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Another Great Depression?

Another Great Depression?

I really believe in a couple years we are going to go into another Great Depression.

We are all ready in a mild Recession. Currently the U.S. is in several billion dollars of debt. Most of this money was borrowed from Asian countries, (particularly China). If our current trade agreement with China goes south, we will find ourselves with no money and massive debt. Taxes will be raised and businesses will close down. Without imports from China means prices on all goods skyrocket. Remember though, these events are highly unlikely. Although prices are all ready skyrocketing because of the fuel crisis and they have to raise prices on merchandise to help pay to import them here. BUSH could do something about the fuel crisis but he has stocks in it, so he’s just letting the money roll in… and we call him our president huh? Im glad he’s leaving the Whitehouse everything wasn’t so f****d up until he stepped in the office! Rich is getting richer poor is poorer.

Asked By: Brittieboo - 5/23/2008
Best Answer - Chosen by Asker
Seriously... people need to really contemplate what a "depression" is. Most Americans own two or more vehicles... own a cellular phone... have video games such as "rock band" or "halo"... have access to the internet (obviously)... have cable or dish television... eat two or three meals every day... dine out at least a couple of times a week... and the list goes on and on. If we were truly headed for a "depression," we might not have as many of these luxuries as we do now, BUT we would still have food, clothing, shelter, etc. I really think that most Americans do not understand what a depression is or was. Yes, we could do a lot better if the "fuel crisis" could be resolved more quickly... BUT the last administration would not allow drilling and didn't want us to become energy independent... so... here we are. Will we have to ration food... probably not. Will we have to move from our home... probably not. Will we lose our job... probably not. Therefore, while some may prosper a little better than others, we, as a whole, will survive this little economical blunder quite fine.
Answered By: Laurie V - 5/23/2008
Additional Answers ()
I could see it now.....everyone dying of starvation.......NOT!!

You are the type of people that want to scare the public.....
Answered By: I still LOVE my Pastor! - 5/23/2008
May be closer than many think, even with all the safeguards that we have in place. If and or when it happens it ain't gonna be pretty.
Answered By: Ed J - 5/23/2008
Sorry, but all the economic data indicate that even this current downturn is starting to recover.

As for your economic analysis, I can only recommend you take an economics class sometime.
Answered By: Call Me Bwana - 5/23/2008
Given what Halliburton has gotten away with I'd say you are dead right.What amazes me to no end is the fact that hardly anybody is raising holy hell about the economic r**e of America.I'm not suggesting a violent overthrow of our government but a lot more participation and debate in the media,public protests,even some workable formula for civil disobedience.I think its' high time.Put the conspirators in prison,i.e. Bush and the Vice Dick,and the boys who got them elected!
Answered By: nosefinger - 5/23/2008
I do not agree with you, but for a different reason.

There are too many measures in place to keep a repeat of 1929 from happening.

But I do understand what your premise is, and there is a chance that this could happen.

Stay positive, keep working and save money in trreasury bonds
Answered By: inappropriatus - 5/23/2008
It's very unlikely.
First of all the- Federal Government will prevent bank failures
via the FED.
2nd- the people will not lose their money in banks because of the FDIC which insures deposits.
3rd- The credit crunch is already easing because of action by the FED and the treasury.
4th - Your claim that Bush has stocks in oil companies is a lot of hot air. Bush put his assets into a blind trust and he has no idea of what stocks he may or may not own.
5th - Your dislike of President Bush combined with an apparent total ignorance of economics is appalling.
I do hope your poor English is only a matter of trying to express yourself in a manner foreign to you.
Answered By: Gentle Giant - 5/23/2008
>>>another<<< Great depression?

after 8 years of BUSH.........I'm already greatly depressed!!!!

If McCain gets elected........THEN we'll have >>ANOTHER<< Great Depression!!!!!!
Answered By: Weasel McWeasel - 5/23/2008
It's already begun. the market measures that were put in after 1930's had points when the fed could step in and try and re-balance the system before it tipped too far and "upset the cart" so to speak. but peak oil, massive debt, personal debt, job losses and corporate tax avoidance and consumerism have stripped away many of the natural protections. that is why every few years we have economic upheval. the Fed is a private corporation who loans money for a set rate to US gov.
when many people lose money a few people make a lot of money.
Answered By: jpenergy@sbcglobal.net - 5/23/2008
I agree there "could" be another Great Depression. The reason gas prices are so is not because of Bush, it's in large part because of the Federal Reserve running their printing presses non stop. The more dollars they put in the system the less they are worth. They have been bailing out other private banks with our tax dollars. They in turn sell our T-bonds to other countries and they are slowing down buying those bonds, because the dollar is so unstable right now. The only reason every country hold our currency is because oil is traded in the dollar, now several countries are selling their oil for the euro and OPEC is being pressured to also. If that happens the dollar will collapse.

What we are seeing is inflation and not because of oil, oil is high because the dollar is losing value. We have lost about 40?f the dollars value in the last few tears. Personally I would (and have) buy precious metals not T-bonds. We also started stocking up on food over a year ago before the prices skyrocketed. People were laughing at us then, we are laughing now. We saw it coming, watch the Fed.

Bush does not have stock in oil companies neither does Cheney they divested themselves of it before they ran for office. If you have a retirement fund you are very likely to have stock in oil.

Congress is to blame for our dependency on foreign oil. 85?f off shore oil is off limits and 75?f onshore oil is off limits to our oil companies. They haven't been allowed to build a new refinery in over 30 years. They have reduced the number of operational refineries by half since 1982 because of the EPA. They are told how to blend gas for 19 different regions. They make most of their 8.2?rofit overseas not here. Congress has promised, as all three presidential candidates have also promised, to introduce and pass in the next term a cap and trade legislation bill that will increase the price of gasoline according to the EPA by an additional $1.50. Some people say it could be as high as $5.00 additional per gallon.
Answered By: Candy S - 5/23/2008
If anyone who can barely afford to pay these insanely high gas prices, then yell at the democrats for not letting the oil companies drill in the USA.

there is over 5 billion barrells of oil in SOUTH DAKOTA, tons of oil off of the coast of CALIFORNIA, in states like TEXAS, NEW MEXICO, MISSISSIPPI, ALABAMA, the GULF OF MEXICO, and in FLORIDA, THERE IS MORE OIL THAN ANY OTHER PART OF THE UNITED STATES. DONT EVEN THINK OF BLAMING BUSH FOR THE FUEL CRISIS, LET ALONE ANY CRISIS REALLY. BLAME YOUR FELLOW DEMOCRATS FOR ALL YOUR PROBLEMS.
Answered By: sean M - 5/23/2008
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