I hate to be the voice of doom (economically speaking) but,

[rateyes]

we're doomed. The Great Depression will look like a damned cake-walk when it's all over with. Just hope, after Obama is elected, he won't take the blame for what the Republicans have done to this country.

We need another New Deal.

[LeftyFingerPop]

1. Agreed. Everything is too broken. n/t

[gateley]

2. I think it'll be worse.

We, and the world, are completely different than we were back then. There are challenges and threats now that have never existed before. I think this will have to be a process and it will be a long hard road back to security and well being.

[sandnsea]

5. Uh, what happened to the great and stable economy?

Didn't you just say yesterday that we had the greatest economy in history?

[gateley]

14. DId you mean to address this to me?

If so, you have me confused with somebody else because I've been bitching and really worried about the economy for a LONG time. :hi:

[adigal]

3. I worry about my husband's pension from NY state

and my future pension. I read on the Daily Kos last year that lots of Wall St thieves were packaging the bad debt with good debt and selling it to their cronies who run pension funds. I am waiting for that bad news to hit.

[DemoRabbit]

8. I'm worried about my Mom's... she's a county employee

and she called in a panic the other night about how it's all through AIG.

She's two years from retirement... only if there's any money left.

[shanti]

12. i can totally sympatize

with your mother! my pensioned retirement is planned for 2011, but i don't believe i'll ever see a penny of it.

[sandnsea]

15. NY is a state in financial trouble too

I read 4-5 yesterday, CA and NY among them, serious financial problems. It's stunning that everything could go this bad in such a short time.

[elocs]

4. The trouble is that people have predicted doom and the sky is falling so often and it hasn't

that how many will believe them when it really is about to happen? In the story of the boy who cried wolf, the wolf eventually did come but nobody believed the kid because, well, he cried "wolf!" all the time when none was really there. If I always predict rain, eventually I will be right, but doing so when the sky is dark is not particularly prescient on my part.

[Atman]

9. It's happening now. Just as I, one of the "sky is falling" people, said it would.

What's the deal, a prediction or warning doesn't count unless the event happens within a 24 hour cycle or something? I've posted about this on my DU journal and KOS and several times over the last couple of years. I never said it was going to happen tomorrow, I said it was in the process of happening and that we'd better be prepared.

And now, BOOM. Here it is.

:shrug:

.

[shanti]

13. thank you!

some people don't see things unless they are smacked upside the head with it, and some not even then!

[Liberal Gramma]

6. From what I've heard...

a New New Deal is exactly what he is proposing. Putting people to work rebuilding the infrastructure of the country, giving a hand up to green start-ups, investing in education and health care.

[Ganja Ninja]

7. Things are different today.

Unlike the 1930's it's the age of computers and money can change hands with the click of a mouse. I think that will be a big factor in how bad this gets and how long it takes to recover.

[CoffeeCat]

10. I only have a minor in economics...

...and I am so unclear about what is going to happen to our economy.

My general sense is that our economy was running on borrowed money. It was propped up by people maxing
credit cards, taking out home-equity loans and obtaining home-mortgage loans that they couldn't afford.

That is all coming to a screeching halt. There will be less money in the economy without that borrowed money.
Furthermore, more people will begin paying off those credit cards and going into saving mode. This means
a large contraction in spending--which spells bad news for small businesses and other retail outlets. I imagine
that restaurants, furniture stores, home-improvement stores, local gift/craft shops, bookstores,
big-box retail, clothing stores--and just about any store that relies on discretionary income---will not
suffer greatly. As a result, we'll see many business failures, stock drops in larger chains and this will
fuel unemployment.

I'm no expert, but the credit contraction--to me--spells major adjustment.

There are so many other factors...the dollar being devalued, our unprecedented national debt, the fall of these
investments houses and AIG...and I can't even begin to comprehend what the impact will be on Joe six-pack.

I admit...I don't fully understand.

The media doesn't tell us the truth. All I hear is, "What a great time to buy!" from CNN and MSNBC.

It's all a big question mark to me. I'm hoping I'm not the idiot out there.

[pansypoo53219]

11. it has gone beyond the bank took the farm and small bank failures.

luckily it seems a tad better in the middle. this time the coasts are really gonna hurt.