you grow your own food? If water doesn’t flow from the tap or come from a bottle where will you go? You will go exactly where all these things are provided for you and the government will be waiting for us. As soon as you get in line, life as you have know it will never be the same again.

    There is something that could tip us in that direction real fast, that is a new war in the middle east. I’m sure that most of the people on DIGG would already know that this administration is doing EVERYTHING it can to start a war with Iran. When this happens life as we have known it will be changed for ever.

    I could stay quite about the truth but the real truth is this, the Lord is real and he is waiting for you with open arms. The Lord has always restrained Lucifer and his fallen ones, in the end that restraint will be lifted and Lucifer and those that choose to follow him will have their way with this world.

    I know that this will not be a well received message for the Digg community, but know this if I am right, and there is a day that you will remember reading these words, you flesh, your body, this life is not important, it is your next life and your soul that matters. Call out to the Lord, use the name of Jesus Christ, the one that bore the weight of all mans sins from the beginning until the end of time, and he will come to you. He will not forget about you in your time of need, he loves you and he is waiting for you.

    Peace be with you all and your families.
    • darklights, on 01/18/2008, -1/+2God? ***** that. I learnt everything I need to know about providing for myself without the conveniences of modern life by watching Lost.
    • hobbler, on 01/18/2008, -0/+0And 911 was a government conspiracy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
  • paganmonkeyboy, on 01/18/2008, -1/+7gold ? you buy gold, I'll buy non-perishable foods, medical supplies, and a ***** of ammo...don't worry, I won't take your gold though ;-)
    • meells, on 01/18/2008, -0/+3The gold is stored overseas in vaults (London,Geneva). Of course you wont....
  • jazzybest, on 01/18/2008, -7/+3the problem is not the market but greed.
    • AgmLauncher, on 01/18/2008, -0/+1Actually it's not greed. It's just mismanagement of money due to people not grasping the economy or recognizing warning signs.

      If you (and all of the other "it's because of greed" people) actually think something as complex as the world economy can be reduced to the effects of a single variable like greed, I feel bad for you.
  • serpentor, on 01/18/2008, -0/+3The Nikkei was down >400 and now it's +20. USD/JPY failed to make a new low today. There's talk of hedge models doing some heavy short covering overnight. I think we might see a bounce tomorrow if this "rally" holds through to the NY open.
  • brokencode, on 01/18/2008, -4/+12These paranoid comments piss me off. If you were smart enough to save and invest your money, you will have very very few problems to worry about. Recessions come and go all the time and this will certainly won't be the last one.
    • chuckDontSurf, on 01/18/2008, -0/+6But ... but ... but this is digg! You're either a rose-colored-glasses-wearing Pollyanna, or you're preparing for the end of civilization!
      Don't worry. Most of the idiots on here talking about stockpiling guns and food are just out of high school and haven't lived through any economic downturns. Or they simply pay way too much attention to Alex Jones.
    • mCanada, on 01/18/2008, -0/+1bububu.. but Alex Jones! He revealed the secret crotch sniffing, underworld, Bilderberg, UN, illuminati, moveon.org, conspiracy to kill JFK. How dare you speak ill of him!
    • kaelyiesta, on 01/18/2008, -0/+1Just make sure you're investment out-paces inflation and CPI increases.
      • Chirp08, on 01/18/2008, -0/+1that is seriously the first time I've seen someone do the your/you're swap in the opposite direction :|
  • EvilAnimator, on 01/18/2008, -7/+1It's BUSH'S FAULT!11!!!1!11 Obama will save us all111!11!!
  • skyshock1, on 01/18/2008, -2/+2Oh noes! The sky is falling!
  • Julz, on 01/18/2008, -0/+5New Zealand stock market is on its 12th day of continuous loss :( well here comes the world wide recession of 2008
  • nycmac247, on 01/18/2008, -0/+6Suck it, Trebek - suck it long ... and suck it hard!!
  • dagoonmaster, on 01/18/2008, -1/+6*yawn* funny thing is most people seem to not understand the only thing that causes a recession is people believe that we are in one ^^ yay ... man the only problem we even kinda had was the maybe 5-8% of homeowners that screwed themselves with an adjustable rate mortgage (always a bad idea) but then everyone started worrying...ooo well the fed will end up cutting rates to near zero like they always do we will have insane inflation for a few years then capitalism will regain control and we will all be good again ..like it does every time for the last 70 years ...and really people bush had nothing to do with this this was caused by the sub prime mortgage market which was in a bubble due to greenspan's "easy money" policys... if u really wanna read up about how the recession worry is bs then go here www.FTPorfolios.com ....and i dunno listen to a real economist ...u know one of those people that studies actual economics as a whole not just the incredibly volatile stock market ...one last note if a democrat wins the 08 election no matter which one ...the stock market will crash ...and burn ...violently ...especially if they keep up with the "im gonna raise taxes even on investments" everyone will freak and try to sell all their crap while we still have teh low taxes ... we might even see a panic ...OoOo
  • dgh1973, on 01/18/2008, -1/+4"GE, IBM, microsoft, amazon, apple, citibank, at&t, verizon, WALMART, boeing, intel, AMD, berkshire hathaway.....
    yet we are home to some of the largest corporations in the world. what would the world be like without america, really? i think alot more ***** up then it is now."

    *****, our economy doesn't produce anything any more. The companies you mention all outsource their production to China and/or their workforces to India. They are just financiers now. Plus about half of the companies you mentioned seem to be operating only in the US, or predominantly in the US, which makes them "moot" in that sense.
    • CC440, on 01/18/2008, -0/+1Only Verizon and WalMart are US only brands. They are parts of global brans such a Verizons with Vodafone. These are the largest and most powerful companies in the world. Deal With It. We run the worlds largest companies so we produce the world's largest economic hurt if they fall.
  • chuckDontSurf, on 01/18/2008, -3/+2For those who've been smart with their money and have actually been able to save, this situation is what's referred to as a "sale."
  • z28com, on 01/18/2008, -6/+12If I wasn't sending over $15k/yr. to the IRS, I could be SPENDING IT to STIMULATE THE ECONOMY! RON PAUL! Please come to the rescue and abolish the IRS!!
  • absurdist, on 01/18/2008, -4/+5To all the European/Asian diggers who have been cheering the collapse of the American dollar... if you think that the American economy operates in a bubble, you're sadly mistaken. If the US economy tanks, it's going to take yours with it. Sorry, but it's a world economy.
    • sat0shi, on 01/18/2008, -1/+2Yes, I do not know why other European/Asian diggers do that... I don't, because I get paid in the US dollar sometimes, and I have some stock in the US as well (although I think I will sell it very soon). I do, however, love it when I get paid in Euros...
    • drunkwally, on 01/18/2008, -1/+2I'm not a european, asian or american digger - But a lower US$ isn't cheered by people in other countries - exports to the US become more expensive. Plus we like to invest in US bonds - they get paid back in US$ which are worth less and the interest rates keep going down....

      If the US goes into recession, a large number of consumers will be hanging onto their cash instead of buying our expensive crap - that's not good.

      A dropping US$ should make things cheaper here, but food, oil and apple products are very expensive despite the relative changes in exchange rates.
    • Amnesia10, on 01/19/2008, -0/+1I am a European, but I do not leap for joy at this news. As has been said elsewhere our economies are inter-linked. So what is bad for the US eventually hits us. The Stock markets are overvalued but that is the same everywhere else as well, including China. Another reason why do not I leap for joy is that some of our pensions are invested there as well.
  • gak001, on 01/18/2008, -0/+8Welcome to the concept of the Self-Fulfilling Prophecy. Enjoy.
    • mancat, on 01/18/2008, -0/+3Yeah that's pretty much it. It seems like most of these dips in the market are created by loudmouthed futures traders, rather than any *real* economic disaster.
      • brad3378, on 01/18/2008, -0/+1Are you implying that our $9,200,000,000,000 national debt isn't becoming a problem?
    • kaelyiesta, on 01/18/2008, -1/+1They aren't entirely fabricated by ones own fear. Usually there is a spark of economic instability that starts the ball rolling down the hill of paranoia ... like the actions of a certain private organization that controls our money.
  • nastronomical, on 01/18/2008, -8/+4Just remember sensible people with a bit of education....That the same people crying about a recession said, Global warming is destroying the earth, We have lost the war, Katrina was just the beginning and so on. So please before you believe all the "Recession" paranoia and loathing from the left. Take up a book and understand market trends and market correction...it will do wonders for you and it drives the liberal hordes of moronic drooling sheep absolutely insane :).
    • jynxy, on 01/18/2008, -3/+0Don't give away the secret. Some of us wait for these chicken littles to tank the economy, then come in and buy. It's good business if you've managed your money well. Let the left take the economy into the crapper.
    • kaelyiesta, on 01/18/2008, -0/+2Ah yes, because anyone that is against current economic policies in the US and has been predicting many of these cycles of economic fluctuation is obviously liberal. Stop stealing tactics from Fox News. Do some reading on economic theory, you'll find that there are many economists that have absolutely no interests in what the left or right has to offer. I'd recommend Mises, Rothbard, Bastiat and even some of the earlier classical economists. If you actually advocate education, start with yourself.
    • Surkit, on 01/20/2008, -0/+1Why must you always insult people? can't you correct someone without demeaning them? Isn't that what Jesus would do? I know i would but I'm a Jew and a liberal.
  • antechinus, on 01/18/2008, -0/+1It is good. It will reduce the demand for oil, cheaper petrol for all.
  • nwoantibody, on 01/18/2008, -0/+1"What came first? the recession or everybody saying there is going to be a recession?"
    None of the two, the answer is Alex Jones.
  • nick911, on 01/18/2008, -0/+1Don't worry the government has a plan for us all.
    http://www.ready.gov/
  • slib, on 01/18/2008, -0/+3@TheKingsSon:
    "What is this CRAP about China "suffering" because of the US?? Is that a joke or just PURE propaganda?
    IF China no longer imports to America... then THEY will comsume thier goods. China's Economy with DOUBLE or TRIPLE!!
    America is NOTHING but a Big giant Blothog in the world. Consume and BORROW and almost NO exports!"

    You've obviously been misled. First of all, I'm assuming you meant "If China no longer EXPORTS to America". Assuming that this is the intention of your statement, and that, no longer having the US as a purchaser of its goods, China would consume its own products instead and therefore increase its GDP. What you fail to realize is that, while producing many cheap goods, the purchasing power of your average Chinese citizen lags far behind that of any Western country. Without the US, they would either compensate by aggressively exporting to the EU, or their economy would collapse on itself.

    As for your statement that the US exports nothing, I feel as though I should remind you that the USA is still the largest economy in the world, with its percentage of the gross world product (that is to say, all the money) floating somewhere around 20%. The United States is also the second largest exporter of goods in the world. What does America produce? Complex machinery, food, and critical materials (i.e.: aluminum). It's also the third largest exporter of oil. So the next time you feel the urge to say, "USA bad! Anywhere else good!", realize that you have no idea what you're talking about (not to say that the US is perfect by any stretch of the imagination, I just can't let unrequited lies like this pass on).
  • Punjabi4Lyfe, on 01/18/2008, -4/+2http://www.youtube.com/watch?v=V-m73iaP-bE&feature ...

    http://www.youtube.com/watch?v=WhDUfzEOX-w&feature ...

    http://www.youtube.com/watch?v=wBJgaBe5NgM

    http://www.youtube.com/watch?v=mCFOT2BvRPw

    AMERICANS WAKE UP!!

  • lysdexia, on 01/18/2008, -3/+2The wages of greed often leave a bitter taste. I own shares in nothing at all. Markets up, markets down, imports/exports, buy/sell: I couldn't give a ***** either way. People squeal like a stuck pig about their *portfolio* and it's all I can do to stare blankly and offer my deepest indifferences.
    • AgmLauncher, on 01/18/2008, -0/+1Right, because investing money to afford education for your kids, and financial security in case a serious ailment hits you and you can't work, makes someone greedy.

      Guess what, desiring money and a comfortable life doesn't make someone greedy...........
  • rory096, on 01/18/2008, -0/+1The UK's FTSE 100 and Germany's Dax both fell by one per cent, France's Cac by 0.5 per cent and Japan's Nikkei by 3.4 per cent.


    Uh, these are normal, if not small, everyday fluctuations.
  • palution, on 01/18/2008, -2/+0My quad core running at 3.6 and 8800 gt running at 750 with 4 gigs of ram barely hits 27 fps running at 1650x1080. The xbox 360's visual typical trumps the ps3, and it's running a 3.5 ghz ibm tri core xeon and 7600 gt equivalent. Also the xbox360 is much easier to port to from pc than the ps3 and it's spe architecture. Anyways I'd love to blow shacks up from my couch with this game, but I doubt it will ever happen. Why would the port to a much more complicated system with a smaller user base. Even if Sony cashed them out I'm sure Microsoft would have a few dollar laying around to double their offer. Microsoft love buying people out ; ) lol. I'm drunk , and I just wasted 2 minutes writing this.
    • palution, on 01/18/2008, -0/+0Ooppss this is a fine example of why you don't write comments when your drunk....
      • zetsurin, on 01/18/2008, -0/+1I think you should knock if off even when you are sober as you clearly have nothing useful, nor correct for that matter to add to anything.
    • deadbaby, on 01/18/2008, -0/+1It's still more insightful than that guy who thinks recessions are a byproduct of people's imaginations. (See above)
  • warlokaz2004, on 01/18/2008, -1/+0I am 100% sure that anything done to 'fix' the subprime mortgage mess will just speed us on the course to a recession...and I am 100% sure that the subprime mortgage mess will, by itself, bring about a recession. In short, the folks in charge of our economy are stuck in a "damned if you do/damned if you don't" situation. The only folk that will 'win out' in this climate are folks with NO Mortgage debt -- you aren't chained to a 300K liability on a House now worth 180K, or trying to float on a bunch of maxed home equity loans.
  • zetsurin, on 01/18/2008, -3/+2It's just stunning how a bunch of retards borrowing an impossible amount of money in one country can leave the rest of the world footing the bill.
    • SteelChicken, on 01/18/2008, -0/+2i wanna hear why you think the rest of the world is footing the bill. seriously, educate us.
  • Herostratus, on 01/18/2008, -0/+1The rest of the world is soooooo gonna gang up on us if our fiscal irresponsibility causes a global depression...
  • tehxen3, on 01/18/2008, -2/+1Digg is annoying, bunch of whiny ***** crazy conspiracy theorists that represent about 3% of the population.
    US will soon pass a $100 billion economic stimulus bill with tax-cuts and the Fed will ease interest rates. It should have been done sooner but yeah government is slow.
    • N837AW, on 01/18/2008, -1/+2Yeehaw! 100 billion more in the hole!
      • tehxen3, on 01/18/2008, -1/+1No it's 100 billion more money in circulation to the people, as opposed to government bureaucrats that do nothing to keep the economy productive.
        • unjustend, on 01/18/2008, -1/+1You are assuming its money they have, not money they'll create.
    • avengingturnip, on 01/18/2008, -1/+2Inflate our way out of it. Inflate our way out of it. Inflate our way out of it.
    • freezeout, on 01/21/2008, -0/+1as effective as a bandaid for a cancer patient, only much worse because inflationary stimulus is what got us into this mess in the first place. all you stimulus junkies enjoy your "fix" while it lasts (which won't be for long)
  • jnoempireee, on 01/18/2008, -0/+0the cycle of transference of wealth from people to people and country to country remains unbroken
  • lordchronos, on 01/18/2008, -3/+1Buried-inaccurate-we're not even in a recession
  • LVillanueva, on 03/13/2008, -0/+0Investors in Auction Rate Securities are latest victims of the credit and stock market meltdowns. These securities, which were touted as short-term investments or cash equivalents, are in fact long term securities. But because investors in Auction Rate Securities had the option of selling them at weekly or monthly auctions, they were characterized as short-term vehicles. But because of the credit mess, auctions of these securities have failed, and investors, who thought they had a highly liquid security, are being told they cannot sell their auction rate securities. More information on this mess can be found here:

    http://www.yourlawyer.com/articles/read/13952

    If banks or brokers told investors that Auction Rate Securities were short-term investors, they could be liable for investors' losses.
  •  

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