Quote:
Originally Posted by Pentegarn
I think even as grim as things have been economically, calling it a depression is a bit harsh.
During the depression the unemployment rate was much higher than it is now. Comparing it to the 1920s and early 1930s is a bit of an overstatement
If anything, what is going on now more closely mirrors the 1970s economically.
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I have to disagree.
Unofficially there is about 25-30% national unemployment in the USA. They always cook the books. People are living in tent cities (Hoovervilles / Obamavilles), people are taking drastic pay cuts, the production base of the USA is completely destroyed by "Free Trade" agreements. Unions are being broken (without unions there is no middle class),
Investment banks (foreign and domestic) have taken trillions of dollars in "bailout" money because of their toxic deriviatives. Other banks are going bust. I believe 20+ banks went under in the last week.
I think its safe to say we are in a full blown world depression. It's effected almost every nation on the globe.
and It's all because of investment houses and their derivative paper which I may add was illegal at one time.