Do you think we are in the Great Depression of the 21st Century?

by mk, Smartass Oracle Posted 2012/08/06 20:46:29

Related Topics: Depression, Great Depression

13 votes
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	Yes	9 votes	69%
	No	2 votes	15%
	I don't know	2 votes	15%
	I don't care	0 votes	0%

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Terry McGinnis 2012/08/07 11:48:08
SteamTrunkDolly 2012/08/07 09:24:00

No

+1
But we're working on it!

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lilcoco1998 2012/08/06 23:54:46

I don't know

+1
Kinda...

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Kevin Verdone 2012/08/06 23:07:19

I don't know

+1
You're the smartass oracle, you tell me.

But seriously, in the great depression former millionaires had to sell apples in the streets. Today all I see is the millionaires getting more money. So no, not yet

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JMCC 2012/08/06 21:19:47

Yes

+2
I believe that before it is over it will be the worse one in recorded history.

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Steveth... to JMCC 2012/08/07 01:35:35

+1
But when will it start? What will demonstrate it's start? How will we know? How high can inflation go before triggering it. I think we are at 10.5% now. What do you think?

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JMCC to Steveth... 2012/08/07 08:49:38

+2
Technically speaking the criteria for a recession is defined as "contraction in production for two or more consecutive quarters".

This is where the grey area starts because statistics can be manipulated. The government figures are always over optimistic whilst others can be over negative.

I personally believe that we in the West have been in recession since the market crash of 2008...

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Steveth... to JMCC 2012/08/07 09:40:32

+2
There are places on the east coast, and I have friends who would yell at you if you didn't say depression instead of rescission. Of course, like you, I don't believe being rude solves anything. But I whole hardily agree with you. CPI vs Core CPI. No gas or food or utilities. I think inflation is really 10.5% now. and will be 17% by the start of next year. llbombya cooks the books. A new washing machine costs $550; the old one cost $500. A 10% increase, but the gov says the new one holds one more towel, so the consumer gets more for his money. So he says he lowered inflation. Ha ha ha

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JMCC to Steveth... 2012/08/07 09:50:49

+2
"Lies, damn lies and statistics"...

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Steveth... to JMCC 2012/08/07 10:16:37

+1
I think they say that because of the depth of their problems concerning the economy. So, of course, I agree, because I realize what they are actually saying. Also, I don't need a good ass kicking today. Maybe tomorrow, but not today.

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JMCC to Steveth... 2012/08/07 10:31:18

+2
The thing about economies is that they run on confidence and belief as much as they do on trust. This means that it is the interest of governments and financial institutions to "talk up" an economy to encourage investment.

If they were to say "the outlook is miserable" then there would be a rush by investors to sell up and buy gold (which is what has been happening).

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Steveth... to JMCC 2012/08/07 16:12:12

+1
Why not silver? I can't see the big picture like the whole nation. Just California. Ca is done. BK very soon. I don't think they will get approval for new taxes in November. We are more in debt than the others.

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Steveth... to JMCC 2012/08/07 10:17:59

+1
I love it. I forgot that one.

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Mel the Witch POTL PWCM~JLA 2012/08/06 21:07:47 (edited)

Yes

+1
Yes it's the OStupid Depression

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Kevin V... to Mel the... 2012/08/06 23:05:46

+1
Wow, a photoshopped picture and a terrible attempt at turning a name into an insult. I can tell you have all the answers we need.

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Lady Whitewolf 2012/08/06 20:51:21

No

+1
Not just yet but "Robme" will make sure wse GET there....

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mk, Smartass Oracle 2012/08/06 20:47:36

Yes

+2
My parents told me how it was in the 1930's and it's just like it is now.

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