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Old 12-02-2008, 10:11 AM
 
3,490 posts, read 8,200,391 times
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I was watching the news yesterday and they are starting up a series of 'exit interviews' with George Bush.

I am fairly sure that during that interview he said that he had been advised that unless steps were taken (Bailout) that we could be headed for a depression that could be worse than the Great Depression.

Did anyone else see that interview?

I have heard many people saying that we could be headed for a depression, but most seem to think it would not be on the scale of the Great Depression. In that interview he said it could be worse. That seems crazy to me simply because I can't (or don't want to) imagine such a thing.
What are you thoughts, and do you think the bailout and steps being taken now are enough to divert it, or will they merely slow down the inevitable?
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Old 12-02-2008, 10:16 AM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 7,383,725 times
Reputation: 882
Worse than the Great Depression in the aspect that people are so dependent on technology and the govt that if those two things were not available, they would perish.

Many people today do not know the people in the house next to them. They don't see their relatives except at weddings and funerals.

They also don't know how to grow a tomato. Or mend a pair of pants. Or bake a loaf of bread from scratch.

They'd sooner stand all day in a bread line than learn some new ("old") skills.

So be it; may the sheeple enjoy the refugee shelters when something bad happens. I hope Big Daddy Obama will come through so they don't suffer too much. I'm sure he'll arrange for plenty of starbucks, panera, and ipods for everyone if the economy collapses. Because God knows, we can't live without those.
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Old 12-02-2008, 10:25 AM
 
Location: western East Roman Empire
9,297 posts, read 14,192,734 times
Reputation: 10013
Quote:
Originally Posted by bbkaren View Post


Many people today do not know the people in the house next to them. They don't see their relatives except at weddings and funerals.

They also don't know how to grow a tomato. Or mend a pair of pants. Or bake a loaf of bread from scratch.
Good post, can't give you more rep at the moment.

And even if they knew how to grow tomatoes, their HOA would forbid it, lest appearances should let property values drop.
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Old 12-02-2008, 10:27 AM
 
5,458 posts, read 6,694,664 times
Reputation: 1814
Sounds like he was shilling for a bailout that was wildly unpopular with voters. As in "sure, this bailout was horrible, but if we didn't do it the next thing you'll see is a mushroom cloud over a major US city, uh, I mean a financial meltdown worse than the great depression".
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Old 12-02-2008, 10:41 AM
 
Location: Charleston, SC
5,615 posts, read 14,736,355 times
Reputation: 2555
Quote:
Originally Posted by KCfromNC View Post
Sounds like he was shilling for a bailout that was wildly unpopular with voters. As in "sure, this bailout was horrible, but if we didn't do it the next thing you'll see is a mushroom cloud over a major US city, uh, I mean a financial meltdown worse than the great depression".
Maybe, but how do you explain the Democratic support for the bailout?

Quote:
...we must act now, with the bipartisan spirit of cooperation which allowed us to fashion this legislation.

This not enough. We are also working to restore our nation's economic strength by passing a new economic recovery stimulus package...
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Old 12-02-2008, 10:55 AM
 
Location: Some place very cold
5,501 posts, read 22,391,707 times
Reputation: 4353
Quote:
Originally Posted by Hobokenkitchen View Post
I was watching the news yesterday and they are starting up a series of 'exit interviews' with George Bush.

I am fairly sure that during that interview he said that he had been advised that unless steps were taken (Bailout) that we could be headed for a depression that could be worse than the Great Depression.

Did anyone else see that interview?

I have heard many people saying that we could be headed for a depression, but most seem to think it would not be on the scale of the Great Depression. In that interview he said it could be worse. That seems crazy to me simply because I can't (or don't want to) imagine such a thing.
What are you thoughts, and do you think the bailout and steps being taken now are enough to divert it, or will they merely slow down the inevitable?
I did not see the interview, but I think he is using fear tactics to bully people into accepting the bailouts. The irony is that for decades, our government pushed for less intervention in the banking industry. Now they are intervening to bail them out.

Personally, I think yes, we are headed for depression. It's something a lot of people can't imagine, that's why they're all out Christmas shopping right now. But logically, you can't pump trillions of new dollars into an economy and expect things to be okay. It's like diluting soup. Eventually, the U.S. dollar sinks in value, and then what?
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Old 12-02-2008, 11:00 AM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 7,383,725 times
Reputation: 882
Then we can produce the "hundred-billion-dollar bill" like they do in Zimbabwe to buy a loaf of bread.
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Old 12-02-2008, 11:04 AM
 
Location: Londonderry, NH
41,478 posts, read 59,544,333 times
Reputation: 24857
As far as the bankers are concerned the government is supposed to leave them alone to concoct any pyramid scheme they can but be available to protect big money when the scam blows up. Seems they were right.

We should have let the system collapse because it had already failed. The credit scam was destined to fail when it was created.
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Old 12-02-2008, 02:02 PM
 
48,505 posts, read 96,508,741 times
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I have gone thru the 60's ;the 70's and the 80's recession and their was always tlak about another depression. Overall I am surprised how stable things have been in this one compared to especially the 70's recession. In teh end this recession seem to be pretty regional. I was surpride to see so positives like peoloe savigns increasing to 3% ;inflatio0n not occuring like the 70's recession when it quickly got to doubt digits;the unemp0loyment not skyrocketing like it did then.I don't think in the end anyone can predict what will happen any better than the FEd that has the best data.Some say this ;some say that but its all a guess as to what is gpoing to happen or they would all be rich.All we can do is keep our own house in order and noit panis. Its the peole that panic.I see it getting worse but then it really isn't that bad when you see the vast majority have money to spend and are saving for a chnage. Now if we can just get the governamnt to cout their budget of the waste.
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Old 12-02-2008, 02:05 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 7,383,725 times
Reputation: 882
True...it's regional--in our house, unemployment is up 50%.
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