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Rooney: New Depression?
2008/01/28 12:04:51瀏覽583|回應2|推薦8
(CBS) The following is a weekly 60 Minutes commentary by CBS News correspondent Andy Rooney.



I get five or six newspapers every day and I've been reading a lot of stories about what they're calling the recession we're having. They don't want to scare us, so they don't call it a Depression, they call it a recession.

Talk of a Depression, spelled with a capital D, probably means more to me than it does to you because I grew up during the worst Depression we ever had in this country.

There were pictures of bread lines and soup kitchens in the paper every day when I was a kid. Big bakeries gave away their bread when it was three or four days old and people who were out of work and hungry, lined up to get it. We don't have anything like that now.

My family was lucky because my father always had his job. He made $8,000 during the years I was in grade school in the 1930s and $12,000 when I was in high school. I was one of the rich kids on our block.

We had a live-in maid my mother paid $16 a week. She had her own room upstairs next to mine and while I forget how old I was, I couldn't have been real young because I remember how pretty I thought she was.

I don't know anything about economics but I don't think what we're in is a Depression - or even a recession - whatever the difference is. I'm as ready to blame President Bush for things as anyone else but I don't think this recession is his fault.

I look at The Wall Street Journal every day. I don't understand it but I look at it because it's all about money and I know how important money is.

Do you know what these headlines mean?

"DEAL FEES UNDER FIRE AMID MORTGAGE CRISIS," "DEFAULT FEARS UNNERVE MARKETS," "BOND INSURERS WEATHER HIT TO RATINGS," "WORLD RIDES TO WALL STREET'S RESCUE."

Oh, I don't think that's where the world is riding to.

I'm going to keep reading The Wall Street Journal though even when I don't understand it because if the world comes to an end, I know they'll have a story about it - on page six.

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crystalsun
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Foreclosure rate about 100%?
2008/01/29 17:50
How is that possible? Gee...

It was hard for me to believe that the US banks would lend money to people who are not able to pay the monthly mortgage interests. When I bought my apartment 10 years ago in Germany, the bank checked my financial situation every carefully and had to make sure if I could pay the interest and live with the remaining money after the monthly interest payment.

Nevertheless, the German government had to bail out this time several big German banks that were involved in the financial crisis of the US banks.
革命烈士韓起的兒子(mikkyhan) 於 2008-01-30 03:14 回覆:

That is what we call "Domino theory effects", the bank sold their bad loan to speculator like
investing Funds and Funds sold it the foreign bank investor, then their own own national
Funds and the lists can go on and on. As results, you don't know in what hands the
non-performing loan received. That is money game.  It is serious and it takes down a lot
of foreign banks,


crystalsun
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I heard that they (the experts) call it a slowdown now
2008/01/28 22:36
Some are sad,but some (including rich Europeans) are happy that they can get some good bargains in the US real estate and stock markets whereas the others don't know what to do.
革命烈士韓起的兒子(mikkyhan) 於 2008-01-28 23:34 回覆:

I think this is the time for the European bargain hunter to step
in some time in the middle or later part of this year.

The local news on TV reported the foreclosure rate around the cities
about 100% and even spread to the big cities like SF and LA.
The opportunists just had been greedy and out of control and that
what happened recently. How could financial circle let people buy
home without paying down and beyond their means. That is what
happened now and those poor people just walk away from debts
and let financial institutions go bankrupt.