What are the chances of there being another great depression in the US.?

Question

the country is going to the dogs.

the economy is terrible.

i herd on the news that they estimate the about 300

banks are going to go bankrupt.

do you think that once Bush gets out of

office that thing will get better?

or would it depend on which president is elected into office?

Answer 1

We are already in it..  just hasn't hit bottom yet..

Doesn't matter who is president, it will just continue.

Answer 2

Let's face it, if there is a great depression in the US, whole world will get affected. Chinese manufacturing industry will come to a halt, Indian software industry will suffer badly. Oil will be cheaper than water, so middle east economy will collapse.

So nothing that sort of  is going to happen. Things will improve definitely. US will come out of sub prime crises, oil price will stabilize. It is just a matter of time. Have patience and faith in the God.

Answer 3

See, this is why Hillary would've been a good choice, because she would've brought Bill with her and when he left office, we had a deficit surplus among other things.  

I really think it's going to take one smart president to get our economy back to the way it was or even to the point where we're not all lining up for soup in the streets.  I really don't think either candidate has the individual capacity to do that but I think they'll know enough people who can provide the necessary support to strategize something brilliant...or something that at least doesn't suck.

Answer 4

it depends on the gov. to stop making excuses about enforcing laws they bicker about and people to understand that the economy no matter what depends ultamately on their habbits.

Answer 5

It's heading that way..this is going to be a lot tougher to get out of.  I say that because when FDR was president there was no imposed limit on how long he could be president.  Having those 3 terms and WW2..all helped end our depression.  So, whose going to be our FDR..put aside all political affiliations for the better of our country?  That we'll all have to find out.  I never though that the first election that I'd be able to vote in would be so incredibly important.

Answer 6

honestly in my opinion if we elect a Democrat (Obama)  that things should start to take a better turn. But i wanted Al Gore to run again , I'm sure he would have won and he really would have made the economy  better and everything else that is wrong. Honestly i don't know the chances of the United States having another Great Depression , i guess we just have to wait and see what the future hold.

Answer 7

We're about to reach recession if not already reached but I don't think we'll go as far as depression, so don't worry!! ^_^ And I REALLY hope that getting a new president will better thing but I honestly think both presidential electives aren't good choices. I wish Hillary would've stayed--she would've definitely made a great president and REALLY care about us and our economy.

Answer 8

I do not think we are going to the dogs. Media is a very powerful weapon and mind manipulator , especially in the year before a major election. The United States of America is still a tremendous nation with many generous people. We have fantastic resources and wealth to offer. We still have superior opportunities for everyone or why would people still be coming here to live and to work?  Yes, we have some major issues to address, but for the longest time my memory reminds me that issues in the USA always become exaggerated in the election year. Is this so whomever becomes President can ride in on a white steed and save the day?????? Do not fret! Be educated about what you can do to help situations in America and research for yourself answers to questions about policies , candidates, economy, and such. I feel there are many scare tactics being touted right now. Do not give the media any more power than they deserve.

Answer 9

I'm glad you brought that up. I really do think that we have about a 50-50 chance of another great depression. My reasons are:

(1). Real Estate (at least in my State of Colorado) can be purchased for 1960's prices. That is far worse than the recession in the 1980's.

(2). We are dependent on so many other countries for so much.

(3) Too much of our labor is foreign labor.

(4) The Iraq war is draining our coffers.

(5) The National deficit is so large that we cannot even imagine a number that large.

(6) The U.S. Dollar is not backed by gold anymore. It's back by trust in the strength of the U.S. Other countries are becoming afraid of U.S. Dollars.

It might even be worse because people don't save anymore, and the farming industry is in deep trouble. Most people rely on a few farmers to feed us.

And last, (but not least), the baby boomers are starting to go into retirement now. Therefore, there will continue to be a drain on Social Security, (which is already in trouble). Whew!!

Also, I don't think that either Obama or McCain can get us out of this in four years. I think we will have a series of one-term presidents because we are in so much trouble.

Answer 10

For more than two years, I've been predicting that the United States will suffer its worst economic depression in history by October, 2009.

Banks will fail, stock markets will crash and burn, and tens of millions of Americans will be out of work.

Think I'm crazy? Why not print this out and tuck away in your safety deposit box for the next 15 months?

GAO Director David Walker has been traveling the nation for several years warning of America's coming bankruptcy. No one wants to listen, especially the cowards inside the beltway.  -RKO-  07/17/08

Answer 11

Very small. The world economy is large enough to accept a number of shocks in different sectors, and we've learned lessons about handling them over the years. Deposit insurance will keep customers feeling secure about most of their money in banks, although those who were silly enough to have more than $100,000 in an account might get hurt in spots.

Business cycles are going to happen. But if gross domestic product drops by even two points in a year, it is still a recession technically but the economy is still at 98 percent of previous activity.

And realistically, the Federal Reserve has more impact on the economy than the President. The U.S. government can make an impact through its policy decisions (deficit spending, etc.), but it's a big world.