What is it denial? Can people out there really believe that "the fundamentals of our economy are still strong?" As the stock market drops another 670 points today I would say "recession" is so last year. This is a depression.
Not to belabor the point but an official recession is marked by two quarters of declining GDP. We have yet to see one, which is what I'm sure the commentator was alluding to.
I'm unsure whether or not there's an official standard for a "depression."
Irrespective of official designations, the economy's shit and we're all scared.
Well guys it may not be an "official" depression but there are a lot people whose incomes just won't stand the extra expense of nearly $4.00 dollar a gallon for gas to get back and forth to work, the extra cost of food that's been added in the last year and are wondering how the hell they will be able to afford heating their homes this winter. TO THEM ITS A DEPRESSION !!! Actally, I think the bailout will only amount to a "bandaid", and won't do much to cover the pain our economy will go through to correct the devaluation of what's backed all those loans and the trading based on them. I think we are in for 3 to 5 years of recession and a few more to climb out of it. This same basic situation happened in the late 20's and 30's. It took the "NEW DEAL" to bring us out of it. So hope that Obama and the Dems get in to form their version of the "NEW DEAL", cause the REPUGDEREGULACANS still think the basics are strong and will only come up with deals for the already rich. Through policies and programs, money must be put into the hands of the common man, for it to circulate and recirculate to bring the economy back into fluid movement/improvement. Trickle down economics now has been proven again not to work !!!! Policies and tax breaks have for too long primarily favored the rich, and corporations. Corporations and the rich cannot invest in factories/facilities to provide goods and services for the common man (consumers) to buy if they don't have money to buy with. But if the policies/programs favor the common man (consumers) putting money in their hands, then there will begin to be needs for the goods and services to provide those consumers wants and needs. Then the rich and corporations will have reason to invest in providing those needs for goods and services..Why is this so hard for Harvard graduates running our government to see????? VOTE DEMOCRATIC !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
One of the units in our 4 unit condo building is being foreclosed on. They are a young couple w/ 2 children. The husband lost his job, they got behind on payments...and now their "dream" home is being lost.
My inlaws were telling my partner and I have several of their friends have lost their 401K's and now are having to look for work when they are in their 70s.
Well considering what the stock markets are doing today if we only get a mild recession we should consider ourselves very lucky. The amount of wealth that has been lost in the last month is staggering. Now there is talk of Morgan Stanley, Goldman Sachs, GM, Ford, and Chrysler all the being in trouble. The US budget deficit might be over $1.5 trillion this year, which is 12.5% of the Gross Domestic Product.
I also saw on Bloomberg TV this morning that President Bush might go on TV to reassure the public. With all due respect to your President, with an approval rating around 27% it would be best if he stayed off the TV. The two presidential candidates giving a joint news conference would have a more positive impact.
