Now that the economy is finally collapsing....

[Kelowna Pilot]

'm not super economy-savvy, so i'm hoping someone here is and can maybe dumb it down a little bit.

No one knows the future, but we do know the past.

Go read a book on economic history.... the one recurring theme is that what goes Boom sooner or later also goes Bust.

Ask anyone in Alberta over the age of 30, they'll tell ya...

[fogghorn]

The following is a pretty good explanation from Salon on how the global economy works (or in the current case -doesn't work). pretty informative -
http://www.salon.com/tech/feature/2007/ ... eet_panic/

[tofo]

Lord just give me one more oil boom, I swear I won't piss it all away this time

[Azure]

What part of the country do you live in?

I live in Alberta, between the homes and vehicles that some of the folks out here have, I think there could be allot of hurt with an increase in interest rates. I think allot of folks are living well beyond their means, and have been thinking that their increased value in their "mortgaged to the hilt" home is making them money. Little do they realise that their homes are not worth any more than what someone will pay for it.

The bubble is about to burst..those that are getting out now are ok, but those that are just getting in will be hurt big time.

I wouldnt be mortgaging my home to the hilt in Calgary on a WestJet dream right now.

Back in 1999, we bought a house 85 thousand under our approved amount, still live in it today. It's worth well over two hundred now, but since we took out loooong term rates, our payments are similar to car loans. I watch as young couples with children dive into mortgages just because they can....dummies! If one person losses their job......how the hell are they expected to make it? It is slowing, houses that sold this spring in a week are now on the market again....it's been a month and a half...turnovers....more for sale signs than sold as of late.

Some people must have watched too many late night commercials about making money in realestate.

It will not go UP forever, and when it crashes? Bargains for the thrifty.

[Icebound]

The following is a pretty good explanation from Salon on how the global economy works (or in the current case -doesn't work). pretty informative -
http://www.salon.com/tech/feature/2007/ ... eet_panic/

LOL

Mandatory reading for the "free-enterprise-markets-are-always-right" crowd.


..

[Expat]

Pilots will be hard hit again, because in North America, the airline industry is still bankrupt, They are up to their necks in debts, and pension and medicare shortfalls. They also have older planes, because their restructuring did not allow replacement,etc...
Commercial aviation will also take a hit, because these high-flying brokers, and builders will be grounded.
Get you bags ready and head overseas before the furloughed american pilots take all the jobs...