StlSluggers wrote:Cornbread Maxwell wrote:The question asked is if we expect to see a recession next yr. I think the real question is how do we prepare for the coming DEPRESSION?
I think the difference between recession and depression is entirely in the hands of our government, and that's not very encouraging.
I dont think our government can do anything about it at all to be perfectly honest. The time for true reform to save this sinking ship has passed long ago. The Fed pouring $130 billion into the market this summer alone hoping that the dangerously leveraged population will continue to dig deeper into debt is a sad joke.
The average US worker is making LESS money than he was 5 yrs ago.
The average US worker is setting historical highs in debt - by a lot (have to go back to 1933 to get even close to the levels we are at now). Much of this debt is held in mortgages that will soon border usuary.
The government's answer is to make more money available for loans.