All the folks asking $700+ for Glocks... (Thread on Economy)

[Glorfindel]

checked five ads and did not see any $700 glocks, sounds like fake news

try harder. do you even ODT?

 

[The Meerkat]

Total serious question here. What makes you think that’s about to change?

Honestly?

The 2008 recession didn't shut down the whole economy, it slowed or contracted a number of sectors by a certain amount. This CoV stuff has immediately and completely shut down sectors, leaving the other bits shaking and unsupported.

We are currently experiencing something very similar to the Spanish Flu pandemic, leading directly to a depression, without the benefit of a post-war boom as happened in the 1920s. We're going straight from 1919 to 1929.
Seems a lot of people don't fully understand why the U.S. economy is not going to easily bounce back from this.

Prior to this pandemic the supposedly "good" economy was already operating on a broken three-legged stool of:

1. Massive trillion dollar deficits as far as the eyes could see; during supposedly "good" times;
2. Artificially low interest rates that, if raised more than 3%, would completely break the entire economy; and
3. Record levels of consumer debt combined with a low individual savings rate.

In other words, the economy was basically like a cocaine-fueled party that was fantastic...until you have to deal with the inevitable hangover the next day.

Well, the hangover has arrived. Earlier than expected and in a form other than expected. But the bond market was even warning about this for the last 18 months, with crazy things like short-term (3 month) and long-term (10 year) T-bills inverting under 1%; something never before seen in the history of the U.S. That is to say, the economy was already broken prior to this event. It's just that most people didn't understand this because the illusion of prosperity was still in full force.

I don't think most Americans fully realize just how serious and precarious the current economic situation really is. If this COVID stuff holds up, and I think it will last for 6 months or more, with the way things are with quarantine, and shutdowns....your're looking at a worst case scenario, and people will not be buying guns. They'll be selling things desperately to feed their family. That $700 Glock you want to sell? Yeah...good luck when there is a shortage of buyers and cash (obviously there still will be people buying guns).

It all depends how the next 4 weeks play out.

 

[UptaCamp]

Missing @FatAlbert

I second that.

 

[RevCov]

Honestly?

The 2008 recession didn't shut down the whole economy, it slowed or contracted a number of sectors by a certain amount. This CoV stuff has immediately and completely shut down sectors, leaving the other bits shaking and unsupported.

We are currently experiencing something very similar to the Spanish Flu pandemic, leading directly to a depression, without the benefit of a post-war boom as happened in the 1920s. We're going straight from 1919 to 1929.
Seems a lot of people don't fully understand why the U.S. economy is not going to easily bounce back from this.

Prior to this pandemic the supposedly "good" economy was already operating on a broken three-legged stool of:

1. Massive trillion dollar deficits as far as the eyes could see; during supposedly "good" times;
2. Artificially low interest rates that, if raised more than 3%, would completely break the entire economy; and
3. Record levels of consumer debt combined with a low individual savings rate.

In other words, the economy was basically like a cocaine-fueled party that was fantastic...until you have to deal with the inevitable hangover the next day.

Well, the hangover has arrived. Earlier than expected and in a form other than expected. But the bond market was even warning about this for the last 18 months, with crazy things like short-term (3 month) and long-term (10 year) T-bills inverting under 1%; something never before seen in the history of the U.S. That is to say, the economy was already broken prior to this event. It's just that most people didn't understand this because the illusion of prosperity was still in full force.

I don't think most Americans fully realize just how serious and precarious the current economic situation really is. If this COVID stuff holds up, and I think it will last for 6 months or more, with the way things are with quarantine, and shutdowns....your're looking at a worst case scenario, and people will not be buying guns. They'll be selling things desperately to feed their family. That $700 Glock you want to sell? Yeah...good luck when there is a shortage of buyers and cash (obviously there still will be people buying guns).

It all depends how the next 4 weeks play out.

Thank you Meerkat. That makes a lot of sense. I’m a minister and social worker by trade and this was a great explanation.

 

[Glorfindel]

I second that.

tha mother****er aint dead. he still around. in spirit. a greener spirit.

 

[Kahrnut]

 

[The Meerkat]

Thank you Meerkat. That makes a lot of sense. I’m a minister and social worker by trade and this was a great explanation.

https://www.ccn.com/dow-futures-crash-1000-points-as-feds-bullard-cites-50-u-s-gdp/

Some economists that are way smarter than me are predicting 30% unemployment. Democrats just shut down the Covid Stimulus bill. Said it wasn't enough...stocks are going to go wild.

Just to put that into perspective, The Great Depression had a 24% unemployment rate.

It's a scary time.

 

[UptaCamp]

tha mother****er aint dead. he still around. in spirit. a greener spirit.

Ganja green? I know he aint dead, but he been ODTerminated

 

[Glorfindel]

Ganja green? I know he aint dead, but he been ODTerminated

yea first BangBang, then the Foreign weapons guys, now FatA, the mods are doing a damn fine job.

 

[Gunanddoglover]

It's like some kind of neckbeard family reunion and Thanksgiving all rolled into one.