Do you still think there is no chance that we are headed for another Great Depression?
Ok, so I asked this question about 6 months ago, and was lambasted by all those geniuses out there who said there was NO WAY this country could ever fall that far financially again - that many things had been put into place to prevent that from ever happening again.
So now, 6 months later, with the loss of Lehman bros, a company that had been around for over 150 years... and Merrill Lynch... and the imminent demise of AIG.... as well as the government's rescue of Fannie Mae and Freddie Mac.... what do all the financial gurus say now about the chances?
The main problem, as I see it, is that the US doesn't really produce anything anymore - we CONSUME everything, but everything we have has a "Made in China" sticker on it. We owe VAST amounts of money to other countries - we are now a debtor nation. Aren't we eventually - maybe sometime very soon - going to have to pay the piper?
Good answers so far. I'm not quite sure I understand rotorhead's answer though : it seems to me that the economies of the world are much MORE intertwined now than they were in the 20's and 30's.... if you read the reports, the markets around the world are reacting negatively to what is happening here.
I really like Angie H's answer alot : )
I agree, too. Maybe it would be good to get back to some of our pioneer roots, and learn to be self-sufficient again. It's just too bad it is going to take such a catastrophe to show us all the error of our ways.
Personally, I lived through the savings and loan debacle in the 80's, and I think the economic picture is much more grave now : our national debt is far higher, our housing market is worse, and our trade deficit is worse. I think in the end, the strong - morally, mentally, and spritually strong - will survive. Perhaps that's just what this country needs - to have all the greedy, selfish people washed away... "Let 'Em Swim"
- 1 decade agoFavorite Answer
Im optimistic when we get this President out of office we can do better. A depression may still occur. Who knows we might end up being better off as a nation to be put back in our shoes. Families and neighbors helping each other again, to help ends meet. Letting people actually work for them selves instead of relying on the Gov. for everything. I also agree with the poster above about relying on everyone else for our goods. Didn't we learn that's a no no in history class lol.
- Anonymous1 decade ago
The financial situation is very serious but it is not yet as serious as the Savings & Loan disaster of the 1980's.
In addition, I do not see the series of financial missteps that lead from slowdown to recession to meltdown to depression to global depression. Although I do not agree with a number of the steps our government has taken so far, they are significantly the opposite of those fatal combination of action and inaction that occurred in the early 1930's.
I still think recovery is more likely than recession in 2009, but lets see how Sept and Oct go.
- JenniferLv 44 years ago
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- Anonymous1 decade ago
What too many fail to realize is, the last "Great Depression" was in fact a Global Depression. It was on the back of this economic hard times that Hitler used his rhetoric and hate to climb to power.
In order for us to fall into another depression, the whole world would have to fall as well. Nations' economies are too intertwined.
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- KKLv 51 decade ago
Yes. It seems like we are already paying the piper with all these companies taking a nose dive. I just know if we don't get it together soon we are going to be in BIG trouble!
- Peter RLv 41 decade ago
Nothing would surprise me now! I am concerned about mortgage endowment policies which are due short to mid term, also pension investments started in better times.
- Anonymous1 decade ago
Things like this are bound to happen. when the media is spreading so many dire predictions that cause the Fear energy to overload and explode into kayos.Source(s): Interesting times, I, personally, really don't have much to gain or loose. All-Ways ONE
- 1 decade ago
i guess it not over yet... there's more to come.. may be even worse!