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SamuelRSmith on 13 September 2008
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noname2200 said:
SamuelRSmith said:
noname2200 said:
I think y'all are being way too pessimistic. We've weathered worse than this before, and while things can always get worse I think it's far more likely that things will get better.

 

 How? Are all these people going to miraculously find the money to pay back their debts? And whilst that happens, we're going to stumble across oil on the moon? Except this will be super-oil that never runs out, and it so light it can be transported from the moon to the earth at little to no cost.

One of those things happening? It's not impossible. Two of those things happening? There's an outside chance. But, THREE of those things happening, that I'd like to see!*

*Adapted from a Mr. Burns quote from the episode "Homer at the Bat" (season 3). 

I repeat: we've been through far, far worse. Reconstruction, the Great Depression, Stagflation...loads of personal debts, mortgage crises, energy crises, hostilities abroad, none of this is new, and none of what we're going through now is anywhere near as severe as it was in the thirties or seventies. We survived then, we'll survive now.

Although I'm curious as to why you're so certain that things are only going to get gloomier. Not to attack you personally or anything, but what exactly is it about now that you think will bring us down?

 

 

 I don't think things are only going to get gloomier, I think things will eventually go up again (as I stated in an earlier post, how it's the nature of a free market), however I also think things are going to get worse before you get better.

As for what I think is going to happen that can bring you down. Well, just exactly what's going on now. The credit crunch will claim more banks and such. Meanwhile, the rising oil prices will keep raising the costs of goods and services. The rise in cost of goods and services means that less people will be able to afford to pay them, this means that companies will need to downsize to keep profitable, this means that unemployment goes up, which means that now even less money can be spent on goods and services.

It's basically the reverse of the cycle of prosperity.