Despite gloom, Bernanke says recession may end in 2009 - GoFuckYourself.com

DWB · 02-24-2009, 08:19 PM

Honestly, what plant is this guy on?

Maybe he thinks if we just print MORE money it will fix the fact that we don't have any money.

http://news.yahoo.com/s/ap/20090224/ap_on_bi_ge/economy

riddler · 02-24-2009, 08:20 PM

hes supposed to be the foremost expert on depressions and recessions, i dont think he knows what the fuck hes talking about to be honest or hes just fluffing the public because they dont want riots if it gets worse.

DWB · 02-24-2009, 08:21 PM

Quote:

Originally Posted by riddler

hes supposed to be the foremost expert on depressions and recessions, i dont think he knows what the fuck hes talking about to be honest or hes just fluffing the public because they dont want riots if it gets worse.

The problem is, nobody knows how to fix it. You and I have just as good a shot as they do.

D Ghost · 02-24-2009, 08:24 PM

Heh, Bernanke, what a toolbag

tony286 · 02-24-2009, 08:24 PM

I think if they can get credit unfrozen there is a chance if they cant.We are truly fucked.

riddler · 02-24-2009, 08:32 PM

Quote:

Originally Posted by DJ The Kid

Heh, Bernanke, what a toolbag

Heh, DJ The Kid, what a toolbag

TyroneGoldberg · 02-24-2009, 08:35 PM

he's right, it will end in 09, then the depression will start

IllTestYourGirls · 02-24-2009, 09:05 PM

Quote:

Originally Posted by riddler

hes supposed to be the foremost expert on depressions and recessions, i dont think he knows what the fuck hes talking about to be honest or hes just fluffing the public because they dont want riots if it gets worse.

Yeah some expert. He didnt even know this recession HE CREATED was coming. But every Austrian economist knew.....

Quote:

Originally Posted by TyroneGoldberg

he's right, it will end in 09, then the depression will start

Thats about right. There are too many people like Tony404 that think you should live on credit and buy useless things. You know, the same exact fucking thing that got us in this mess.

tony286 · 02-24-2009, 09:08 PM

Quote:

Originally Posted by IllTestYourGirls

Yeah some expert. He didnt even know this recession HE CREATED was coming. But every Austrian economist knew.....

Thats about right. There are too many people like Tony404 that think you should live on credit and buy useless things. You know, the same exact fucking thing that got us in this mess.

Dont put words in my fucking mouth I dont put words in yours. If you knew anything about business you would know credit is very important. Its not this childish statement about useless things.What got us in this mess was greed and little to no regulation.

IllTestYourGirls · 02-24-2009, 09:19 PM

Quote:

Originally Posted by tony404

Dont put words in my fucking mouth I dont put words in yours. If you knew anything about business you would know credit is very important. Its not this childish statement about useless things.What got us in this mess was greed and little to no regulation.

Running business on credit is useless! Why do you think we are in this mess? You claim its because people cant get loans and greed. Thats right they cant because if they could it would cause massive hyper inflation. The amount of loans we need to "keep business running" will cause hyperinflation. Why? Because too many business are running on credit and the fed created to much money.

kane · 02-24-2009, 09:23 PM

Quote:

Originally Posted by IllTestYourGirls

Running business on credit is useless! Why do you think we are in this mess? You claim its because people cant get loans and greed. Thats right they cant because if they could it would cause massive hyper inflation. The amount of loans we need to "keep business running" will cause hyperinflation. Why? Because too many business are running on credit and the fed created to much money.

I think you would be shocked if you found out exactly how many businesses, many of them big fortune 500 businesses, would go under without regular lines of short term credit.

onwebcam · 02-24-2009, 09:24 PM

I'm so fucking sick of these people.

tony286 · 02-24-2009, 09:25 PM

Quote:

Originally Posted by IllTestYourGirls

Running business on credit is useless! Why do you think we are in this mess? You claim its because people cant get loans and greed. Thats right they cant because if they could it would cause massive hyper inflation. The amount of loans we need to "keep business running" will cause hyperinflation. Why? Because too many business are running on credit and the fed created to much money.

Short term credit is a tool used. They aren't running it on credit. A personal agency has to pay its people every friday but bills net 30. They get short term credit for that.A music store most of the instruments on the walls are on a credit floor plan, again short term credit. People dont buys car for cash they need loans to do that. No loans no cars bought.

IllTestYourGirls · 02-24-2009, 09:26 PM

Quote:

Originally Posted by kane

I think you would be shocked if you found out exactly how many businesses, many of them big fortune 500 businesses, would go under without regular lines of short term credit.

It would not surprise me. What I am saying is that is the problem.

tony286 · 02-24-2009, 09:26 PM

Quote:

Originally Posted by kane

I think you would be shocked if you found out exactly how many businesses, many of them big fortune 500 businesses, would go under without regular lines of short term credit.

Thank you be it right or wrong. It is a major part of business. Not some guy trying to buy a wide screen tv.

IllTestYourGirls · 02-24-2009, 09:30 PM

Quote:

Originally Posted by tony404

Short term credit is a tool used. They aren't running it on credit. A personal agency has to pay its people every friday but bills net 30. They get short term credit for that.A music store most of the instruments on the walls are on a credit floor plan, again short term credit. People dont buys car for cash they need loans to do that. No loans no cars bought.

No shit really? And what kinda of business plans has that brought us to?

IllTestYourGirls · 02-24-2009, 09:32 PM

You go ahead and beg to the bank to keep your business, your house and your car. I know of a better way.

tony286 · 02-24-2009, 09:54 PM

Quote:

Originally Posted by IllTestYourGirls

You go ahead and beg to the bank to keep your business, your house and your car. I know of a better way.

I dont have to beg to anyone. Just a FYI your business depends on credit card transactions.

kane · 02-24-2009, 10:27 PM

Quote:

Originally Posted by IllTestYourGirls

It would not surprise me. What I am saying is that is the problem.

I will agree on some level. For example, if you take out a ton of loans and have a business plan that doesn't include a way to get out of debt and stay liquid it may not be a good idea to start that business or continue that business. But there are a lot of businesses that get opportunities and they need credit to take advantage of it.

Take this as an example. Long ago I worked for a company that used to make raw circuit boards then they put components in them and tested them to make sure they worked. They got an opportunity to get a huge contract. This contract would bring them a large amount of income and could take them to the next level. The problem was to do this contract they were going to need about 4 million dollars in credit. They had to buy a couple new pieces of equipment plus they had to hire some new people, train them and then buy the raw materials to get the ball rolling. All of this would have to come out of their pockets before they delivered anything and started to get paid. They got the credit, bought the gear and started the contract and it helped the company grow. Without short term credit they would not have been able to get the stuff they needed and they would have had to turn the contract down. To me this is a wise use of credit and it allowed these people to take their business from being a small company that had about 40 employees to being a bigger company with about 120 employees and about five times the revenue.

Another example would be many other manufacturing companies. They get contracts and have to pay for the materials and labor up front. Some times it can take anywhere from 30-120 days before they get paid for the finished product. It it takes them 2 months finish the contract it could them be 90-180 days before they get money coming in from it from the day they started it. So they maintain a line of short term credit to pay their bills while they complete the contract and get paid. Once they get paid they pay off the credit. In a perfect world it would be best if they had the money to fulfill the contract up front and didn't have to get a line of credit, but in the real world that is pretty rare. Having the line of credit allows them pursue contracts that might take longer to fill, but will pay them more in the end.

Iron Fist · 02-24-2009, 10:29 PM

Didn't he already try everything and amazingly it DIDNt work? Now it's time to fleece the public, because well... there isn't anything left to do but wait it out.

What a fuckwit.

kane · 02-24-2009, 10:32 PM

Quote:

Originally Posted by IllTestYourGirls

No shit really? And what kinda of business plans has that brought us to?

Much of the problem we are facing now is that people are getting credit they can't pay back then other people are selling the contracts for that credit. The people that are buying those contracts then split them up and include them in investment portfolios and other investment tools. So you end up with an entire like of people investing in - and making money off of - a credit contract that will eventually go bad. Then when it goes bad you find out the hard product (in this case a house) that the credit contract was drawn on is only worth 75% of what it was when the contract was signed so seizing and selling the house will not pay back the load and everyone upstream who gambles on that credit being payed back gets screwed.

A business taking out a short term loan to cover the cost of a new contract didn't cause this. Companies selling credit default swaps and mass buying and selling mortgages that were tainted did ( well, at least they were a major part of it)

mynameisjim · 02-24-2009, 10:40 PM

The economy will start to turn around in about a year, I agree with that.

I would say as much as 30% of the slowdown is caused by people overreacting to the bad news they heard 20 times a day.

I've been reading and watching the news since I was pretty young (I was a weird kid) and I've never experienced anything like the past 3 months. The shear amount of doom and gloom is TOTALLY unprecedented.

Don't forget, and this is very important, the economy didn't just start getting bad this past fall as the news would have you believe, it has been going downhill for several years which means we are approaching the end. This is NOT the beginning.

tony286 · 02-24-2009, 10:48 PM

Quote:

Originally Posted by mynameisjim

The economy will start to turn around in about a year, I agree with that.

I would say as much as 30% of the slowdown is caused by people overreacting to the bad news they heard 20 times a day.

I've been reading and watching the news since I was pretty young (I was a weird kid) and I've never experienced anything like the past 3 months. The shear amount of doom and gloom is TOTALLY unprecedented.

Don't forget, and this is very important, the economy didn't just start getting bad this past fall as the news would have you believe, it has been going downhill for several years which means we are approaching the end. This is NOT the beginning.

I agree the media does feed the fire. I know people that have jobs that aren't going anywhere and all of a sudden they are afraid to spend like they used too or go on vacation. One friend said to me my job isnt going anywhere and I make a good living but watching the news scares the shit out of me. So instead of going out with his wife a couple times a week now its once a month.Enough people do that it has an effect.

Barefootsies · 02-24-2009, 10:49 PM

Quote:

Originally Posted by riddler

hes supposed to be the foremost expert on depressions and recessions, i dont think he knows what the fuck hes talking about to be honest or hes just fluffing the public because they dont want riots if it gets worse.

Agreed.

2010 at the soonest.

kane · 02-24-2009, 10:49 PM

Quote:

Originally Posted by mynameisjim

The economy will start to turn around in about a year, I agree with that.

I would say as much as 30% of the slowdown is caused by people overreacting to the bad news they heard 20 times a day.

I've been reading and watching the news since I was pretty young (I was a weird kid) and I've never experienced anything like the past 3 months. The shear amount of doom and gloom is TOTALLY unprecedented.

Don't forget, and this is very important, the economy didn't just start getting bad this past fall as the news would have you believe, it has been going downhill for several years which means we are approaching the end. This is NOT the beginning.

I agree. I read that around 75% of the strength of our economy is based on consumer spending. Right now people are shitting their pants and even those with steady jobs are scared and not spending money. Eventually people will have to spend money. Their car will break down or wear out and they will trade it in for a new one or they will need a new washer or dryer and I think eventually people will start to let the fear die off and they will buy things again and stuff will start to pick up.

tony286 · 02-24-2009, 10:54 PM

They talk about all this shit but two weeks ago im at microcenter and there is a line you would think its xmas. I go to the apple store its full of people. My brother had to go florida for last minute business trip he had to go to 5 hotels to find one with a room available. its weird its not like everything is empty like the way you hear them talk.

DWB · 02-24-2009, 11:00 PM

You guys are funny.

We just print more money to cover our debts and payout for stimulus packages. HOW do you think this is going to fix anything when in fact it is devaluing the currency? Regardless of what you *think* will happen, the facts are the facts and this is a very important one. Unless they start backing the USD by gold again, the currency may be fucked.

"Hyperinflation" I believe is the proper word to use for what is going on right now.

tony286 · 02-24-2009, 11:03 PM

Quote:

Originally Posted by DirtyWhiteBoy

You guys are funny.

We just print more money to cover our debts and payout for stimulus packages. HOW do you think this is going to fix anything when in fact it is devaluing the currency? Regardless of what you *think* will happen, the facts are the facts and this is a very important one. Unless they start backing the USD by gold again, the currency may be fucked.

"Hyperinflation" I believe is the proper word to use for what is going on right now.

We dont have Hyperinflation no 500 billion dollar bills like some third world country currency or people carrying barrels of money. Its more panic that feeds the fire. Actually we are borrowing not printing.

02-24-2009, 08:19 PM	#1
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	Despite gloom, Bernanke says recession may end in 2009 Honestly, what plant is this guy on? Maybe he thinks if we just print MORE money it will fix the fact that we don't have any money. http://news.yahoo.com/s/ap/20090224/ap_on_bi_ge/economy

02-24-2009, 09:24 PM	#12
onwebcam Fake Nick 1.0 Industry Role: Join Date: Oct 2005 Location: Rent free, your head Posts: 27,667	I'm so fucking sick of these people. __________________ PLEASE WAIT WHILE BIDEN ADMIN UNINSTALLS ITSELF..... ██████████████████▒ 99.5% complete.

02-24-2009, 09:32 PM	#17
IllTestYourGirls Ah My Balls Industry Role: Join Date: Feb 2007 Location: Under the gold leaf ICQ 388-454-421 Posts: 14,311	You go ahead and beg to the bank to keep your business, your house and your car. I know of a better way. __________________

02-24-2009, 10:29 PM	#20
Iron Fist Too lazy to set a custom title Join Date: Dec 2006 Posts: 23,400	Didn't he already try everything and amazingly it DIDNt work? Now it's time to fleece the public, because well... there isn't anything left to do but wait it out. What a fuckwit. __________________ i like waffles

02-24-2009, 10:40 PM	#22
mynameisjim Confirmed User Join Date: Aug 2007 Posts: 2,985	The economy will start to turn around in about a year, I agree with that. I would say as much as 30% of the slowdown is caused by people overreacting to the bad news they heard 20 times a day. I've been reading and watching the news since I was pretty young (I was a weird kid) and I've never experienced anything like the past 3 months. The shear amount of doom and gloom is TOTALLY unprecedented. Don't forget, and this is very important, the economy didn't just start getting bad this past fall as the news would have you believe, it has been going downhill for several years which means we are approaching the end. This is NOT the beginning. __________________ jim (at) amateursconvert . com Amateurs Convert

02-24-2009, 08:20 PM	#2
riddler Confirmed User Join Date: Oct 2004 Location: up in gang bang heaven Posts: 3,726	hes supposed to be the foremost expert on depressions and recessions, i dont think he knows what the fuck hes talking about to be honest or hes just fluffing the public because they dont want riots if it gets worse.

02-24-2009, 08:24 PM	#4
D Ghost null Industry Role: Join Date: May 2006 Posts: 9,820	Heh, Bernanke, what a toolbag

02-24-2009, 08:24 PM	#5
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	I think if they can get credit unfrozen there is a chance if they cant.We are truly fucked.

02-24-2009, 08:35 PM	#7
TyroneGoldberg Confirmed User Join Date: Sep 2007 Posts: 1,081	he's right, it will end in 09, then the depression will start

02-24-2009, 10:54 PM	#26
tony286 lurker Industry Role: Join Date: Aug 2002 Location: atlanta Posts: 57,021	They talk about all this shit but two weeks ago im at microcenter and there is a line you would think its xmas. I go to the apple store its full of people. My brother had to go florida for last minute business trip he had to go to 5 hotels to find one with a room available. its weird its not like everything is empty like the way you hear them talk.

02-24-2009, 11:00 PM	#27
DWB Registered User Industry Role: Join Date: Jul 2003 Location: Encrypted. Access denied. Posts: 31,779	You guys are funny. We just print more money to cover our debts and payout for stimulus packages. HOW do you think this is going to fix anything when in fact it is devaluing the currency? Regardless of what you think will happen, the facts are the facts and this is a very important one. Unless they start backing the USD by gold again, the currency may be fucked. "Hyperinflation" I believe is the proper word to use for what is going on right now.