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| | |-+  Is this country headed toward another depression?
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Author Topic: Is this country headed toward another depression?  (Read 2739 times)
Fourth of July Bushie
BushOklahoma
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« on: September 18, 2008, 07:42:38 pm »
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I heard this being floated around at work.  With several major financial institutions biting the dust the past week, my co-workers are comparing this to what happened in late 1929 into 1930 at the onset of the Great Depression.  They are tossing around the idea that this is looking eerily similar to the events 78 years ago.  What say you?  I don't necessarily agree with the idea that we're headed to a depression.  One reason is, the American Economy of 2008, while in a recession, is much stronger than the American Economy of 1929-1930.  80 years has made our economy very strong.  Plus, with several "recessions" in those 80 years, those events have made our economy very resilient and we have been able to bounce back nicely from all the recessions we've had in the past 70-80 years.  I want to get your honest, non-partisan, opinion, though.
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Mideast Assemblyman Ben
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« Reply #1 on: September 18, 2008, 07:44:52 pm »
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No; certainly not anything nearly as severe.  We may hit a fairly bad recession, but it won't be nearly as bad as the Depression was.
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« Reply #2 on: September 18, 2008, 07:45:18 pm »
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No
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« Reply #3 on: September 18, 2008, 07:45:46 pm »
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No and if we did we'd better hope we don't get a president who extends it (like FDR).
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DownWithTheLeft
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« Reply #4 on: September 18, 2008, 07:46:20 pm »
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No and if we did we'd better hope we don't get a president who extends it (like FDR).
Perhaps that president would end it by declaring an unnecessary war even sooner than FDR did
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« Reply #5 on: September 18, 2008, 08:19:46 pm »
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YES WE'RE ALL DOOMED AND ITS THE RETHUGLICANTS FAULT!!!!!!!!!! LOLZ!!!!
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« Reply #6 on: September 18, 2008, 08:45:24 pm »
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Nope, unless we repeat the same mistakes Hoover and FDR committed.
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President Duke
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« Reply #7 on: September 18, 2008, 08:56:57 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.
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« Reply #8 on: September 18, 2008, 08:59:59 pm »
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It's looking like the worst since the Great Depression,but there's no evidence that it'd be as bad as the Depression. Bush did screw things up pretty bad, so you never know.
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« Reply #9 on: September 18, 2008, 09:00:40 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.
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President Duke
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« Reply #10 on: September 18, 2008, 09:49:29 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.

Okay. Let's raise taxes on the wealthy, capital gains, payroll, and social security and see how the economy responds. I bet it would turn around!
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« Reply #11 on: September 18, 2008, 10:06:17 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.

Okay. Let's raise taxes on the wealthy, capital gains, payroll, and social security and see how the economy responds. I bet it would turn around!
I highly doubt Obama is going to attempt to do all of that at once. That said the immense costs of what he seems to be advocating make me extremely nervous. We have enough unfunded liabilities as it stands without him promising to use government to practically part the seas.
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« Reply #12 on: September 18, 2008, 10:09:23 pm »
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Depression, probably not.  Severe and lengthy recession, probably.
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jfern
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« Reply #13 on: September 18, 2008, 10:10:57 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.

Okay. Let's raise taxes on the wealthy, capital gains, payroll, and social security and see how the economy responds. I bet it would turn around!
I highly doubt Obama is going to attempt to do all of that at once. That said the immense costs of what he seems to be advocating make me extremely nervous. We have enough unfunded liabilities as it stands without him promising to use government to practically part the seas.

His tax cut is much cheaper than McCain's.
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« Reply #14 on: September 18, 2008, 10:12:51 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.

Okay. Let's raise taxes on the wealthy, capital gains, payroll, and social security and see how the economy responds. I bet it would turn around!
I highly doubt Obama is going to attempt to do all of that at once. That said the immense costs of what he seems to be advocating make me extremely nervous. We have enough unfunded liabilities as it stands without him promising to use government to practically part the seas.

His tax cut is much cheaper than McCain's.

How will he pay for his 500 Billion in new spending?
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A18
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« Reply #15 on: September 18, 2008, 10:14:57 pm »
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There is, of course, no formal economic definition of a "depression." The question is meaningless.
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Smid
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« Reply #16 on: September 18, 2008, 10:18:03 pm »
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JFern, your signature line proves FDR's failures in improving the economy - despite the fact that there was a 9% rise in unemployment under Hoover, in all his years as President, FDR was only able to grow the economy enough to bring back half the jobs. So despite the fact he's at the top of your list, he was probably the least successful in improving the unemployment rate of all the presidents on there.
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memphis
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« Reply #17 on: September 18, 2008, 10:28:18 pm »
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No and if we did we'd better hope we don't get a president who extends it (like FDR).
Perhaps that president would end it by declaring an unnecessary war even sooner than FDR did

What would you do after Pearl Harbor? Stick your head in the sand? Invade Iraq?
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StatesRights
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« Reply #18 on: September 18, 2008, 10:31:38 pm »
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What would you do after Pearl Harbor?

Go to war with Germany of course, duh.
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memphis
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« Reply #19 on: September 18, 2008, 10:33:56 pm »
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What would you do after Pearl Harbor?

Go to war with Germany of course, duh.

They were allied with Japan, duh.
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I was naturally suited to be a lawyer, almost from birth. It was as if, almost, God had willed it. He meant for me to be here, to punish you, and then punish you some more.
I refuse to die a martyrs death here, because you know why?  Martyrs are still dead.
President Duke
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« Reply #20 on: September 18, 2008, 10:43:15 pm »
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Obama raising taxes in the middle of this al la FDR is a good way to cause one. We know he's rooting for it right now.

Most people would get a tax cut, at least if they still have jobs after the Bush economy.

Okay. Let's raise taxes on the wealthy, capital gains, payroll, and social security and see how the economy responds. I bet it would turn around!
I highly doubt Obama is going to attempt to do all of that at once. That said the immense costs of what he seems to be advocating make me extremely nervous. We have enough unfunded liabilities as it stands without him promising to use government to practically part the seas.

His tax cut is much cheaper than McCain's.

Well, Obama is calling for billions more in spending. Last time I checked, McCain wanted to cut spending, something his record has shown for a long time. Cutting taxes and increasing spending makes little sense, and this is what Bush did that got him in so much trouble.
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jfern
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« Reply #21 on: September 18, 2008, 10:45:21 pm »
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Well, Obama is calling for billions more in spending. Last time I checked, McCain wanted to cut spending, something his record has shown for a long time. Cutting taxes and increasing spending makes little sense, and this is what Bush did that got him in so much trouble.

McCain isn't going to cut spending. He will continue wasting money on this Iraq war and corporate bailouts. Palin will push for some more Bridge to Nowheres in Alaska.
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President Duke
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« Reply #22 on: September 18, 2008, 10:48:44 pm »
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Well, Obama is calling for billions more in spending. Last time I checked, McCain wanted to cut spending, something his record has shown for a long time. Cutting taxes and increasing spending makes little sense, and this is what Bush did that got him in so much trouble.

McCain isn't going to cut spending. He will continue wasting money on this Iraq war and corporate bailouts. Palin will push for some more Bridge to Nowheres in Alaska.

Goodness. It's kind of impossible to win with you. The war in Iraq is drawing to a close and both candidates will begin to draw down troops fairly soon. Obama wants to delay it so he can win the Presidency first. Statements like Palin pushing for a bridge to nowhere is pretty silly to say.

And what would Obama have done with the financial crisis? He wouldn't have supported the bailouts?
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jfern
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« Reply #23 on: September 18, 2008, 10:51:51 pm »
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Well, Obama is calling for billions more in spending. Last time I checked, McCain wanted to cut spending, something his record has shown for a long time. Cutting taxes and increasing spending makes little sense, and this is what Bush did that got him in so much trouble.

McCain isn't going to cut spending. He will continue wasting money on this Iraq war and corporate bailouts. Palin will push for some more Bridge to Nowheres in Alaska.

Goodness. It's kind of impossible to win with you. The war in Iraq is drawing to a close and both candidates will begin to draw down troops fairly soon. Obama wants to delay it so he can win the Presidency first. Statements like Palin pushing for a bridge to nowhere is pretty silly to say.

And what would Obama have done with the financial crisis? He wouldn't have supported the bailouts?

You claimed McCain wanted to cut spending. Obama is irrelevant to that claim. Do you really think that McCain plans on leaving Iraq soon? He was strongly against any sort of timetable before.
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President Duke
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« Reply #24 on: September 18, 2008, 10:53:20 pm »
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Well, Obama is calling for billions more in spending. Last time I checked, McCain wanted to cut spending, something his record has shown for a long time. Cutting taxes and increasing spending makes little sense, and this is what Bush did that got him in so much trouble.

McCain isn't going to cut spending. He will continue wasting money on this Iraq war and corporate bailouts. Palin will push for some more Bridge to Nowheres in Alaska.

Goodness. It's kind of impossible to win with you. The war in Iraq is drawing to a close and both candidates will begin to draw down troops fairly soon. Obama wants to delay it so he can win the Presidency first. Statements like Palin pushing for a bridge to nowhere is pretty silly to say.

And what would Obama have done with the financial crisis? He wouldn't have supported the bailouts?

You claimed McCain wanted to cut spending. Obama is irrelevant to that claim. Do you really think that McCain plans on leaving Iraq soon? He was strongly against any sort of timetable before.

He was against cutting and running, but now that the Iraqi government is calling for a timetable, I would surely hope he isn't for overriding their wishes and staying in. And I don't think he is.
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