What do you think will happen when the Great Depression 2.0 comes?

[KillCapitalism]

I would just like to get an idea of what may happen as far as economics and politics go and what you other DU'ers think. My hope is that people will finally see capitalism for the failure that it is & that a new system will be created in it's place.

That seems like a pipe dream though, more likely the status quo would just continue and we'd have a nation of a few lords and many peasants.

[stirlingsliver]

1. Next Week

And Herbert Hoover II (aka G. Bush) will be vacationing in Maine.

[On the Road]

2. There Will be Recessions

but I suspect there will be nothing like the Great Depression in our lifetimes.

[RaleighNCDUer]

10. I think you're right.

It'll be much worse than the Great Depression.

Battered and forelorn as it was, in the 30s we still had a strong industrial base. The mines and mills and factories might have been closed, but they were still there.

We no longer have a base that can be revived with a mere infusion of cash.

We will wish we had only a 25% unemployment rate.

---------------

Never mind me. It's friday, and i'm depressed about all this.

[On the Road]

15. We are in a Much Better Economic Position, Too

and know much more about how to manage a downturn. An industrial base does nothing to pull a country out of recession if it sits unused.


At least six countries have suffered major crashes in the last decade and none of them have fallen into a 1930s-style Great Depression. It is unlikely to happen to the US either.

[Selatius]

23. The Great Depression occured because of two things.

1. Rampant speculation in the stock market, the kind that is now regulated today by the SEC, formed as a result of the Depression. The SEC should ward off the kind of idiotic risk-taking that occurred in those days.

2. The Federal Reserve foolishly, foolishly decided to contract the money supply at a time when more money needed to be infused into the economy. This had the effect of deepening and widening the crater that was left behind by the initial collapse. I don't know if they did this intentionally or because they stupidly theorized that contraction of the money supply would help.

[radfringe]

18. We will wish we had only a 25% unemployment rate

and the MSM headlines will be "A FEW PEOPLE STILL HAVE JOBS..."

[grasswire]

plant a winter crop now, if you can

I'm going to reseed the lettuce this week, and start some chard and spinach. I also think I'll go to the bulk aisle of the local natural foods store and lay in some various grains and beans. That will only help for the short run, I know.

Grocery prices are up at least 25 percent in my supermarket just over the past six weeks. Is that inflation? Or is it the corn shortage made by ethanol?

When I spend $400 for food, at least $100 of it is for NOTHING now, compared to last month.

[enid602]

3. 2.0

I think 2.0 might be a crack- and meth- infested version of 1.0, with lots of Mr. Potters.

[Poll_Blind]

4. Think about this picture...

PB

[sam sarrha]

9. isnt that just off the Internatal Bridge in El Paso..??

[Double T]

5. As tens of millions of jobs continue to be moved offshore............

GD 2.0 is inevitable. The American consumer is being killed off slowly so hopefully no one will notice.:crazy: :think: :boring:

[Warpy]

6. I sincerely hope I can get through it like my grandmother did

with a pot of stew on the stove at all times for hungry people who come by.

If my grandfather was home, they had to weed the flowerbeds for it.

[kestrel91316]

7. There's still time to get a fall garden planted.

I suggest those of you with yards do so. With vigor.

[broadcaster]

8. I think its been happening for a while...

death by a thousand pin pricks, and maybe as of this week, a final
kick-out has started.

We are not creating net job growth, and certainly skilled trades and
professions are not seeing job growth. Low wage service jobs are growing.

If I put on a 1/2 tin foil hat and cast myself in the role of a corporation
that wants to remove all entitlements in the U.S. for workers, or a banker,
I might be willing to take the short term hit in exchange for finally doing
away with social enitlements for middle class workers and below.

I have no faith that our leadership will fight these trends. We have to
do it.

Which reminds me: in October, the FCC will open a one week window for
non profit entities to file for full power FM stations. There is not much time
left to get the engineering report done, but if you want to go for it, 'today'
is when you need to start. Also: we need a NATIONAL BASIC CABLE CHANNEL
on the same tier as CNN and Fixed News. I think this is more important actually.
We need a Must Carry rule to push this through.

over and out

[Wiley50]

24. If my $623/mo SSI disability went away I'd be dead n/t

[Posteritatis]

11. A celebrity will eat breakfast, and astonished coverage will blot out the real news. (nt)

[karlrschneider]

12. Wholesale defenestrations?

:evilgrin:

[Manifestor_of_Light]

13. Read Dr. Ravi Batra's books.

He's an economics prof at SMU. He wrote "The Great Depression of 1990" in which he points out the similarities to the 20s. The depression he talks about was slowed by Clinton digging us out of a deficit and into a surplus, but Clinton added to the loss of jobs by passing NAFTA.

I wonder what the REAL unemployment rate is for discouraged and overqualified workers such as myself. It's probably close to 10 or 15%, I would think, although I am not a statistician.

Batra points out that the cause of a depression is a concentration of vast wealth in the hands of the rich, and eventually that leads to a revolution.

In his book he said that in 1987, the top 1 percent of the population had 36% of the wealth. I'm sure it's much higher now, since the poor are hammered and the middle class seems to have disappeared.

[OHdem10]

14. This is a great book--available in paperback

and easy reading.

[lovuian]

21. Socialism is on the rise

it has to come Capitalism is a failure

[Selatius]

26. If you removed the gimmickry in government reporting unemployment, it likely stands at 12% unemploye

Roughly speaking, according to shadowstats.com

I hardly think the US unemployment situation is any better than that found in France or Germany. They regularly report unemployment between 8 percent to 10 percent, but that's because they utilize ILO reporting standards in terms of unemployment numbers. We don't follow the ILO. The BLS decides what is unemployment.

[burrowowl]

16. It will ne worst than the last one

since people don't live near farms anymore and food is going to be a problem as well as it stransport etc.

[RaleighNCDUer]

19. Yep. Back in the 30s my dad was considered a "city boy" because

he lived in a town of 30,000 in Iowa. His mom was raised on a farm in the old country. My mom lived on a farm. They didn't see much cash, for years, but their families never went hungry.

A far smaller portion of the population lives on farms and in small towns these days. That obviously means there will be a whole lot more people worse off right from the git go.

[burrowowl]

20. My Grandmother fed lots of people passing through

because she had a dairy farm and raised food for the family, unfortunately a bit afterwards her herd got hoof and mouth disease and she lost everything. But both my grandmothers and my father taught me how to grow and process food, like how to grind corn for torillas, not the one who lost the farm, but my grandmother from Mexico. And from my Father, I know many of the Rio Grande edibles, like Mesquite beans, etc. But I am 60 and don't have anyone to impart this knowledge to.

[Vidar]

17. I agree with you on capitalism. My hope is that a wiser Europe &

South America will step in as far better world stewards, as the hopelessly corrupt US plunges into an ever faster decline.

[BlooInBloo]

22. End days! END DAYS!!!!!

:rofl:

[jazzjunkysue]

25. We occupy Iran. Now, give me a hard one. n/t.