USA 2008: The Great Depression

USA 2008: The Great Depression

www.independent.co.uk

We knew things were bad on Wall Street, but on Main Street it may be worse. Startling official statistics show that as a new economic recession stalks the United States, a record number of Americans will shortly be depending on food stamps just to feed themselves and their families.


Dismal projections by the Congressional Budget Office in Washington suggest that in the fiscal year starting in October, 28 million people in the US will be using government food stamps to buy essential groceries, the highest level since the food assistance programme was introduced in the 1960s.

(visit the link for the full news article)

Why are we not hearing any of this on the MSM?

In the meantime, we've got the FED doing hundreds of billions in bail-out to banks, while record numbers of people are losing their homes and struggling to EAT!

We're sending how many BILLIONS overseas on these invasions? How about investing some of that money at home here in OUR country and worrying about the DEPRESSION that is upon us? Oh, wait, we're still not in a recession "officially" accodrding to the financial 'experts' running things, right?

www.independent.co.uk
(visit the link for the full news article)

[edit on 31-3-2008 by DimensionalDetective]

Instead of covering what's happening to our country, they have us all mesmerized by the feud going on between Clinton and Obama. When the bottom actually does fall out from under our feet, then they'll cover it..

Unfortunately most of us won't have electricity for our TV sets to watch it. Oh well.. It was nice while it lasted.



[edit on 4/1/08 by LLoyd45]

Wow, that's a pretty poor outlook.

War, recession, split down the middle politically, raging crime, a ramp up of surveillance.

You guys aren't having it very good at the moment are you?

Yeah even the stock market us up this morning on news that 2 huge banks have to raise money because they are in trouble. Just another clear separation from reality. Good post.

reply to post by DimensionalDetective

We are approaching the most serious economic crisis since the great depression, and American life is going to be disrupted in ways that we cannot now imagine. The reason is that there is too much debt, and the new bankruptcy law means that, because those debts can never be discharged, the economy will never get the chance to restart itself that has brought it out of so many slumps in the past. What is worse, the ordinary American debtor is not to blame. There is only one debtor to blame. It is the federal debtor.

www.unknowncountry.com...

The Federal Reserve got us in this mess back in 1929. Since China refused to purchase anymore US debt our economy started spiralling out of control. it cannot be stopped!

One more 'doom and gloom' article for the thread...

"A FALL WORSE THAN THE GREAT DEPRESSION"


www.telegraphindia.com...

Let's say that we do fall into another depression, hypothetically. How would we get out of it?

Since the massive ammounts of debt brought on by the Iraq war has helped to get us where we are today, we can't war our way out of it like last time. I would be curious to see what people propose to get us out of this situation. It really seems like the only solutions thus far have been band aid fixes at best that will only lengthen the time we can exist in this debt based economy.

It really seems like something drastic will have to happen. I don't like to think of the worst case scenario in this situation.

As I keep pointing out, a depression is just a long recession which is over 18 months to a year.

The US has not been in a recession that long, probably only two months at the most. I do believe the headline and story is being misunderstood, it is just focusing on the social aspects of the economic problem. It is a "great depression" to some people, but not depression in what some are thinking.

reply to post by infinite


we are not in a recission, i agree, we are now in a depression. please read my post above regarding the downward spiral since march, 2007!

this is utter nonsence to say we have not been in a recession for say 2 months tops.

reply to post by musselwhite


Unless there is negative growth in the last couple of months, you can't proclaim there is a recession. Even if its just .01 percent growth.

reply to post by musselwhite


Do you even know what a economic depression is?
Correct me if I am wrong but the US has not experienced negitive growth since 2001 (see chart)



As for the link you posted, a website that has a story called "Triumph of the Sea Gods" is not the best place for economic news

an economic depression results in there being no jobs. there are no jobs for the little people. screw the chart. this little, insignificant person, said in april 2007 the US was headed for a recession when China refused to buy into our failing dollar and for the longest time those in the know kept telling me we were not in a recession. there is nothing you can present or say that will convince me otherwise. there are no jobs. we are in a depression.

reply to post by infinite


With all do respect, I feel like your giving me the definition of a train wreck as I'm standing next to the washed out bridge and watching the engine go over.

The indicators leading into this dwarf the indicators that lead into previous recessions of recent times. Many parts of the equation are Unprecedented.

Have to agree with you Musselwhite. Our jobs have been outsourced and there are too many people struggling just to get by, for it NOT to be a depression. When was the last time anyone here heard about the Hooverville tent cities on this large of a scale before?

There has been talk among economists for years now about how we're due for a depression. The signs have all been there for a long time. How do we know that they are telling us the REAL figures on their govt reports??

reply to post by musselwhite


I'm not aiming to convince you because it is impossible. I'm not being rude, just honest. Use common sense and allow it to be accepted in a thread. You say "screw the chat", but it is proving you wrong. The US did not enter a recession in april 2007 and is not in a depression now.

Unemployment may be growing, but for now the US has not experienced negative growth. That happens in a recession and majorly in a economic depression. US experienced -15% GDP during the Great Depression. In your "depression", this is not happening and there is no evidence is about to happen.

You are misleading ATS members by suggesting otherwise. However, I post in this thread to give a balance view to members who are willing to listen to others.

And, a warning to all, I've been reading on many conspiracy sites (including ATS) about "stocking up" on food and removing money from bank accounts. Paranoid actions like this are not wise. You'll end up creating a massive economic problem by your own actions.

This is the best alternative economic site, well worth the read.

...... and meanwhile gold prices continue to rocket (and break all records).

Gold is seen as an attractive investment in times of economic uncertainty and oil-led inflation.

When the clearer picture of the true state of the US economy gets mainstream media attention, Gold at $1000+ an ounce will on the cards.

reply to post by forestlady


we have been told by Bush so many times our economy is ok over the past year. what was the term used to describe our economic status prior to Bush admitting we were in a recission?

thanks Forestlady. there are those who cannot see the forest for the trees!

reply to post by HimWhoHathAnEar


Of course a depression is train wreck.
You are in for a tough recession, nothing to suggest a depression yet. Now, if the Petrol Dollar cycle stopped...we would be talking something major.

forestlady.

Believe it or not, government reports are the best figures for the economy. Only problem is politicans like to spin them, so always read them yourself

reply to post by infinite
excuse the typo...i meant charts. i did say we were headed into a recession back in april 2007. polls, charts, whatever, will never take the place of what is actually going on.