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A recession or a depression?

Rosenberg calls current economic conditions "a depression, and not just some garden-variety recession," and notes that any good news both during the initial 1929-33 recession and the one that began in 2008 triggered "euphoric response."

 
tnmomofive

Asked by tnmomofive at 7:51 AM on Aug. 25, 2010 in Politics & Current Events

Level 32 (56,190 Credits)
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Answers (14)
  • I agree with momjoy1027. Our household has made a lot of cut backs. We do without a lot of things, and we are fortunate enough that my husband still makes a good living. But when you live beyond your means, then things will eventually fall apart around you. I see people paying for homes and cars that they really just cannot afford. So when they end up losing that home or their car..... then its someone elses fault.

    However our President and our government need to tighten the purse strings. Everyone in america has had to take some sort of cut back in salary. So I think they need to as well. These people are greedy and stingy.... yet they want to blame corporate America for a lot of the problems. Corporate America is working their tales off to keep this country afloat.... too bad our government isn't :-(
    ratchetlee

    Answer by ratchetlee at 8:54 AM on Aug. 26, 2010

  • a recession IF anything...people need to learn to do without.
    shay1130

    Answer by shay1130 at 8:02 AM on Aug. 25, 2010

  • That will mean it's all on Obama and he won't be able to blame it on Bush this time.


    Oh, but I am sure he will try.  LOL.

    QuinnMae

    Answer by QuinnMae at 9:46 AM on Aug. 25, 2010

  • First you have to consider the source. Second...if you read all the comments, there is more intelligence in that audience than from the writer. And third....it all goes back to the old cliche of " It's a recession if your neighbor loses his job and a depression if you lose yours" It's all perception as far as recession/depression ( chong where are you?) We have had a few clients recently address the issue of last quarter plans to be prepared for Jan 3,2011 and which employees will not be employed that day. People have to do whatever they have to do in order to survive whether it be personal household budgets or small business affairs. This is what the people voted for...and that is really all I can say about that. ITA w/ what Shay said, only they should have learned to live without for the majority of their adult lives. You don't have to spend every dime you earn.

    jewjewbee

    Answer by jewjewbee at 8:11 AM on Aug. 25, 2010

  • He points out that O's wonderful all saving plan is a fail..I think we haven't seen the worst yet it is yet to come..
    -------
    coming from CNBC yeah that is significant.
    The worst is still yet to come.
    jewjewbee

    Answer by jewjewbee at 8:15 AM on Aug. 25, 2010

  • It's certainly depressing but I don't think it is a depression. I really don't know what the criteria for a depression is.
    It's obvious things are heading south right now so it's still a possibility I guess. Obama and Biden keep saying things are getting better and the stimulus has been working which is bull****. Anyone with eyes can tell that's not true.
    I really think they should have held back the bragging because it's gonna hurt them really bad when they start calling it a double dip recession. That will mean it's all on Obama and he won't be able to blame it on Bush this time.
    itsmesteph11

    Answer by itsmesteph11 at 9:18 AM on Aug. 25, 2010

  • I dont think it matters what you call it- our economy sucks!
    mrsmom110

    Answer by mrsmom110 at 8:00 AM on Aug. 25, 2010

  • In the rust belt region, I don't think we ever recovered from the last recession in the eighties. It is very bleak here in quite a depressing way. I think somewhere the powers that be in America forgot the simple formula for a strong economy. I'd love to point out to politicians and corporate board members that the economy is at its best when money is free flowing from consumers. To have money free flowing from consumers they need to have JOBS. For these consumers to have jobs, we need to MAKE things in THIS country. I heard this past week that our local FORD Casting Plant is closing to move the jobs to Mexico. Last month the Chrysler Stamping Plant closed its door for good after four or more decades here. I live in a place built on Steel and Cars. The regional governments here never looked to a future without steel and cars and one day they woke up and realized that the steel and cars left a decade ago....
    WoodWitch

    Answer by WoodWitch at 8:15 AM on Aug. 25, 2010

  • ...people need to learn to do without.


    I think this should start with our President. He needs to be an example to the American people. If we can do with out the extras, don't think its hard to ask him to do the same....especially when he's spending OUR money for frivolous things.

    momjoy1027

    Answer by momjoy1027 at 8:38 AM on Aug. 26, 2010

  • Exactly ratch... But when you live beyond your means, then things will eventually fall apart around you.


    If you live above your means today, you will live below them tomorrow. That goes for everyone, including the POTUS....but you know, whats a $375K vacay? Pssst, chump change :P

    momjoy1027

    Answer by momjoy1027 at 9:14 AM on Aug. 26, 2010