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Well, we don't have 18% interest rates or 11% inflation like we did then, nor do I see either of those becoming a big problem.
I think unemployment will end up being a lot worse than it was back then here in the near future. I wouldn't be shocked to see 20-25% unemployment by 2010.
Location: Jonquil City (aka Smyrna) Georgia- by Atlanta
16,259 posts, read 24,758,986 times
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Quote:
Originally Posted by the_critic
I graduated from college in the early 1980s, and remember the economy was just terrible. The unemployment rate was close to 15% in my community (10% Nationally) and inflation was in the double digits. Businesses were closing everywhere and lines for job fairs and factory jobs were endless. Our budget deficit was close to historical highs and adjusted to the GNP even higher than today. Mortgage rates were close to 14%.
It was a terrible time in America. Are conditions today even worse?
No. The saving grace of the 80-81 recession was that is was really short. Yes it was bad but it only lasted about 3 quarters. This one may last double that time or even longer because the problems in the underlying economic structure are worse and the ability of the government to pump money in to counter it is more limited. They have just thrown a trillion dollars at it with little effect so far.
No. The saving grace of the 80-81 recession was that is was really short. Yes it was bad but it only lasted about 3 quarters. This one may last double that time or even longer because the problems in the underlying economic structure are worse and the ability of the government to pump money in to counter it is more limited. They have just thrown a trillion dollars at it with little effect so far.
Well the Market has lost 6 trillion dollars in value. Almost 2 trillion has been issued to bail out the markets. This issue has been going on since August 2007 or earlier.They expect it to continue til 2011. This lost so far is more than the Great Depression which was about 3 trillion in modern days money. So the 1980's looks like nothing in comparison. I expect unemployment to reach 18% right now it is at 11.5. I see citi to break up or collapse before this is over.
Does anyone have information on why the OP is Not a Member now?
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