Gloom Descends Over Wall Street Again [are we headed for a global economic collapse?]

Worries About Banks Send Shares Tumbling

Once more, gloom is descending over Wall Street.

After rallying for a few hopeful months this spring, the stock market is sinking to its lowest level in years. Cracks are reappearing in the credit markets. The price of oil is rising from one record to another. And the analysts who seemed so confident a few weeks ago are predicting another round of steep losses at big financial companies like Citigroup

seems that we might be headed for some bad times. our government spends way too much, most people are in debt, gas prices are over $4.00 a gallon and rising, and many big corperations are collapsing.

when will it all collapse? there must be a point where the whole thing just breaks down. with the amount of abortions and evil in the world, i don’t see why God would not let it happen.

maybe this will bring us back to God and away from secularism and materialism. nowhere does our faith teach us that we are to put our trust in man.

No, we are not…heck, all we hear about on the MSM here is that the US is a recession…doom and gloom nonsense…when in fact, today they just revived our economic growth for the 1st quarter again…we increased 1%…yea, not a lot, BUT it is growth still!

To be considered in a “recession” growth has be a negative for two or more quarters…and thus far, we haven’t even experienced ONE negative quarter!

And with all the amount of suffering in the world, one can reasonably doubt the existence of a benevolent god or postulate that he is malevolent.

Please do not turn this into another one of your “Population Control” Genocide advocate threads.

Ad for the economy, the MSM has an agenda. That is make Bush look bad. Currently, they want the economy to fail.

You got to remember, we were in a recession at the end of the last administration. However, it was not reported until Bush got into office so they could blame Bush.

We can’t be in too bad a condition.

Unemployment is still pretty low … 5% is about as low as it gets.

Every country in the world is working about as hard as it can to find more energy … which means that the world economy is growing. If the world economy was NOT growing, then energy needs would be stagnant.

Well, the Liberal U.S. Congress won’t allow any exploration on lands that the Federal Government controls … for example, even though the people and the Governor of Alaska want to drill up there for oil and gas, the Feds won’t let them.

There are distortions owing to high energy costs … and it looks like the principal villain is … the Liberal U.S. Congress.

the one thing that worries me is the effects of high energy costs that may skyrocket soon. i recently read that energy demand will grow by 50% in the next 20 years. there is no way we’ve discovered enough oil recently to make up for the growing demand. if gas goes up to say $7/gal, what’s going to happen to the trucking industry? those costs obviously will get passed down and fruit and vegetables.

optomism is not virtue, neither is pessimism. i have hope that God will straighten everything out in the end, but i have no hope that we can apart from God.

capitalism and materialism, driven by progress and growth, are not ends of themselves. i think our global economy is one giant ponzi scheme destined to collapse. we are overly specialized and overly dependent on the system to provide. we can’t do anything for ourselves. this is very troubling.


The credit cruch, especially at CitiGroup, was caused by the Sub-Prime Mortgage scam, which led to a drop in housing prices.

And let’s not forget the Enron energy scam.

Or the Savings & Loan scam.

Now, thanks to loopholes, we have the Oil Speculators scam.

Things will calm down after the next Presidential election, while new scams are being planned.

In the meantime, construction continues on cellulosic ethanol plants, thin film solar, and advanced wind turbines.

Greed just greed. The oil companies will begin to feel heat from other big business concerns over sales lost to people buying gas instead of other consumer goods.

God bless,

Things will calm down after the next Presidential election, while new scams are being planned.

In the meantime, construction continues on cellulosic ethanol plants, thin film solar, and advanced wind turbines

i think alternatives will be important, but not the whole solution.

Political pressure on Iran and the depreciation of the U.S. currency have caused a surge in oil prices, Khelil said. New York- traded crude has more than doubled in a year and touched a record $142.99 a barrel yesterday on the New York Mercantile Exchange.

again, is there a oil shortage or is it inflation or is it speculation. these things don’t seem to be resolved so far. if it is a supply problem, we’re headed for disaster.

Well, you might say that there is a supply problem in that demand globally is increasing, and supply is not keeping pace. Therefore, prices rise.

That’s not going to go away anytime soon. Even if we are at “peak oil” as many claim, that doesn’t mean we are out of oil. There is still oil in the ground, offshore, in Alaska, in shale both in Canada and in the U.S. Higher prices mean it will be profitable to use those sources, and we should. It would be silly not to.

Also, citizens in countries like Mexico and Venezuela and Saudi Arabia are not paying market prices for gasoline, because the oil industry is subsidized for local consumption. Which means the rest of the world pays more.

Exploration and production can and should be increased, but it very likely will not be sufficient to bring prices down permanently.

Some info on reserves:


1980: 645 billion barrels

1985: 670 billion barrels

1990: 1 trillion barrels

1995: 999 billion barrels

2005: 1.28 trillion barrels

All this even though we are taking out about 82 million barrels per day.


As of January 1. 2004, natural gas reserves were:

6076 trillion cubic feet …

… up 575 trillion cubic feet from 2003.

And there are many new discoveries of oil and natural gas.

So relax. We have plenty of oil and natural gas and we have the organizations available to go after it … with the exception of our Liberal Democrat-controlled Congress (yes, that includes some Rino’s) … so vote the Libs out.

Drill Here. Drill Now. Pay Less.

I told y’all a long time ago, if a recession comes, I’m not gonna participate in it.

How’s this Fall sound? Too early for you? :wink:

Larry Kudlow was excellent in talking about this on his Saturday radio program (WABC AM770 Saturday 10am-1pm) .

Can’t find a transcript.

But what he said was:

  1. Strengthen the dollar (by a simple 1/4 point increase in interest rates); and,

  2. DRILL, DRILL, DRILL … now … for oil and gas in the United States. We have more oil and gas than Saudi Arabia. So drill, for goodness sake.

[He is usually very erudite, but go so excited that if I quoted him, I’d get banned for life.]

But, here’s his television Web page with some relevant comments to click on:

He had some good stats on how the economy is actually doing pretty well. Incomes are up. Economic activity is up.

I found this in which he gives his economic stats in 2 minutes, 26 seconds.

Very good:


I guess you are not concerned about a potential dieoff then because you think you are immune from it. But of course I am the politically incorrect type that believes in limits to growth in a finite world.

Read and

Dee Dee King is right, if the high oil prices are due to a supply sources, there will be much adversity. Unfortunately, the poorest of the poor will suffer the most, but at least we can all take comfort that we are “not gonna participate in it.”

:rotfl: :rotfl: :rotfl: :rotfl:

Keeping up with the gloom and doom? It was never a supply problem. The Saudis don’t want to increase production. The oil companies are making record profits. It’s a greed problem.

A bunch of greedy people threw home equity off a cliff - of course, the dollar has decreased in value.

God bless,

Call me a pessimest or whatever, but I really believe that there are forces in this country that want to see us fall flat on our face. I believe that what’s happening is part of an overall plan to have us beholding to the government for everything, I.e. socialism. Whoever is elected the next president will be instrumental in all of this. The president, along with the environmentalist wackos, will bring this country to a standstill, and change our whole way of living. And don’t forget the congress–the last two years shows what they are going to do. Absolutely nothing. God help us all, and stock up on food and staples while we can still afford to buy them.

Why is it you want to turn every discussion in to a “population control” genocide advocate thread?

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