Do you think the U.S. is headed for a dramatic economic downturn like the depression in 1929?
Submitted 147 days ago by suzannabanana1  Favorite
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| 32 votes 10% | |
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stock market hasn't crashed yet....
This comment was deleted.
[-1 points] 147 days ago by deleted user ReplyWhat was a major cause for The Great Depression, of the world... the U.S. stock market crashed.....
That so many think it could not happen is a good indication that so few really understand what is happening right now that could make it so.
So it's more likely now than it was when they predicted it in the 70's, 80's, and 90's? For as long as I can remember people were saying we're heading for a depression. What made people so sure of it in decades gone by? How do we know today's brilliant visionaries have any more insight than their counterparts of decades past? Don't people know these rumors always run rampant in a U.S. Presidential election year?
I am aware of only one prediction of a depression. In 1987, Ravi Batra predicted an economic depression in his best-selling book, The Great Depression of 1990. But then, a sensible President came into office in '93 and a great economy was made.
Policy decisions made by the current administration has put the concern about our outlook in play. It has nothing to do with the election. Unlike other economic downturns, the same conditions present prior to the Great Depression exist today - with a few added twists.
A great president in 93? I missed that one. Which country was that?
I did not say great, I said sensible (policy-wise).
Dunno, but it wasn't here. He was a NAFTA supporter.
The prices for everything is going up and up and up but the wages aren't. Taxes are going up and up and up, but the wages aren't. It won't be too long before the big crash and I'll bet it'll be worse then in 29.
Beats me, but the Dow dove 350 points yesterday (26th) - making this its worst June showing since the Great Depression.
See what was happening in the decade-and-a-half before the Great Depression:
http://www.huppi.com/kangaroo/Timeline.htm
Any of it look familiar?
A very interesting site.
Gaah. Thx, you saved me from having to look for it. And may I just say, "@#^$#&#!@$#~"!!!!!
This discussion reminds me of all the doom & gloom prophesies that were supposed to herald the start of the new millennium. People stockpiled food and water and prepared for the worst. Christians perked up their ears anticipating the sound of trumpets. Well, we're still here and the prophesies were wrong. Are the doom & gloom sayers here the same people that anticipated the worst during the months prior to Y2K?
Anyone who thought Y2K was really going to happen was not paying attention.
In mid-1999 I made $7000 from one short project researching all the bad stuff that might happen.
Needless to say, the company I did that for was out of business soon after January 1, 2000. :)
No.
Yeah, we never have had any huge economic downturns. so there is no reason to believe we will in the future.
The two cases are so dissimilar you are comparing fruit to rocks.
Just similar in so far as thousands, maybe hundreds of thousands, were expecting the worst but 2000 came and went not with a bang but a whimper. The majority is not always right. :)
Fears of a repeated event happening again are better founded than those that are based on something that has never happened.
I honestly don't know if we are heading that way are not. I doubt we are.
I think a lot of the media has made the perception that we are in the worst economic situation in years.
Except, we aren't. Yeah we are slow, but news released yesterday showed that spending this last quarter was higher than most economists expected, and is increasing...not decreasing.
And it said even though we are in a sluggish economy, it was worst in 2003, and is about the same as we were in 2000 and the early 90s.
All right before elections. It's just a cycle and it happens. Come November things will start to rally and get strong primarily because we will have a new leader on the way.
What about this 'worst June since the depression' thing then?
That was Rollings comment, not 'Thinkers.
I want to know how that fits with textthinker's assessment. It's true, regardless of who made the comment.