Rarely Does Anyone Use the D Word - Depression

The recession in the housing market, the worst since the Depression, along with higher fuel prices and a shrinking job market, is weighing on consumers and the economy.

Source

Well they didn't really use it in the context I would have...we are at the edge of a cliff into economic depression is how I see it.

The media by and large will only say recession and won't say depression.

I keep hearing the worst economic times since the 80's, frankly the 80's were not anything like this...I know I was there...

Currently more foreclosures than anytime in the past half century, and still, no one will say the D word.

One definition is:

Source

Question: What is a Depression?

Answer: A depression is a severe economic downturn that lasts several years. Fortunately, the U.S. economy has not experienced a depression since The Great Depression of 1929, which lasted ten years. The GDP growth rates were of a magnitude not seen since:

1. 1930 -8.6%
2. 1931 -6.4%
3. 1932 -13%
4. 1933 -1.3%.

During the Depression, unemployment was 25% and wages (for those who still had jobs) fell 42%. Total U.S. economic output fell from $103 to $55 billion and world trade plummeted 65% as measured in dollars.

____________________

Well we aren't too far from that, should Fannie Mae and Freddie Mac require the bail out they keep threatening us with....it is my contention this will be all it takes to push the US into depression.

Estimates range from bail out costs to US citizens from $5 billion to over $100 billion.

Source

If the Current population is 302 million and the cost is $100 billion....I can't even figure it out, but I can't afford it.




Welcome to Detroit