1997

[Makalakumu]

According to the Dow Jones Industrial Average, 1997 is the last time we have seen levels below 7000. What are the ramifications of this? Are we looking at another Great Depression? Should we expect further sliding of the Dow? How is this affecting you? Do you think that your government can do anything about it? What is the worst case scenario? What is the best? What is most likely?

 

[terryl965]

Worst case is a total collapse of the economic system, this will effect everyone not just the rich. Can we recover from this yes in years, remember it took years for theis to happen. People are going to start to keep money under there mattress once again and they will also start to buy non parishable and hourding them once again.

 

[Ninjamom]

MK - you are just young enough that your parents wouldn't remember the Great Depression. If they are still living, spend some time talking to your grandparents, and let them tell you stories.

In the Great Depression, unemployment hit 22%, and most jobs in mining or manufacturing were only open 3 days a week. Money was so tight that farmers burned their corn because it was cheaper than selling it and buying fuel. Most Americans owned only one pair of shoes and three sets of clothes, and washed and switched them out as needed. Oh, and at least one of those sets of clothes would probably have been hand made out of the fabric saved from flour or potato sacks.

We haven't seen anything like the Great Depression in our lifetime, and I seriously doubt we will. But that's just me.

Terry, I already know people who are panicking and starting to hoard. The funny thing is that hoarding often creates the shortages you fear (anyone remember the 'gas crisis' of the early 1970's?)

Personally, I wish the Goerrnment would just leave the businesses alone. Yes, some will have to close. And the sooner they do, the sooner their employees will be safely working for other, healthier companies that could afford to buy the old ones out.

Worst case scenario: Many of us will lose jobs, get new jobs, and/or be out of work for a while before we find a new job. Others of us will have to help some friends or relatives out with a temporary place to live. For all of us, times will get very difficult and we'll all be forced to save money and pay cash, rather than live on credit card debt. Question: Would that really be so terrible?

 

[Bill Mattocks]

Worst case scenario: Many of us will lose jobs, get new jobs, and/or be out of work for a while before we find a new job. Others of us will have to help some friends or relatives out with a temporary place to live. For all of us, times will get very difficult and we'll all be forced to save money and pay cash, rather than live on credit card debt. Question: Would that really be so terrible?

For my wife and I, yes. No friends, no relatives, and her 82-year-old mother to support. If we lose our house we have no savings and no where to go, nobody to stay with. Yeah, that would pretty much be a disaster, I think.

 

[Ninjamom]

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[Deaf Smith]

Just heard Obama's newist pick, from Dallas, is also a tax cheat. No wonder the DOW keeps dropping.

I suspect the reason so many of his picks are so bad (in a criminal way) is because most Democrate politicans are tax cheats and thus Ron Kirk was the lest cooked one he could find.

Now that's change I can believe in!

Deaf