Do you think we are headed toward another Great Depression? - Page 3
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  1. #31
    Registered User Greebo's Avatar
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    Quote Originally Posted by mandimade View Post
    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.
    Why would people not LOOKING for a job count?
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  2. #32

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    I believe they are the ones that could not find one and gave up.
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  3. #33
    Master Dollar Stretcher LastDragonfly's Avatar
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    Quote Originally Posted by mandimade View Post
    I believe they are the ones that could not find one and gave up.
    Do people REALLY give up and not look? How do they continue to exist? What about their family (if they have one)?
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  5. #34
    Moderator ladytoysdream's Avatar
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    Unemployment fiqures are not accurate, How can they be ?
    They don't track the people whose unemployment has run out. Did those people end up finding a job ?

    My unemployment ran out. I am now on the extension. I was working part time before, but am looking for either full time or part time now. When my unemployment money does end, it will be harder to look for a job. One needs money for gas to do searches. So if I don't find a job soon, and my money runs out, I might not be looking as hard as I am right now. So yes I can be still uenemployed, and not drawing any money, and yes, I should be included in any unemployment percentages for the local area.
    It becomes a downward spiral, less people working, means less being spent, and the economy suffers even more.

    In our area, we are being hard hit with many layoffs. It's pretty sad, when I only counted 16 ads in the job classified part of the paper the other day.

    My husband works full time, and this winter has gotten some OT. Without that extra money coming in, we would not be making ends meet right now. I am always looking for bargains to get the most bang for our buck.

    I think we are in a serious recession, and a possible depresssion. But the gov't probably won't admit that to us.


    A recession is when your neigbor loses his job.
    A depression is when you lose your job.
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  6. #35
    Registered User Janbee's Avatar
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    I hope this doesn't come out to big on the screen this is the first time I tried to do this If its wrong could someone help me fix it.


    I wanted you all to see this chart as it was shocking to me.
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  7. #36

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    I think that soooo many people are in denial about this. I try to talk to my mom about the economy and she tells me that I need to watch SpongeBob instead of the news. I believe that our stock market has been and is crashing and that we have not even begun to see the fallout from this. It has not rebounded yet and appears to be in a freefall. There is nothing that I have seen to show me that anything is getting better. The bailout is not working. One major news station just said that the trouble is just starting for the major banks. Many will fail this year. I am trying to stay positive about this...and prepared.
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  8. #37
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    Quote Originally Posted by Janbee View Post
    ...They have been saying that this "is the biggest financial crisis since the Great Depression nearly 80 years ago hit the world in 2008"...
    CRAP!!! If the States goes into a depression, Canada will definitely follow suit! I was waiting for things to turn around; guess I shouldn't hold my breath. I'm sure there is a reason that my fender bender occurred in October which led me to this forum which helped me to live a more frugal lifestyle. All I know about the future is that the Lord will supply all my needs according to His riches in glory by Christ Jesus.
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  9. #38
    Registered User fixer's Avatar
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    My question is how will we know we are in a great deppression. I don't know if there is an official definition. The image that will signal that this is not just another recession is people lining up at banks to withdraw their money due to a lack of confidence in the banking system. This, to me, will be when we cross a line into something that may rival the thirties. I guess I am old enough to have some perspective. I have seen the stock market go down before. I have seen the real estate market go down. Just keep in mind, there is no law that says your home or investments must appreciate every year. Some people act indignant at the fact their home is worth less than when they bought it. It's called bad timing. It happens. I can't help but wonder how much the twenty-four hour news cycle has to do with people wanting to make this a deppression. It will be as bad as it is regardless of the terminology we use to describe it. I also think that the term deppression is being used to scare people into buying stuff or blindly following our politicians. Don't get me wrong, I know times are bad. I just don't think they are as bad yet as people make them out to be. People overextended themselves and ended up losing their homes. Even in the best of times, banks fail, people lose jobs and homes are foreclosed on. My advice is to look at YOUR situation. Make decisions based on what is happening in your life, not based on fear because some talking head on TV said we are heading for a deppression. Thanks for letting me get this off my fifty inch chest. As you can see, it has been bothering me for quite some time.
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  10. #39
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    I hope not.

    But this is the worst I have seen. And I am preparing for the worst. Both DH and I are seeing layoffs at our companies and I fear we haven't even begun to see what the ripple of that will be.

    I don't know. It is scary.
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  11. #40
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    Quote Originally Posted by fixer View Post
    ...The image that will signal that this is not just another recession is people lining up at banks to withdraw their money due to a lack of confidence in the banking system...
    Wow! I sure hope it doesn't come to that!!! I have been avoiding setting up investments (such as RESPs and RRSPs) recently because of the talk of recession then recession. I'd hate to invest my money only to have it snuffed away from me! KWIM?
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  12. #41
    Registered User fixer's Avatar
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    Quote Originally Posted by Quiltin' Mama View Post
    Wow! I sure hope it doesn't come to that!!! I have been avoiding setting up investments (such as RESPs and RRSPs) recently because of the talk of recession then recession. I'd hate to invest my money only to have it snuffed away from me! KWIM?
    Remember that we did not have the FDIC in the thirties. I don't think our money will go away. I am afraid of the perception that it will.
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  13. #42
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    I agree with fixer. This stuff happens all the time (mortgage crisis, etc) just not to this extent. We can blame the banks all we want, but in reality it's the buyers who turned their dreamhome into a crisis.

    We bought our house 19 years ago and paid $110,000 for it. Not a big house, 1450 sf. Raised two kids, several animals, all went fine. House prices went up and ours was selling for about $380-400,000. Mighty fine profit if we had sold! But the difference in taxes alone was enough to make us stay here. Besides, the kids were now grown and we sure don't NEED a bigger house. All around us people were selling and moving onto bigger and better. I, in turn, stood at my kitchen window and watched these new homeowners move in and thought to myself 'DH and I are doing something wrong! We make decent money, but how can all these people afford to pay these prices, and we can't?' Of course, now we know - they can't either, and every single one of those houses around me is in foreclosure or is selling short. My very small neighborhood looked like a war zone there for a while.

    None of that happened because we are heading into a depression. It happened because people got the 'I-gotta-have-its' and 'I-want-it-bigger' and 'I-want-it-newer'. They didn't stop and really think about whether they could afford it or not. They let some bank - who is only there to take their money - tell them they COULD afford it if we do it THIS way. And look what it got them - nothing but a huge black mark on their credit report. DH and I could have done the same - but we knew we couldn't afford it.

    I don't think the mortgage/housing crisis alone will send us into another depression. I DO think that the constant reminders we all get every day about the state of the economy will keep people out of the stores out of fear; which will cause companies to continue closing up shop; which will cause continued layoffs; which will continue to contribute to the housing mess; which will continue to affect cities/counties/states. I think we're stuck in a vicious circle, and I don't have any ideas about how to jump off this roundabout. I think THAT will see us headed toward another depression - it will be manmade out of fear of heading towards one. It's like we're stuck between a rock and a hard place.
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  14. #43
    Registered User frugal-fannie's Avatar
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    Quote Originally Posted by fixer View Post
    My question is how will we know we are in a great deppression. I don't know if there is an official definition. The image that will signal that this is not just another recession is people lining up at banks to withdraw their money due to a lack of confidence in the banking system. This, to me, will be when we cross a line into something that may rival the thirties. I guess I am old enough to have some perspective. I have seen the stock market go down before. I have seen the real estate market go down. Just keep in mind, there is no law that says your home or investments must appreciate every year. Some people act indignant at the fact their home is worth less than when they bought it. It's called bad timing. It happens. I can't help but wonder how much the twenty-four hour news cycle has to do with people wanting to make this a deppression. It will be as bad as it is regardless of the terminology we use to describe it. I also think that the term deppression is being used to scare people into buying stuff or blindly following our politicians. Don't get me wrong, I know times are bad. I just don't think they are as bad yet as people make them out to be. People overextended themselves and ended up losing their homes. Even in the best of times, banks fail, people lose jobs and homes are foreclosed on. My advice is to look at YOUR situation. Make decisions based on what is happening in your life, not based on fear because some talking head on TV said we are heading for a deppression. Thanks for letting me get this off my fifty inch chest. As you can see, it has been bothering me for quite some time.
    One of the networks was interviewing people who had went thru the great depression and they said this is nothing yet. I think the politicians are talking it up so we that they can pass their pork stimulus bill and no one will complain.
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  15. #44
    Registered User Janbee's Avatar
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    Quote Originally Posted by fixer View Post
    My question is how will we know we are in a great deppression. I don't know if there is an official definition. The image that will signal that this is not just another recession is people lining up at banks to withdraw their money due to a lack of confidence in the banking system.
    I have read that you will not have that image to signal a bank run as we live in an electronic age. People can get to their money electronically. Another image that was often shown was people lined up at soup kitchens and today with the food stamp program that is not going to be seen as much.

    The things listed such as FDIC. Food stamp, Unemployment Insurance are the safety net and have helped us all though so many smaller bumps in the road.
    But this system of programs have not been tested before in this type of environment.
    I just hope that this downward spiral can be stopped and reversed because a loss in consumer confidence is nothing compared to a loss of government confidence.
    As long as the government can keep supplying these programs this will be an isolating event as people sit alone in their homes watching TV , playing games or on the computer surfing.

    I have often laughed and said there have always been pheasant, I have always been a pheasant, I will not cease to exists.
    The good Lord will see me through no matter what.
    Last edited by Janbee; 01-15-2009 at 08:53 AM.
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  16. #45
    Registered User Cricketlegs's Avatar
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    I have a question..

    On that chart do they take into account the fact we have MORE population now than in the 20's and 30's?

    More people out of work simply because we have more people?
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