We Are Not Headed for a Great Depression

We can be confident, I always answered, that there will not be another Great Depression because policymakers have read financial histories like mine. At least that was my line until recently. Now I have stopped taking reporters' calls.

- CNN.com

Sounds like the worm has turned for a lot of folks in the last 24 hours.

reply to post by Ahabstar

Good info...

But...I have no idea what that has to do with my post

Memysabu:

Ive got news for you, it takes time to get there. With every passing day everything everyone said against the crash of the US economy goes right out the window.

This is not the first time the world has had to deal with major crashes, even depressions. Just a few years ago we saw a worldwide recession. One thing is constant, they never last forever.

Unless of course you have vital info that suggest this one will last forever. If that's the case, please share!

We are almost below 8k now on the DOW? Global markets are crashing? Silent bank runs are happening?

This means...what exactly?
Things are bad?
NO ONE anywhere said they weren't. Just comparing it to the Great Depression right now? You can't even compare it to other recessions yet, let alone depressions.

You couldnt be more wrong, you are just an optomist. With to much to lose. You probably made bad decisions and staked a claim in a failing economy. Youll have to face the facts very very soon. Weeks or months. Its all the same.

Nope. Not at all.

Originally posted by justme2

We Are Not Headed for a Great Depression

True.

We are headed for a global depression.

(Not intended to be a one liner.)

(Really!)

Uh the great depression was a global depression!

reply to post by tide88


Well .. Fox news said we are all find.. guess it's ok then!

Since they give us credible news on everything else...


Fox -- political debate commentary ..
MSNBC -- political debate commentary --
CNN -- political debate commentary --
CNBC -- Demanding who the hell we can trust because everyone in the Government, banks, fed, FAILED.

Damnit people, pull your heads from your rear ends and WAKE THE HELL UP..

reply to post by ThatsJustWeird


That the potential is there for it to be far worse than the Great Depression. The factors coming into the mess carry a bit more weight. Where we have the advantage is that we have broader communications. We can look and see the reactions on the Asian and European Markets before the NYSE opens. That is a somewhat mixed blessing. The fact that more people are aware what happens when a panic causes a bank run is a benefit.

Yeah Ike was a small hit to food supply, but nothing like the years of the drought that brought about the Dust Bowl. But then again, we are more dependent on the remaining farms than we were in 1930.

My take is that if it happens, we will do what we did then. Tough it out and our economy base will change.

Of course a more flippant comparison would be noting that prior to the Great Depression that the was prohibition of alcohol and high interest in Jazz. Today cigarettes are all but criminal and many kids are into Rap.

[edit on 9-10-2008 by Ahabstar]

LOL are you seriously quoting FOX?

Give me another article , I could careless what they have to say they are Corporate sponsored and they work together with others brain washing news media....

To me, and this is personal opinion, its like Quoting Bush saying "Oh no our Economy is Strong , we are in NO way heading for a resession"

He did say something along those line the whole year only to wait till fall 08 to admit that this is serious ...well FOX is the same people... SORRY

You have some misconceptions about the depression. Take a closer look at history. Yes we aren't lining up for soup kitchens and what not but hey this is only the beginning of what is to come. You think people saw the stock market crash in 1929 and all of the sudden needed food? No it took months for the effects of the depression to sink in.
And the myth that no one did anything is a huge misconception. Yes Pres. Hoover didn't do much of anything but when Roosevelt came into office in 1933 and made his changes the stock market still crashed again in 1937!
This isn't doom and gloom there is a real problem with the monetary system of the US and the economy and it goes much deeper than what you see. The economy is just reorganizing, it's darkest before dawn.

reply to post by justme2


The Great Depression was a global depression.

The US government is cooking their books. It's a well known fact that unemployment is well over 10%... about 12% right now....

Another thing... Iceland and Pakistan are bankrupts. Iceland!

Iranian news agency has more credibility than Fox and affiliates. Talk about making denial of reality into an art.

I am the only idiot in my family who sold all my stock. Others are buying the crap out of it, and shorting everything they can. Making a killing I might add. They stash the profit into gold or T bills and keep re-investing. People are in a panic right now and selling off stock that was hard as hell to get 2 months ago. Now they are getting 5 times the stock they had in better companies. These are people that think 20 years into the future, not 2 days. You are going to see a new class of rich when this all ends. Very very rich. At the expense of people that do not know crap about the market. Ever wonder why you are not seeing the rich freaking out? Take a close look and they almost look like lions at a lamb auction. I think this was planned. I really do. I think we just dealt China a hell of a economic blow. Call me crazy, but this whole mess smells like a conspiracy. A great way to hide a huge crime is right out in the open.

[edit on 10-10-2008 by TXMACHINEGUNDLR]

reply to post by CapsFan8


All news is crap. All of it. Read the WSJ and the Onion. That is all you really need.

CNN is about the same but much more subtle. For them is more about what they don't report than what they do.

I hope you aren't talking about the wall street journal.

On the other hand I love the onion, it's like colbert in print. Maybe better.

While I think the FoxBusiness is a good article, it has some flaws. Of course there are no "runs on the bank" now - does anyone actually use cash? Do average americans even have much in the bank to run and get? More importantly, they are forgetting to compare the two situations in reverse. Back then, there were no credit cards where people could easily rack up $50K in debt. There was no internet, phone, cable, cell phone bills. Families produced at least some of their own food (gardens, canning, etc.) There was no online trading. There was no as-its-happening news, causing people to panic. Healthcare didn't cost an arm and a leg (actually, there was none). The majority of people kept their life savings under the mattress, not in a 401K, IRAs, stocks, bonds, mutual funds, etc. Unfortunately, the old cliche of prosperity being our ruin holds true. I believe what we're in for will be worse than the great depression.

How was China Dealt a blow..?

Cina has nearly Zero exposure to derivatives market, which is why there are billions upon billions of dollars each day flowing to Hong Kong, money seeks safety in this environment.

Chinese banks will not underwrite a mortgage unless there is close to 40% or more in real collateral; cash, gold, etc.

Much of China's manufacturing base is consumed domestically. They dont rely on exports nearly as much as most people believe. In fact they import a tremendous amount of American and European technology and products. If any one nation will lead the world out of this mess, it will be China.

China may come out of this as the strongest single Nation and Economy, due to their not buying into the notion that money appears out of thin air.

give it about 6 months.

and youll be tired of hearing the word depression.

hope you like soup.


[edit on 10-10-2008 by perficio7]

Truth or lies? scaremongers or wise ones? For once use your own eyes. people are always lied to, to look after their OWN interests,what bank said about a month ago in the states said it was safe??? just so people would not withdraw their cash, was they truthful or lying?
every day this week stocks and shares are losing vast sums of money, WHERE IS IT GOING? If 1 country loses someother must gain,its not dissappearing is it.
For the past 10 years 100,s of ,000s have left uk every year taking to other countries vast amounts of cash from selling their homes,possibly around 200,000 pounds each, going to france ,spain portugal,italy, australia,greece, new zealand,cyprus, as well as recently countries joining the eec , bulgaria,slovenia and others.
Propery prices have been vastly inflated over the past 12 years to around 300 percent (now they are screaming of falling 13,5 percent in 1 year).
If people cannot afford to pay these high bills of cost of living also losing jobs, how else can it be said we are not in recession?.
Even the governments are scared.
The king without any clothes

Say it three times and click your heels together

"We Are Not Headed for a Great Depression"
"We Are Not Headed for a Great Depression"
"We Are Not Headed for a Great Depression"

Of course if this were an affirmation its all wrong. You can't say things like 'not'.

So keep telling yourself

"Every day in every way things are getting better and better"
"Every day in every way things are getting better and better"
"Every day in every way things are getting better and better"

and maybe it will!

/sarcasm



[edit on 10-10-2008 by 2 cents]

Originally posted by Mainer

We can be confident, I always answered, that there will not be another Great Depression because policymakers have read financial histories like mine. At least that was my line until recently. Now I have stopped taking reporters' calls.

- CNN.com

Sounds like the worm has turned for a lot of folks in the last 24 hours.

Greetings Sir......The great depression will be something we long for when you examine the gerth of this problem coupled with the fact that we are not the same people that weathered the great depression....
We are far more selfish and violent than they were...In addition there is a lot more intervention from outside sources who hate america and what it stands for....All we have to do is look who we have appointed as our leaders and ask your self, is this style of leadership what I stand for....Most americans do not know what they stand for and so they will fall for anything...

Originally posted by Rockpuck
reply to post by tide88

 

Well .. Fox news said we are all find.. guess it's ok then!

Since they give us credible news on everything else...


Fox -- political debate commentary ..
MSNBC -- political debate commentary --
CNN -- political debate commentary --
CNBC -- Demanding who the hell we can trust because everyone in the Government, banks, fed, FAILED.

Damnit people, pull your heads from your rear ends and WAKE THE HELL UP..

Fine. Here is another article that talks about the same thing from The Wall Street Journal.We're not heading for a Depression You people and your anti fox news rhetoric crack me up. I agree they are politically tilted to the right, but to think they are just making stories up.. What is wrong with a little positive spin.. That is exactly what we need right now. We need to bring confidence back into world.