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This we all blow over and we will recover. But the short term economic impacts will be staggering. Anyone thats been on this planet for a few decades could see this coming. The bankers could see this coming as well as our government yet they continued the same policies in hopes to never have an economic dowturn again. Now its going to be even larger.
The biggest issue I see is time. The longer this goes on, the harder recovery will be and the longer it will take. Right now, it is pretty forgone this will lead to a recession. Will it be as bad as the 2008 Great Recession, that depends. It is not clear because we don't know how hard we are getting hit by this.
Yes, I agree. I think we're in the midst of a horrific long- term economic decline, and most people are utterly clueless. You'll want to settle down in an area that has a decent chance at remaining at least somewhat orderly and peaceful during the coming societal breakdown. It doesn't necessarily have to be in a rural area, but you'll certainly want to stay away from Chicago, Los Angeles, and New York.
Here's the problem with this theory...
There are less jobs in rural America.
The same disadvantages small farmers have today won't be magically reversed during this time overnight. How will you make money and feed your family? Fracking is done and dead with rock bottom oil prices.
The only silver lining here is domestic manufacturing potentially making a comeback (by necessity). There's no other options for a large majority of unskilled laborers.
The biggest issue I see is time. The longer this goes on, the harder recovery will be and the longer it will take. Right now, it is pretty forgone this will lead to a recession. Will it be as bad as the 2008 Great Recession, that depends. It is not clear because we don't know how hard we are getting hit by this.
Check the news. We already know. 1 million UNEMPLOYED instantly. More coming... No less than 5 million by End of Year. Knock on effects will lead to 10x that by end of 2021. 2020 balance sheets will be treated like confetti in a piñata.
Check the news. We already know. 1 million UNEMPLOYED instantly. More coming... No less than 5 million by End of Year. Knock on effects will lead to 10x that by end of 2021. 2020 balance sheets will be treated like confetti in a piñata.
No need to brow-beat someone for stating the obvious. I'm optimistic that we can get back, the issue is it will take time. How much time, I have no idea. If I had a crystal ball, I would have gotten the lotto numbers correct.
The issue is that for the last 10 years there banks and their puppet politicians have been busy making the top .1% richer leaving everyone else with no reserves. It use to be that a family had at least 6 months of reserves. Now, it is 6 days.
The biggest issue I see is time. The longer this goes on, the harder recovery will be and the longer it will take. Right now, it is pretty forgone this will lead to a recession. Will it be as bad as the 2008 Great Recession, that depends. It is not clear because we don't know how hard we are getting hit by this.
This is likely going to be worse than the 2008 recession and possibly a depression, if a cure or vaccine is not found soon. People often have a tendency to think things are going to turn out better than they actually do.
The mandatory lock down has shown people how we can all survive by cutting out a lot of discretionary spending like eating out, going to shows, clubs, bars and movies. Once the pandemic is over, will people go right back to their previous spending habits? I think not. People will lose the confidence that tomorrow will be better than today and become cautious and save. This will create a feedback loop of lower consumer spending for years and a slow recovery. How can the confidence be restored? Perhaps more money will be dedicated to medical research and some super drug or vaccine will be invented to protect us from all future viral outbreaks of this kind.
This is likely going to be worse than the 2008 recession and possibly a depression, if a cure or vaccine is not found soon. People often have a tendency to think things are going to turn out better than they actually do.
Yeah I believe that far more than the quicker opinion that many Trump followers are saying. I don't think it will be as much of a depression, but we will easily equal The Great Recession.
Quote:
Originally Posted by Woody01
Except for those pessimists who have a tendency to things things are going to turn out worse than they actually do.....
True, the problem is people take pragmatic as pessimistic. I think it is a very good possibility this will last until May and two Fridays ago was my last worked day in my normal job for the year. I'm now on work from home unless called in. Might get a second job now just to keep me out of the house regularly.
Yeah I believe that far more than the quicker opinion that many Trump followers are saying. I don't think it will be as much of a depression, but we will easily equal The Great Recession.
Funny, I've been taking notice of the posters opinions of where the economy is headed and then their political preferences. It's almost universal that conservatives tend to be more optimistic, and liberals more pessimistic......hmmmm
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