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90's Labor Secretary Reich: Risk of Economic Depression 20%

newsweek.com — Not long ago the pundits were telling us that a recession wasn't likely. Now it looks like a recession is definite, and now there is speculation about an economic depression. "But several managing directors on the Street, whose opinions I trust, have said to me that the chances for a depression are 20 percent. That matches my sense."

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  • VikingoTJ, on 03/17/2008, -4/+38People will be in denial until it actually sets in.
    • ssn697, on 03/17/2008, -12/+8consumer spending is down. luxury item purchases way off. Travel is down. Who the ***** is in denial, you?
      • VikingoTJ, on 03/17/2008, -1/+12Of course I am not in denial of the situation, but notice the mantras still out there. "It won't be that bad!" "It is temporary. (Well so was the Great Depression. Ha!) People have accepted that we are in a recession, but the vast majority still don't realize just how bad it is.
        • ssn697, on 03/17/2008, -9/+5let me guess: you believe there will be food rationing in the US, and food riots...
        • VikingoTJ, on 03/17/2008, -0/+7Nobody can predict how bad it will get, but at the very least I see a huge expansion of food stamps. It could get much worse though.
      • reed311, on 03/17/2008, -12/+1Don't burst their bubbles. The Ron Paul sheep are praying, begging, for a depression so that their phoenix can rise from the ashes and save the country. They remind me of the folks who think Christ is going to return and the four horseman will be riding across the sunset any day now. Of course, it never happens; but their scare tactics always manage to convert a few people.
        • VikingoTJ, on 03/17/2008, -0/+10You are the first one to mention Ron Paul.
        • clintontj72, on 03/17/2008, -0/+3LOL reed311...the antagonistic jerk that you always are :D Note: Remember me saying this...I'm not usually cruel and wish the best for everyone...if the doodoo hits the fan...REMEMBER US WHILE IN YOUR MISERY! Don't whine or complain...because in the back of your head you will know that you were confronted with the possibility and you did nothing. You can laugh, scorn, and ridicule...but you will have nobody to blame but yourself. It is better to be safe than sorry 'My Friend' [McCain Insincerity intended]. I hope for the sake of my neighbors, city, state, and country that a holy heck mess does not happen...but it is a possibility and is looking more likely every day. My family will be fed and protected along with a close group of friends...will yours?
          • yaddayaddayoda, on 03/18/2008, -0/+1Dugg for the phrase "holy heck mess".
    • dkern, on 03/17/2008, -1/+2And even then they will talk out of their ass until nothing gets done about it.
    • RepubOperative, on 03/17/2008, -1/+3Just letting you know this is an old article. They do not even have the information regarding the stimulus package in it Page 1 reveals: "The administration has called for a $140 billion economic stimulus package. There have been few details about the plan, ..."
    • jdh24, on 03/17/2008, -1/+8I would personally like to thank the Federal Reserve, George W Bush's wars, and the fiscally reckless Republicans (and democrats) for any recession or depression.
  • jcm267, on 03/17/2008, -22/+12Just so you know... Depression only means "severe recession", it doesn't mean a return to the breadlines and Hoovervilles.
    • VikingoTJ, on 03/17/2008, -2/+23Something only half as bad as the Great Depression will be horrific and involve massive unemployment. Pay attention to food prices, namely those of wheat and corn. The breadlines could come sooner than you think. As far as the Hoovervilles, we'll see.
      • DuffyDirect, on 03/17/2008, -2/+2food is expensive because farmers are taking advantage of subsidies not to grow crop while simultaneously selling a large portion of their crop to ethanol producers; it's nothing to do with the housing bubble.
      • dracostimpy, on 03/17/2008, -0/+2dupe... see vikingo's comment below.
      • kaelyiesta, on 03/17/2008, -1/+1DuffyDirect is half right. Although it still sucks, the increase in corn prices due mostly to government subsidies has a local effect on corn, and feedstock which raises prices of meat and dairy. This particular increase in food prices is very localized, meaning, simply cutting off farmers from our tax money would fix the problem, in so far as the problem lies with the subsidies. I'm sure food prices have also risen in other ways as well.

        So while saying it has nothing to do with larger trends in fiscal recklessness is false, it is true that a large factor in basic food prices is the corn ethanol lobby and the government ***** that are helping them out.
    • brad3378, on 03/17/2008, -2/+11You're right, but the thought of it still scares the ***** out of me.
      • BigRedBrent, on 03/17/2008, -1/+9As it should. It should scare you 1,000 times more then a terrorist attack. This is the real crisis that is looming, and has been for almost a century since the Federal Reserve took charge. We are spending a ton in a war and how is it helping us? We are destroying our economy and breeding more hatred for this nation. Sounds like a bargain if you wanted to fund the destruction of America.
    • VikingoTJ, on 03/17/2008, -3/+7The Hoovervilles are already springing up in Los Angeles.

      http://www.youtube.com/watch?v=CnnOOo6tRs8&fmt=18
    • siszam, on 03/17/2008, -6/+6You live your life in a constant state of denial JCMl. Sounds like you're an official government apologist.
  • Look4Truth, on 03/17/2008, -10/+32Man, you bashers just don't get it do you? The MSM lied to you saying we won't see a recession, now they say we will. And now they're talking about maybe a "minor" depression to heat up you frogs a tad bit more.

    When are you fools going to wake up and realize that THEY'VE BEEN LYING TO YOU?!
    • mavere, on 03/17/2008, -3/+3Can someone explain to me how yelling major depression and screaming the sky is falling and blasting it to me constantly through the airwaves will help me, as an average person with modest means?
      • earthmansurfer, on 03/18/2008, -0/+1Yes, in the sense that expect this system to receive a major over hall and it won't be (hopefully) coming from those who got us there in the first place. (You know, those wealthy interests)
        • kipmartin, on 03/18/2008, -0/+0Dugg up for inventing the term 'over hall'.
    • tcpip4lyfe, on 03/17/2008, -1/+3Im awake! Stop telling me to wake up ffs.
    • sarixe, on 03/17/2008, -1/+2heat up you frogs a tadpole more*
  • BigRedBrent, on 03/17/2008, -5/+32This should scare you 1,000 times more then a terrorist attack. This is the real crisis that is looming, and has been for almost a century since the Federal Reserve took charge. We are spending a ton in a war and how is that helping us? We are destroying our economy and breeding more hatred for this nation. Sounds like a bargain if you wanted to fund the destruction of America.

    The chance of another great depression with our current monetary system is 100% if you take into account that our current monetary system is not mathematically sustainable. But I guess mathematical facts are considered hearsay and conjecture in todays society.

    Another great depression would be worse then the last one. At least in the last great depression most Americans lived on farms. Today only a small minority of Americans live on farms. If we had anything resembling the last depression we would see chaos. I guess that might be what the detention camps they are building all over the nation are for though.
    • VikingoTJ, on 03/17/2008, -3/+7LA will be loads of fun when the ***** hits the fan. Imagine South Central with soaring food prices.
    • muckemuck, on 03/17/2008, -3/+8don't fear a larger recession.. fear the next terrorist attack that will come and take the public attention away from this and demand more eavesdropping and "big brother" tactics from our government.
    • 4degrees, on 03/17/2008, -4/+5"This should scare you 1,000 times more then a terrorist attack." hate to split hairs here. but "than" is the word you are looking for.
      • earthmansurfer, on 03/18/2008, -1/+1So when someone comes screaming to you for help, it's better to correct their English...
        • kipmartin, on 03/18/2008, -0/+0its just that you are going for a record of some kind. perhaps "Worlds Weirdest Spelling".
        • 4degrees, on 03/18/2008, -0/+1he was coming to me for help?
  • Observant1, on 03/17/2008, -4/+9-goes off into an unrelated(?) rant...
    during WW2 the USDA made a short film called "Hemp for Victory" telling farmers how to grow for production of rope, durable cloth for uniforms, and a whole lot more. here we sit with a crashing economy, a lack of domestic productivity, and an exponentially growing prison "industry" where 1% of the population is locked up with an average cost to taxpayers of 50,000 per year per inmate. if this is 3 million people thats 1.5 trillion a year. 37 of the 50 states have inmates contracted out at slave-wage, so this is potentially depriving the public 2 million JOBS.
    a limited and reasonable legalization of POT for personal posession and usage would free up a very large portion of the prison population, people who are in there for non-violent "crimes". BIG PHARMA would hate this for all the "anti-depressants" that they push, that have warnings they can cause thoughts of suicide (what dictionary are they using to call these DRUGS 'anti-depressants'?!!)
    legalization of commercial grade HEMP which has no THC, would pollenate the hybrid crops lowering the "drug value" of the "pot", nearly solving the "drug-issue". commercial HEMP could have the oils extracted for bio-fuel, the leaves used for paper pulp (1 acre in 6 months would replace 5 acres and 20 years of tree growth for the same thing), and the stalks fibers used for rope and durable cloth. the oils from refining for bio-fuel can also displace a lot of petroleum used for manufacturing plastics, also lowering demand and price for OIL.
    prohibition of alcohol didnt work out very well, and part of the reason it happened was farmers were making their own bio-fuel to run vehicles and equipment. demonization of HEMP (and pot), was very much related to DuPont wanting to sell petroleum based plastics as a replacement to HEMP.
    food. hemp sprouts are 2nd to soy in vegetable protein and hemp is a healthy rotational crop, soybean growing depletes the soil.
    the industries created by allowing commercial hemp could provide a whole lot of productivity quickly, and do a lot for our flailing economy, but the propaganda demonization prohibition of "pot" and "hemp" isnt doing the US any favors now. /end rant.
    • kipmartin, on 03/17/2008, -4/+1the only relevance in your post is that if i lose my job and house, ill probably take up smoking pot to curb my depression brought on by living under a bridge and eating dog food.

      secondly, what is a 'flailing economy'? i havent noticed it thrashing about and waving its arms in a futile attempt to be noticed.

      maybe you should step away from the bong and get involved in something other than hemp as being mankind's salvation. maybe starting with racism would be a good idea. or war. something a bit more interesting.

      no doubt you are a big hit at parties.
      • Observant1, on 03/19/2008, -0/+1yeah sure, racism and war are so much more interesting arent they, look where those things have put us already. if I were on the bong I'd be non-violently retired on the couch not caring and incapable of presenting anything with clarity or objectivity. nice try though. hope the dogfood satisfies youre case of the munchies when you just retire from life... in a van down by the river....
    • asskicker32, on 03/17/2008, -3/+2cut yer hair, ya damn hippie.
      • Observant1, on 03/19/2008, -0/+1drink some more beer ya damn redneck.. (kidding really). I'm more interested in the national productivity and employment a commercial hemp industry could provide, slowing the pharmaceutical fascism of big pharma, and the people being exploited by this exponentially growing prison industry. little timmy hiding in the closet snorting powder drugs for fear of someone smelling some smoke and being turned in... is very bad, but also just secondary in what I'm talking about -which is agricultural and manufacturing jobs created, for allowing the large scale implementation of a very renewable resource. with a bunch of HEMP growing and pollenating the POT.. the pot would be turned into junk pretty fast, "problem near solved" regarding pot as an intoxicant. abuse of pot isnt smart at all, but abusing people for having a little bit by tossing them into jails, abusing taxpayers 50,000 per year per inmate is even dumber. said before, this 'prohibition' isnt doing the US any favors.
    • eryximachus, on 03/19/2008, -0/+1Why are there so many stoners on Digg?

      Get a life! Marijuana is not the solution to the world's problems! There is a reason it was never commercialized, with commodity exchanges, like tobacco, coffee, coca, or opium. Most people don't like it! You do, that's great, but you are an exception!
  • VikingoTJ, on 03/17/2008, -4/+10Youtube video of 21st century Hoovervilles springing up in the United States.

    http://www.youtube.com/watch?v=CnnOOo6tRs8&fmt=18
    • dracostimpy, on 03/17/2008, -2/+1They're BUSHvilles dammit! Hrm... actually, now that I think of it, they're more like GREENBUSHSPANvilles.
    • eryximachus, on 03/19/2008, -0/+1Housing projects are far worse than Hoovervilles ever were. At least the people camped out in Central Park didn't have to fear for their lives.

      The country has never fully recovered from the Great Depression. Cheap oil just let our populace delude themselves by driving around the problem areas.

  • homah, on 03/17/2008, -5/+8Most of you blew it in the primaries. Don't make the same mistake during the general election.
    • odigity, on 03/17/2008, -8/+7If Ron Paul doesn't miraculous walk away from the GOP convention with the nomination, there will be little point in voting in the general election, other than to support the Libertarian party on principle. There is no substantive difference between Clinton, Obama, and McCain.
      • juankovo, on 03/17/2008, -4/+7I am writing Ron Paul in. I would rather see Hillbama screw us over in the name of the Democrats than see McCain screw us over in the name of the Republicans.
      • kipmartin, on 03/17/2008, -2/+4except for differences about the war, health care, racism, government economic policy, NAFTA, immigration, the supreme court, role of the presidency, capital punishment, the current/impending recession, and choice. no substantive differences.

        what color is the sky on your planet, odiquity?
    • onetimer, on 03/17/2008, -5/+4Yeah, because we're not voting for your candidate (i'm guessing who has the initials RP), we "blew" it, right?

      Give me a ***** break. Just because we don't support the Abolition of anti-trust laws (and corporate regulation laws in general), doesn't mean we "blew it"
      • Parisjune, on 03/17/2008, -2/+3Actually, yes, it does.
      • kingsaliva, on 03/18/2008, -0/+1Maybe if RP had spent some of the money that was donated to him, and actually campaigned, he might have gotten more than 4%. I support his ideas, and even donated, but am highly disappointed that all I did was finance his run for his congressional seat.
  • Rotzooi, on 03/17/2008, -6/+8Ok, so what if it is? Are we going to have to eat each other? No. So relax, do your job, kiss your wife and play with your children. It'll be alright.
    • juankovo, on 03/17/2008, -4/+10There are substantive differences in the makeup of the nation's economy on the eve of the Great Depression and its makeup today. For one, we had an actual manufacturing base back then. Now we only have hamburger chains and tanning salons.
      • DuffyDirect, on 03/17/2008, -1/+5Yes and that manufacturing base went under and rotted until World War Two revitalized it
      • kipmartin, on 03/17/2008, -3/+2what an economy is based upon has no bearing on sub-prime issues, in 1929 we made cars and sold them to ourselves. in 2008 we make hamburgers for ourselves--there is NO macroeconomic difference in our economy todayfrom then.

        why would you think having 'a manufacturing base' has anything to do with this crisis? this is all based on housing, speculation on housing, and the collapse of lenders who supported a ridiculous housing bubble everyone KNEW would burst. manufacturing?!?! what about a deficit and bonds to bridge the deficit being owned by China and India? what about the war?

        did you take economics in college? what does manufacturing have to do with sub-prime lending shortfalls and a deficit the size of the andromeda galaxy?

        you should spend more time with the hemp guy--you both have fuzzy thinking.
  • JordanTW90, on 03/17/2008, -1/+9This should be front page news.
  • Renian, on 03/17/2008, -3/+720% + (5% * Months remaining that Bush is in power) + 50% (If Bush sends troops to Iran)
    So...120% chance. Ah, crap.
    • Jimbob200, on 03/17/2008, -0/+4I see what you did there.

      No, memes aside,I really did.
  • arunforce, on 03/17/2008, -11/+10God, will you shut the ***** up about the depression? After Ron Paul, every ***** nut job on digg thinks tomorrow the economy is going to crash. You people keep blabbing and blabbing about it's going to happen tomorrow, but it never does. You know why? We live in a "free market" global economy with instantaneous data. Last time it was about to happen in 2001, it got stopped. Countries aren't going to sit around and watch their biggest customer suffer a blow. Most would loose more in the long run than giving some money to bailing us out.

    I know I'm gonna get dugg down and argued with, but I don't give a *****, I'm speaking my mind.
    • JattaPake, on 03/17/2008, -8/+4Sounds like you bought real estate in the past five years. Are you angry because you've been had?
    • l00s3r, on 03/17/2008, -2/+4Bear Stearn's entire business model was based on collecting interest for money that doesn't exist. They more or less just went bankrupt. I don't care what your philosophy is Austrian, Keynesian or Monatarist, that is scary as ***** to me.
    • kaelyiesta, on 03/17/2008, -1/+5'We live in a "free market"'.

      I laughed aloud to that one. If this is a free market, then what is the government doing with our taxes and all these industries?

      Still, your point about not overstating the argument is sound. One thing I've noticed is that overstating an argument is the best way to ruin the true argument. Just be careful not to do the same thing yourself by putting your head in the sand.
    • macinit1138, on 03/18/2008, -5/+1No, our economy is in good hands, has been for years under Bush Co. I agree with arunforce!!! Who's with me??? (sound of pin dropping...)
    • Andy1369, on 03/18/2008, -3/+1Amen. I think we'll be OK.
  • ronin691, on 03/17/2008, -1/+5"minor depression" - that's the first time I have read that in print...interesting...not a severe recession, but a "minor" depression.
    • jncohen, on 03/17/2008, -0/+4Cool, maybe there will only be minor breadlines
  • blindhammer, on 03/17/2008, -1/+3Well, you know, soup lines are a great place to meet chicks.
  • mcsenget, on 03/17/2008, -1/+4Former Secretary of Labor Robert Reich.......NOOOOOOOOO!
  • justinthomas, on 03/17/2008, -5/+6For the optimist, that means an 80% chance of no depression at all. I am begginning to think that the digg populace is full of doomsdayers and conspiracy theorists. Just not much positive coming out of these boards. If your in the building/construction/mortgage business your probably seeing some hard times. Oil/Gas & Power Generation are two fields that are on huge upswings. They are creating thousands of jobs and putting billions into this economy. The reality is the U.S. economy is still a healthy strong economy. 86,000 jobs were created last month, unemployment is 0.9% from the point where everyone that wants a job has a job. Quit reading the headlines they are only there to sell advertising or in this guys case he probably has a book due out soon.
    • BESTenemy, on 03/18/2008, -0/+2Oil and gas (that we're importing more of than we're exporting) arepumping billions of petrodollars into our economy that are ableto buy us billions less because of our declining currency. It's funny money. It's backed by nothing but faith. Panic or not, when markets are driven by sentiment, panic for fake reasons causes real depression. Our money's backed by nothing. All it has to do, in order to adjust, is return to its actual value... to nothing.

      • Observant1, on 03/19/2008, -0/+2we have oil, coal, natural gas, etc. what we produce and refine (mostly owned by the Queen's BP now is treason!) is shipped out, what we get to use is mostly imported. the supertanker owners are the ones getting wealthy from all the unnecessary shipping, polluting all the way. the Carlyle Group claiming insolvency is pretty interesting now considering partners include the Queen, the Bush's, the Bin Ladin's.... who could bale out their own 'investment firm'.
  • NelsonR, on 03/17/2008, -0/+3I know it's going to be an impossibility but with the Fed again going to lower interest rates again to satiate Wall Street and our Financial Institutions, we must face the piper NOW. Lowering interest rates will only increase inflation and the continued devaluation of the dollar. What part of that equation does the Fed not understand. Are we so fat cat led by our financial institutions cannot we face reality? If the average person is in Debt they tighten their belts and pay down their debt, why doesn't our government face reality instead of exasperating our economy even further into the tank?
  • CodeCobalt, on 03/17/2008, -2/+2While I do believe we are in a recession, I really don't think theres going to be much of a depression. The stock market actually healed today after Bush met with his financial advisers. The stock market was doing fairly well given the situation before Bush met with his advisers as well. Our government actually stepped in and gave $30 billion for JP Morgan to buy and manage Bear Stearns to keep the company from completely going under. Yes 7000 people are expected to lose their job from this. but thats much better than the entire 14000 employed by bear stearns.

    I'm still curious why the fed helped out so eagerly though... and if I owned bear stearns stock I would be absolutely rip *****... forced to sell for less than 1/100th of the value a week ago.
    • asskicker32, on 03/17/2008, -0/+2Its not like your local mom and pop coffee shop went out of business. One of the biggest financial and investment firms in the country basically went under. That is a sign that there are MAJOR problems.

      The market is *****. You cant base the status of the economy on one day of trading in the Dow (S&P and Nasdaq were both down today). Look at the market over the past 8 months. notice how it has gone down steadily and become very volatile? That is the sign of a weakening economy.

      The fed helped out because they have to show that they are doing something. All they are doing is deflating the dollar and prolonging the agony. If the fed sits back and lets all the banks go under, not only are we all in a world of *****, but they all get fired because they didnt do anything (even though its not going to help in the long run, regardless of what they do). They have to try to inject some liquidity into the market to hopefully jumpstart consumer spending and perpetuate the illiusion of "status quo". Its too late. I say lets just get through it and get it over with.
      • CodeCobalt, on 03/18/2008, -1/+1While the stock markets have been declining in the past year it has hardly become volatile. And given the situation, the nasdaq being down by what 20 along wit the S&P, thats not bad. Definitely not great but could easily have been worse.

        Bear Stearns went under because they loaned people more money than they could afford to pay back, let alone reasonably afford for housing loans. They took a risk and paid the consequences. I do feel that the fed should have stepped in and helped helped the little guy before Bear Stearns got in the current situation. But Bear Stearns really did finance too much, to people with too little.

        Bear Stearns did not really go under, it was about to, and in a terrible state. However the buy-out really saved Bear Stearns, now its time to help the little guy without lowering interest rates again. If they can somehow find a way for the little guy to suddenly afford the homes their in it will help out JP morgan and the other banking firms.
      • Observant1, on 03/19/2008, -0/+1creation of EPA standards (protecting the environment isnt a bad idea) THEN turning around granting corporate welfare (courtesy of the taxpayers) to manufacturers unwilling to conform to them, so they can take the production offshore (leaving the taxpaying workers here unemployed) where theres cheaper labor and no EPA... is both environmental and economic treason. the standards werent a bad idea, rewarding non-conforming companies at our expense IS.
    • parabolicaer, on 03/18/2008, -1/+1A recession is defined as a decline in the GDP for two or more consecutive quarters. The GDP growth for the previous quarter was 0.6, so while the economy is not in a good shape, we're note quite in a recession yet.
      • earthmansurfer, on 03/18/2008, -1/+2And how many times has the government "redefined" what the inflation rate is? Or how about what they add or take out of all the numbers? How about not being forthcoming with all the bank data?

        Definitions only mean something on paper, let's see how this pans out.
        • dofe, on 03/25/2008, -0/+1Right, so let's all create our own definitions of "recession."
  • MotoATX, on 03/17/2008, -0/+4Bin Laden's primary goal was to bankrupt America. Maybe Bushie & Co. fell right into his plan.
    • dracostimpy, on 03/17/2008, -0/+3Makes perfect sense if you consider that BushCo's primary goal was also to bankrupt America. After all, you can't impose a New World Order if there's a healthy middle class to challenge you. NWO plans are a lot easier to swallow when they're washed down the gullet by powdered milk rations.
  • charmaniac, on 03/17/2008, -1/+3Its not going to be a "depression," but we will go through a severe recession. I am a pretty pessimistic person when it comes to the stock market, but even I can see that while some banks are going to go down (and deservedly so), most other companies will weather the storm. The United States still offers the best opportunities on earth if you are willing to work hard. Everyone says China will overtake us, but if you have ever been to China you would know that 80% of their population lives in abject poverty. Same for India.

    Many huge banks loaned money when they should not have, and that is the real problem. They will fail, but things will be OK in the long run.
    • CodeCobalt, on 03/17/2008, -1/+3phone operators in idia make about $22,000 American a year starting. I know the cost of opperating is cheaper there... but hell I know plenty of college students that would do it in america for a few thousand less a year. and consumers would be happy as they could understand most of the operators.
    • poor2me, on 03/18/2008, -0/+0I think America won't have a Depression - they will have a Great Recession. China won't overtake America but Li Ka-shing, Al-Waleed bin Talal (Saudis already alot of America), Province of Alberta Canada will buy out companies cheaply - And don't forget Mr. Warren Buffett will be there to buy cheaply.......
  • asskicker32, on 03/17/2008, -1/+4There is going to be a depression. I dont know how the average person cant see it. I can see it and Im not that smart. The weak dollar, coupled with high unemployment, coupled with a decrease in white collar labor, coupled with a negligible manufacturing base, coupled with rising food costs, coupled with rising oil prices, coupled with the debt held by the average American, coupled with the poor state our financial institutions are in...

    The sad thing is, the feds and Greenspan should have lets us go through this 7 years ago, so we would be out of it and stronger now... Instead, they cut rates to record lows and created an even bigger mess. Bernanke is trying to cut rates and bail out banks, but that is only going to create a BIGGER mess later on when it turns out we are just trying to mask the symptoms, as opposed to curing the disease.

    Im almost prepared to spend my savings now, while it still has some value...
    • earthmansurfer, on 03/18/2008, -0/+2You should at least roll it into gold, not that gold will be your savior, but as of now, for all intensive purposes, it's almost like you have spent at least 20% or more of your savings...
      • kipmartin, on 03/18/2008, -1/+0'for all intensive puposes'? hahahaha!!!!

        do you mean 'for all intents and purposes'? youre either funny, sarcastic, or grew up in a trailer park.
  • heystoopid, on 03/17/2008, -2/+4Oh no , they are still ignoring the obvious signs , fasten your seat belts , for we are in for a truly bumpy ride and the massive rebirth of non paper barter economics as people will lose total faith in paper money !
  • RoadWarriorX11, on 03/17/2008, -3/+4I find death more appealing than another depression, this may sound emo and childish but if another great depression sets in I'll kill myself, I can't cope with something that horrible.
    • wooFmeoWoinK, on 03/17/2008, -0/+4Dude, put down the Elliot Smith records and relax. I'm pretty sure lots of people made it through the great depression (like all of our parents / grandparents). So dont worry, if worst comes to worst you can always hope the rails and turn to the virtuous life of a hobo! :D
    • Andy1369, on 03/18/2008, -1/+1I'll admit I feel the same way :(
    • Observant1, on 03/19/2008, -0/+1anger and retaliation can be healthier than depression and suicide, think about it.
  • wooFmeoWoinK, on 03/17/2008, -2/+2Dont worry, the coming war with Iran will save our economy.
  • scabbers, on 03/17/2008, -2/+3Bush voters!
    Bush and his fellow vultures have sucked your country dry - enjoy reaping what you've sown. Oh and the million dead Iraqis will haunt you until you die.
    • NelsonR, on 03/17/2008, -1/+3The Repugnants don't hear you, they will not listen to you, they are the righteous and know it all war mongers as their Decisive and god like leader is, George Du-fuss Bush.
  • ColonelJessup, on 03/17/2008, -4/+2Here we go again with the Digg.com economy professors..........................
  • Parisjune, on 03/17/2008, -2/+6According to pre-WWII economic indicators, America is already in a depression.
  • caponumen, on 03/17/2008, -1/+2I suppose it's possible and maybe to be expected, considering our over reliance on the sword these past decades.
    I think the tell will be how much if any "sovereign wealth" money flows into the distressed portion of the US markets.
    If this expected cash is not forthcoming then all bets are off.........


  • caponumen, on 03/18/2008, -3/+2Well, you must first consider the source.
    In any case, the ongoing deflation in the real world value of real estate will continue and no amount of FED interference is useful, in fact it can only make things worse due to the inflation it causes. The best course of action is to allow the market to consolidate these losses, even if a few big wheels are knocked off their high horses............

    • Observant1, on 03/19/2008, -0/+2no, it IS the "big wheels" who are doing this in the name of consolidation.
  • IPublius, on 03/18/2008, -0/+2Dugg for saying Bernanke has a pooper scooper (and that it is too small, indicating the amount of poop in NYC and DC)
  • siszam, on 03/18/2008, -2/+2My husband was laid off yesterday. Several of our friends have been. I'd say many of us are already in personal depressions. I makes my heart sick to think of all the people who will have their lives torn apart over this.
  • webmaster8888, on 03/19/2008, -0/+2Check this out, published 2/8/08 "It's the Depression, Stupid" at http://putinforpresident.typepad.com/my_weblog/200 ...
  • joe8pack, on 03/26/2008, -0/+1Let me just repeat in case you missed the point of all this, we're dead, we're porked, we're boned. We're Danny Darko sleeping on the golf course while a plane engine goes through our bedroom ceiling - we are in a loop and any fool with an iota of vision can see whats coming up next. The wealthy play a game, called give and take. They inflate the economy and then collapse it, to acquire assets for pennies on the dollar, Bear Stearns comes to mind. Guess which part of the cycle we are in? Guess when it ends, guess who makes the rules. Guess if anybody cares what happens to you. Its time to start planning if you haven't already, what are you gonna do without a job. How far you gonna drive on $10 a gallon gas? How often you gonna eat out when a Big Mac is 17$ and fries are $5?

    Think about it. It ain't a steady state world anymore, the economy has made a jump, a quantum leap and the world you knew isn't the world you live in now. Even a stranger in a strange land needs a map. The media are crows, vultures flying overhead distracting you, making you waste your energies, while they send you in the wrong direction, until you drop and their masters can take whatever you have that they want, need or just feel like taking. That is the new world you've stumbled into, find a path and get to a safe place before its too late.
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