Economic Crisis
By ajinomoto23
@ajinomoto23 (1057)
Philippines
December 6, 2008 10:52pm CST
What are the signs of global recession? Do you think the worst has not yet happen? Is government failed in giving its services? Are world leaders lacking in Political Will to solve the evil in this world? We have the G 8, G 10 and the G 20 etc. We see them taking pictures together. Do you think there is unity or plain talks and no action? The human race is waiting for an answer and direction.
1 person likes this
4 responses
@chiaeugene (2225)
• China
8 Dec 08
i dun think it is at the worst yet and i see middle of next year as the worst. now i am in china and i can feel the impact. companies esp dealing in real estates are closing down daily. the biggest real estate agents company with about 500 chains countrywide had closed down more than half in the last 2 months alone and this can says a lot of property markets now. a lot developers are also facing the heat and slashing prices. For cars, now they are offering zero interest and zero downpayment which mean u just need to go to the showroom, buy a car insurance and pay for road tax and you can drive away a car. the market and demand is just very weak and there are few buyers at at the moment. i think every country is trying to protect its own interest and i doubt those conferences, meeting between countries would be of very much help
@ajinomoto23 (1057)
• Philippines
8 Dec 08
I think it is a global crisis. The trust of people in entering into a business transaction has become a scary thing. Even in an ordinary store people will come and buy and promise with a credit note but never really settle their accounts. It is outright robbery. Buyers come to steal from you in a decent manner. They are asking for a credit but in truth they never pay you. When the moral fiber of a country is weak corruption in all level will bring the economy down. Thank you for sharing you observation in China. Housing is a great problem. Low cost housing should be the trend but developers want it big - banks want it big but consumers are just average income earners some live on a daily basis.
@stealthy (8181)
• United States
7 Dec 08
In the U.S. the whole thing started with politicians trying to get votes by saying anyone should own a home. This lead to the subprime mortgage housing bubble which could ot be sustained because loans where being made to peoplt who had no down payment, could barely make the enitial low payments of an adjutable mortgage for only a few months and definitly could not afford the higher payments when their rate went up. Some of these people did not even have jobs. So the foreclosures started when they could not make their payment and then the banks and financial companies were in trouble because mortgages they held the notes on where worthless. This all led to people not spending which made matters worse. Also, gas prices were high and, again in the U.S. the extreme environmentalists convinced Congress that ethanol made from corn would help with pollution, which it won't because it will make very little difference in air pollution but will greatly increase water pollution because of the fertilyzer runoff from growing all the additional corn. Corn got diverted into making ethanol and land got diverted from growing wheat for example into growing corn. This all drove food prices up rapidly, corn is in a lot of food products and is used as feed for most food animals, which hurt the economy. Something similar has happened in other countries and a bad U.S. economy effects most of the world. Also, other biomas sources in other countries have led to food shortages, for example countries that used to export rice are no longer doing it so that it can be used for both biomas and to feed their own people. Can the countries work together to solve the problems; maybe or maybe not. But eventually things will turn around like they have in the past during recessions but it will take some time.
@ajinomoto23 (1057)
• Philippines
8 Dec 08
Where did all the money go? In the pocket of some wise businessman? Suddenly all the prices were going up now it is all going down into the drain. The poor hits the bottom while the rich can keep their money. Famine is cause by greed not by nature. We see the worst in America. Poverty used to be in the third world country. I think many will die because of the cold weather. Do you think there is hope for a resurrection in the world economy?
@mipen2006 (5528)
• Australia
7 Dec 08
Ithink the worst will be in 2009. I blame the greedy wealthy for most of the pain inflicted on the average person. the imbalance between the rich and poor will never improve as long as we have these in control. They make decisions, like most politicians, that are beneficial to them, and noy for society in general.
@underdogtoo (9579)
• Philippines
7 Dec 08
I am glad there is someone thinking about the global crisis. I am quite insulated from this and the drop in gasoline prices has helped me. Cheers!!
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