|
RECENT ENTRIES |
- • Large Hadron Collider ready to restart - 11.20
- • On the shoreline - 11.18
- • Watching the H1N1 flu pandemic - 11.16

| March 18, 2009 | (Use j/k keys to navigate) |
Scenes from the recession
The state of our global economy: foreclosures, evictions, bankruptcies, layoffs, abandoned projects, and the people and industries caught in the middle. It can be difficult to capture financial pressures in photographs, but here a few recent glimpses into some of the places and lives affected by what some are calling the "Great Recession". (edit: After reading some comments about this on Boing Boing, I was able to track down the location of the newspaper boxes in photo #30. The boxes belong to the San Francisco Chronicle, who I called and confirmed that the boxes had been removed per city rules, not due to recession. The photo came across the wire with the caption below, the contextual error was mine.) (35 photos total)

Hotel property manager Paul Martinez kicks in a tenant's door after no one answered the knock during an eviction February 26, 2009 in Colorado Springs, Colorado. The tenant said that he was laid off from his job in a retail store two months ago and had fallen behind on his rent payments at the low-budget hotel. (John Moore/Getty Images)

Storm clouds hover near unfinished home lots during a break between storms after the dwindling new home sales market brought construction to a halt at a new home development December 16, 2008 in Rancho Cucamonga, California. Home construction took its biggest dive in 24 years in November to reach a record low. (David McNew/Getty Images) #

Thousands of job-seekers flock to a job fair in Hefei, Anhui province, China on March 1, 2009. At least 20 million of China's 130 million migrant workers have become jobless after tens of thousands of labor-intensive export-oriented factories closed due to the global financial crisis, and job training schemes for migrant workers are springing up around China, Xinhua News Agency reported. (REUTERS/Jianan Yu) #

A construction site is seen in Almaty, Kazakhstan on January 27, 2009. Dozens of projects in the construction industry have come to a standstill due to a deepening financial crisis. Kazakhstan expects economic growth to stall further this year as major industries ranging from construction to energy and banking experience lack of financing due to tighter credit conditions. (REUTERS/Shamil Zhumatov) #

A RE/MAX Central bus advertises tours of foreclosed homes March 7, 2009 in Las Vegas, Nevada. The real estate group began giving tours for prospective buyers three times a week in February 2008, in an effort to clear inventory of foreclosed properties. They have seen a steady decrease in foreclosure listings since the summer of 2008 in the Las Vegas area. (Ethan Miller/Getty Images) #

People attend the REDC Foreclosure Home Auction in New York, in this photo taken March 8, 2009. About 1,400 people crowded into New York's first foreclosure auction over the weekend. One family bought a 2,062-square foot home in the Finger Lakes region of upstate New York for just $12, 500 or $6 per square foot, according to the New York Post. (REUTERS/Shannon Stapleton) #

The Magen Abraham Synagogue sits at center of this photograph taken on Wednesday, Nov. 12, 2008, surrounded by the gleaming new skyscrapers in Wadi Abou Jmil, Lebanon - formerly Beirut's main Jewish neighborhood. One of Lebanon's sole remaining synagogues, this building was set for a restoration that has the rare blessing of all the factions in this divided country - but the global financial crisis has scuttled the effort for now, leaving the Magen Abraham chained, padlocked, badly damaged and overgrown with weeds. (AP Photo/Grace Kassab) #

As new home sales and housing starts hit record lows, empty lots, partially constructed homes and abandoned ones are seen in a subdivision on January 30, 2009 near Homestead, Florida. Prices in November of 2008 declined 8.7 percent from a year earlier, the biggest drop in records going back to 1991, the Federal Housing Finance Agency reported. (Joe Raedle/Getty Images) #

Thousands of unemployed Chinese graduates flock to a job fair in Wuhan, central China's Hubei province on March 7, 2009. China vowed to help train one million graduates in the next three years to boost their qualifications, and promised loans to business that hire graduates, as unemployment continues to grow. (STR/AFP/Getty Images) #

Brittney Nance holds her head as she works on her laptop in her motel room at the Old Town Inn March 5, 2009 in West Sacramento, California. Brittney and her family were evicted from the house they were renting after her husband, Steve Nance, lost his job. The couple and their three children are living in a budget motel while they save enough money for deposit on a new rental home, but are finding it difficult as they pay nearly $1200 a month for the motel room. (Justin Sullivan/Getty Images) #

Brittney Nance and her children Henry, 5, and Izabella, 7, walk through the parking lot of their hotel on the way to the grocery store March 5, 2009 in West Sacramento, California. All five family members live in a small studio sized room with most of their belongings. (Justin Sullivan/Getty Images) #

Dodge SUVs sit parked in the Atlantic Marine Terminal at the port of Baltimore February 18, 2009 in Baltimore, Maryland. As the worldwide economic downturn persists and automobile sales continue to slow, more than 57,000 new automobiles sit idle in the port of Maryland. The state of Maryland recently paid $5.26 million for almost 15 acres of additional car storage space near the port, freeing space for more cargo. (Chip Somodevilla/Getty Images) #

Unfinished homes in a subdivision in Maricopa, Arizona are seen through yellow caution tape and fencing set up to prevent trespassing February 25, 2009. Maricopa was one of the fastest growing towns in America until vast unemployment and the real estate bust swept through the country. Now, approximately 75 percent of residents owe more money on their mortgages than their homes are actually worth. Some developers are left to leave new homes unbuilt due to the slow economy. (Joshua Lott/Getty Images) #

Laid-off workers from the Longbin Distillery in Harbin, the capital of northeast China's Heilongjiang province, stage a sit-in as security guards surround them at the offices of the China Resources Holdings Company in Beijing Wednesday, March 18, 2009. The workers are demanding insurance and retirement benefits they say were lost when their distillery became a subsidiary of China Resources in 2007. (AP Photo/Andy Wong) #

Shoppers walk through a nearly empty aisle at a Circuit City store in Las Vegas, Friday, Feb. 27, 2009. Circuit City filed for Chapter 11 bankruptcy protection in November as it faced pressure from vendors, heightened competition and waning consumer spending. Later it announced it would liquidate its 567 U.S. stores, cutting more than 34,000 jobs. (AP Photo/Jae C. Hong) #

A padlocked chain holds the door shut on a foreclosed duplex as pedestrians walk by Friday, March 6, 2009 in the Bronx, N.Y. Foreclosures are spreading by epidemic proportions, expanding beyond a handful of problem states and now affecting almost one in every eight American homeowners. (AP Photo/Julie Jacobson) #

A section of the Rocky Mountain News newsroom sits empty on February 27, 2009 in Denver, Colorado. The edition on Friday the 27th was the last one for the nearly 150-year-old daily, Colorado's oldest newspaper. The owner E.W. Scripps Co. announced the day before that the paper was closing down after efforts to sell the money-losing newspaper failed. (John Moore/Getty Images) #

A home construction site stands idle where construction has been halted, on February 24, 2009 near Riverside, California. U.S. single family homes prices continued to plummet for the second year, falling 8 percent in the fourth quarter of 2008 compared to the year before. It was the biggest decline in the 21-year history of the Standard & Poors/Case-Shiller US national home price index. (David McNew/Getty Images) #

Katie Kupferschmid (left) and Lisa Arata test gold jewelry at a gold party March 12, 2009 in West Orange, New Jersey. Gold parties are a growing trend in the United States where a hostess invites friends and family to bring their unwanted gold to sell for extra income. The price is based on karat content, weight and the market price of gold that day. (Daniel Barry/Getty Images) #

A homeless resident of a tent city in Sacramento, California wears an American flag jacket on March 10, 2009. This tent city of the homeless is seeing an increase in population as the economy worsens, as more people join the ranks of the unemployed and as homes slip into foreclosure. (Justin Sullivan/Getty Images) #

Construction is stopped on the Seneca Casino in Buffalo, N.Y., Monday, Nov. 24, 2008. With the state a signature away from collecting tax from tribal cigarette sales and a mega casino project mothballed because of economic and legal challenges, even by a former warrior nation's standards there are tough battles ahead. (AP Photo/David Duprey) #

Unused freight containers are seen piled up at storage depots near a residential area in northwest Hong Kong February 18, 2009. China's hopes for a speedy export recovery from the global crisis could be undermined by the weakest links in its powerful supply chain - smaller firms too damaged by the downturn and credit crisis to get goods to market. (REUTERS/Bobby Yip) #

A wildflower blooms at an idle home construction site where construction has been halted, on February 24, 2009 near Riverside, California. The January median sales price for Southern California homes fell 40 percent from the same month a year prior and Los Angeles-area home prices ended 2008 down 37 percent from a late 2006 peak. (David McNew/Getty Images) #
More links and information
Life on the brink - Waves of shutdowns, layoffs overwhelm Fall River, MA - Boston.com 3/18
In Florida, Despair and Foreclosures - NYTimes.com 2/7
World Bank Lowers China Forecast - NYTimes.com 3/18
Year-over-year change in home prices - NYTimes interactive graph from December 2008
Baby Boomers "Under Water" - NYTimes.com, 3/14
This blogger might want to review your comment before posting it.














This pictures don't have any good meaning, so people don't waist your time on that, just try to be as one with your families and make smth small good thing to each other. Look up back to your roots & believe that everything comes on its own place. Also your are welcome to visit beautiful Almaty, Kazakhstan on the Eurasian Media Forum.
Dear Americans, most of you were arogant and ignored the problems of the world and problems of your own country. Most of you lived in your protected dreamland thinking that capitalism is holly. You were laughing when seeing a bum on the street of your own towns, right? Because they were lazy and not successful to persue the happiness. Now you are surprised with the cruelty of your so called capitalistic leaders. They are greedy and they do not care, not for "the bums" not for you, the "good" Americans. You had McDonalds, big cars, big houses, Hollywood, military and glamour, but behind it is a different face of reality.
@271 "Now I'm going to continue engineering seeds so that those in third-world nations can grow better crops and feed their families"
Now what?! Is it raining upside down?! What do you know about starvation and crops... You are all just one of a kind and don't know nothing.
Wake up, U.S. ... it's time!
To 259.
It is absolutely stunning how many third world losers from India like you have this out of proportion sense of self wonderfulness.
This hit home world wide........Please keep your neighbors in your prayers and reach out to them ,if you are able to lay down in a soft bed and have food to eat.
WTH-Memphis, TN
JANE KYA HOGA RAMA RE..
DENE WALE KISE KO GAREBE NA DE MAUT DEDE MAGAR BADNASEEBE NA DE..
YA YUN KHUN..KE
JAAN LE LE MAGAR... NAUKARI ..NA ..LYE.
REALY I M TAYPING THESE WORDS FRM THE BOTTOM OF MY HEART..
397, your comeuppance is coming - much as you would like to believe it Europe doesn't stand alone. You think the saudi's have any interest in saving your "society". Welcome to the Wahabist University of Paris (ex-Sorbonne)
Better Learn Arabic and Farsi - they don't have to swim to get to you!
397.Dear 271, I am not european but I do fluently speak French and Italian, and as such have lived parts of my life in Europe for quite a bit. I also travel monthly to every corner of the USA and know your country very well. I think I can safely say that europeans don't give a rat's ?ss if you go there on vacation.... They don't have bud light anyways out there and the cars are really small, in fact, they ride bikes and eat well so you may want to think again.
That being said, no offense, but the uropean union doesn't actually need you anymore. The US dollar barrel is the only reason the US dollar is still afloat. ItÈs you and the saudis baby, hand in hand...
Posted by lepere March 20, 09 08:09 AM
This is only the beginning, we've got a lot further to go down, then it could go
sidewards for a decade. It will get really nasty when people start going hungry.
Got God, Grub, Guns & Gold?
Panic Early, Beat the Rush!
Panic, panic, and more panic... Take a minute to take a deep breath. (You still have access to the web, you can't be hurting that bad.) This is going to get hard, but keep your head people. Knuckle down and put your big kid panties on. Where there's a will there's a way. YOU CAN AND Will GET THROUGH THIS. Who cares where the blame lays provided it/they/them don't stand in the way of a decent solution? Watch out for your neighbors, pray to your god, protect your own but don't go out of your way to provoke violence, laugh often and look for the opportunity in the loss. Live within your means and provide basic financial classes in schools to prevent this from happening again.
Desperate times can make or break you. They can develop your spirit and character or destroy them. Prepare yourself accordingly, this is your sign
I feel sorry for anyone who has lost their livelyhood. We in Canada seem to have faired a bit better. G-d bless us all.
we have not had free markets!! Capitalism is not to blame. How can the markets be free with floating currencies, with a private entity having the sole control over the money supply? This is a huge conflict of interest and it starts there.
Why is the property manager kicking down the door in the first photo. Shouldn't he have a key?
Socialism is not the answer. Capitalism in America may, or may not, depending on which comment above you follow, have failed us, but now is not the time to become Socialist.
One thing I recently had explained to me was that most Americans try to live beyond their means. (I know someone will say I'm wrong, but this is my opinion.) They buy new cars often, have many lines of credit, and (in the past couple of years) buy large houses with many more rooms than they actually need, especially since the average American family size has fewer than two kids. Who needs a massive two story house with 5 bedrooms if no one lives in them? I come from a family of six kids and parents who believe in spending according to their means. This means that cars are driven until fixing them costs too much, and of course are bought USED. The house we have is utilitarian in size, and no, we don't have two stories.
Why did people buy homes that were so big when they knew they couldn't afford them? Is it foolishness, or was it their expression of the "American Dream"?
Picture #32 is just another "Bushville". They're sprouting up all over America as yet another symbol of Bush's failed legacy. Not unlike his inept response to Katrina.
I always say "Rush might be the new face of the Republican party, but George W. Bush will always be their a$$hole."
WE ARE F*CKED !!! THE WORLD IS COMING TO AN END ANYWAY... SO WHY STRESS ON A HOUSE NOTE... YOU SHOULD BE PAYING MORE TIME AND ATTENTION TO YOUR KIDS...ASSES
One should note that the 'have nots' have been suffering even before the recession started. They are the one who will survive. The 'haves' are the ones that caused the recession together with their leaders and the CEOs et al of all the conglomerates because of their greed. These 'haves' think they are 'suffering' because they cannot buy, for a now, the latest model of the vehicles in the market, change their whole wardrobe every few months, dine in fine restaurants only twice a week instead of every day, and I can go on and on. They will however still have a roof over their head, food on the table and clothes on their back.
On a cheery and hopeful note, the last picture says it all. Amid all the gloom and doom we have a beautiful sunflower rising high in all its splendor. We shall overcome.
hold your breath this too will pass
No body is perfect. People made mistakes and now they learned forever.
Whatever happens, happens for the best.
This too will pass.
Live simple and try your best. Accept the results. If you get more money, enjoy and help others. If you get less money, try to manage things in your budget and hope for the best.
God helps- we don't know when and how- those who help themselves.
Wish a better tomorrow for all of us and our generation.
Esto tambien pasara...
Who can afford home witch cost 500 000 dollars , those who works still made usually 40 000 to 70 000 a year , can they pay 2000 or 3000 a month for 500 000 house (to build by builder cost about half rest is profit for blood suckers). Yeah buy GM cars , buy house , shop everyday, invest in stocks , pay bills , pretend every thing is ok . (JOKE !
We have to be religious to spend out of what we really have. It is all due to the habit of spending the money yet to be in our hands.
GREAT
There is no doubt that both automation and computer use have increased unemployment. If restricted use of automation and computer is done, recession problem can be solved. What automation and which computer programs should be allowed should be decided by government committee.
Priyamukh
good photoes
Let us pray more and put our hope and trust in Jesus.
Jesus aint gonna save nobody.
Good Luck!
I think the decline of humanity is on..after a long period where ''our children'' lived better lives then we did..now it's vice versa...ppl have no jobs, no money, no shelter, no insurance...here in Greece we've seen lately a dramatic increase in crimes, stealing etc..and this is bolstered by the TV networks so ppl are now also afraid along with everything else..
How do they expect someone to buy their goods when that someone has none of the above???
Companies and banks for decades winning more than enough and not giving anything back to ppl. Companies moving factories to countries like China, leaving thousands of ppl unemployed and employing thousands of others there for 100 usd per month, then selling their products, which cost 1 or 2 usd, back to usa and europe for 100 and 200 usd..banks loaning everyone and for everything with huge interest. damn they even have a vacation loan here...IF U GOT NO MONEY Y THE HECK U GOIN ON VACATION?!
...market works on a circle, how stupid can these ppl be not to understand that or not to care???
...how ''stupid'' can politicians be only to care about money, stock options and reelection?
...how stupid are WE?
...WHAT will a person do when he is left with no job, no money, no shelter...no hope??? Only two things come in mind...
P.S. Jesus died and God's gone missing...
http://www.youtube.com/watch?v=DbGhC47NSmY&feature=related
spend less? in order for the economy to bounce back, people need to spend MORE. learn a thing or two about basic economics before making baseless comments
Interesting comments, but I do not believe anyone living in the First world knows what real poverty is. Come to Africa and check it out !! You think because you live in a tent or you cant get a car loan you are poor ? Unbelievable.. Think again people !!
Pete in Nairobi
If everyone who responded to these sad photos made a serious suggestion as to what might alleviate this crisis, we would have a huge amount of brain power working on positive solutions. We would make more progress than we do in blaming others or moaning about our situation. Give us your good ideas!
I know that we can work together, not through government necessarily, to make things better. Those who have plenty should be generous to charities. Those who don't have can still volunteer to help these charities make their dollars go further.
recession tought us austerity. A lesson for future.
What I'm going to say might sound cynical, but it seems to me that people think nowadays that it's a god-given right to have an upper middle class standard of living (at the very least). It's evidently impossible , so people overextend themselves -it's called hubris, arrogance- and lo!here comes the catastrophe!
I have a very modest lower middle class standard of living, dress cheaply, try to save money, and these wannabees keep looking down on me like if I was a piece of shit.
the time of reckoning.
an end to living in excess, indulgence and selfishness.
a time for renewal, responsible living and respect for nature and each other.
REVOLUTION !!! QUICK PLEASE
´ÓÕâЩͼƬÀ´¿´£¬¾¼ÃË¥ÍË×îÑÏÖØµÄ¾ø¶ÔÊÇÖйú¡£ÄÇЩ²»ÒªÁ³µÄ¹ÙÔ±ÔõôºÃÒâ˼˵ÖйúûÓо¼ÃΣ»úÄØ£¿
ÖйúµÄ̰¹Ù¶àÈçţëѽ£¬¿à²»¿°ÑÔ£¡
very very SAD
Picture 18 -
Lyulin project highway is not caused by the crises. It represents Bulgarian Government and administration corruptions. The project for this highway is from last century, last 9 years we have around 500 000 000 euro budget over-income each year. This over-income is always spent for 1 month - December instead to plan it for spending for next year. This is caused by legal issue - currently it is impossible to transfer budget money from one year to next one.
Please do not mix corruption of politics and administration in Bulgaria with worl financial crises!!!! In Bulgaria there is no law about administration officer responsibility!!!! We have very good elaborated corruption schemes, even ministers are firing administration officers for signals that same minister's order for smoking restriction is not respected.
Very nice site!
Very nice site!
Hi to all that read this:Pretty Sad situation, good thing I live in Canada. Things aren't that bad yet. I feel sorry for the rest of the world, especially family's in direr straits. God bless you all and I hope thing get better. James
It is beyond my ability to comprehend the full impact of what is occurring.
@513
"spend less? in order for the economy to bounce back, people need to spend MORE. "
That is what you have been told hah?!
Whose economy?
Thansk to the Oil Merchants who occupied the White House (almost illegally) for 8 years. All this is the direct result of their greed for money when they artificially increased the oil price to $150.
too bad Americans elected them for the second term.
Stupid Americans!
First, it was Communism that "failed" because of the Greed & Selfishness of a few. Now, its Capitalism that has "failed" because of the extreme greed and ultra selfishness of a few.
So, its actually GREED that's the cause which has jeopardized the livelihoods of billions and put all our lives on the line. The selfish few still get Government "propping-up" and earn bonuses, while billions of people's lives hang by a thread.
Over-consumption, conspicuous lifestyles, destruction of the earth's resources, a single model of "development" etc...are issues to examine towards benevolent, safer, democratic nations and...world
It is overwhelming as an adult to realize that the only reason our society functions the way that it does is because of greed and capitalism. We have been bred into a society that teaches us to work, work, work, so that we can live slightly beyond our means.
I'd really like to know who is responsible for having lowered the qualifying criteria for these high risk, no money down, bad credit ok, forget about debt to income ratio, (but your payment will balloon) home loans. Inevitably wrecked!!!
oh well
Whether you like Obama or not, is it right to really blame him?
He's been in office for two months now. Did you guys really expect this economic crisis to turn around in that amount of time? A rather gullible thought in my opinion.
I'm not going to start pointing fingers when I see him working everyday attempting to prove our economy. It's not an easy job. I swear, half the people that are blaming Obama would drive the United States into the ground if they had to try what he is trying to accomplish right now.
This CONSPIRATORIAL worldwide economic plunge is the result of too much government taxation, spending, regulations and tyranny in general, and is NOT the fault of capitalism, which has brought wealth and happiness to billions for the past 150 years or so. If we reject capitalism and bring back the feudalistic system of socialism, we will return to the dark ages of 1500 years back and before that. People should NOT panic and demand to our politicians to return FREEDOM to the marketplace, not more Obamanization and government tyranny.
It is not capitalism OR socialism, captitalism is good but the exesses come forward every decade. We have therefore the need to think of something better. People work better when they work fore themselves and have responsablities, this is where communism failed and collapsed in 1989, this year 20 years ago. Capitalism took over since, but the free market works to good, it needs to be led, stuctured and contained by a GOOD gouverment. Ordinary people cannot see and don't have the knowledge to understand what goes on in the bankingsystem and in leading companies. The photo's are very good but they make me sad and angry what an economic system can do to people.
The Carter-era Community Reinvestment Act forced banks to lend to uncreditworthy borrowers, mostly in minority areas.
Age-old standards of banking prudence got thrown out the window. In their place came harsh new regulations requiring banks not only to lend to uncreditworthy borrowers, but to do so on the basis of race.
These well-intended rules were supercharged in the early 1990s by President Clinton. Despite warnings from GOP members of Congress in 1992, Clinton pushed extensive changes to the rules requiring lenders to make questionable loans. [...]
Failure to comply meant your bank might not be allowed to expand lending, add new branches or merge with other companies. Banks were given a so-called "CRA rating" that graded how diverse their lending portfolio was. [...]
In the name of diversity, banks began making huge numbers of loans that they previously would not have. They opened branches in poor areas to lift their CRA ratings.
Meanwhile, Congress gave Fannie and Freddie the go-ahead to finance it all by buying loans from banks, then repackaging and securitizing them for resale on the open market.
That's how the contagion began.
With those changes, the subprime market took off. From a mere $35 billion in loans in 1994, it soared to $1 trillion by 2008.
Readers are strongly encouraged to review this entire fact-filled piece to not only better understand the roots of today's financial crisis, but also to get a sense as to just how absurd media accusations of this all being Bush and McCain's fault are.
Every member of society needs to relook in their lifestyle namely in US and other countries. Spending and earning expectations should be kept at logical level by every individual. It is for certain that present crisis would make people realize that saving is essential. Despite understanding the risks , greed has overtaken the decision making capibility of investors, rule of global economy would now undergo many changes.
It is very sad and depressing to see the plight of so many people.Who is responsible for this state of affairs? Who took the society on a ride? What lessons do we learn from this tragidy?Did not the coming events cast their shadows? Who noticed them but found it convenient to neglect them? Obviously we were not able to digest the excessive prosperity.This prosperity was not healthy. Will the culprits go unpunished?
This is only the beginning...economists who say we have hit bottom have been saying that for months.
The "Stimulus" bill will only work for a short time...then when the "bill" comes due...we will only see more of this...it's just the beginning....
Obama will run this into the ground AND blame Bush for it.
#535, by Justin98, is the only post you need to read here. Although simplified, he hits all the major points, all of which will be deemed historically accurate over the next decade.
The point that I have not seen addressed is the home ownership myth. NOT ALL PEOPLE ARE QUALIFIED TO OWN A HOME. They require maintainence, discipline, and SACRIFICE. Heck, there are a lot of people who are not responsible enough to even own a car! But they were in line for home loans! You can lead a horse to water, but you can't make it drink!
el ness 3am tekol ba3da......
I wish all those who have lost their jobs the best of luck and I pray that this will all be over soon...
how can you blame obama he was handed this mess on a silver platter by some one who was saying i caused this mess you fix it
I would just like to live the American deam...........Wait! I am, over taxxed, laid off, frusterated. All Hail Bush. Thank you former President Bush for the big sh*t sandwich. Remember fellow Americans it was his politcal party that put us in the situation that we're in. I DO Not Support a socalist President either, and where can I get one of those printers to make my own (fake) stimulus money.
Depressing, very depressing. Do you know the opposite of government control/involvement and regulations? FREEDOM!!!! Do we not remember how many people died for our "FREEDOM"? Now we are just handing over our "FREEDOM" by the fist fulls. Thank you very much greedy people.
#535 is full of misleading information that misplaces blame. CRA related loans make up only a tiny fraction of the overall lending market, and it's intention was to get rid of discriminatory lending practices in the industry. The real fault lays with unsound lending practices spurred on not by the CRA (as I said, the program is relatively minuscule), but with large hedge fund managers and security traders who greedily bought up a fiscal bill of goods that were all predicated on risky loans, the thinking being that, given the historical level of foreclosures and the supposed accuracy of risk-assessment behind lending practices from the low-level bank managers, these securities were just that, secure. This created a distortion in the market, and it quickly created a classic economic bubble which was obfuscated by the repackaging of the debt into difficult to understand financial packages traded at an alarming velocity.
Of course, pointing our fingers in a reactionary fashion at unpopular past presidents is much easier than attempting to understand all of this.
"Hail communism!
Hail Lenin!"
To right man. Yesterday, all my troubles seemed so far away.....
I have found a new hobby: I walk into the shopping center. I look in the stores. I feel relieved at how much I do not need, at how much I can do without. Great! Wonderful! By the way, it is greed that caused this crisis. Greed,:"The sword that killed many dead kings " ( Macbeth)
This is not the time to blame or criticize, we all need to work on this together, find out where we can help, and learn from these mistakes. Let us hope to be better persons and do the right thing!!
How do you learn from mistakes without analysing what went wrong ?
If you personally made a mistake, who do you think is responsible ?
If the mistake was someone else's why shouldn't they be responsible ?
Criminals are running Wall Street, and not a cop in sight !
Who's responsible ?
The Government is sending your future earnings and those of your children and grand children to Wall Street as bailouts.
They should be sending the cops.
When will your government start working for you ?
My friends, IMHO it all boils down to hungry people. The global governmental elites fear this scenario like none other (though some would see it as an hegemonic opportunity). Nothing else ultimately matters. This is the only true predictor of final collapse and consequent revolution(s). Hungry people have nothing to lose and everything to gain by ousting established governmental power structures (theocratic, democratic, socialist, totalitarian, etc.) perceived as failures. There must be a threshold percentage of hungry/starving people per national capita that can be sustained before revolution occurs. This percentage is the only statistic I truly care about. I would sure like to know what that number is...
Woke up? Slept well, I guess, that was "The American Dream."
Now move your ass.
This is what happens when the fox is called to watch the hen house. It seems to be a way of life here in Texas. Crazy!
The final convulsions of a universe based on quantitative factors, like money, junk, and time, would seem to be at hand. The time approaches when no amount of money will buy anything and time itself will run out.
------------ William S. Burroughs
The world should learn from this recession. A corporate world that says spend, spend what does not belong to you and pay later. Just spend how much you can to improve your credit rating. How do you expect people to keep spending what does not belong to them without enslaving them later? I guess we all agreed to this false living so much that there was no difference between those who were really the owners of wealth and the borrowers of wealth. How can we deceive ourselves that way? Haven't we all contributed to this terrible economic downturn? We have all been less cautious and very greedy. The world's platform can never be the same as we have known. A new economic order will emerge: Prudence should guide our actions this time
It's funny that people dream about not working and doing nothing, but when they loose their jobs they stand in long lines desparate to find at least something. maybe this crisys will teach us to appriciate a lot of things. the prise might be way too high though.
Very nice site!
This simply shows the value of work,how the people were careless about their work which results that condition,anyway,it is the time to learn from it to start work again.otherwise this will lead to criminal activities.
this is really sad but hopefully it makes people appriciate their work and not be so nerdy))
Photo #17 warms my heart. Its fantastic to see all those gas-guzzling, overweight and poorly-designed cars off the road. Maybe somebody can figure out how to recycle them into scooters or something more appropriate for personal transport.
ecnomic crisis is getting worse day after day and this is because of miscalculation made by big gvts which are supposed to be blame for their mistakes.they followed false economic policy based on intrests.they did not calculate how long this policy may last successful.IT is obvious that the economic depression first hit in america and then expanded fast to other countries touching even those poor coutries.2008 economic crisis is like 1930s economic depression.So it is clear that new policies must be followed to get out of this disaster,and this means that gvts must not follow the same policy .Each gvnt must find its own policy so that to get out of this crsis because one policy for all is useless.
s its really a belleeeeeeeeeeeeeeee site but people shoud't b like tis
I know why the world is facing recession !
Its just as Allah said that Allah always increases the money of Zakat(Charity) & always reduces the money of intrest !
Thanks to Allah that majority of the muslims who protect them from intrest are safe. My father's business is also going very good.
Islam is the best religion.
This is a reality check, frist we should understand why is this happenning? how did this start? we became too good at what we do, the marketing people marketed so well, the sales: sold to every single person who they spoke to and we the cousumer, brough it. without a question, even when we knew that we could not afford it.
we had lost our faith in our creator (call him who or what ever) we believed in our new god: Money and the modernday church/mosq/temple: The Bank,
do we deserve this, oh yeah,, now do you understand how to get out of this..
HOw to
La palabra de Dios relata todo esto que esta aconteciendo alrededor nuestro. la crisis mundial y espiritual que la humanidad. afrenta son prinsipios de dolores.
AMIGO CRISTO ESTA MAS CERCA QUE NUNCA EL VIENE A BUSCAR UN PUEBLO QUE
EN MEDIO DE ESTA CRISIS. SE HA MANTENIDO EN FE HACIA EL, AMIGO REFUJIATE EN EL EL, ES EL UNICO CAMINO LA UNICA ESPERANSA PARA TU VIDA. esto no lo arregla nadie e ira de mal en peol pero si tu de corazon le entregas tu vida a cristo te librara de la hora de prueba que ha de venir sobre este mundo de maldad y confucion. apocalipsis 3:10 aceptalo como unico salvador y tendras el privilegio de vivir con el por los siglos de los siglos amen.
I don't know what to say, I'm really very touched by all these pictures. One thing I know is that the end of the world is fast approaching and Jesus is mounting the saddle to return. Let's take this time to reflect on our relationship with God, do we even have a relationship with Him? These times certainly will end, the question is what will I gain from it?
"All things worketh together for good to them that love the LORD"
It is disturbing to note the effects of the global recession in the developed world. I shudder to imagine the ripple effect it will have on the developing world
So much stress. So much strain. You grow up to think America America- and even my uncle said this is america, of course we will turn around! Now im starting to wonder if he is right. I hope for the sake of so so many he is correct. THIS is taking to much of a toll.
the 90 91 recession was bad. this is worst. for those who are into saints PRAY TO st JUDE
If the Lord, Allah and St. Jude would just nationalize the Federal Reserve (the people who are really running the country) we would not have to pay interest on the stimulus package. Then the problem would not be exasperated any further by borrowing money to give to the banks and renew the cycle.
Foreclose the Federal Reserve!
It's simple, really.
If you don't have the money to buy it, then don't.
Wait till you have saved up for it.
If you have to buy a house or car on credit, then go for the most basic ones and refrain from creating more debt.
Then work hard to pay off the house and car and you will eventually live a life, free from debt.
Don't participate in the world of usury.
I am really surprised at a lot of these comments... I am a 28 year old male, recently returned and graduated from school and working in LA. I have a wife and 2 kids as well and we both have worked through school living within our means.
Neither one of us can a find a job now... Your telling me that this recession is my fault because the guy I didn't vote for made some really eroneuos choices? because I spent outside of my budget although I am living with the bare necessities... One guy said if you can't get a car note then you are NOT poor... But, contrary in most places you have to have a car to get arround successfully on schedule.
the
Foreclosures happened due to the banks forced people into loser loans for 10 years and ended in foreclosures properties and the economy is in a slump.
The United States will go bankrupt and banks should be held accountable they created this mess by the greed and capital ideas they dealed out. People are eating shit and reducing their expenses to have just enough money for basic essentials. The median and poor population getting poorer until they die and the banks and government trying to get bills passed to deduct more taxes from worker.
Nothing will educate the people but hunger and cold. Only massive SHORTAGES will awaken them. By then it will be too late to recover easily.
The criminals in the Senate (BOTH DEMS AND REPUBS) MUST be booted out in 2010, preferrably in the PRIMARIES. No useful action will be taken by the current congress.
The other shoes have yet to fall: commercial and industrial realty and biggest of all, LOCAL governments.
Everyone who says that this is the end of the world is overreacting. Sure, things are pretty bad right now. But it's been worse. The world isn't going to end, because we aren't going to let it. I refuse to believe that one day in the near future, we will all drop dead simultaneously, or that soon all forms of government will collapse into anarchy. This is going to pass - Or at least, it will if we keep our heads.
how sad.wait.time change and will be hopful to futur.
El capitalismo debe morir, los seres humanos de todos los paises deben tomar conciencia, qie este es el mal del planeta.Los habitantes de los paises del primer mundo deben saber que la tierra es para todo, si esto sigue asi ellos no se salvaran,debemos obligar a los gobiernos que se pongan del lado del ser humano y dejen de proteger al capitalismo.
Los transbordadores no los van a salvar
Very nice site,I congratulate
wow , It's pretty scary. Hope we recover from this soon.
Et tombent les anges en feu. La foudre les entoure de ses éclairs, brûlants dans les flammes ardentes d’Orc.
What greed of a few has made, rage from numbers must burn.
Et tombent les anges en feu. La foudre les entoure de ses éclairs, brûlants dans les flammes ardentes d’Orc.
And the angels fall in flames. Lightning surrounds its lightning, burning in the fiery flames of Orc.
El capitalismo debe morir, los seres humanos de todos los paises deben tomar conciencia, qie este es el mal del planeta.Los habitantes de los paises del primer mundo deben saber que la tierra es para todo, si esto sigue asi ellos no se salvaran,debemos obligar a los gobiernos que se pongan del lado del ser humano y dejen de proteger al capitalismo.
Los transbordadores no los van a salvar
Capitalism must die, the human beings of all the countries must take brings back to consciousness, qie this is the evil of the planet. The inhabitants of the countries of the first world must know that the Earth is for everything, if this follows therefore they were not saved, we must force the governments who are put of the side of the human being and stop protecting to Capitalism. The ferrys are not going them to save
please watch end game by alex jones on youtube. the economy is designed to crash to bring in world government. you will see world government and carbon tax and the rfid chip.
Some more scenes of the recession from the air:
http://recessionhouses.blogspot.com/
if the evolution of world is already programmed...and anything and everything will move accordingly within the allowed limits........creation and annihilation all are part of the system.....at different phases of evolution....we have to move from order to chaos and to new order (equilibrium).....we may ask if everything is pre-decided how could we be responsible for our actions...?!! yes ..we have been given a chance......with our intelligence and ability to act, a decision and action to move in the right path (as defined by us in our frame of reference) is allowed and we can act only within this realm.....rest is bound to happen...which is destiny....But correction if things go wrong is inevitable......open Bhagwat Geeta and read on what Lord says.....Yada Yada hi dharmasya...........to ...................sambhavami Yuge Yuge..(Sanskrit).
I read a few topics. I respect your work and added blog to favorites.
Wake up americans?
Yes, i'm american. But unlike many, i've lived oversees. No one on this earth...which the exceptions of third world countries whom have far bigger things to worry about, is blameless. Every country I've lived in, every state, large or small has the same fast food chains, the same dependencies. Yes, i did enjoy living Germany more, and yes, the lifestyle is more healthy there. Yes your every day, atypical American is prone to excess. But what is coming is not based just on this excess. We as the human race are trying to extinguish the very things that give us life. We pave our forests, we pollute our soil and our water and our air. I grew up in a small village, it was 10 miles from the nearest town, and even that small town was small. In 10 years, from the time i started middle school, i watched farmland become golf courses...golf courses set ACROSS from another golf course. What does a village of not even 5000 residents need with two full golf courses? Rich farmland wasted so a few people could play a round of a game. This waste isn't just American. Its global. And its going to kill us.
Sad, really sad.
Jaane kya hoga ab?