Quote:
Originally Posted by Gnnr
Ehh, either I'm naive, or an optimist, or skeptical, or people cried wolf to many times. I don't know. But I'll believe we're fucked when I see these doomsday predictions come true. lol. Maybe America has become too pussy. Oh crap, I can't get a loan. The world is over. I bet people from the 30s sucked it up and kept it moving. random thought. Hmm, maybe I should go see Cinderella Man again...
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Fair enough.
However, I think if you studied economics a little more closely you'd realize the serious and complex shit we're in.
Keep in mind, in 2008 the estimated U.S. GDP decreased around 2 trillion dollars from the previous years GDP. That's just a hair under 15%.
The Great Depressioin saw GDP decline from over 800 billion dollars in 1929, to just over 600 billion dollars in 1932. The U.S. effectively lost 1/4 of it's GDP in three years, with an average rate of ~8% per year. We lost almost twice that much last year alone.
Also, always remember that market corrections aren't instantaneous. That means the effects of a lot of stuff that's happening now won't become apparent for
at least another 3 months.
The state of our economy today imitates quite closely the state of the economy in 1929, if you believe some economists (including Fed Reserve Chairman Ben Bernanke).
I hope you're right, and this thing just blow over.
I really doubt it though.