Does anyone believe there is going to be a depression, a big economic drop off?

Question

Some economists think there is going to be a big economic depression. They say the country cannot recover from it because all the industrial base has been removed from the country. They say the banks are near collapsing, but policy makers are not telling the public about it. In June we will see the effects of this depression, some economists say. Does anyone have any ideas?

Answer 1

Someone is always predicting disaster and they are almost aways wrong. However every once in a while they are right. We have had a bad streak lately with  9/11  and New Orleans, but I think nothing really bad will happen to the economy.

Answer 2

yeah my grandpa was saying something about that, like a recession or something. i'm not sure if i believe it or not but my grandpa knows a lot about a lot so you never know!

Answer 3

I believe there will be a severe depression. The US debt is huge, leaving every US man, woman and child owing over $25 000 each; the US dollar is just about in free fall; the real estate boom is over and with it, the dreams of millions; as is the credit boom; finally, many of the large US banks have been making profit from very dubious transactions. Soon it will be time to pay the piper.

Answer 4

I cant say this scenario is impossible. But on a lighter note it will take a lot for our reserve to collapse. Yes, a lot of industry has left the country but a lot of new industry has entered, ie Renewable fuels, Low gas mileage vehicles. its up to the policymakers and you to support this industry for many apparent reasons.

Our country is simply becoming more service oriented which will    

add more liquidity to our reserve which is possibly a bad thing at the moment but eventually more countries will want to invest in us to turn profit and essentially we should start to see economic growth again.  Its all a cycle, and the great thing about our country is that we have the economic and natural resources not to mention geographical advantage to overcome any bad situation.

my advice is always be prepared for a bad situation but don't have a pessimistic attitude to the point that it will effect your consumer behavior which takes a lot of precident in times like these... buy American!

Answer 5

no.

Answer 6

a recession is here already, but i dont think it will be as bad as the 30s,  economy is like a ship it will take a long time to turn around but they've taken precautions to prevent a total halt

Answer 7

I know that we ARE in a recession (economic slowdown) as of right now, and we have been for some time.

I can definitely believe the depression (complete economic standstill) theory. If only the government would tell us stuff like this...I think it concerns us somewhat, doesn't it?

Answer 8

h**l yas i allready can hardly afford to drive back and forth to work every day with the price of gas and feed myself!