Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
No bottom in sight: Soros and Volcker
Old 02-21-2009, 02:29 PM   #1
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
No bottom in sight: Soros and Volcker

Soros sees no bottom for world financial collapse | Reuters

"It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." His {Soros}comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.
Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniforml

How do you evaluate this stuff? And why do they say this things? It will only make it worse, won't it?
__________________

__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-21-2009, 02:46 PM   #2
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Purron's Avatar
 
Join Date: Nov 2007
Posts: 5,584
Quote:
Originally Posted by Martha View Post
How do you evaluate this stuff? And why do they say this things? It will only make it worse, won't it?
It does make it worse. This explains why Bill Clinton advised Obama to come across less pessimistic. Clinton understands some of what is happening is psychological. I agree with him on this point and think some guarded optimism from our political leaders might help. If people believe our economy is headed for bigger trouble, their behavior actually makes things worse - a self fulfilling prophesy.

I must admit the "gloom and doom" has impacted DH and I. We are holding off on planned purchases of items such as an upgraded computer and hanging onto cash. Multiply DH and I by millions of people and it's no surprise retailers and car companies are in such bad shape.
__________________

__________________
I purr therefore I am.
Purron is offline   Reply With Quote
Old 02-21-2009, 02:46 PM   #3
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
 
Join Date: Jun 2002
Location: Texas Hill Country
Posts: 42,094
Martha, OAG started a thread on this earlier today: The King of Doom and Gloom
__________________
Numbers is hard

When I hit 70, it hit back

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 02-21-2009, 03:03 PM   #4
Moderator Emeritus
Martha's Avatar
 
Join Date: Feb 2004
Location: minnesota
Posts: 13,212
Quote:
Originally Posted by REWahoo View Post
Martha, OAG started a thread on this earlier today: The King of Doom and Gloom
Great minds worry alike.
__________________
.


No more lawyer stuff, no more political stuff, so no more CYA

Martha is offline   Reply With Quote
Old 02-21-2009, 03:53 PM   #5
Moderator Emeritus
Rich_by_the_Bay's Avatar
 
Join Date: Feb 2006
Location: San Francisco
Posts: 8,827
It always strikes me that the more people say this is unprecedented, the less we can know about how it will end. The same factors that made it drop so uniformly may allow it to correct much faster than anyone knows.

Instead of doom and gloom why don't they just admit they don't have a clue?
__________________
Rich
San Francisco Area
ESR'd March 2010. FIRE'd January 2011.

As if you didn't know..If the above message contains medical content, it's NOT intended as advice, and may not be accurate, applicable or sufficient. Don't rely on it for any purpose. Consult your own doctor for all medical advice.
Rich_by_the_Bay is offline   Reply With Quote
Old 02-21-2009, 04:16 PM   #6
Thinks s/he gets paid by the post
Bikerdude's Avatar
 
Join Date: Jul 2006
Posts: 1,901
Quote:
Originally Posted by Martha View Post
Soros sees no bottom for world financial collapse | Reuters

"It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom." His {Soros}comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.
Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.
"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniforml

How do you evaluate this stuff? And why do they say this things? It will only make it worse, won't it?
I can only assume they have a motive and its not just to scare the common folk. What that motive is I can only guess.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
Bikerdude is offline   Reply With Quote
It's China's fault
Old 02-21-2009, 07:34 PM   #7
Confused about dryer sheets
 
Join Date: Feb 2009
Posts: 2
It's China's fault

Until foreign governments quit supporting America's spending addiction by giving us easy credit (buying T-bills/bonds), we'll keep trying to prop up an unsustainable economy. What the government really wants is to return to the housing bubble years when everyone was fat, dumb and happy (except Volker, he knew Greenspan had ruined the finance system before Greenspan even had a clue what he did). Still a bit queer [sic] that no one on the senate banking committee has a clue about the financial disaster they created along with Greenspan.
__________________
Pilm is offline   Reply With Quote
Old 02-21-2009, 08:49 PM   #8
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
clifp's Avatar
 
Join Date: Oct 2006
Posts: 7,450
Quote:
Originally Posted by Rich_in_Tampa View Post
It always strikes me that the more people say this is unprecedented, the less we can know about how it will end. The same factors that made it drop so uniformly may allow it to correct much faster than anyone knows.

Instead of doom and gloom why don't they just admit they don't have a clue?
Exactly Rich.

For the last month, I've argue with who have said the stimulus is horrible as well as those who said it is the magic bullet cure. We are in uncharted, unknown, unprecedented situation. People who claim with confidence that XYZ will or won't work are either liars or idiots. It is often exceedingly difficult to tell one from the other, but as general rule I classified bankers in the former, and Congress critters in the latter.
__________________
clifp is offline   Reply With Quote
Old 02-21-2009, 08:52 PM   #9
Thinks s/he gets paid by the post
Helen's Avatar
 
Join Date: Oct 2004
Location: Portland
Posts: 1,345
Quote:
Originally Posted by Pilm View Post
Until foreign governments quit supporting America's spending addiction by giving us easy credit (buying T-bills/bonds), we'll keep trying to prop up an unsustainable economy.
I still can not understand why they put such a low cap on Ibond purchases by US citizens. It seemed to come out of no where and I never heard a good explanation.
__________________
Helen is offline   Reply With Quote
Old 02-22-2009, 10:47 AM   #10
Moderator Emeritus
Nords's Avatar
 
Join Date: Dec 2002
Location: Oahu
Posts: 26,617
Quote:
Originally Posted by Bikerdude View Post
I can only assume they have a motive and its not just to scare the common folk. What that motive is I can only guess.
Like Cramer & Gross, it's quite possible that Soros is just talking his book.

I also wonder how many people call up him or his followers and beg them to manage their money.
__________________
*
*

The book written on E-R.org, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Old 02-22-2009, 12:20 PM   #11
Thinks s/he gets paid by the post
Gotadimple's Avatar
 
Join Date: Feb 2007
Posts: 1,761
What Nords said.

-- Rita
__________________
Only got A dimple, would have preferred 2!
Gotadimple is offline   Reply With Quote
Old 02-22-2009, 12:34 PM   #12
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2003
Location: Kansas City
Posts: 7,408
Mardi Gras is Tuesday - 2/24.

heh heh heh - party up! You can gloom down on Ash Wednesday. .
__________________
unclemick is offline   Reply With Quote
Old 02-22-2009, 03:12 PM   #13
Thinks s/he gets paid by the post
Free To Canoe's Avatar
 
Join Date: May 2008
Location: Cooksburg,PA
Posts: 1,738
Quote:
Originally Posted by unclemick View Post
Mardi Gras is Tuesday - 2/24.

heh heh heh - party up! You can gloom down on Ash Wednesday. .
Marti Gras,

Now your talking

Free
__________________
Free To Canoe is offline   Reply With Quote
Old 02-22-2009, 06:00 PM   #14
Recycles dryer sheets
 
Join Date: Oct 2008
Posts: 295
"How do you evaluate this stuff? And why do they say this things? It will only make it worse, won't it?"

Re: Yes and have to consider the sources..
>Volker is a Dem Man and he has to follow his Bosses agenda..Gloom and Doom to get his Spending bills and bail outs passed.. and maybe alittle Ego , since this is His Last ride at his age..He will share in the glory of being Superman and saving the day if it works..and go down in History..
> Soros' has a Hidden agenda as well..Just Consider what he does for a liviing..
> and maybe also have the Agenda of Driving a few more Nails in the Republicans Coffin....LOL
__________________
Dennis is offline   Reply With Quote
Old 02-22-2009, 08:18 PM   #15
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
 
Join Date: Jul 2006
Posts: 11,018
I think there's a time for doom and gloom if it gets things done. As soon as things are in place and there are some positive leading indicators, then the positivity should start.

Up here in Canada, the government came out with an unrealistically smug economic update in November. We came pretty close to throwing the bums out.
__________________
Meadbh is offline   Reply With Quote
Old 02-23-2009, 01:28 AM   #16
Dryer sheet wannabe
 
Join Date: Jan 2009
Posts: 14
Quote:
I can only assume they have a motive and its not just to scare the common folk. What that motive is I can only guess.
Oh that's easy. The guy's way short on the market with 10s of billions betting DOWN.

Like he's going to say, "wow, the market's cheap - the only way is up".
__________________
daloanboy is offline   Reply With Quote
Old 02-23-2009, 02:50 PM   #17
Thinks s/he gets paid by the post
 
Join Date: Jul 2004
Posts: 1,072
Yup self-fulfilling prophecies - I try not to allow myself to think so negatively as I find it does affect all around me.
__________________
Deserat aka Bridget
“We sleep soundly in our beds because rough men stand ready in the night to visit violence on those who would do us harm.” - George Orwell/Winston Churchill
deserat is offline   Reply With Quote
Old 02-23-2009, 03:15 PM   #18
Recycles dryer sheets
shotgunner's Avatar
 
Join Date: Jun 2008
Posts: 454
It would have been nice if I had been thinking this negatively a year ago!
__________________

__________________
Never surrender what you really want for what you want right now.
shotgunner is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Ben Laden can hide in plain sight REWahoo Other topics 13 02-10-2009 03:23 PM
Soros Wants Energy Funds Regulated More Strictly haha FIRE and Money 1 06-04-2008 06:51 AM
Boone Says Oil Goes to $125 Soon; Soros Calls It a Bubble haha FIRE and Money 19 04-19-2008 09:37 AM
Volcker Sees More Decline in Dollar Ahead Hyperborea FIRE and Money 11 12-06-2004 04:58 PM

 

 
All times are GMT -6. The time now is 02:41 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.