Is this the "Great Recession of 2008"?
Face it folks, the American economy is is very bad shape right now.
This time there is no "Black Thursday" but it's looking like "Black September" might be the case.
Are the following things are now inevitable??
- the U.S. government is going to start picking up horrible economic losses of America's major companies;
- the U.S. gov't is going to start dumping money into social/economic rescue programs i.e. job creation (sorta like a WPA);
- things are going to get worse before they get better;
- this is going to last for at least two years (quite likely longer);
- no clever Presidential candidate is going to brainstorm or tough talk America's way out of this mess;
- George W. Bush will be remembered as Hoover is now remembered: he led the American Ship of State onto the rocks.
And remember, seventy million Baby Boomers are going to (try to) start retiring in 2010. In other words, in two years, a whole generation - twenty-five percent of the U.S. population - is going to start looking to the U.S. Government for direct econimic support.
- Anonymous1 decade agoBest Answer
Excellent observations and question!
There is no question that the U.S. economy is in recession - the supposed 3% growth is being hogged up by top five percent of America's rich people; the rest are facing job losses, diminished wages and benefits, inflation, and generally harder lives.
Is this a "Great" economic event? Answer: probably yes - it's going to last for years to come, i.e. unemployment, diminished job opportunites, inability of Americans to go to college, increase in poverty, diminished home ownership.
But, looking at the larger picture, will this be a historical event like the Great Depresson, or the Panic of 1893 (or the Panic of 1873)? Answer: it definitely MIGHT.
- 1 decade ago
I doubt that things will ever be the same for America again. Things will recover but this represents a loss of American wealth which would be difficult to regain. It may also change business practices of the banks to more traditional banking: money and loans will be backed further by real deposits. One big change is the loss of the Dollar as a world currency. It's beginning to share this with other currencies like the Euro. Whether this will continue after this crisis is difficult to say.
America though is not alone, this disease is contagious.
- DaveLv 51 decade ago
It sure looks like it is. It's the worst I've seen in my 55 years.
- Anonymous1 decade ago
This is far worse than a recession.
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- DiverDown77Lv 41 decade ago
I'm moving to a socialist country. :)