We are very likely in another depression

[Ferocious]

So says Merrill Lynch's chief economist for North America.

This is a good read. He's one of the few that predicted this mess back in 2006. No one can predict the future but I forsee many years of economic (and market) stagnation ahead.

EDIT (old link broken): another link

 

[Jaskalas]

Ouch. Thank you for sharing the data. I won't be afraid to call this a Depression now.

 

[Atreus21]

It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

 

[Atomic Playboy]

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

 

[rudeguy]

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

I take it you still have a job?

Those of us that are out of work or had our pay cut back dramatically tend to think the economy is in the worst shape ever.

 

[dphantom]

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

 

[gsaldivar]

:roll:

 

[rudeguy]

Originally posted by: dphantom

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

Don't people have a lot more credit available to them now as opposed to then?

 

[Elias824]

When I see unemployment head over 10% ill start to worry about a depression. Here in my home state of Utah (Mormon jokes welcome) Were at a whopping 3.7% unemployment

 

[nobodyknows]

Originally posted by: dphantom

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

What's an ipod?

 

[Red Dawn]

Well I'm depressed now

As for buying an Ipod, I think I'll hold off for awhile.

 

[dphantom]

Originally posted by: Red Dawn
Well I'm depressed now

As for buying an Ipod, I think I'll hold off for awhile.

Good idea. Personally, I am building up savings, buying nothing so I guess I am the cause of our current econmic problems.

 

[JSt0rm]

Originally posted by: dphantom

Originally posted by: Red Dawn
Well I'm depressed now

As for buying an Ipod, I think I'll hold off for awhile.

Good idea. Personally, I am building up savings, buying nothing so I guess I am the cause of our current econmic problems.

Are you going to the movies/watching dvd's/netflix/TV ?

 

[dphantom]

Originally posted by: JSt0rm01

Originally posted by: dphantom

Originally posted by: Red Dawn
Well I'm depressed now

As for buying an Ipod, I think I'll hold off for awhile.

Good idea. Personally, I am building up savings, buying nothing so I guess I am the cause of our current econmic problems.

Are you going to the movies/watching dvd's/netflix/TV ?

Nope, only DVD's I already have. I bought 1 $5.99 DVD movie 3 weeks ago.

And buying nothing means buying only essentials - utilities, food, house, mortgage. Don't go anywhere, drive minimally, no luxuries, nice to haves, etc...

 

[miketheidiot]

i'm not going to talk about further back, but unemployment has already increased more (from about 4.5% to 7.5%) than either of the last two recessions, and in a short time. If a depression does happen it will likely be fairly isolated. Locally, we aren't even in a recession yet.

 

[compuwiz1]

No problemo, I have 3 years salary equivelent in credit lines.

 

[JSt0rm]

Originally posted by: dphantom
Nope, only DVD's I already have. I bought 1 $5.99 DVD movie 3 weeks ago.

And buying nothing means buying only essentials - utilities, food, house, mortgage. Don't go anywhere, drive minimally, no luxuries, nice to haves, etc...

Do me a favor and go to the movies please!

 

[MovingTarget]

Well, it is possible. For quite a while the middle class had been saying that it "felt" like we were in a recession, while the resident free-marketers kept citing the stock market to say that things were just dandy. The very same is likely to be happening now.

Aside from the official definition of "depression", what would the the signs that this is going on to the average person? I don't think we can compare a modern-day depression to ones of the past simply because of the way society, government, and infrastructure have changed. How would we know?

 

[dphantom]

Originally posted by: JSt0rm01

Originally posted by: dphantom
Nope, only DVD's I already have. I bought 1 $5.99 DVD movie 3 weeks ago.

And buying nothing means buying only essentials - utilities, food, house, mortgage. Don't go anywhere, drive minimally, no luxuries, nice to haves, etc...

Do me a favor and go to the movies please!

Starving actor by chance??

 

[BoberFett]

Originally posted by: MovingTarget
Well, it is possible. For quite a while the middle class had been saying that it "felt" like we were in a recession, while the resident free-marketers kept citing the stock market to say that things were just dandy. The very same is likely to be happening now.

Aside from the official definition of "depression", what would the the signs that this is going on to the average person? I don't think we can compare a modern-day depression to ones of the past simply because of the way society, government, and infrastructure have changed. How would we know?

Yeah revisionism!

Free marketeers haven't been saying any such things. It's the LegendKillers and Evans of this forum who have been saying everything is fine. They denounce the free market fervently.

Lies and deceit, typical leftist.

 

[StageLeft]

I am increasingly pessimistic about it. For other reasons, more optimistic about my own life, like there is a calm about it, but yeah, this economy is fvckery doodly fvcked right now if we use common sense guessing to where it's going to go. There's not much I can do besides get noticed at work (so far working pretty darn well, actually) and cut my crack addiction back because that is expensive.

When I see unemployment head over 10% ill start to worry about a depression. Here in my home state of Utah (Mormon jokes welcome) Were at a whopping 3.7% unemployment

I think the US will be damn lucky not to hit 10% unemployment before this is over. People need to understand that the great depression, for example, took time to really get the blood letting going. When it started, unemployment was very low. The question is never where we are now but where we're going.

Good idea. Personally, I am building up savings, buying nothing so I guess I am the cause of our current econmic problems.

You are in part. I'm doing similar, notwithstanding the cruise we're going on in April. I sure hope I still have a job then or else I'll feel like the world's biggest ass

No problemo, I have 3 years salary equivelent in credit lines.

For how long? I have tons available on credit cards but that can disappear overnight or have a jacked rate.

 

[TheSlamma]

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

Oh crap... I'm one of the 12!!!

 

[Farang]

Originally posted by: NSFW

Originally posted by: dphantom

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

Don't people have a lot more credit available to them now as opposed to then?

That is a good point. Right now I am in the red and still live comfortably because I have family's couches to sleep on and credit lines to keep me going another 6-12 months. If this were 1928, and assuming credit wasn't as easily accessible back then, I would be absolutely broke. Then all it would take is me not to have family to stay with and you'd see a college grad standing in a bread line here.

 

[TheSlamma]

Originally posted by: Farang

Originally posted by: NSFW

Originally posted by: dphantom

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

Don't people have a lot more credit available to them now as opposed to then?

Right now I am in the red and still live comfortably because I have family's couches to sleep on

I've gone through 4 layoffs in my lifetime and never had this luxury. I'm glad I never really got into the credit world with the exception of my house.. and that will be paid off pretty soon (Before May 2010 as long as I keep my job which I should). At that point I'll never know what debt is again for the rest of my life.

I sometimes wonder if being able to live with family or friends makes it an easier option for people to fall on this.. for me it was never an option and I'm honestly very glad.. it made me want to wipe all debt just as many people who lived through the great depression hate debt also.

 

[Farang]

Originally posted by: TheSlamma

Originally posted by: Farang

Originally posted by: NSFW

Originally posted by: dphantom

Originally posted by: Atomic Playboy

Originally posted by: Atreus21
It's difficult to imagine that.

Not debunking your article. Just saying it's hard to imagine something like that happening. I mean, people are still driving cars to work.

The twelve people who still have jobs, sure.

We are no where near the recession levels of the late 70's/early 80's let alone the Great Depression. Not saying we could not be heading for a depression but give me a break, when people can still afford ipods in record numbers, we are still well off.

Don't people have a lot more credit available to them now as opposed to then?

Right now I am in the red and still live comfortably because I have family's couches to sleep on

I've gone through 4 layoffs in my lifetime and never had this luxury. I'm glad I never really got into the credit world with the exception of my house.. and that will be paid off pretty soon (Before May 2010 as long as I keep my job which I should). At that point I'll never know what debt is again for the rest of my life.

I sometimes wonder if being able to live with family or friends makes it an easier option for people to fall on this.. for me it was never an option and I'm honestly very glad.. it made me want to wipe all debt just as many people who lived through the great depression hate debt also.

I don't understand. You never had debt except for your house, and also you didn't have family helping you out? So what does that mean, you had savings? I just graduated college I have no savings. I'm really just $100 or so in the red, mostly because I shelled out hundreds of dollars on various tests and fees to give me the option of applying to grad school. So if you are railing against debt don't look at me I think most of mine is justifiable, I eat oatmeal for dinner and study for the LSATs all day