United states, officially in a recession.

[Hustler0ne]

The headline making 9:00 news, and the front page of many newspapers.

http://www.livemint.com/2008/12/02091441/US-officially-in-recession-bu.html

Gas is at $1.75 a gallon, the lowest it's been in atleast a year, Public school is still being payed off from taxes, and jobs are still are not all that hard to find. But then again, some of the biggest car companies out there are planning on merging because lack of funds, a pack of ramen noodles has gone from 10 cents to 25cents a pack in the last month(people live on that stuff because of its price), the stock market is begining to crash and gaming industry has gone to crap(good F2P MMO's?, yea there dissapearing from online game directorys fairly quickly too)

So is it to soon to slap the "recession" label on america?, or do you think it will go from recession to depression?.

[Mr. Black]

I think it's heading into a Second Great Depression, along with the rest of the world economy. As annoying as it is, the world economy today depends mostly on the U.S. economy. If it goes down, the rest of us do too. Well, might as well accept that there're hard times ahead.

[Lyd]

Which recession are we speaking about? I remember one in 1982 then in 1999. Is this latest recession (2008) something new or just the worsening of the old? Financially...I am still hurting from the one in 1982. I never felt a reprieve during Clinton's Administration. FYI:

http://archive.newsmax.com/archives/art ... 0717.shtml
http://www.ireport.com/docs/DOC-80312

And written by my old boss, Murray Weidenbaum, Economic Advisor to president Ronald Reagan (first term). Allen Greenspan took his position after Murray resigned:

http://wc.wustl.edu/csab/economy/csab-economy.htm

And yes...Allen went on to be the head of the Federal Reserve following his tenure with Ronald Reagan.

[Dudel]

Which recession are we speaking about? I remember one in 1982 then in 1999. Is this latest recession (2008) something new or just the worsening of the old? Financially...I am still hurting from the one in 1982.

I feel that the recession never ended from 1982 but it only loosened its grip then in 99 tightend up again. Now in 08 its a choke hold or it seems that way since I'm directally affected now.

I wan't alive in 82 but I do remember my mother having a real problem in 99-01 and hearing my grandparent's friends complaing about the economy.

My grandfather, being in the used car buissiness, never seemed to notice or at least never made it public.

Now its a real pain in the butt. I live in FL and everyone knows whats going on down here right?

Edit: For some spelling I noticed. (I should preview before I post I think)

[Lyd]

Would it be the 7% unemployment?

Note to self: It's Alan Greenspan, Lyd...not Allen.

[Hustler0ne]

Would it be the 7% unemployment?

Note to self: It's Alan Greenspan, Lyd...not Allen.

7% that's horrible compared to where I'm at.

El Centro, CA has a unemployment rate of 22%

[Rebma]

Uhm, maybe I'm bursting a bubble with some American (so I apologize) ..but you guys are in a depression..and most the world seems to know it except you guys.

- I'd blame the media. but that card is so overplayed the citizens of the USA don't listen when we say it anymore.

In fact I fully expect numerous posts after mine stating that I know nothing, and that its just a recession, from some patriotic people(nothing wrong with that) who honestly do believe the states are only entering recession.

Meh.

[mikki]

*laughs* I am in America and I KNOW we are in a depression.. Now to get the bill collectors to realize that HEY I DON'T HAVE ANY MONEY!!!!

People are getting kicked out of their homes, cause they can't pay the mortgage, can't pay for the electricity.. etc..

I consider myself lucky in the regards that I have a roof over my head, and I have a job that pays decent money, where others are homeless with no job...

[Dudel]

Well being in Florida, which is part of the US, I noticed that things arn't looking too good. I'm a 'patriot' and I 'love my country' but I'm not stepping in front of a bus for anyone or thing.

I'd like to state that I don't watch the news infact when I was a kid I wasn't allowed to for the same reason I don't know.

Dudeism # 4 (I think its four)

No such thing as a white lie. And the media does nothing but LIE LIE LIE! I hate people who take everything that some news man/woman says as an absolute truth. Although I don't like absolute truths anyway. (They only exsist in math) I'd like to say Grr to the people that try and cram that crap down my throut!

[Torkess_theCommie]

So is it to soon to slap the "recession" label on america?, or do you think it will go from recession to depression?.

I'll have to agree with Rebma19... you guys have been in a recession for awhile now, and we Canadians are joining you.

[Lyd]

This link defines Economic Depression and Recession well, I think.

http://useconomy.about.com/od/grossdome ... ession.htm

The housing industry has only just begun to fall off in the last couple of years in the U.S.A....so we can't really call it a depression...based on the definition given in the link.

However, if the car industries go under...we are screwed.

Remba19 will get to see a real economic depression.

[Lyd]

I agree with Frank Partnoy:

http://www.npr.org/templates/story/stor ... =102325715

[HoH]

2009? More like 1789...

I have noticed the American public growing to be more and more like French peasants in the Revolution...
In some cases, anger is justified (Madoff's Ponzi scheme, etc). But anger and feelings of vengeance are now reaching to people who have done nothing wrong. For instance, I was recently watching the news and it was reported by several sources that about 25 hedgefund managers had a successful year, earning profits for their companies and clients. In return, they received very large bonuses (millions of dollars, and a few cases of over a billion dollars each). These bonuses were not salary, but a share of corporate earnings. One reporter commented on how there may be a backlash by American citizens about hedge fund managers capitalizing on the crashing market.
Well, if/when this happens....it seems the American peasants will have forgotten who has said "Let them eat grass" (Madoff) and who are innocent bystanders just doing their jobs. Shall we take away their bonuses as well?
After all...in a society where we take pride in being capitalists, we all must be on an equal playing field. It isn't fair for the few to take the majority of the profits, right? Let's raise taxes on them!!!!
I sincerely hope the vilification of financial leaders stops soon. Or perhaps we'll see more than just Madoff given the modern day, white collar Foulon treatment.

[Lyd]

Once again, I agree with HOH.

I love this simple little primer:

http://crisisofcredit.com/

[HumanMind]

After all...in a society where we take pride in being capitalists, we all must be on an equal playing field. It isn't fair for the few to take the majority of the profits, right? Let's raise taxes on them!!!!

That's quite a socialistic idea isn't it?