[happygrl]

People still try to weave some “squeak through” scenario with only a few bruises.

Do you think it will be another Depression ?

Do you think it will be a recession worse that 1974 ?

Do you think it is TEOTWAWKI ?

[TigerLikesRooster]

TEOTWAWKI

That is probably pushing it too far. At the best, we have very long period of deflation(longer and deeper than what Japan got in 90's.) Or depression+more.

They absolutely pushed the boundary this time. In last depression, they were not milk all credit out of system as we did recently. This time we have the credit expansion of unprecedented scale in historical terms.

[GOPJ]

If we’re not smarter - much smarter - than we’ve been in the past - it’ll be TEOTWAWKI

[Desdemona]

I think we're talking 1974-ish recession maybe a little worse. People will spend on the bare minimum and make budget choices based on necessities. Debt will be paid down. At some point, though, new cars will need to be purchased, clothes will wear out and will need to be replaced, the occasional night out will be a splurge and we'll climb out of it. The wildcard, IMO, is what Zero and the Congresscritters do with taxes. If the extra cash goes down a rathole, it's not going to act like fertilizer on the economy.