Is America headed for another depression or is this just a recession? Will we pull out?

Question

What is your opinion? My husband thinks we're headed for another depression and worries that his job might be in jeopardy (he's a team leader at a factory and the main plant is in Japan) Thoughts?

Answer 1

For almost two years, I've been predicting that the U.S.A. will be in the throes of the WORST economic depression in its history by October, 2009.

Banks will fail; stock markets will crash; tens of millions of Americans will be out of work.

There aren't too many people alive who remember the last Depression in 1929. But while the champagne kept flowing and the band played on the deck of the Titanic, the nation slipped into an economic abyss.

This time will be even worse because our government and politicians aren't being truthful with the American public. They continue to try and put a 'positive spin' on things, hoping that such optimism will change the reality of what is happening. Our dollar is worthless. George W. Bush has put American taxpayers $9.7 trillion in debt (most of it owed to the Chinese, who have a $3.9 trillion cash surplus). Even the government admits that as many as 150 banks are in danger of failing within the next 12-18 months. And then they put the 'experts' on the TV talk shows to say, "Don't worry. Your savings are insured by the FDIC up to $100,000". It took 25% of the FDIC reserves just to bail out IndyMac Bank. How many banks will fail before the government can no longer cover all those $100,000 'insured' deposits? How will the government bail out FreddieMac and FannieMay - by printing more worthless money?? Credit card debt is at an all-time high. Home foreclosures are at an all-time high, and most analysts claim we've not seen the worst of that crisis yet. So America will be full of people who are not employed; who are weary of an immoral 'war'; who are homeless; depressed; hungry; disillusioned with their lying government leaders, and angry over being robbed of their savings, pensions and property all because a handful of wealthy elitists, industrialists, oil barons and power brokers wanted to become wealthier and more powerful.

And what will happen next? ANARCHY!!

Think I'm crazy? Why not print this out and lock it in your safety deposit box until October, 2009. Then (if you still have access to your bank accounts) see how close to right I was fifteen months earlier!   -RKO-  07/21/08

Answer 2

I agree with your husband.

Answer 3

I  hate to sound like a pessimistic but I think we are heading for another major depression. I think that we are in worst shape than we were 20 years ago when we had the last big recession. Consumer debt is way up. The country is basically bankrupt thanks to government spendings and the latest

war. We have lived too long with credit.The subprime mortgage fiasco was just the straw that broke the camels back.In addition we have had a series of really bad weather situations ie Katrina etc and things do not look good. I know that people on this site are always saying oh yeah things are going to be fine. I think for people who are wealthy things are always going to be fine. Even in the

Great Depression rich people didn't suffer. They benefited because they had money, prices went way down and the rest of the country was so desperate for jobs they would work for any wage. Just think of your own situation right now. How much money do you owe on credit cards?? How much stuff have you bought that you really didn't need 'interest free' and 'don't pay until next year'. Well if you lost your job and your husband lost his job where are you going to get the money to pay for that stuff when the bill comes due? Go into the finance questions here and see how many people are in the hands of 'payday' loan companys which charge 400 to 500 per cent interest.  Go online and check out the newspapers for other major cities like the London (UK) Times and read how bad their economy is right now. It is going into the tank the same as ours. As for me I started

battening down the hatches as soon as the subprime

thing hit the fan. I have been keeping to a strict budget

and saving all my extra cash. No holidays. No clothes,

no extras. I am going to try and hold onto my house as best as I can. The pundits are predicting when this hits it will

last at least ten years.

Answer 4

We are currently in a recession, and headed for a depression. It's been brewing for a long, long time, due to the deficit spending and the overpowering greed of the large corporations and business in general. It will last a long long time, due to the severity of it.

Answer 5

For then  shall be great tribulation, such as was not since the begining of the world to this time, no, nor ever shall be. And except those days should be shortened, there should no flesh be saved. But for the elect's sake, those days shall be shortened. Matt 24-21-22.

Yes, it's coming. Expect it.