How bad is it?

how bad is the economy really? being born in the 80's i dont remember many of the bad times from then. so my question is, how does the economy today compare to the black monday timeframe or other recent recessions that i was still too young to remember? is it really the worst since the great depression?

Or, how is the economy right now effecting you? are you seeing harder times right now? are your credit limits being reduced? is it impossible for you to buy a car? a house? I have yet to meet anyone effected by this so far (main problem most people i talk to are gas prices which are finally going down). since i dont see it happening around me, i wonder if much of what is going on is a panic being caused by the media saying how bad everything is and is going to get. obviously that is not the case since the world economy is struggling. I also live in texas which i hear has not been effected by the economy as bad as many other areas in the USA, which would probably give me a skewed point of view.

Not to sound rude, but I would assume you are higher class or at least upper middle class? My family and I can barely afford groceries, where it used to not be a problem at all. Everyone in my family has a nice job too, its just that prices rise while salaries don't. The economic issues will get a lot worse if the markets crash comletely...then everyone will feel it.

Prepare for the worst, hope for the best.

First and foremost get rid of any debt - PERIOD.

JK

reply to post by goldbomb444


well, im far from upper class, more lower middle class, but i dont have any kids so its a little easier. what im really trying to get at, is compared with our country's past when i was too young to know what was going on, how does the current situation compare to past recessions and the like? what was the economy like around black monday and what was life like with that going on? i guess im trying to see what were peoples memories of previous situations like this and their thoughts on if it is better or worse now than it was then.


[edit on 8-10-2008 by tdubz]

Originally posted by tdubz
what im really trying to get at, is compared with our country's past when i was too young to know what was going on, how does the current situation compare to past recessions and the like?
[edit on 8-10-2008 by tdubz]

tdubz:

How does it compare? Nobody can honestly answer that for you because we are literally in "no-man's land" here. We don't no.

I read a quote today that reverberated with me big time.

"It's like a massive hi-speed 5000 car highway pileup, and the ambulances can't get to the scene to assess the damage".

JK

[edit on 8-10-2008 by leo123]