Worst case scenario?

Please enough with the downfall of the economy. The economy sucks right now but all of our jobs aren't going to just vanish, RIGHT?!

Lets propose the worst possible situation. Every major company TANKS, and lay's off everyone. All smaller companies will need to follow suite. The first thing average person will drop from their budget, the things they DON'T need. No more cell phones, no more weekly trips to FREAKIN WAL-MART, no more insurance, no more writing checks, no more credit cards, and unfortunately for me no more World of Warcraft. The few dollars people may have could be worthless, but will still be used to acquire things from other people, but probably not retail outlets.

So rather then going to work every day you can now spend time with your family? Where? On the street? I doubt the banks will come knocking at your door with foreclosure notices. That only works now because a very small amount of homes are actually in foreclosure. If banks had to foreclose on a majority of the population I think that would be very difficult. What does a bank do with a forclosed home? They sell it! Since no one has any money to buy forclosed homes, then I doubt the banks would be kicking people out of their homes. Also foreclosure needs court approval and no judge in his right mind would let banks foreclose on all of America. UNLESS THEY HAD PORTABLE JAIL CELLS THEY COULD PUT EVERYONE IN?!?!?! Sorry, just trying to scare you.

So how does the average person spend their day? I'm going to guess they spend the day working on the small farm in there back yard. Growing a mild amount of crops to feed their family. Some local farmers will trade you corn for portable DVD players. Some people will even trade fresh meats and dairy products. Kicking it old school. The power might go out, but there are A LOT of really smart people in America and eventually we will start installing solar panels atop our own homes. Maybe we can get enough power for a few hours of GTA IV per day.

So in the real world I think all that will happen is that a the unemployment rate may go up to 10%, maybe life will be a little harder for us, but I don't think the economy is going to collapse the nation. Even if it does, how bad can it get?

Anyone else want to throw out a worst case scenario? Something I've missed?



LOL EDIT, misspelled title.


[edit on 24-9-2008 by prestonberryworth]

reply to post by prestonberryworth


Interesting enough I had this conversation last night. You brought up a good point about foreclosures. I like to put things in my personal perspective. On my block of about 40 homes if 1 or 2 people went into foreclosure I would say, oh, they must have took out one of those ridiculous ARM loans. If 35 home went into foreclosure the police would need to remove them with force. Due to the fact that some are in the police force, I find it difficult to believe. So, I agree that in a worst case senario...people won't loose their homes. In a worst case senario, I believe people's homes will be worth fighting for.