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Old 10-10-2008, 11:18 AM   #1
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Great Depression 2.0

I am sure u all have heard about it but just to refresh your memories the stock market has crashed its has lost almost 50% of its value many people are saying this is the start of the great depression 2.0. I say 2.0 because according to the economist if this turns into a great depression it will be global which is clearly an upgrade to the original which was pretty much confined to the USA. Anyway whats ure thoughts.
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Old 10-10-2008, 12:03 PM   #2
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Re: Great Depression 2.0

If this happens, the world's history. It only goes downhill from there.

Think about it. Gas from a little over $1.00 a gallon now up to $4.00 at least. And so many petroleum and gas companies are blaming it on what? Katrina 4 or 5 years ago.

Food prices are rising in case no one has seen it. Everyday food is beginning to cost a little more. Sort of like gas did, but in its time, there will be a shocking rise. That's what I think. Open for correction. I support prez's idea.
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Old 10-10-2008, 12:51 PM   #3
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Re: Great Depression 2.0

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Originally Posted by prez420 View Post
I am sure u all have heard about it but just to refresh your memories the stock market has crashed its has lost almost 50% of its value many people are saying this is the start of the great depression 2.0. I say 2.0 because according to the economist if this turns into a great depression it will be global which is clearly an upgrade to the original which was pretty much confined to the USA. Anyway whats ure thoughts.
wow u know nothing about the depression and what we did to prevent another one do u? It is almost impossable to have another great depression because we have put safe guards on banks and we have stock market regulatoins. The only reason we were in a depression in the first place was because people were minipulating the stock markets. Now we have regulations so that wont happen. The stock market has gone down a considerable amount but it will get back up there and our economy will be better than ever. It has done this time and time again u just have to wait.

and btw were do u get ur sources???? what fox news?? and u say economist like u know one all powerful econmist.....an opinion is an opinion but history is a fact(well if u get the right sources)
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Old 10-10-2008, 12:54 PM   #4
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Re: Great Depression 2.0

Quote:
Originally Posted by prez420 View Post
I am sure u all have heard about it but just to refresh your memories the stock market has crashed its has lost almost 50% of its value many people are saying this is the start of the great depression 2.0. I say 2.0 because according to the economist if this turns into a great depression it will be global which is clearly an upgrade to the original which was pretty much confined to the USA. Anyway whats ure thoughts.
Actually the original Great Depression also hit Europe pretty hard too, thanks to a series of debts that were placed around. It pretty much hit everywhere that US dollers were mainly due. However I do agree on the fact that it's quite worse than the original, seeing that the drops are more sudden and steep (800 points in one day!). On the bright side, gold's still going up at the moment.

Quote:
Originally Posted by Shikaratsu View Post
If this happens, the world's history. It only goes downhill from there.

Think about it. Gas from a little over $1.00 a gallon now up to $4.00 at least. And so many petroleum and gas companies are blaming it on what? Katrina 4 or 5 years ago.

Food prices are rising in case no one has seen it. Everyday food is beginning to cost a little more. Sort of like gas did, but in its time, there will be a shocking rise. That's what I think. Open for correction. I support prez's idea.
A bit pessimistic aren't we? You seem to forget about the great Jacksonian economic crisis in the 1830s, the original Great Depression of the 1930s, and the economic crisis of the 1970s (gas price quadrupled there and food costs increased insanely here as well). If that's any indication to anything, then that means that eventually the economy's going to heal, it wil just take time, and some support. We've survived worse stuff than this, and we'll continue to do so.
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Old 10-10-2008, 02:03 PM   #5
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Re: Great Depression 2.0

And we only have to make sure it doesn't get any worse because you say that now and you'll be saying that when gas rises another 5 dollars. Eventually this will be the attitude of alot of people but where would they be? Still in the bottom.
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Old 10-10-2008, 02:58 PM   #6
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Re: Great Depression 2.0

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Originally Posted by Shikaratsu View Post
And we only have to make sure it doesn't get any worse because you say that now and you'll be saying that when gas rises another 5 dollars. Eventually this will be the attitude of alot of people but where would they be? Still in the bottom.
You kind of lost me there on your rebuttal. You start off saying that we have to make sure it doesn't get any worse, even though intervention can help or hurt the economy even more. It can help if the correct measures are taken to address the original cause of the economic disaster. But it could also cripple the economy even more or have no effect on it if the wrong measures are taken. So trying to fix something without knowledge on it's inner workings makes economic aid a bit of a wild card.

Will I keep saying the economy will eventually recover, even as it gets worse? Yes, I will. Because it will get better as time goes on naturally (although human interferrance will be a factor). That's what always happens. There's a reason why there's such a thing as an economic cycle.

Plus next time, don't make an assumption on what people will think or where they will be. No one is capable of seeing that.
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Old 10-10-2008, 03:09 PM   #7
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Re: Great Depression 2.0

This ain't like the Great Depression. At that time, people would actually lose the money that they had stored in the banks. They'd close shop, lock the doors, and not give people their cash. That's pretty much an impossible feat now.

This is just more like the economic scare of the 1970s. They called it the Depression 2.0 at the time as well.
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Old 10-10-2008, 05:36 PM   #8
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Re: Great Depression 2.0

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Originally Posted by slayer91 View Post
wow u know nothing about the depression and what we did to prevent another one do u? It is almost impossable to have another great depression because we have put safe guards on banks and we have stock market regulatoins. The only reason we were in a depression in the first place was because people were minipulating the stock markets. Now we have regulations so that wont happen. The stock market has gone down a considerable amount but it will get back up there and our economy will be better than ever. It has done this time and time again u just have to wait.

and btw were do u get ur sources???? what fox news?? and u say economist like u know one all powerful econmist.....an opinion is an opinion but history is a fact(well if u get the right sources)
Its clear you didn't read my post because I stated almost nothing about the causes of the original great depression. Also your knowledge of the causes of the original great depression are lacking if you think the only reason it happened was because of market manipulation. The original great depression had quite a few things that came together to cause it. Market manipulators played a role but they couldn't have caused it alone because their reach just didn't go that far. If there is a single entity that holds the most responsibility for the original great depression its the Federal Reserve because they made the problem alot worst than it should have been, the irony is the fed reserve was put into place a few years earlier to stop something like the great depression from happening. Various things happened as result of the actions of the federal reserve the biggest one being the run on the banks causing the banks to collapse because they simply didn't have enough money to pay out all the accounts and people lost their entire life savings in the blink of a eye. One of the safeguards was the creation of the FDIC it pretty much guarantees that even if your bank collapses the government will reimburse you for the amount of money in your account up to a set amount that amount changes from time to time it stands at 250k for each account today in the FDIC insured banks. What u fail to understand is that the safeguards like the FDIC dont cover all the holes namely the credit hole.

Nearly all corporations borrow money from banks to hire and purchase things if the corps cant borrow money they cant hire new people most cant even afford to pay the people the already have. That is not even counting the fact that they haven't sold anything yet and need the banks to loan them the money to buy what they need to make w/e it is they are planning to sell. What that means is if companies cant produce their goods and pay their people then those people cant spend that money in other parts of the economy which leads to other people getting layed off because the company isn't selling enough of their product, its vicious circle and the availability of credit is at the center of it all.

I have barely scratched the surface on how dire it is to have the credit markets locked up I can go into alot more detail if you wish but it will get pretty complex because credit is the single most important thing in the global economy. As for my sources I have read various books on the original great depression because I have always felt it was the greatest turning point in American domestic policy in history. If u want me to list the books just let me know but I'm sure for every book I have read on the great depression there are a thousand more so u shouldn't have any trouble finding one. As for the economist saying this market could be the start of the great depression 2.0 I saw them on cnbc and market watch I can look up their names for you if u wish its not like they are private economist I keep in my pocket. I get my market news from public sources like everyone else but I try to stick to specialist because quite frankly cnn and fox news are general news stations they may have news on the markets but they dont go into any real depth. Anyway I will link to market watch and cnbc below just encase you dont know how to work Google.

Market Watch

CNBC
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Old 10-10-2008, 06:34 PM   #9
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Re: Great Depression 2.0

this depression is GREEEEAT!
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Old 10-12-2008, 01:34 AM   #10
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Re: Great Depression 2.0

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Originally Posted by Slayer91
history is a fact(well if u get the right sources)
LOLOLOLOL!!!!!!! Dude, history is also an opinion

@ Prez420: you are well informed, however, unlike the early 30's we have something now that we did not have before, namely experience o.o.

If the government plays their cards right, run a persistent deficit and increase leakages into the economy, there is a chance that EG will recover itself before we get to teh stage of Depression 2.0.

While there are many who disagree with the bailouts, AT THE MOMENT it is the only real "solution" [albeit a quick fix].

the impending recession is inevitable, as the economic cycle dictates, however, a Depression is very much avoidable.

Also there is the slim chance that other nations will come to the aid of america, considering how central it is to the operation of market systems aroudn the world.

either way, i repeat, Depression 2.0 is something to be careful of, but if the american government and governments around the world play teh right cards and learn from history [which the agreement for bailouts of AIG and the recent bailout scheme as attested to] then as DA has said, it should merely be another scare, and the economy may bounce back [as it always does]

Don't forget people that the economy is a cyclic force, if a recession or a depression happens it is NOT the end of the world, it is merely a correction of overly confident and ruthless economic activity. =]
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Old 10-12-2008, 01:51 AM   #11
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Re: Great Depression 2.0

Sounds like the capitalist economy is eating America
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Old 10-12-2008, 12:21 PM   #12
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Re: Great Depression 2.0

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Originally Posted by Ero View Post
@ Prez420: you are well informed, however, unlike the early 30's we have something now that we did not have before, namely experience o.o.

If the government plays their cards right, run a persistent deficit and increase leakages into the economy, there is a chance that EG will recover itself before we get to teh stage of Depression 2.0.

While there are many who disagree with the bailouts, AT THE MOMENT it is the only real "solution" [albeit a quick fix].

the impending recession is inevitable, as the economic cycle dictates, however, a Depression is very much avoidable.

Also there is the slim chance that other nations will come to the aid of america, considering how central it is to the operation of market systems aroudn the world.

either way, i repeat, Depression 2.0 is something to be careful of, but if the american government and governments around the world play teh right cards and learn from history [which the agreement for bailouts of AIG and the recent bailout scheme as attested to] then as DA has said, it should merely be another scare, and the economy may bounce back [as it always does]

Don't forget people that the economy is a cyclic force, if a recession or a depression happens it is NOT the end of the world, it is merely a correction of overly confident and ruthless economic activity. =]
While I do agree with most of what you said there are a few key points I think you are over looking. The bailouts do help in the short term but in the mid-term I feel they will do more harm than if the government did nothing. The reason I say this is because the government didn't have the money for these bailouts so they had to borrow the money which in turn will devalue the dollar causing more inflation in the mid-term. Which will cause even more people to default on their mortgages because if it comes down to buying food or paying their mortgage 99% of the people will choose food over paying their mortgage. What started this whole problem was people that never should have been given mortgages to start with and ended up getting mortgages that were flex-rate and right at the top of their budget. The government and the fed are walking a very tight rope with these bailouts because they just might increase the problem by increasing the number of people defaulting on there mortgages. I am disappointed in Bernanke because he is so wrapped up in the causes of the original great depression that he doesn't see that this time its a bit different. So while I agree the bailouts would have worked if this was OCT 24 1929 but with today's economic environment Bernanke needs to tweak his plan of attack.


On a side note Im glad your so well informed ero way to many people dont take the time to try and understand whats going which is really sad because what is happening on wall street has the very real chance of effecting their lives in a extreme way. I also find it funny when people say that another great depression cant happen because at the time b4 the original great depression many people were saying simaler things because the 1920s weren't called the roaring 20s for nothing. People should know anything is possible just ask the builders of Titanic the unsinkable ship.

"We will not have any more crashes in our time."
John Maynard Keynes 1927
- 2 years b4 black Thursday

"There will be no interruption of our permanent prosperity."
Myron E. Forbes, President, Pierce Arrow Co.,1928
- 1 year b4 black Thursday


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Old 12-12-2008, 10:15 AM   #13
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Re: Great Depression 2.0

I'm sure, if you have heard it yet, that alot of jobs are beginning to be laid off. This is a stern warning. George Bush said it himself. "This is a sign of the times." The depression is only the beginning of "the times". People are starting to kick themselves for their mistakes. Rich people invest in a lot of stuff and pay a lot for businesses and now they have to lay off their employees. A car company's stock is going down and, no doubt, will have to go out of business soon. What else do we need? Stores to close from being robbed?

The atmosphere and weather is reacting more to peoples' carelessness. As of yesterday, almost all of the US was under precipitation and Louisiana holds the historical record for the greatest snowfall ever seen in December and the greatest fall for this state since the 1950's. Sure, we can blame it all on the oceans and glaciers, but who really causes it? It's Chain Reaction, the movie, in life. We weaken the ozone, setting off the glacier warming issue, which sets off the issue with a lack of water balance, which then creates all of these freaking weather issues all across the globe. It's all us humans. We are our worst enemies.

Yes we're entering a depression and guess who's responsible for it? The ones complaining about it. Us. Now, we are nearing what we fear as "The end of the world". Now, we just wait for more signs, some of which has already began such as "the turning of nation against nation." War. Poverty. Illness like the disease killing everyone in Africa. Kings and governments. More and more, I think they are headed to dictatorships. Indeed, it is a sign of the times.

Speech over. XD
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Old 12-12-2008, 01:45 PM   #14
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Re: Great Depression 2.0

Great Depression 2.0? Well, I don't see any soup lines. I don't see anyone jumping out of buildings. What I do see is people still buying items from retailers, sales from Black Friday are up 3% from last year. And I also see a bunch of "experts" telling people crap like Great Depression 2.0. These are the same idiotic experts who told us to invest in the strong housing market, and invest in Freddie Mae and Fannie Mac. So, no, no GD 2.0.

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Old 02-07-2009, 08:56 PM   #15
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Re: Great Depression 2.0

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Great Depression 2.0? Well, I don't see any soup lines. I don't see anyone jumping out of buildings. What I do see is people still buying items from retailers, sales from Black Friday are up 3% from last year. And I also see a bunch of "experts" telling people crap like Great Depression 2.0. These are the same idiotic experts who told us to invest in the strong housing market, and invest in Freddie Mae and Fannie Mac. So, no, no GD 2.0.


I think your missing the point because there were no soup lines in 1928 ether but there were clear signs something was wrong. Black Friday sales were up but overall sales were down in the 4th quarter. That means people bought less this holiday season. The whole point of this topic being on the table is to prevent the soup lines because once you start seeing soup lines its already to late.
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