texaslady Says:
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The depression was a slide from 1929 and 1933 being the depth,and of course FDIC wasn’t available then. But what happens when FDIC runs out ? Another bailout ?
Obama’s ideas for putting people back to work run along the same lines of FDR’s haven’t heard any plan from mccain, has anyone else ?

You have hit on the root of the problem. Everyone knows that the FDIC has insured deposits up to 100,000 dollars. No one has mentioned that there is no where near enough money to cover all of the deposits if things really go south. What then?

backup Says:
If you do believe the predictions of impending economic catastrophe, McCain’s postponement of the debate and stopping the campaign to address it, makes a lot of sense.

I don’t believe it, but for those that do; yucking it up with Dave Letterman and spending time primping for a debate, would seem pretty irresponsible; in light of the dire consequences.

I call bullshit. What can Obama and mccain possibly add to what is going on? Obama will be there when the time to vote becomes a real issue, mccain, not so much.

There are plenty of capable people involved in it right now and mccain is just injecting politics into something he says should not be politicized…..he’s a liar.

If mccain were serious he would take the opportunity to speak to the American people at the debate to calm thier fears, instead he grandstands and puts on his mickey mouse suit to fly to the rescue….I find it highly offensive.

Backup has been around for a while. He used to be better at this.

He seems to be able to take a certain amount of abuse. I just didn’t realize that I have to keep all the comments from all the past threads in mind whenever I read the comments! Whew! Gotta be committed to post here!

:>

Almost all comparisons have rested on the conditions today that may be setting the stage for an economic collapse on a similar scale.

ralph. This is an excellent point. I agree that just because today’s economic conditions could be borderline recessionary – the trends could indicate future conditions much worse. I see it.

I still believe that with today’s competitive 24 hour news cycle and the point that we are at in the election cycle, there is the potential (incentive) for exaggeration for political purposes (for both Democrats and Republicans) and for ratings (from the media).

But, on the broader question, I’ll stop with the oversimplification of the snapshot of today’s economic situation without considering the broader trends and general forecasts of most economists.

ralph the wonder llama Says:
I find your reading of the media (and political) climate sloppy. But you do take criticism like an adult. I appreciate that.

Yeah, that’s his MO. Make outrageous statements and then apologize. Meanwhile derailing the discussion.

At least the serious ones. And this is my reading of the news as well: We are not there yet, but we need to do something to avoid complete catastrophe. And we should brace ourselves for one very bumpy ride.

All brought to you by the actions (as well as inactions) of the current administration.

Additionally, if you don’t think that the unemployment figures and financial corruption and default indicate a much more serious problem than we have faced since the great depression then maybe you should loosen your bow tie a little.

Fred. I personally don’t believe the doom and gloom predictions. I’m in the minority and could obviously wrong. I believe that McCain stopping the campaign is a gimmick (in accord with the Administration and the Congress) attempting to make the American people believe that they are ‘doing something’.

If you do believe the predictions of impending economic catastrophe, McCain’s postponement of the debate and stopping the campaign to address it, makes a lot of sense.

I don’t believe it, but for those that do; yucking it up with Dave Letterman and spending time primping for a debate, would seem pretty irresponsible; in light of the dire consequences.

backup Says:
ralph. you’re also right. I question the comparisons of today’s economic conditions to the Great Depression:

Thanks, B-cup, but you’re again simplifying the comparisons to the Great Depression, both here and in the media.

No one that I have heard or read has said that economic conditions today are comparable to the Great Depression, which is what you’re claiming isn’t true.

Almost all comparisons have rested on the conditions today that may be setting the stage for an economic collapse on a similar scale. Almost every economic indicator these days is ominous, some catastrophically so. The banking meltdown is one more stick being pulled out of an increasingly precarious Jenga pile.

I find your reading of the media (and political) climate sloppy. But you do take criticism like an adult. I appreciate that.

Thanks for the kind words

;-)

Thanks for being reasonable.

Now, there has certainly been talk about the current mess being the worst since the Great Depression. Here is one example, the first serious one (not by a TV talking head) I recall being made:
“This has been the worst financial crisis since the Great Depression. There is no question about it,” said Mark Gertler, a New York University economist who worked with fellow academic Ben Bernanke, now the Federal Reserve chairman, to explain how financial turmoil can infect the overall economy.
Worst Crisis Since ’30s, With No End Yet in Sight

This means the current financial meltdown is the worst in about 70 years. We might not see the unemployment rates people experienced back then, but fact remains the situation is not a rosy one.

And who has been in charge all this time? That’s right. Bush, the Dear (mis)Leader who said we needed deep tax cuts to enjoy the cornucopia of economic benefits.

I am still waiting for my crumbs to “trickle down” to me from above. And I bet so are you.

mary Says:
When I think of the Great Depression I can’t help but think of breadlines and people jumping out their windows. Not quite there yet, as far as I know.

The people jumping out of windows then were the people who want to be bailed out this time….

The biggest issue I have with any proposed bailout is that NO ONE has really said that it will work….then what?

I don’t know.

backup Says:

I’m no expert…
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Hmmm… hard to argue w/ those 2 points…