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The media is full of stories about how the current economy is the worst it has been since the Great Depression in the 1930s. While I am not an economist, I am older and can remember the terrible economies in the 1970s and early 1980s.
It seemed worse back then. First the unemployment rate was much higher then. It was in the double digits with 20% unemployment in many rust belt towns. Then there was higher interest rates, up to 20% in some cases. Also the terrible economy of the 1970s and 1980s had much higher inflation. Finally there was less availability to get credit back then and when the money ran out, you were broke, no credit card bailouts.
How can people say that the economy is worse today than those terrible times in the 1970s and 80s? It is not even close.
Keep in mind, the facade is being kept up that it's not that bad...by using our children's and grandchildren's future debt to buffer our fall.
Perhaps back in the 70's there may have been a govt unwilling to prostitute future generations to keep things feeling cozy.
It's what they should be doing now: biting the bullet and taking our lumps. Lord knows we lived through and enjoyed the boom times. Instead, our children will be slaves to their taxes so that we don't have to take our punishment. How can the powers-that-be do this to them? Don't they have children and grandkids they care about?
Not yet but the government trying to spend hundreds of billions of non-existent money will likely make it worst than the Great Depression.
The recession has just started, the stock market was sky high just a few months ago but the idiots in Washington DC who failed to see any of this coming are who we have trying to fix the problem and that will be a disaster.
It's stupid to say things are worse now because the homes those who took subprime loans to buy are the McMansions that they could never have possibly afforded. People in depressions or serious recessions don't have the latest cell phone with the unlimited text messaging and camera.
People in recessions don't eat out 4 or 5 times a week and obesity rates are climbing higher. People are getting more than enough to eat, anyone who wants cable television and internet service have that. More people are attending college than ever before. We're still living very high on the hog.
I agree just looking at the unemloyment this recession hasn't gotten to the level of the 70's recession. When it gets to 10% unemlpoyment and double digit inflatuion ;if it ever does ;then we will see the same effrects.In nsome ways at that level it will be worse because of high debt load of alot of people. I also think that like that recession many areas of the country that have loss their economic based may be a very long time recovering. Many areas had not yet recovered in the 80;s from the 70's recession. We saw a huge population shift because of that.
Keep in mind, the facade is being kept up that it's not that bad...by using our children's and grandchildren's future debt to buffer our fall.
Perhaps back in the 70's there may have been a govt unwilling to prostitute future generations to keep things feeling cozy.
It's what they should be doing now: biting the bullet and taking our lumps. Lord knows we lived through and enjoyed the boom times. Instead, our children will be slaves to their taxes so that we don't have to take our punishment. How can the powers-that-be do this to them? Don't they have children and grandkids they care about?
Sorry, count me OUT. Anyone who voted for Bush is doing this to his children and grandchildren. Me? I didn't and I don't want a part of paying anyone back for this mess. I did NOT vote for this:
Anyone who cannot see a link between sinking $577 billion dollars into our overseas nation building activities and our current state of economic affairs is a complete idiot! Not aiming this directly at you, unless you are a Bush supporter.
I agree just looking at the unemloyment this recession hasn't gotten to the level of the 70's recession. When it gets to 10% unemlpoyment and double digit inflatuion ;if it ever does ;then we will see the same effrects.In nsome ways at that level it will be worse because of high debt load of alot of people. I also think that like that recession many areas of the country that have loss their economic based may be a very long time recovering. Many areas had not yet recovered in the 80;s from the 70's recession. We saw a huge population shift because of that.
We're in this mess because of George Bush, his administration and his supporters. I want to make this perfectly clear. All of "those people" need to pay to get us out of "this mess."
I also am not an economist, nor can I predict the future. One thing that makes this different from 1980 is definitely inflation (we don't have much of it), but 1980 was a long time coming; it came after years and years of hard hits for the economy. This isn't much the same -- as far as I can tell, people got into too much debt and now the **** has hit the fan. How should I know what the affect will be?
I also am not an economist, nor can I predict the future. One thing that makes this different from 1980 is definitely inflation (we don't have much of it), but 1980 was a long time coming; it came after years and years of hard hits for the economy. This isn't much the same -- as far as I can tell, people got into too much debt and now the **** has hit the fan. How should I know what the affect will be?
And just how is it people got into too much debt? Greed, for one thing. A Hallmark trait of republicanism.
And just how is it people got into too much debt? Greed, for one thing. A Hallmark trait of republicanism.
The affect is catastrophic.
I think that's a little over-simplistic, don't you?
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I did NOT vote for this:
