Economy , going to get a whole lot worse ? - Page 2

Chesebert, they had FASB change the rule last year. It didn't get much press, but they're now changing values just to make it look like they're not insolvent.

I completely agree about changing the bankruptcy laws. One reason it won't happen is because that would throw a wrench into tax collections. Everyone with write-downs would end up paying little or nothing. Same reason the tax code won't change - no one knows what will come out the other end. I just don't know how long this will go on before something falls apart that the government can't fix.

goodness... FASB, FINRA SEC and the Congress are just making stuff up everyday.  It's hard to keep up these days. 

 

 

Shutting down JFCOM doesn't mean the country's in trouble.  They'll move some jobs to the Pentagon and cut some contractors.  Not a big deal.

This:

 

http://online.wsj.com/article/SB10001424052748703723504575425723973560744.html?mod=googlenews_wsj

Dodd-Frank is a god-awful mess, btw.

I mentioned the economy going down three years ago in this forum and the mods erased it. When I re-posted it, they erased it and told me not to do it again. I feel the US economy was overcooked to set up the massive failure we see today. Everyone wants to point the finger at people who "lived beyond their means" but they couldn't have been able to without the overextended credit given them. Call me crazy but the US govt. has been the tool of the money barons for a long time. If you can't make money, how can taxes cover the cost of spending? No work, no taxes.

 

Bankruptcy laws were changed in advance so that hard assets could be exchanged for "electronic money". Taking people's homes, cars, anything of value and then holding them accountable without a way to dig out is power for the course. Look at the hate crimes fomented by media, religious agitation, economic ruination. And we think this is all done as a natural cycle?

 

Start stockpiling food and water for yourselves cause the next couple years will be hell on earth, brought to you by human greed.

 

 

 

Geesh.  Reading all this can make you feel like a lemming - contemplating on jumping or not, for better or worse.  I used to be a severe pessimist and took the media puke as all definitive.  Granted, I haven't helped the economy much by acting bearish with my earned coin.  If hell does rein on earth, as long as I can provide food on the table and a roof over the family, I'll be content. 

 

Not to derail this thread and add my political views, but I can see how other types of government are ideal for situations like these as too much of anything is always bad and is just a matter of time before the bad is realized a moment too late.  Now, I'm going to reread "The Grapes of Wrath" and "The Great Gasby" to compliment each other.

Not entirely.  Bankruptcy for individuals is voluntary.  You can always choose default.  You'll lose secured assets (cars, houses), but credit cards and other unsecured loans only trash your credit.  Sometimes they sue, sometimes they don't, especially if they think you have no assets.  Then after the statute of limitations runs, you're fine, and the bad credit disappears in seven years.  A bankruptcy stays on your credit file for ten.

 

So a lot of people are just skipping out on debts because chapter 7 was more or less eliminated.