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Thread summary:

United Sates economic recession greatest since great depression, state of US economy, great depression far worse than current economy, great depression versus current market

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Old 12-27-2008, 01:49 PM
 
Location: Tennessee
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In the Great Depression, many Americans lined up for food and soup. In the current economic crisis, many Americans line up to shop for bargains.

Although political and economic leaders have told us the current recession is America’s greatest economic crisis since the Great Depression, the two events are not comparable.

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Old 12-27-2008, 03:25 PM
 
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I don't know my Depression history that well. Were the food lines already forming in 1929 and early 1930? If not, then we don't know where we are yet. Our stock market only really crashed a few months ago. This is going to take years to play out, no matter what it is.

Hoping you're right, but cautious in case you're not.
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Old 12-27-2008, 03:30 PM
 
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Quote:
Originally Posted by John1960 View Post
In the Great Depression, many Americans lined up for food and soup. In the current economic crisis, many Americans line up to shop for bargains.
And jobs.

No food lines (yet) as now we have record numbers of Americans on Food Stamps.

Was near record back in Spring, 2008 >>>

http://www.nytimes.com/2008/03/31/us/31foodstamps.html

Has hit record levels as of September, 2008 (most recent data) and is still climbing hard >>>

Record number of Americans using food stamps: report | U.S. | Reuters

The Happy-Days-Are-Here-Again -- Depression-Denial folks are pretty much Whistling in the Graveyard.
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Old 12-27-2008, 04:49 PM
 
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As long as enough people get their Social Security, Unemployment Benefits, Welfare, Insurance Annuity's, Government Pension, Military Retirement and have funds in their 401's we will not feel the same impact like they did during the Great Depression. The unemployment rate as of November stands at 6.7% for the US. No where near the 25% at the bottom of the Depression. So long as people have jobs or some kind of income, they will spend and life will go on. It's when those things in my first sentence disappear or get cut, then the Depression will hit home to Americans.
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Old 12-27-2008, 05:08 PM
 
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I am not sure, but I don't think they had the welfare programs that they have now. I remember things my grandparents told me about what they did without: bicycles, toys, shoes with holes wrapped with tape, meat, amongst many other things. Luckily everyone back then had a home garden. I am hoping this economic downturn will encourage more of that kind of thing with the price of produce going skyhigh.

Maybe some have it like the depression, but there are an awful lot of charitable organizations that will give out coats, shoes, eyeglasses, food, etc. at least in our metro area.

But I could see it coming to depression and definitely foresee a growing homeless population, if they don't stop shipping jobs overseas. (oh wait they already did) ... too late.
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Old 12-27-2008, 05:09 PM
 
Location: where you sip the tea of the breasts of the spinsters of Utica
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"I live in New Orleans and there is a Category 5 hurricane predicted to hit us, but I don't have to worry because it's not as bad as Katrina at this time"

"I live in Kansas and there is a huge tornado 3 or 4 miles away headed toward my village, but there's no need to be concerned. The winds are kind of strong at this time but I've seen worse."

"This recession has gotten a little worse, large numbers of houses are being foreclosed, we've had to print up a few trillion dollars to fix things, and there is a massive rise in unemployment forecast for at least the next four months and maybe years ........ but at this time I still have a job and things don't look too bad in my neighborhood."
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Old 12-27-2008, 05:43 PM
 
Location: Beautiful Lakes & Mountains of East TN
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The breakdown of the fabric of our society is what will doom us to a fate far worse than the "Great Depression."

People in those days cared for one another; knew their neighbors; grew food and livestock at home; baked their own bread; stayed together rather than divorcing; didn't worry about political correctness; went to church. They stayed near their extended families and were willing to take family members into their home, or to be taken in by other family members during times of hardship.

There was very little in the way of entitlement programs that we have today. Today's welfare and foodstamp recipients will probably riot if the economy breaks down to the point where their ipods and cell phones don't work anymore.

Then once the govt stops providing the basics (food, etc.) all hell will break loose, literally. These are folks who are accustomed to "getting". They're entitled. And if they don't "get" what they feel entitled to, people today will simply "take" from others, regardless of the cost.
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Old 12-27-2008, 05:47 PM
 
Location: Beautiful Lakes & Mountains of East TN
3,454 posts, read 6,727,344 times
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Quote:
Originally Posted by Woof View Post
"...at this time I still have a job and things don't look too bad in my neighborhood."
Yeah, our neighborhood is okay, but in our house, unemployment is at 50% and the outlook is bleak at best.

Like they say, "When others are being laid off, it's a recession. When you're laid off, it's a depression."
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Old 12-27-2008, 06:23 PM
 
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Well;I still remember the same type doom and gloom in the 70's recession even at the same point in that one;been there and heard that. Having a mother-in-law who was a young woman and having had parents that lived thru the great depression and heard their stories;this is nothing . They only saw the 70's recession as a inconvenience really with the high unemployment and double digit inflation. I remember that both my mother and mother-in-law saying that the 70's recession wasn't even comparable to living in the US during WWII with its rationing.I remember one thing a historian said the other day on TV;that Americans have lost there great faith in the future;which was filmed during the 1998 boom year.He was a English historian who also said that American are great at creating problems and solving problems.
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Old 12-27-2008, 06:46 PM
 
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The breakdown of the fabric of our society is what will doom us to a fate far worse than the "Great Depression."

People in those days cared for one another; knew their neighbors; grew food and livestock at home; baked their own bread; stayed together rather than divorcing; didn't worry about political correctness; went to church. They stayed near their extended families and were willing to take family members into their home, or to be taken in by other family members during times of hardship.

******

Good post! I totally agree with this.

My husband and I are both young and what we've watched the past year/two has taught us (I hope) very much. Perhaps I've been sheltered, naive, whatever-but I had no idea the economy could be so very volatile. We've tried to be very prepared-saving, doing things for ourselves, etc. and this has taught us we need to do even more.

I agree though. We need to work together as a society, as Americans, to produce, save, take care of others, solve problems together and I think biggest of all-problem solve. I worry about what we're passing onto our children.
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