Will there be a next great depression?

Question

losing money and my debit card?

not being able to afford what I can now?

losing all my possesions?

Answer 1

yes

Answer 2

Jesse, I know a lot of people don't want to believe it, but many experts are saying yes.  It looks really bad from information I've heard/read.  It's kind of a quiet bubbling under, but there are too many things that have gone wrong for too long.  The tensions in the middle east, the earth changes that are escalating, the greed that's gone on for so long... etc.  I truly believe we are past the point of no return.   And truthfully, I, as a low income person have already felt the crunch.  I'm finding it hard to feed the family.  I'm finding it hard to go anywhere, because the gas is so high.  And I know the less we spend the more "in trouble" the economy gets, but there is nothing I can do.  We work our buts off, but we just aren't making enough money. We've been in this house for over 20 years and looks like we are going to lose it.  We are current with the rent, but my dad is a taxi driver and he pays for his own gasoline.  ugh!    Anyway, good luck. I hope that I'm completely wrong and it will all be ok.

Answer 3

stop buying of your card start making out a budget and buy only what the budget allows maybe get rid of your credit card.

Answer 4

Most likely not. America's threshold for pain is greatly reduced. I survived the great recession of Jimmy Carter which provided 9% unemployment, 12% inflation, 17% mortgages and long gas lines. Gas may be expensive right now but you can drive up to any gas station as buy as much as you like. Unemployment is around 5.5%, inflation around 3-4%, and mortgages around 6%. The great depression occurred well before I was born, but the numbers were even worse than the mess that Jimmy Carter left us. We're not yet even into a recession which is defined as two consecutive qaurters of negative growth. We haven't even had one quarter. Hang in there, this recession (if we have one) will be light. No great depression, not even a Jimmy Carter type recession. Good luck.

Answer 5

I do not believe a second epic depression will happen to America.  Albeit true:  A great impact of corruptive pratices by inept and/or crooked banking and credit card company executives and sleazy political allies ( in Washington D.C. ) has made a mess of things---let alone the Middle East economic terrorist attacks via gasoline price gouging, a line somewhere HAS to be drawn.  Greed has it's limits--better realized fast and ASAP.

Foreclosures and repossessions by banks are NOT the solution.  Banks and credit card companies will have to forebear degrees of loss and an epic major overhaul reform of the entire banking / housing loan and credit card industries will HAVE to be constructed....and do so ASAP.

Rates for such services will HAVE NO CHOICE but to drastically come down.  Same applies to corporate services  and retail store outlets like utilities, telephone, celluar phone, cable/satellite services, food, grocery and retail chain stores.

ALL WILL HAVE TO REDUCE PRICING AND FEES.

The why is simple:  The POSSIBLE NOT DEFINITE event of per gallon gasoline going BEYOND $5 a gallon---something I personally don't see happening.  

But you can bet the bank ( pun intended ) if we don't begin these economic reforms, our Middle East economic enemies ( the ones supporting Al-Qaida ) will cripple America without a  bomb blast or shot fired.

And on that note: America better crank up full throttle ALL U.S. oil drilling, refining and production capabilities fast, too.

Greenpeace can sue America later--when it survives.