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Do you think our country will be in for the next Great Depression? email this discussion to a friend?

myLot reputation of 91/100. sdmoonchild (345)   ranked 743 out of 3,824 in politics4 months ago

With the economy going downhill, and unemployment rising, do you think that there will be another Great Depression like there was back in the thirties? I think we can expect it or something similiar unless we change our government and the American citizens stand up to the government and say that we are not going to take this anymore. Rising fuel costs are hurting families everywhere, poverty is on the rise.

 
 
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tags:  economy, depression, great depression, recession, finances
 
1. myLot reputation of 67/100. steeltownfan5828 (156)   ranked 157 out of 3,824 in politics   4 months ago

Honestly though, what kind of government do you propose. Changing a few senators won't do a thing, and one man as president definitely won't. So, what? Revamp the system? Go commie? I'm not making fun of you, I'm serious.


myLot reputation of 67/100. steeltownfan5828 (156)   ranked 157 out of 3,824 in politics  4 months ago

Sorry about the question mark I left out.

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2. myLot reputation of 61/100. pukaprat2 (204)   ranked 143 out of 3,824 in politics   4 months ago

there are way too many signs that point to it going into a depression. there are also signs that say that we are living in the end times. as far as i am concerned, it doesn't matter if we are or not. what is going to happen is going to happen. and there aint anything we can do about. this world is rapidly changing.
its like the icecaps- yes they are melting and when they are gone, i think we will find atlantis under the ice of greenland.
but that is just a theory. one i am sure we all will find out in the next few years.


myLot reputation of 67/100. steeltownfan5828 (156)   ranked 157 out of 3,824 in politics  4 months ago

A depression? Sure. But nothing on the scale of what the 30s were. The US is just too strong to let it happen.

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3. myLot reputation of 93/100. indianpedi (1163)   ranked 244 out of 3,824 in politics   4 months ago

I think the USA will bail out all right. It still IS the strongest country in the world!

I feel the US should not fritter away its resources in indulging in wasteful wars all over the globe, as it has been doing in Vietnam first and the Middle East, now.

In fact, it should change course and become an advocate of Peace and leave it to the individual nations to democratise at their own pace, regardless of the fact that the process of Democratisation will then take a little longer.

Ofcourse the USA needs to maintain its prime military position and strength, but it should use this as a detrrent only.

The US Govt needs to pay attention to the increasing woes of its citizens.... though I'm not a US citizen, many of my close relatives ARE, and I'm concerned about them too.


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4. moltodenaro (17)   4 months ago

I think the US is done as the #1 nation and we are headed towards a depression. Our dollar keeps sinking, our trade deficit to China keep growing, our meaningless wars keeps going, we are basically bankrupted.

Don't know if there's anything really to do about it. I'm trying to see if I can invest in foreign companies and currency.


myLot reputation of 80/100. tigertang (1485)   ranked 386 out of 3,824 in politics  4 months ago

I think the signs that American economy is in deep trouble are quite obvious. The reasons for this are also quite obvious. Contrary to what Americans may have been told about everything being China or the Arab world's fault, the problems with America come from the fact that too many people in America were spending more money than they were making and banks were more than too happy to lend reckless ventures more money than they should have. If the Chinese and Arabs are too be blamed for anything, its not for making things or high oil prices, but for continuing to support this credit habit by buying US T-Bonds. America has a trade deficit because it buys things from China, which in turn buys American debt to help Americans continue spending irresponsibly.

But as Bill Clinton used to argue - there's nothing wrong with America that cannot be fixed by America. While many Americans will disagree, the USA does retain many advantages in the world today. China may one day overtake the USA as the biggest and strongest economy, but in the mean time, the USA is still top dog and will have a large say in how China develops - hence the USA will be a number two that influences the way the number one works.

America has a working legal system, which is better than anything in China or the Middle East. It's financial problems looks small compared to the bad debts of the SOEs in China, and most importantly, I think America will remain top dog as along as it remains the place where any clown from any part of the world can come and succeed. Although America has had some dreadful governments, American people have proved to be innovative and resilient and more importantly, the rest of the world comes to America because they are allowed to be innovative and resilient - first it was the Europeans, now its the Latinos and Asians who are helping drive America.

So, yes, America will probably need to enter a period of harsh economic times. But I think if the American people have their way, the nation will be making a pretty darn strong come back.

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5. myLot reputation of 93/100. thelastwolf113 (1920)   ranked 150 out of 3,824 in politics   4 months ago

We are absolutely going to have an economic collapse. It's not hard to see it coming.
It's too late to change anything now, maybe 8 years ago if we stood up but no, american's are too self-absorbed to give a damn about anything outside themselves until it's too late. Well, it IS too late.
All you can do now, is liquidate any assests you have and get your cash out of the bank. It's coming a lot sooner than you all think. Just open your eyes and you can see it approaching.


myLot reputation of 86/100. spalladino (3268)   ranked 99 out of 3,824 in politics  4 months ago

Don't panic and start pulling your money out of the bank. Your checking, savings and IRA accounts are insured by the FDIC. Below is courtesy of Wikipedia:

The Federal Deposit Insurance Corporation (FDIC) is a United States government corporation created by the Glass-Steagall Act of 1933. It provides deposit insurance which currently guarantees checking and savings deposits in member banks up to $100,000 per depositor. The vast number of bank failures in the Great Depression spurred the United States Congress into creating an institution which would guarantee deposits held by commercial banks, inspired by the Commonwealth of Massachusetts and its Depositors Insurance Fund (DIF).

Accounts at different banks are insured separately. One person could keep $100,000 in accounts at two separate banks (which are not branches of the same bank) and be insured for a total of $200,000. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) can be considered separately for the $100,000 insurance limit. The Federal Deposit Insurance Reform Act of 2005 raised the amount of insurance for an Individual Retirement Account to $250,000.

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6. myLot reputation of 86/100. spalladino (3268)   ranked 99 out of 3,824 in politics   4 months ago

No, this country will not experience anything even close to the Great Depression and I doubt we will even get to the approximately 19% unemployment rate that was hit during the last recession in the early 1980's. There are federal programs in place that insure the money we have in the bank, both persoal and IRA accounts, so no one has to pull their money out in a panic. The US stock market is diversified with the international markets and many American's invest in the overseas markets, so a total crash is not possible. There are also many federal, state and local programs in place to assist families and businesses during hard economic times with financial, food, housing and educational assistance.

I do agree that the people in this country need to send a strong message to ALL of our representatives that our dependence on foreign oil must be stopped. There are too many other options available for generating power to run homes and businesses; nuclear, solar, wind and the clean burning of coal. Alternative fuel for automobiles needs to be more readily available, carbon cell technology needs to be further developed as well as battery technology. Meanwhile, the oil we have already found and capped off in Alaska needs to be brought out of storage. U.S. owned businesses who choose to operate overseas should be severely taxed.

The U.S. is a strong country and, no, we are not going to collapse under the thumb of the greedy OPEC Mafia. We've had it easy for too long, and hard times are a fact of life that many have never experienced before, but we will overcome them. Making your voice heard is one thing that all of us are capable of doing and too few of us are taking advantage of that. Write, email, call your state representatives and let them know that if they don't start looking out for the people who put them in office, they won't remain in office.

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7. myLot reputation of 95/100. shaggin (464)   ranked 2,809 out of 3,824 in politics   4 months ago

It scares me because I really do feel we are starting into a new era of the Great Depression. Prices are getting higher and higher and wages arent getting any better so people who make minimum wage or are diabled are literally going to wind up going without food and the basic necessities they need just to pay for heat for their homes and fuel for their cars to get to work. The rich get richer and the poor get poorer. You have to make a lot of money every day in order to be able to live comfortably right now with how high the cost of living is becomming.

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8. myLot reputation of 89/100. TannerSite (606)   4 months ago

Another depression like that of the 30s is impossible. Another depression unlike that of the 30s, however, is already happening.

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9. myLot reputation of 93/100. mrghill (1392)   ranked 2,238 out of 3,824 in politics   4 months ago

The Great Depression was a result of ungoverned Stock market dealings and the American citizen becoming too complacent with the recent rise of the industrial revolution and of course, the resulting increase of industry and jobs. It was the first time the world has ever really been in this state and didn't really pay close attention to the value of the "green back" which was beginning to be held up only by speculation. Once the market crashed on "Black Friday" in 1929, the economy fell world-wide like a line of Dominos. The Stock Market has had it's crashes a number of times since then, but rules have been in place to prevent a world-wide disaster like before. The world is currently facing a recession, but this is only due to the rise of crude oil that is linked to everything we consume. Since this isn't related to a panic of the actual value of borrowed stock, one can only assume this is a design by conspiracy. The stage is set and the money used by the world is getting ready to change soon. It won't be long before you'll see the "Amero" changing hands in place of the valueless US dollar. With the Euro and Amero in place the World's economy would only have one way to go, A UNIVERSAL MONETARY SYSTEM ISSUED BY A ONE-WORLD GOVERNMENT!

...Or maybe this is just an economic slump just like in the 70's and we'll get over it.

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10. myLot reputation of 95/100. wisedragon (2185)   ranked 1,179 out of 3,824 in politics   4 months ago

If we continue to rely on oil, its price will shoot up even further. Then we will no longer be able to afford transportation. The economy will grind to a screeching halt. Businesses will close. People will lose jobs.

But if we shift to alternative energy, there is hope.


myLot reputation of 92/100. shlooper (284)   ranked 1,303 out of 3,824 in politics  4 months ago

I think we are headed for a recession, not a depression. However, when we pull out of this recession it will be different than others in the past. America will no longer be on top. The housing market was just a bubble breaking, this has happened before. Recession is a normal part of a healthy economy. America needs to make a lot of changes in regard to our economic, energy, and other policies, and I hope that this recession will be a catalyst to make those changes.

 
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