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The Bar For non Automotive Related Chat |
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07-08-2011, 12:15 AM | #1 | ||
I was correct - AGAIN
Join Date: May 2010
Location: Third rock from the sun
Posts: 1,801
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Not GFC1 or GFC2. We are heading for a depression. Don't worry about house prices. Worry about putting food on the table people!
EDIT: Farnsworth title change - less Y2K'ish Last edited by Professor Farnsworth; 10-08-2011 at 01:20 PM. |
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07-08-2011, 12:29 AM | #2 | ||
meh.
Join Date: Jul 2010
Location: Was Central Coast, Now Sydney NSW
Posts: 8,584
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For real, or just want the attention?
Until there's proof, I call ********
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Previous - BF XR6T - 325rwkw, 6 Speed Auto, Process West, X-Force and Turbosmart gear |
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07-08-2011, 12:32 AM | #3 | |||
I was correct - AGAIN
Join Date: May 2010
Location: Third rock from the sun
Posts: 1,801
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07-08-2011, 12:33 AM | #4 | |||
Miami Pilot
Join Date: Jan 2005
Location: ACT
Posts: 21,703
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So....shop at Aldi, Coles, Woolies, the local butcher, or wherever is cheapest!
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The Hammer: FG GTE | 376rwkw | 1/4 mile 11.793 @ 119.75mph 1.733 60' (4408lb) 1 of 60 FG MK1 335 GTEs (1 of 118 FG Mk 1 & 2 335 GTEs). Mods: Tune, HSD/ShockWorks, black GT335 19” staggered replicas with 245 & 275/35/19 Michelin Pilot sport 5s Daily: BF2 Fairmont Ghia I6 ZF, machine face GT335 19” staggered Replicas with 245s and 275s, Bilsteins & Kings FPV 335 build stats: <click here> Ford Performance Club ACT |
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08-08-2011, 12:17 AM | #5 | |||||
let it burn
Join Date: Feb 2006
Location: QUEENSLANDER!!!!!
Posts: 2,866
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Cash can be worthless in a DEPRESSION. Havent you seen the photos of Germans during the Great Depression walking around pushing a wheelbarrow full of money, and not enough to buy a loaf of bread. There were other reasons why German money was so worthless, but it was a large part the Depression that did it.
Guns and ammo is where its at. Im only half joking. Oh, and baked beans lots of canned goods like baked beans. Quote:
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08-08-2011, 09:12 AM | #6 | |||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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08-08-2011, 09:13 AM | #7 | |||
FF.Com.Au Hardcore
Join Date: Nov 2009
Posts: 1,421
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NZ futures open 2% lower... a crystal bakll into the fate of the markets, as NZ is the first market to open
http://www.abc.net.au/news/2011-08-0...rading/2828800 Quote:
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07-08-2011, 12:30 AM | #8 | ||
Miami Pilot
Join Date: Jan 2005
Location: ACT
Posts: 21,703
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How many 1/4s of negative growth does it take to make a depression? I remember years ago Keating saying it was the "recession we had to have" - so what's the difference between a recession and a depression (or is it just the words???).
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The Hammer: FG GTE | 376rwkw | 1/4 mile 11.793 @ 119.75mph 1.733 60' (4408lb) 1 of 60 FG MK1 335 GTEs (1 of 118 FG Mk 1 & 2 335 GTEs). Mods: Tune, HSD/ShockWorks, black GT335 19” staggered replicas with 245 & 275/35/19 Michelin Pilot sport 5s Daily: BF2 Fairmont Ghia I6 ZF, machine face GT335 19” staggered Replicas with 245s and 275s, Bilsteins & Kings FPV 335 build stats: <click here> Ford Performance Club ACT |
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07-08-2011, 12:59 AM | #9 | |||
FF.Com.Au Hardcore
Join Date: Aug 2006
Location: Salamander Bay
Posts: 5,427
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"(1) a decline in real GDP exceeding 10%, or (2) a recession lasting 2 or more years"
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[SIGPIC][/SIGPIC]
Everyone starts off with a bag full of luck and an empty bag of experience. The trick is to fill the experience bag before the luck bag is empty. "It is better to remain silent and be thought a fool than to speak out and remove all doubt." Start a new career as a bus driver Rides: FG2 XR6 stock at this stage but a very nice ride xc 4 DOOR X CHASER 5.8 UNDER RESTO |
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07-08-2011, 01:36 AM | #10 | |||
Pity the fool
Join Date: Jan 2007
Location: Wait Awhile
Posts: 8,997
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Fords I own or have owned: 1970 XW Falcon GT replica | 1970 XW Falcon | 1971 XY Fairmont | 1973 ZG Fairlane | 1986 XF Falcon panel van | 1987 XFII Falcon S-Pack | 1988 XF Falcon GLS ute | 1993 EBII Fairmont V8 | 1996 XG Falcon ute | 2000 AU Falcon wagon | 2004 BA Falcon XT | 2012 SZ Territory Titanium AWD Proud to buy Australian and support Ford Australia through thick and thin |
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07-08-2011, 01:39 AM | #11 | ||
Pity the fool
Join Date: Jan 2007
Location: Wait Awhile
Posts: 8,997
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Also, I don't think we are in for a depression, but a global recession as strong as or a bit worse than 2008 because of the level of sovereign debt in the euro zone and the US which is causing problems. Governments this time around (including Australia) do not have access to the same amount of cash to throw around for stimulus packages to stave off the worst effects of a recession. So the next 6 months are going to be interesting.
Certainly consumer spending is subdued at the moment and there is a general reluctance amongst consumers to enter into more (material) debt, but unfortunately the damage has already been done and wasn't fully dealt with during the GFC. Economic crises in Europe and the US will of course have a flow on effect to China whose economy depends on providing consumer goods to the western world. With shriveled demand for consumer goods, the Chinese will fall on hard times as well which in turn may (emphasis on the word may) impact on Australia's resources sector, a prime mover of our economy.
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Fords I own or have owned: 1970 XW Falcon GT replica | 1970 XW Falcon | 1971 XY Fairmont | 1973 ZG Fairlane | 1986 XF Falcon panel van | 1987 XFII Falcon S-Pack | 1988 XF Falcon GLS ute | 1993 EBII Fairmont V8 | 1996 XG Falcon ute | 2000 AU Falcon wagon | 2004 BA Falcon XT | 2012 SZ Territory Titanium AWD Proud to buy Australian and support Ford Australia through thick and thin |
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07-08-2011, 10:19 AM | #12 | |||
FF.Com.Au Hardcore
Join Date: Aug 2006
Location: Salamander Bay
Posts: 5,427
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Quote:
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[SIGPIC][/SIGPIC]
Everyone starts off with a bag full of luck and an empty bag of experience. The trick is to fill the experience bag before the luck bag is empty. "It is better to remain silent and be thought a fool than to speak out and remove all doubt." Start a new career as a bus driver Rides: FG2 XR6 stock at this stage but a very nice ride xc 4 DOOR X CHASER 5.8 UNDER RESTO |
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07-08-2011, 10:59 AM | #13 | ||
Regular Member
Join Date: Oct 2008
Location: Perth
Posts: 267
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Did anybody seriously believe that the economic climate of the 90's-00's could continue forever?
Unfortunately many people were coerced into believing that this was the case and made their financial plans (or made plans for others via managed investments) accordingly. Perhaps this is the real beginning of a 'Global Financial Correction'? |
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07-08-2011, 11:06 AM | #14 | ||
FF.Com.Au Hardcore
Join Date: Jun 2008
Posts: 1,137
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Holding onto your wealth and paying of debt (especially as most asset classes are going backwards) shoud be the game. I like cash and have had all my super (no losses) and investments in cash for the last 3 years.
Lots of friends and advisors suggested this was foolish and I was at risk of missing out on big gains when the market turns, well that seems to have happened, only it has turned down. There is no GFC 2, GFC 1 hasnt finished yet. Artificial stimulus hasnt worked and has only driven most countries (and people) into more debt. |
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19-08-2011, 05:44 PM | #15 | |||
Regular Member
Join Date: Feb 2011
Posts: 170
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07-08-2011, 12:57 AM | #16 | ||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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It's pretty ordinary that's for sure. Could be worse though...
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07-08-2011, 01:17 AM | #17 | ||
Call me Spud
Join Date: May 2008
Posts: 1,995
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My issue is countries borrowing money to give to countries that can't afford to pay it back. As harsh as it sounds, at the very least halve the money given out to 3rd world countries, christ countries like pakistan get handouts, why?. There is going to be a big shift in the world, china and india are about to become number one. To be honest the U.S have no one else to blame but themselves, it is sad that their inability to control their finances etc can cause grief for so many around the world. The same applies in the euro zone, what **** wit gives a country loan after loan and never bothers to check if said country can repay the debt. I am not sure australia will be massively affected due to our mining industry and china being the main player.
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07-08-2011, 01:31 AM | #18 | |||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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The US is a big buyer of Chinese exports, as is the rest of the world and there would be no hiding from a Chinese fart at the moment. The problem that faces the troubled economies (which realistically is most of them) is that the biggest numbers in the Euro Zone, US and Japan are all in a lot more trouble than they can hope to fix without epic change. |
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07-08-2011, 01:31 AM | #19 | ||
You dig, we stick!
Join Date: Mar 2006
Posts: 7,461
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By design.
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"....You don't put the car through engineering" - Rod Barrett. |
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07-08-2011, 03:46 AM | #20 | ||
Regulator
Join Date: Jan 2005
Location: Melbourne
Posts: 4,168
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Future isn't very bright - yet whenever you say that to people, they say you're just being negative and it doesn't affect them.
Well, the 1990s was most definitely the best recent decade as life was great then.
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Regards Bobby Current Cars: 2000 AU2 Fairmont (2019-current) 2003 BA1 Falcon Divvy Van (2017-current) 2009 VW Mk6 Golf 118TSi (2020-current) Previous Cars: 2003 MCX10R Avalon VXi (2017-2020) 1995 EF1 Falcon GLi (2016-2019) 1997 XH2 Falcon Van OPT20 (2016-2019) 2006 BF Fairlane Ghia (2013-2018) 2001 AU3 Futura (2010-2013) 1996 EL Fairmont (2008-2010) 2004 BA XR6 (2005-2008) 2001 AU2 Forte (2005-2006) 1988 EA Fairmont Ghia (2003-2005) 1984 AR Telstar TX5 Ghia (2001-2005) |
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08-08-2011, 07:07 PM | #21 | |||
Fossil fuel consumer
Join Date: Jul 2005
Location: Mod For: Pub, Bar, Sales Yard, Show 'N Shine, Photoshop, AU to BF, FG to FGX, Territory & Sports Bar
Posts: 17,049
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EDIT: i will say though the severity of the 'recession' will depend on how the US acts, as at the moment they've purely raised the debt ceiling and selected a committee to make 'hard decisions' on how to cut costs. There are bad and slightly less bad ways for it all to happen.
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2024 RS 3 sedan - Mythos Black 2023 Superb Sportline sedan - Steel Grey 2025 Mustang GT - Vapour Blue Last edited by Professor Farnsworth; 08-08-2011 at 07:18 PM. |
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08-08-2011, 08:02 PM | #22 | ||
Banned
Join Date: Jul 2007
Location: new south wales
Posts: 1,153
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There is a hell of a lot riding on whats happens to the us stock market overnight. We will know by 6.00 am tommorow morning .
This is I believe the first time the US has had their credit rating downgraded (but I dont know this as fact ) and come midnight tonight we will see how their markets take to this . If the US markets get a major thumping overnight ,which is looking highly possible , it could make fridays loses look measley , there is a lot more riding on what happens tonight that ever before . Conclusion : not looking good. |
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07-08-2011, 07:21 AM | #23 | |||
T3 TE50 Blueprint
Join Date: Apr 2005
Posts: 934
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07-08-2011, 07:47 AM | #24 | ||
Where to next??
Join Date: Oct 2006
Location: Sydney
Posts: 8,893
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Serious question. If there is a depression where is the best place to keep your cash? In your loan, under your mattress or if you had loans that could be paid off should you to get full ownership?
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07-08-2011, 08:33 AM | #25 | |||
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Join Date: Mar 2006
Location: Brisbane
Posts: 6,197
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07-08-2011, 08:36 AM | #26 | ||
FF.Com.Au Hardcore
Join Date: May 2007
Posts: 575
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economic downtowns can be a great time for investing if you're well prepared. the first great depression created some of the wealthiest people of all time
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07-08-2011, 08:54 AM | #27 | ||
Trev
Join Date: Apr 2006
Location: Was Perth, now country Vic
Posts: 8,017
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People talking up depression and the negative everything attitude that Abbott and his minions are talking about will be the main thing that drives this country into recession, they will take us into one even if we shouldn't be in one with their scare tactics. They don't care, only power is important to them, same as all modern day politicians, it is not about what is good for the country, only what is good for them.
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Trev (FPV FG II GT-E thus the fully loaded burger with the lot as standard +Alpine/Dynamat fitout - 2 of only 4 ever made GT-E factory 9" rear rims - Michelin Pilot Supersports - Shockworks Suspension) |
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08-08-2011, 09:14 AM | #28 | ||||
Force Fed Fords
Join Date: Aug 2005
Location: Enroute
Posts: 4,050
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So what you're saying is Tony Abbott spent the 20 billion surplus, borrowed over 250 billion from China to waste on stupid projects like pink batts, BER, NBN and other non necessities? So it's also Abbott threatening the only booming part of our economy with a new resources rent tax, and scaring the populace with an all encompassing consumption tax? Hmm. I thought the idiots in power now who pork barrelled and made deals with anyone desperate to cling to power were responsible. I suppose we've found one of the 26% of Aussies who would vote for more of the same waste, mismanagement, erosion of rights; standard of living and lies.
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If brains were gasoline, you wouldn't have enough to power an ants go-cart a half a lap around a Cheerio - Ron Shirley Quote:
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08-08-2011, 08:59 PM | #29 | |||
Regular Member
Join Date: Nov 2008
Posts: 232
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That is THE most truthful sensible thing written herein |
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07-08-2011, 08:56 AM | #30 | |||
FF.Com.Au Hardcore
Join Date: Sep 2009
Posts: 2,527
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Or Those who can afford to have their cash in stocks/shares and again sit it out But, too many are worried about this, hence the sell,sell,sell of shares There was alot of people who had alot tied up in shares,in the GFC The companies went broke and the shares dissapeared If i had loans that had money owing, id be looking at ways to own the debt But, people need to chill a bit and dont panic If your in huge debt, well whos fault is that ??? Yours |
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