Recession: Are we heading towards severe one?

Question

I talked to my mentor tonight and the subject came up. Essentially, what he said was that we are headed towards what will be a rather severe recession (more severe than the 2000-2002 downturn). As it happens, this is the only one I have faced. This also coincides with what our company SVP said "this is the worst downturn I have seen in a very long time." Mind you, I think our SVP has a flair for the dramatic. Regardless, these two viewpoints seem to match up rather well. I have also read a bit about recessions due to banking issues; they take longer to resolve because it deals with confidence in the banking system. So, taking everything together, it seems to me that there will be a recession and it will be rather substantial. Any opinions?

Answer 1

glad you only have a recession because here in Michigan we are losing everything for 6 years now and nothing to look forward to.  4 out of 10 who are moving are going to another state-- in 2005 when Katrina hit New Orleans their county passed Detroit area for losing the most people and it doesn't stop there

Answer 2

Well i would agree, all signs point to a recession. I live in Washington, and i saw gas prices go up by 20 cents in 3 days. Its hard for anyone to buy rice right now. The world is going nuts. Gas is making people crazy, earthquakes and natural disasters are a weekly thing now. Its not just the US, the entire world is going nuts. Just watch, a world war is going to be next.