Posted on 03/02/2009 8:08:47 PM PST by advance_copy
WASHINGTON (AP) -- A Depression doesn't have to be Great -- bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d."
And it may be happening now.
The trouble is, unlike recessions, which are easy to define, there are no firm rules for what makes a depression. Everyone at least seems to agree there hasn't been one since the epic hardship of the 1930s.
But with each new hard-times headline, most recently an alarming economic contraction of 6.2 percent in the fourth quarter, it seems more likely that the next depression is on its way.
"We're probably in a depression now. But it's not going to be acknowledged until years go by. Because you have to see it behind you," said Peter Morici, a business professor at the University of Maryland.
No one disputes that the current economic downturn qualifies as a recession. Recessions have two handy definitions, both in effect now -- two straight quarters of economic contraction, or when the National Bureau of Economic Research makes the call.
(Excerpt) Read more at finance.yahoo.com ...
Does anyone know if Czar Russia had a depression before they went fully commy
This has been decades in the making. The DEMs are aggravating the situation to be sure, but it’s a global mess, based on a flawed financial system. We put it off for a while, but here it is. As fun as it would be to blame it on the DEMs, it’s much deeper and worse than that.
Recession. Depression. Oppression. Agression.
“Agression” will be the cleansing of America!
Well, don’t blame me. I voted for Sarah.
And their solution to a (lower case d)epression is Socialism.
Little d my backside, it’s going to br a big D depression and probably worse than the 30s.
I think this is correct. It was clear from the start that this ranked at a minimum with the 73-74 and 82-83 recessions, but I think it's sinking in that it probably surpasses both of those periods.
We're going to be right up there with the big daddy of them all, and who knows, this one could be worse. It's similar to the 30s...massive deleveraging, but in many ways, we're in worse shape now than we were then. Ah, well, at least it's interesting.
So funny, looking back, to think of how widely hailed Mr. Greenspan was. It'll be good for us in the long run. Builds character.
I agree, but they don’t have to be making it worse. In my opinion they are doing just that.
The market is tanking because Obama lied about his intentions. He is making the deficit worse, he’s appointing people with ethical issues and there is no leadership coming from his administration. Hell, even a few prosecutions would have helped.
Thank you for saying this so succintly. Too many on this forum can't see this but they need to accept it.
Apples for sell....
The die was cast before the election. McCain probably would have been somewhat better. His energy policy alone would have been far superior to Obama’s. And I believe he would have been true to his word about pork barrel spending. But this was coming either way. Sarah wouldn’t have made any difference whatsoever.
Someone once said; A recession is when your neighbor is out of work, a Depression is when YOU are out of work..
Actually, people need to understand that this was decades in the making, brought about by global banking run amok.
I no longer think the asshat is only trying to destroy this country. I think he's trying to take down the whole world. One world government, anyone?
They are definitely making it worse. No argument there.
I agree, it was well said!
The President could stop this now. For instance, if Sarah Palin were President, she would say she’d make the Bush tax cuts permanent, and she would cut capital gains taxes. Within days, the market would rally.
I know one thing: I’m mentally depressed. I’ve never had this sense of gloom for the future of my country.
And if the queen had balls....Sarah was the VP candidate. She wouldn’t have made a difference. McCain had a decent energy platform. IIRC, he said he wouldn’t raise taxes during a recession. He’d have been better on pork spending. He would have been better than Obama. Palin is totally beside the point. The only difference she had any chance of making was delivering the base for McCain, which I presume she did. But it wasn’t enough. Her pick was totally about getting the base to vote for McCain. Other than that, she’d have been window dressing.
Marxist Obama is working as fast as his handlers can write "policies", and looking at spending v DJA v employment, someone who really wanted to solve the problem would be taking a more measured, wise, and considered pace.
R.E. said "You never want a serious crisis to go to waste"; and, I wonder if that's their aim...
...to stoke the "crisis" to create a false demand for the "fix" of confiscation of rights and property.
.
Buck up. It’ll all work out for the best in the end. The Maker has prescribed us some much needed character building. It’ll be a good learning experience for the younger generation.
Well, it probably will take years, regardless of what Obama says. I disagree with you on the final outcome. I think this will lead folks in the opposite direction—towards a rediscovery of the basics, more self sufficiency, more skepticism about government, stronger morals, and a deeper appreciation for the little things.
Good points. But I sure wish I was 35 years younger.
Well, yeah, timing is everything I guess. I’m 41, so assuming I get to live another 20 years, I feel like I’ll live to see another golden age, hopefully one built on a firmer foundation.
0bama surely isn’t helping here. Can he buy a clue for $3.6 trillion? The odds look very poor.
Two things need to happen:
1. The GOP needs to structure its primaries so Democrats aren’t selecting our nominee.
2. Republicans need to stop eating their own young.
79 years ago my grandfather lived through the great depression, then was in a world war for 5 years. If he could live to tell me about it this past weekend, so can we.
In 20 years you’ll be just a few years older than I am now.
The older folks are going to rely on you younger folks for some “physically demanding” things.
Of course he would have. If he had won, the DJIA would have been somewhere around 10,000 right now with significant upside potential in the medium term.
I agree with you on the first part. On the second part, I think we should be as critical as we can be. Better we do so BEFORE we elect them than find out the hard way later. It’s not a circular firing squad. It’s road testing.
It’s only character building if it’s strictly economic. We can survive another great depression. We will not survive another holocaust or holodomor.
11th commandment... Learn it, know it, live it.
I think we’d still be in bad shape. Would McCain have been able to sort out the banking mess? Doubtful. Would consumers be spending? Doubtful. They don’t have the money. A lot of the fundamentals would have been just as bad. But Obama’s tax policy and health care intiative are dragging it down a bit more than is necessary. Even so, I think we’d be in for a bad ride either way.
79 years ago my grandfather lived through the great depression, then was in a world war for 5 years. If he could live to tell me about it this past weekend, so can we.
___________________________
And what is coming for us might make our parents’ experience look like child’s play.
Already is. Next question!!
“Will recession become something worse?”
Give Obama time. He is trying as hard as he can...to drive this thing into the ground.
I told the manager of my bank I was going to end up selling apples on the street-—she said, “I’ll buy one”
I’ve my first customer lined up already
Let's put it to a test. Are you suggesting it's wrong to say anything critical about, say, Arlen Specter? How about Olympia Snowe? Hell, tons of freepers heap scorn on Ron Paul. No, the 11th commandment, as I understand it, means those in office are supposed to keep it friendly. We voters have every right to be as critical as we want. If we're not critical, how the hell are we supposed to find anything out???
me too (depressed)....I’m trying to trust in God.....but wondering where all this is taking us...
>>>towards a rediscovery of the basics
like more spam in the cupboard
spam sales are on the rise
Those who relied on 11 back in the day can count on crap falling on them way beyond their ability to cope if they discard 11 now.
Stock market is down 50% since last year. Didn’t happen in one day, but we can’t keep losing 300 pts a day forever.
“Someone once said; A recession is when your neighbor is out of work, a Depression is when YOU are out of work..”
As of 1/29 I can attest this quote is fact. On the brite side, I’m looking forward to seeing what the Lord has in store for me next.
Market experts: We have a highly solid floor at zero.
so are guns...
I will tell you one sure bet so far:
Everytime O-hole opens his mouth and says something, the market goes down.
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