Will there be another depression?

Question

The past 9 months have been a little backward in the financial world and I was wondering, is this recession going to be bad? Will people be out of jobs? Will we have to live on the street and steal bread?

Answer 1

If you ask me, we are having one already. There's been a wage freeze on my already low-paying job for 2 years now and the cost of everything keeps rising. People seem deperate, greedy and are looking for as many ways to save money as they can

Answer 2

There already is a depression.  They just signed a bill to lay off 20,000 people in California.

Answer 3

There is a huge difference between a recession (which we are in now) and a depression like occurred in the 1920's. In a true depressioin, everything crashes, banks, stocks, real estate, the entire financial system crumbles. We are not there, and not likely to be, at this time. We ARE in a recessison, interest rates up, gas prices up, unemployment up, real estate market down, mortgage lending taking a beating, and so on.

Could these things combine to lead to a depression, sure. Our Federal Reserve Board is pretty good at what they do, and they have ways to hedge against such an event, but yes, it could happen. Our economy is based on debt. Anyting that is based on debt can fail given the right circumstances.

Disclaimer: I am not a financial analyst, and I could be way off base, so take this answer with a grain of salt.

Answer 4

i don't think so. They'll probably give 300$ again.