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Our enconomy.......

Do you think that our economy is too far in the hole that no matter which president is elected (and please don't start bashing either president's here thats not what this question is for), it will take him a lot of time to get us out? Or do you believe that it is something that won't take long at all?

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Married2theBest

Asked by Married2theBest at 8:31 PM on Oct. 10, 2008 in Politics & Current Events

Level 2 (13 Credits)
Answers (12)
  • Well i was talking with my FIL today.
    He is 82 he lived thru the first depression and he said , " Im scared of the times right now,"

    He beleives we are heading into another depression, he isnt one of them older people whom just sit there,
    He pays attention to what is going on ,
    He says to me .
    Before the baby is born,* im preggos* she will already owe debt and be paying for this crap for who knows long, and he is right,
    LexsiesMommy

    Answer by LexsiesMommy at 8:34 PM on Oct. 10, 2008

  • I agree I am honestly scared for our childrens future *I'm preggers right now as well with an almost 15 month old)
    Married2theBest

    Answer by Married2theBest at 8:36 PM on Oct. 10, 2008

  • It will even out. But I think (and hope and pray) that the days of 90 days same as cash, finance your mcdonalds burger, we give credit to anyone with a pulse (and some without) are over. We all need to start living like the old days. No cash, no purchase. Mortgages need to be given out with strict underwriting guidelines. This may take a long time to get use to, as long as the great depression, but i think in the end, what we are going thru at this moment is 100% nessacary.
    Anonymous

    Answer by Anonymous at 9:14 PM on Oct. 10, 2008

  • It doesn't matter which President gets in.
    Partly because the entire world's economy is so far in the hole.
    And partly because the President can't change anything - CONGRESS writes the budget and makes the laws. Yes, Bush asked Congress for the bailout package. But you know what? They could have said no. Congress does not have to do what the President asks or wants. If the President can get the two major parties to work together, then he can get things done. If he can't, then Congress won't do anything.
    kaycee14

    Answer by kaycee14 at 9:18 PM on Oct. 10, 2008

  • i don't believe that the economy is as bad as it has been made to be. we have had this issue in the past and most people like me haven't noticed cause i was young. maybe the older ladies have. it's harder for the poor and not the rich and even though the US is spending more then we have it circles around and we are still a strong and growing country. we need to save the big companies to continue to save this country. if they crucify them then we hurt ourselves and the economy. i agree i wish that we were back to horse and buggie and trades for services like we all can perform or have the equipment to get a job done. why is it so hard to do that. sometimes i think of the dollar as just green paper that rules the world and causes death cause of greed. i know it's back by money but i have never seen this gold and why is this gold so valuable. well i guess cause the US makes be so.
    melody77

    Answer by melody77 at 11:02 PM on Oct. 10, 2008

  • There used to be an old saying that you couldn't get a bank loan unless you could prove you didn't need it. Now that was a (slight) exageration, but not much. In the past few years though banks started giving out mortgages and unsecured loans like lollipops. ANYONE could get them, people who had just gone bankrupt, people on public assistance, even people who were illegal immigrants for gosh sake!
    I think it's going to take a whole lot longer to get out of this mess than it took to get into it, and it's going to hurt everyone financially. There are going to be higher taxes and less social programs for 2 or 3 generations.
    pagan_mama

    Answer by pagan_mama at 11:02 PM on Oct. 10, 2008

  • I do think we are so far gone now that it isn't going to take just 4 years of either president to get us back straight. It didn't take 4 years for us to get in to this economical mess.

    Whoistheboss

    Answer by Whoistheboss at 12:29 AM on Oct. 11, 2008

  • Historically speaking, Calvin Coolidge entered us into a depression after his term of deregulation, Herbert Hoover took the blame because people weren't as educated as they are now and Hoover was in office when Coolidge's failed economic plans hit, and it took 15 years of FDR to remove us from a depression and enter us into a long era of prosperity. Long story short, yes, I agree with you. No matter who is elected they will pay for the errors of the Clinton and Bush administration. I just hope we don't have a president similar to Regan that feels that further deregulation of Wall Street will improve main street. Wall Street could give a flying fuck about us.
    FiveofaKind

    Answer by FiveofaKind at 2:44 AM on Oct. 11, 2008

  • I think no matter who wins it won't be fix right away. the entire world economy is having problems right now.
    ny.chica

    Answer by ny.chica at 3:34 AM on Oct. 11, 2008

  • I was talking about this with my dad last night. He was telling me how it was in the early 80's when the shit hit the fan. Interest rates for mortgages were 12%, hundreds of banks failed. He lost his job and there were none to get. He did odd jobs here and there to support my mom and 2 sisters. We will get through it like they did then, and in the previous economic recessions/depressions of the past. I was looking at a list of recessions and depression on wikipedia yesterday. There are tons that I hadn't heard of. We made it thru them all. We will be ok.
    MissAlisabeth

    Answer by MissAlisabeth at 8:25 AM on Oct. 11, 2008

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