Great Depression again?

[T-Man007]

Re: Great Depression again?

DJ, I have to disagree with the Grreat Depression theory.
The economy overall is doing pretty well. IE: Inflation is at a low, unemployment is down to the 4.4% range. More jobs are available, interest rates are edging down, GNP was at 3% last quarter. Tax rates are down, thus more money is available for workers, thus more taxes being paid, so tax collections areup. The deficiet is ahead of schedule on pay down.
The article refers to personal debt and credit card abuse.
Everyone nows wants what they want, when they want it, and are willing to go deeper in debt to have it to keep up with the Jones'. Credit has bbecome to easy to get and is to alluring not to use. Instant gratification is what everyone wants.
There is another angle to look at about this article. Maybe, Just Maybe, and this is a long shot, some people decided to pay off debt on credit cards they amassed form Christmas or other year ending reasons. That would shw a dip or a withdrawl form savings to clear debt.
Keep an eye out and see if in a few months a report comes out about personal savings is on an increase.
JMHO

Agreed. If the economy was in any way near that of the great depression, we wouldn't have the stock market hitting it's highest amount in history, as it did just a couple months ago. However, I for one will never buy into something like that. Even during the actual depression, people got rich. This county has way too much going on to every go through another great depression. Besides, before something like that ever happens this government would open up our oil store and start seeling them to our allies to creat jobs. We have enough oil tapped off throughout this country to create so many jobs you wouldn't believe, but my guess is they are waiting for the Middle East to dry up, which experts say is going to be about 30 to 50 years. Then gues who will be the absolute richest country in the world? Trust me, this county is fine and will be fine. The one thing that makes the most trouble for people is credit card debt, and I can promise you, if it gets to where CC debit puts this country in a bad place, the government will step in. Credit cards are the worst. Irresponsible people keep getting more and more and more. I did a loan for a guy once who lived in a $220k house and had $100k in CC debt. He owed almost half the amount of what his house was worth to CC companies. That's where the problem is. There is no check for income, you just fill out a piece of paper and if you pay your bill, you can keep getting more of them. The really needs to be limits on CC's.

[6p6]

Re: Great Depression again?

lets hope your wrong bro...lets just hope, but in what your right in is that most families live on paper alone, meaning one bad month could put you out on the street...

[Waterboy]

Re: Great Depression again?

DJ, I have to disagree with the Grreat Depression theory.
The economy overall is doing pretty well. IE: Inflation is at a low, unemployment is down to the 4.4% range. More jobs are available, interest rates are edging down, GNP was at 3% last quarter. Tax rates are down, thus more money is available for workers, thus more taxes being paid, so tax collections areup. The deficiet is ahead of schedule on pay down.
The article refers to personal debt and credit card abuse.
Everyone nows wants what they want, when they want it, and are willing to go deeper in debt to have it to keep up with the Jones'. Credit has bbecome to easy to get and is to alluring not to use. Instant gratification is what everyone wants.
There is another angle to look at about this article. Maybe, Just Maybe, and this is a long shot, some people decided to pay off debt on credit cards they amassed form Christmas or other year ending reasons. That would shw a dip or a withdrawl form savings to clear debt.
Keep an eye out and see if in a few months a report comes out about personal savings is on an increase.
JMHO

http://www.cbsnews.com/stories/2007/02/01/fyi/main2424655.shtml

I've mentioned before the my grandma said that today reminds her of how it was during the great depression. She said the only difference is food is readily available whereas it wasn't back then.

A few people downplayed that comment and said it was basically foolish to make such a statement. Well apparantely it's not to foolish, because this report is showing just how similar this country is economically!