Another Great Depression?

Hi, if you read/watch the news in the United States you know that that housing market is crashing.

Why you might ask? Well, its because people got loans when they were really low interest on them, and now the interest rose, and many cannot afford to pay it. Also, there houses are worth less than before.

So, many are forced to close there houses, and they are not left with anything.

So, my question for you is, are we heading for another great depression?

Some signs are already here, the interest rates, the housing market crash, etc.

Discuss.

 

My parents are trying to sell a house right now, and after 1 year on the market, we still haven't sold it and prices have been plumeting. I hope that it is just a recession...

 

Yep, there are cases where the bank are selling houses that were worth $500k for about $300k..

thats how bad its getting.

 

im not sure. weve hit many depressions since the great depression. this might just be another 1 of those

 

i dont remember us hitting a great depression since 1929..

 

Yes the depression is comming, it will be far worse than 1929... The entire world markets will collapse. Empires will fall.

And in the end... The world will become a better place.

 

Yes, because people do not know how to live without all of there fancy stuff, our cell phones, computers, etc.

This will be the worst thing to hit the world if it does happen.

 

If another great depression did happen, I think America would be done for. We've already got a huge debt, and any more deficit spending could not be good. It could be for the better though, democracy isn't all its cracked up to be.

 

Nah America wouldnt be done for, we just wouldnt know how to live.

 

Um... Since when does a depression come before a recession?
And without a recession there cannot be a depression. Correct me if im wrong
but the US economy is not in a recession at this time.

 

No, but it could lead up to it.

 

recession yes. Depression, doubt it. The fed will continue to slash interest rates and balance money flow enough to keep us out of one. It may get rocky, but we'll never see another 1929.

 

Well we don't know yet, it could go either way. I don't think it will be like 1929 again, though America will be shit poor soon.

 

Soon? America is already shit poor

 

yes, our dollar is going down the drain.

 

I love the dollar. Good way to import shit from the US for a cheap price

 

USA is going to die and chinas going to take over the world. Chinas making so much more money then the US.

Like back in the 60s in the USA you could get out of high school and get a good job that could easily support your family, because there where much more company's in the US so there were more jobs. but know where buying all of our products from china and thats taking money out of the US economy. Eventually this is going to make labor in the US very cheap causing a depression for country's that don't export many goods.

Simply:
Americas dumb chinas smart, china makes more money.

So if you don't get a good white collar job within the next 20 or so that will be able to compete with chines intelligents than it wont be good.

UK and Australia your screwed to.

 

There might be one but it definitely won't be as bad as the first one.

 

Directed to WTP :

Did you know that most chinese workers get paid shit hours?

so china really isnt rich.

 

I know that and thats exactly whats going to make them more money. Were sending all of our money out of the country making china rich while were losing money.

Soon people in china will be getting paid better since there is more money in china. While people in the US will be getting paid less because theres less money in the US