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Jul
14
Rumors of financial apocalypse
Filed Under Election 2008, economy
Are we in the early days of financial apocalypse?
I think we aren’t.
Let me repeat that before you read the rest and start running for the hills.
We are not in the age of financial collapse.
But everything I’ve heard, seen or read in the news seems to make me think we’re heading for the Great Depression of 2008.
Recent news has detailed all types of stories in all economic sectors pointing to a grand collapse of our American way of life in the near future. Society is on the brink of total collapse. We’re just a few barrels of oil away from seeing all of our banks, mortgages, and jobs go into bankruptcy. Are we seeing the “birth pangs” mentioned in the Book of Matthew?
These are the end of days, some in the secular media are shouting, echoing the apocalyptic prose that has always been popular all throughout the ages.
To wit:
- Speculators are causing oil prices to soar ever higher and higher. Or, it’s the structural defects in the oil markets run by unfriendly dictators threatening $9.00/gallon gas. Moves to switch to E85 ethanol and other alternative biofuels while we gear up for hydrogen power are blamed for taking food off of the table of the poor. Some people fear the worst and have started planting their own vegetable gardens fearing that our whole oil-based economic system is about to collapse.
Video: We’re Screwed — The End of Suburbia
- Banks are failing — look at IndyMac — people are lining up to take out their money to put under their mattreses. Even the bank’s website gets a warning from Compete — notice the red Euro-style “Do Not Enter” sign.
Screen Capture: Beware IndyMac
- The housing market is in free fall and mortgage foreclosures are surging. Everyone is losing their house, seems to be the reporting on television and in newspapers. Gary, Indiana’s foreclosure crisis even gets a special video report in Newsweek.
- Newspapers are the latest incarnation of the buggy whip industry. People have stopped reading paper versions of their favorite newspapers, opting instead for online and television news reports. Reporters are losing their jobs left and right. The same thing seems to be happening in the legal, financial and automotive worlds.
- The student loan market almost failed as the global credit crisis limited liquidity in the credit markets.
- Crime is out of control in Chicago and Indianapolis has its own crime wave. A new age of lawlessness looms. Luckily for Northwest Indiana, Gary’s population has dropped so much that its surging crime figures will no longer be listed in all of the Top 10 lists.
The list could go on and on with many more fear inciting examples. (Just Google “Fortis” and “US economic meltdown” for some scary reading).
I’m still not afraid.
Being the eternal optimist that I am, I predict that we’ll be all fine in 2009 after the uncertainty of the 2008 election has ended with the selection of the 44th United States president.
Isn’t the economy always bad right before any major US presidential election?
And, if the United States’ ecomonic system falls apart, maybe we won’t have to pay back our student loans, mortages, and can even take a couple of days off before tending to all of those vegetables growing in the backyard.
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2 Responses to “Rumors of financial apocalypse”
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I heartily agree Chris. We’ll be OK in 2009. 2008 will remain a tough year especially for those on fixed incomes and those in real estate related work.
Hi Steve,
It’s tough for everyone right now. But, once everything has readjusted — that’s the key thing — we’ll be okay. In fact, I bet we’ll have another boom of some sort and everyone will do better than they were doing before 2008.