Are we headed for a depression?

[Eli Weiss]

High gas prices and inflation has resulted in reduced imports levels and higher exports levels which is good for the economy.

And Greg, what Eli Broad said means nothing to me, don't quote the forecast from someone who is depressed....there are thousands of other opinions out there....

 

[Greg Bell]

I was always under the impression that a recession is defined as two consecutive quarters of negative GDP "growth". I haven't seen those numbers posted.

To the OP, we would need to first have a recession to have a depression, by definition. Given Mr. Santora's valid response, the only viable answer to your poll would be yes.

You believe government numbers???They cook the books so much that they turn to soup.How about the CPI that doesn't include energy and food.Banks are broke and no one will tell you until they close on a Friday and don't open on Monday.FDIC insures the deposits Right?
Wrong , there is no TIME limit to pay you back.You will get an IOU from Uncle Sam due and payable in fifty years .Quick buy some beans and ammo..

 

[Eli Weiss]

Greg, what do you think about 9/11? do you have some good conspiracy theories?

 

[redfish]

The 4th weekend provides some time to read a good book. I have suggested the "Forgotten Man" numerous times on this forum. Pick it up this weekend and see what you think. Depressions take time to get going, IMO we have the frame work for one. I have not heard my Dad ever nervous about his financial future until this morning. He is retired and living off investments and spoke quite matter of factly about the downturn in the "street". The government is cooking the numbers. The one indicator no one can deny is the consumer confidence rating.

 

[Fred]

I was always under the impression that a recession is defined as two consecutive quarters of negative GDP "growth". I haven't seen those numbers posted.

You just have to look through petunia-colored glasses, and it's 1932 all over again, as I have been hearing for several decades now. BTW, ever since the last ice age ended, we have been headed toward gloabal warming.

 

[Greg Bell]

Greg, what do you think about 9/11? do you have some good conspiracy theories?

Yes..destroyed by crazy Saudi Arabians and not by George Bush or Carl Rove.Just because I see 10 Trillion dollars of debt and 400 Billion of interest payments per year are not sustainable doesn't make me the black helicopter type.Besides , it's a Blue helicopter with Ben in the Drivers seat tossing 100 bills to the huddled masses , that's us...Quick , paper your wall with Ben Bucks...

 

[Hamlet]

You just have to look through petunia-colored glasses, and it's 1932 all over again, as I have been hearing for several decades now. BTW, ever since the last ice age ended, we have been headed toward gloabal warming.

True, it is inevitable, like the end of life. Everything revolves around a circular pattern, but I think it can certainly be argued that our governmental polices for the last several years have sped the process along considerably.

I certainly feel that we are living during the fall of the current Roman Empire. The only difference is the populace isn’t being distracted by sensational public entertainments.

That is unless we, the People, pull it together and elect leaders that can put us back on the right path.

 

[liznindy]

Problem is gov (local and state and federal) don't know when to pull back.....or make cuts (in employees and/or expenses). They keep piling on the taxes when folks are paying more to put food on the table and gas in the car....Then they have the nerve to pat themselves on the back and (talking about state gov reps here) and say how they 'cut' taxes...

While shooting comps yesterday in one of the blighted areas of Indianapolis, homes priced in the $5,000 to $15,000 range. I saw two homeless guys yesterday pushing grocery carts down the street...I turned the corner and saw the new Colts Stadium (Lucas Oil Stadium) rising The stadium is almost completed and is being financed by increases in the citizens taxes, but profits will not be going to the fine folks of Indy....just a select few. We didn't even get a vote and it appears our "representation" on all levels (local, state, federal) are NOT listening to the people.

Wish those in power would drive some of the neighborhoods I do....Wish they would use the same effort to improving neighborhoods, controlling crime, cutting taxes, etc. that they gave to get the Super Bowl here in 2012!!

Thinking about this and how powerless we are to change anything is making me ill....both political parties are nearly identical, IMHO.

 

[Mr Rex]

Just listen to a Barack speech, like Prozac for those depression thoughts.

 

[Hamlet]

I was always under the impression that a recession is defined as two consecutive quarters of negative GDP "growth". I haven't seen those numbers posted.

To the OP, we would need to first have a recession to have a depression, by definition. Given Mr. Santora's valid response, the only viable answer to your poll would be yes.

We've been in a recession. The view has been distorted because 1) everyone had was looking through the RE bubble and 2) it took the Fed’s 6 months of stumbling over the “R” word, they aren’t about to announce the “D” word.