Is an economic depression in our future ?

[steve2470]

Poll question: Is an economic depression in our future ?

Economic depression = as measured by National Bureau of Economic Research

[notesdev]

1. Our future?

It's our present. Strip away all the games played by TPTB and we have a 14% drop in GDP as of last year (no telling yet what the final damage is for this year).

[Mojorabbit]

2. I don't know

but there is going to be a huge housing reset in the next few years.


and I don't think the banks have rid themselves of toxic assets, outsourcing is continuing which further decimates the middle class, and if the EU problems
spread anything can happen.

[Hell Hath No Fury]

6. Holy smokes --

I hadn't seen a graph that went that far out -- there isn't a chance in hell to get refinancing of those bad/ARM loans -- too many homes underwater or unqualified homeowners.

Shit shit shit shit.

So much for us being able to sell my Mom's home anytime soon. :(

[brentspeak]

3. Already here

Some major cities are already in an economic depression, and several states are slipping into that category.

[chidy]

4. you must be young, or rich

or you wouldn't be asking. dood/ette: the New Depression is already here. tried to get a job lately? get a line of credit? open a business? build a client base? perhaps you should come to MI, where it's been a real, significant "recession" for over a decade now. start in detroit. that's america's future.

[Crazy Dave]

7. rec+

Welcome to DU chidy :hi:

[leftstreet]

8. +1

Welcome to DU!

[Warpy]

9. Welcome to DU

and I expect to see exurbs failing, too, as people lose not only houses but the transportation they needed to cope with an hour commute to a job.

Detroit seems to be making a lot of the hard decisions it needs to, razing housing that is irreparably damaged and allowing the community to use the land for gardening or sports. Oddly enough, Detroit might be one of the first places that rebuilds itself. All it needs is for industry, any industry, to take over the infrastructure left by the vanishing auto industries.

We have a long way to go and things will continue to worsen as long as our sissypants Congress is more afraid of losing corporate funding than it is of an outraged citizenry.

The only way to avoid the disaster next year will bring as the last of the ARMs reset is if Congress freezes them at their present rate and I don't see that happening as long as Congress resides comfortably in the banking industry's pocket.

[onehandle]

5. Depends on how generous our future overlords are feeling.

Help us Chinese Communists, you're our only hope.

[PFunk]

10. Yes.

And it will happen within the next 2 years before the next presidential election.

[xchrom]

11. I don't know -- but it's bothersome that so many stars

Are about to line up getting ready for one.