Recession coming

[Partial]

Do you fear that a major recession is coming? I am reading nothing but negative news about a potential 2nd great depression coming up in the next couple of years with crazy high inflation, unemployment, etc.

[Harlan Huckleby]

I think this topic was already covered in the "What did you cook/have for dinner?" thread.

[Jimx29]

I think this topic was already covered in the "What did you cook/have for dinner?" thread.

Now there's a logical place to have it discussed

[Freak Out]

I think this topic was already covered in the "What did you cook/have for dinner?" thread.

Now there's a logical place to have it discussed

Beans and rice amigo.

[MJZiggy]

Thanks for the warning...

[Partial]

Well, what can be done to prevent this and what can we reasonably expect to see change over the next few years? I am terrified that I won't have a good paying job after college.

[Patler]

You can do nothing to prevent it. None of us can. But, don't worry about it. We may have times of high inflation, astronomical interest rates and unemployment. We had them not that long ago. If it happens you will do what you have to. Any job is a good job when times are bad. But a Great Depression like 80 years ago? Not so likely, in my opinion.

[MJZiggy]

You can do nothing to prevent it. None of us can. But, don't worry about it. We may have times of high inflation, astronomical interest rates and unemployment. We had them not that long ago. If it happens you will do what you have to. Any job is a good job when times are bad. But a Great Depression like 80 years ago? Not so likely, in my opinion.

I thought they learned enough from the Great Depression to prevent it happening again. The recession can't be too bad. I just got a job.

[LL2]

A recession is defined by 6 consecutive months of negative GDP (gross domestic product) growth. I'm not sure how the GDP did the past couple months, but we will not know for a few months if we are in a recession for sure.

It's more likely that we are in a period of stagflation. Where inflation is growing (which we see in rising food and gas prices), and where unemployment is rising. A ying/yang going on at the same time.

[red]

but our shit for brains president says we are definatly not going into a recession

honestly, does anyone believe or even listen to anything that comes out of that jackasses mouth? i think both parties just roll their eyes and ignore him at this point

[Patler]

Recessions come and go. Yes they can cause some difficulties, but you do what you have to. That's why I said don't worry now about it.

The question was, are we heading to another great depression? That, I think is highly unlikely. There are protections in the banking and investment sectors to curb the panic situations that were a big part of the Depression.

[Harlan Huckleby]

But, don't worry about it. We may have times of high inflation, astronomical interest rates and unemployment.

boy, this reminds me of the standard definition of a recession: A recession is when your neighbor loses his job. A depression is when you lose yours.

[Patler]

But, don't worry about it. We may have times of high inflation, astronomical interest rates and unemployment.

boy, this reminds me of the standard definition of a recession: A recession is when your neighbor loses his job. A depression is when you lose yours.

Nice of you to interrupt the thought by talking only part of the quote. (Manipulative bastard! ) I went on to say that people cope. They do what they have to do.

What good does it do to worry about it now? Does that make it less likely to occur? Of course not.

[Patler]

But, don't worry about it. We may have times of high inflation, astronomical interest rates and unemployment.

boy, this reminds me of the standard definition of a recession: A recession is when your neighbor loses his job. A depression is when you lose yours.

.....and who are you calling "boy"?

[Tony Oday]

Honestly we just need to identify which industry we will ride through the current credit crunch. That is what it is, when the banks resolidify what they do you will see more borrowing again and that is what the US economy is based on CREDIT.

[MJZiggy]

Honestly we just need to identify which industry we will ride through the current credit crunch. That is what it is, when the banks resolidify what they do you will see more borrowing again and that is what the US economy is based on CREDIT.

I thought it was based on the yen at the moment...

[GBRulz]

I have no doubt that the high gas prices have effected the economy and how people spend their money. However, the biggest problem overall is people overspending beyond their means. I bought my house 6 years ago and I couldn't believe how much I was pre-qualified for. Um, I'd like to have a life outside of paying for my mortgage payment, thank you. However, some people of course took advantage of every penny of credit thrown their way, especially with those ARMs the banks coaxed them with.

What you're hearing about now are the credit problems and the foreclosures. Sure, I know some are affected through job loss, but most are affected because they overspent to begin with.

If I were a betting person, I'd put money on gas prices going down once George W is out of office.

[Partial]

Gas Prices are going to keep going up because the economy is crappy and the dollar is down big time. I remember when Canadian prices for video games were 10-20 dollars higher when I was a little kid, and now they're cheaper!!

Oil has remained fairly constant with gold.

[Freak Out]

Now that Chavez is sending forces to the border with Columbia expect oil to take another leap on Monday.
Anyone seeing lines at the gas pump and rationing yet? Stations out of fuel?

[MJZiggy]

No, but I did see $3.45 a gallon in the yuppie part of town.