7 Reasons Why America Needs A "Good Depression" Now...Or Face A Great Depression Later

A great piece from Paul Farrell and the gang over at ZH, thought it would be of interest to some here.

From the 'take home message':

Yes, all was predictable: The events of the past few years were well known in advance. In fact, the events of the entire decade were predictable. The rich got richer off the backs of the middle class and the poor. Why? “There’s class warfare all right,” warns Warren Buffett. “But it’s my class, the rich class, that’s making war, and we’re winning.”

Source:
www.zerohedge.com...

Saw that article in market watch I have to agree or else the Great Depression of the 1930s will look like a tea party.

Lol more like Great Depression now (we are the most in debt to ever occur on the history of the earth)
or Epic Depression later..

Or just nuke everyone

Everybody has opinions but no one has answers.

We might have to hit rock bottom before we find the way out.

I think it's much too late for the US to avoid another Great Depression.
...even a "good depression" is putting a positive spin on something that seems like an inevitability. To avoid this point, difficult decisions would have been needed some 2, 3 years ago. This is the point of no return, and Obama has only exacerbated the problem with his reckless spending and "stimulus" packages.

It's the difficult, unpopular choices no politician is readily going to make. Yep, it would likely result in a recession, or even depression as the author is signalling. The S will HTF sooner or later.

They are saying that Aug 2nd is the key date here. Because that's when Congress and the White will have to decide, let this happen, or extend the inevitable date when it does happens. Do you think they could possibly not come to an agreement and let this happen?

Possible, yes. Likely, no. In the end they won't let their differences get in the way and default, but they will milk the situation for political points.