reply to post by Dbriefed
I don't think they'll be a 2009 Depression
I agree because I believe that it has already started.
Let's look at the facts:
The all time high on the Dow Jones Industrial Average (DJIA) as of April 7th, 2008 was 14,164
Today's close 7997
That is a decline of 43.5%
During the Great Depression of the 1930's, the Dow dropped 43%.
Unemployment is starting to skyrocket. In the last 2 weeks, many major companies have announced huge layoffs. Those numbers will continue to increase
as the situation continues to deteriorate.
Consumer prices are plummeting.
Credit defaults are increasing at an alarming rate.
Banks are making virtually no loans.
Banks are failing left and right.
Home owner defaults are increasing dramatically .
Paulson doesn't even know what to do anymore, and admits it's just a guessing game, at Congressional hearings this week.
The American Auto Industry is on the verge of disappearing. At the best, the big 3 will probably go bankrupt. At worst, Congress will throw good money
upon bad, delaying the inevitable demise of 3 companies that couldn't control union demands, and wouldn't retool for more efficient cars. We the
taxpayers would then have no way of recouping the "loan" the Congress gives them.
That will result in a total loss of approximately 3,000,000 jobs, both direct and indirect.
Obama has indicated that he will issue an executive order to stop offshore drilling, ensuring that we remain dependent upon Mid-East oil.
Credit Card companies are decreasing customer credit limits.
Retail stores are laying off now, rather than hiring for the Holiday "Rush".
The holiday rush is expected to be a holiday trickle.
Bank and finance executives, recipients of the bailout bill, are still giving themselves big Christmas bonuses, squandering the money that comes from
the taxpayers. 82% of the companies will still be holding a Christ Party, which we are paying for, further squandering our tax dollars, and showing
that they have no regard for the working class.
We continue to further bankrupt our economy with wars that we cannot win.
We now have debt of around 13 trillion dollars, with the debt growing by the day.
Obama has shown by his picks for his cabinet that he is no different from Clinton and Bush, as he picks political hacks from "inside the
beltway".
Obama plans mandatory civilian service, as a way to lesson the unemployment rate, as well as for other nefarious reasons.
Yes, the Depression has already begun, regardless of what the experts tell you. Just open your eyes. Why should you believe the government now, when
you know that they have been lying to you for decades?