Is the U.S. headed for a recession if oil keeps rising?

Question

U.S. seem to like their cars better than their homes, they seem to let their home be repo'd before their cars, will high gas prices eventually lead to a U.S. recession. Example Michael Jackson's house is being repod but, I bet he kept his car.

Answer 1

I hardly think that Michael Jackson is a typical "american".

At any rate, we are a bit more resourceful than what most people think.  I think we will start riding bicycles to work before we hit a recession.

Answer 2

We are there!

Answer 3

its already here baby

Answer 4

My guess is that you aren't from the United State.  Well my house payment is about 5X my car payment so it's much easier for me to make my car payment than it is to make my house payments.  Also if you lose the car you can't get to work if you can't get to work you can't exactly pay for anything.

I would wager that the only reason americans still have cars is because most of us live 10 or more miles from where we work.  So you can either keep your car and thus your job so you can atleast have some place to live. or you can get rid of your car and lose your job and then be homeless.

Michael Jackson owns several houses and the one to which I believe you are refering he put on the Market willingly but it hasn't sold and he so wants to get rid of it that he hasn't made any payments on it.

Answer 5

Headed?

Where have you been.

WE'RE ALREADY THERE!

Ignore the politicians and Economists.

Why?

It's the same song and dance every single time we go into a recession.

We're not in a recession, we're not in a recession, the recession is over, the recession is over.

Bottom line?  THEY NEVER ADMIT WE'RE IN A RECESSION.