Do you think we are headed toward another Great Depression? - Page 2
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  1. #16
    Registered User mom2three's Avatar
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    "Sometimes things get better, sometimes things get worse, and sometimes they just plain suck. But you work hard, you go without, you get by and life goes on."

    Well said monkeywrangler. It may be that it's time for people to reconsider the overconsuming lifestyle. I'm not realy looking at this as a depression, but more of a correction in cultural values.
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  2. #17
    Registered User Marie78's Avatar
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    One of the news programs talked about it being hard times for people in my age range (30 years old) and that we haven't experienced the same economic confidence that our parents did at our age. I totally agree...My parents had a house, car, 2 kids, only my dad worked, we had clean clothes, food, roof over our head, presents under the Christmas Tree, health, eye, and dental care. I don't remember us going without the necessities. My mom did clip coupons and new how to stretch a dollar. The key thing was my dad was bringing home enough money to afford his house and car and family of 4 and a dog. He worked as a laborer in a factory. He just retired friom that factory and that factory has laid off most of it's workers and the ones that are still there aren't making a fraction of what my father made there.

    My fiance and I have been stretching dollars and budgeting for the last few years. We both have college educations. I was unemployed twice since we moved to this city so he could finish his Phd (3 more years to go). I have a decent job now, but we can't afford a house and I hope we can afford kids soon (as long as the econmy doesn't completely tank). I worry about my job, as so many places are downsizing to save money. I worry that my fiance and I won't have the same kind of stability in life that our parents had (and they were 10 years younger than we are now when they got married and began their families). My dream was to be a SAHM and it might still happen, but we are pinching pennis until they scream....
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  3. #18
    Registered User HandyMom's Avatar
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    Great as in "BIG" referring to the size of the Depression. I don't know about most of the people but there are a lot of us who are already experiencing a Depression. Ask those who have lost their homes and jobs. Ask those who were surviving on investments in the stock market. Ask those who are on their last round of unemployment benefits with no jobs in sight - not even a lowly minimum wage one.
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  5. #19
    Registered User frugal-fannie's Avatar
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    I do not think it will get as bad as the depression, but I think it will get worse. The depression had some areas up to 40% unemployment. Americans are panicking at 7-8% and I think that is because people are overextended. In the Carter years we were in Colorado and it was around 25%.
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  6. #20
    Registered User khaski's Avatar
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    No, I don't think it will be that bad, though it may FEEL that way to some as the days of overspending and over indulgences 'just because' are over as people will not be able to get credit.
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  7. #21
    Registered User Cricketlegs's Avatar
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    I think people are more inform this time around.

    I am just trying to pay off the debt, save the money, do away with waste, live in my means,and put up a great stockpile and then try and wait out whatever is ccoming and if nothing really comes then I will be in great financial shape.
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  8. #22
    Registered User Janbee's Avatar
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    Couple of articles

    Great Depression offers us lessons

    Thrift

    Retail Sales

    deflation

    Another one

    One more

    Recession

    By sharing this it is not my intent to be a doomsday person. I believe that we live in the greatest country and great things can be in our future.
    We are all of the same mind and believe that debt is not something we wish not to be involved in.
    I have cut way back on everything in order to get out of debt.
    Those I work with are people that bury their heads in the sand and hope this will all go away or has never happened.
    We need to stay informed.
    Last edited by Janbee; 11-09-2008 at 04:27 PM.
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  9. #23

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    I think we are already headed for a depression, but my opinion could be biased because I am in Florida and things down here are a mess!
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  10. #24
    Registered User Persimmon Lace's Avatar
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    The unemployment rate in the Depression reached a peak of 24.7. We are no where near that. We are not suffering from falling prices either. We aren't having to deal with a Dust Bowl drought, we've had some catastrophic weather events but not to the scale of the Dust Bowl era.

    There was work to be had, if you were willing to get dirty to do it. Migrant farm laborers were primarily men who traveled with their families and the whole family worked right down to the little ones. Alot of homes were lost to taxes not just foreclosures, we are not at that point yet.

    Yes there was the crash of the stock market and the banks closed. Bank closure now is not done the same way as it was in the depression times.

    We are not in a depression, but I think between the media and the politicians we could certainly talk ourselves into one. Before any of us panic we should do some research on those times in our country's history and become educated instead of letting a media with an agenda do our thinking for us.
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  11. #25
    Registered User Persimmon Lace's Avatar
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    I would also like to point out, that people were willing to pull up stakes and move to other parts of the country for jobs. My mom's parents moved from their farm in Missouri to California in 1935 and grandad found work in the lumber mills.

    Right now Oklahoma needs skilled machinists, welders and laborers and businesses are offering good wages for them, but no one wants to get their hands dirty. Everyone thinks a college education is the way to go, but I know too many college grads working at lower scale jobs and welders making 25-40 dollars an hour! Encourage your kids to learn a trade!

    Dh is an IT manager, but before that he was a skilled Master Machinist and welder. He says he'll go back to that if he loses his job! Computer specialists are a dime a dozen but skilled tradesmen are hard to come by right now. If you can't find a job where you are move!
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  12. #26
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    I think we're getting a lot closer than anyone wants to admit. If the auto works close down, an conservative estimate is there will be a ripple effect through 60% of the economy. This is taking into account the support industries as well as GM, Ford, and Crysler themselves. I don't believe the 7% unemployment figure either. It doesn't include those whose benefits have expired or part time workers who can't find full time work I believe.
    Add into this, all those billions af bailout numbers! Guys, our government is more broke than I am! And that is saying something! All of that money is BORROWED money, complete with interest payments. Our current deficit is something like 10-11 trillion dollars. Our gross domestic product figure is only 14 trillion. So we almost owe more than what we make a year. How long before the US can't make the payments? What happens if we default? Very scary situation in my opinion.
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  13. #27
    Master Dollar Stretcher LastDragonfly's Avatar
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    I live in NM and the auto industry crisis has affected even me. My husband works for Cummins Engines. The ripple effect is in effect! He will be laid off 12/23. I think that the world is heading for a depression.

    I'm glad I've been trying to prepare.
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  14. #28
    Registered User kittykatstrong's Avatar
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    Comparing this year and last year in sales we are up this year. But more people are wanting a deal. And the drivers are saying that tips are becoming lower.
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  15. #29

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    Great Depression? Well, let's see...

    1 in 10 people are on foodstamps.
    The unemployment stats are 4.3 million and it is growing daily.
    1 in 10 people are being evicted from their homes as we speak. But oh, was that just in FL or is that the only place that is reporting it? Most of the mortgages that were refinanced or adjusted at the beginning of the year are now in default again or have already foreclosed. And they are saying that we've just seen the beginning.
    Food pantries have had a 23% increase in people served in the past year and they are just coming out with new stats. Those ought to be interesting.

    And some of the economists are saying that this trend could last another ten years.

    Steph
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  16. #30

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    The actual unemployment rate is not 7.2 it is much higher if you count the people who have quit looking for a job and are no longer receiving unemployment. Also, the people who are working part time who should be working full time. It takes a while for the unemployment to catch up to the actual economy. In 1929 when the market crashed, unemployment was very low. It took a few years for the unemployment to get up to 25% and it was also calculated a lot differently.

    Go to CNBC and click on the DOW. Look at the 10 year chart. It's scary.
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