IMF Says Advanced Nations Already In Depression & Worst Is Yet To Come

[gnome]

Quote from 4444CJones4444:

"... That's why, despite his critics, Alan Greenspan was effective. The man inspired confidence in the system we he spokethe

Yes... just like the Gao'uld (false god)... we felt confidence and were inspired each day as he lied, deceived, and destroyed... and we never "got it" until he was out of office.

The Queen even knighted him... SHOULD HAVE INDICTED HIM!!

 

[Susannah]

Quote from 4444CJones4444:

Dow fell almost 90% during a 3-year decline and took almost 25 years to recover. I think it's safe to say the current economic climate isn't quite that bad and the jury is still out on whether our grandchildren will think back on 2007 as the start of THE Great Depression.

I don't think it's safe to say. It's very hard to determine. The stock market bounced in Nov 1929 and then didn't see that low again until Oct 1930.

It's really hard to know where you're at until you're looking back at it.

The Nikkei is even more interesting to look at.

 

[morganist]

gnome you like stargate. i think more like bal when he came to earth with his doubles and infiltrated businesses.

 

[gnome]

Quote from forextrades:

If it wasn't for the "stimulus" package, the Dow would likely be at around 4000 right now.

Probably deserves to be. May be there before you know it.

 

[IanMacQuaide]

lolatmadoffinve said "until the middle class is bankrupt and effectively eliminated."
I fear you are correct.

 

[gastropod]

The Bloomberg article is kind of crap! If you go and look at the docs on the IMF site - they do not use the term "depression" - in fact they say "to avoid a repeat of the great depression." They do use the term recession. Yes, I am aware of one of the differences between recession and depression is the duration of the downturn, and yes, I do believe we will make it to the duration of "depression" without a major upswing, but even for a doom and gloomer like myself - to use the term depression now is a little pushing it.
-gastropod

 

[gnome]

Quote from IanMacQuaide:

lolatmadoffinve said "until the middle class is bankrupt and effectively eliminated."
I fear you are correct.

Of course. At the trough (still a lonnng ways out)...

The very rich should still be "somewhat rich".

The "sort-of-rich" could survive with a bit of wealth, but could also go the way of the middle class.

The middle class is a gone-er for sure.

The poor will still be poor with virtually zero chance of improving their lot in life... other than to vote for Socialistic hand-outs, of course.