The Big Three Depression risk

Nov 20th, 2008, 05:21 PM #1 (**permalink**)

The U.S. auto industry weathered the Great Depression. But there are some fears that its current crisis could cause another one.

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Nov 20th, 2008, 06:24 PM #2 (**permalink**)

If the markets continue to drop at their currant pace, and GM goes under I think the threat of a depression is very real.

I don't want to be reusing tea bags and coffee grounds so I hope that doesn't happen.

Nov 20th, 2008, 08:57 PM #3 (**permalink**)

If all hell breaks loose, we can always go to Somalia and live the good life.

Somali pirates transform villages into boomtowns

Ah ........ a pirate's life for me

Nov 21st, 2008, 12:07 AM #4 (**permalink**)

a lot of pirate booty there in Somalia.... but you bring up an interesting point.

How would the average Somali react if he/she came unto the American shores? what would his/her instincts be?

Nov 21st, 2008, 04:55 PM #5 (**permalink**)

I doubt a depression will occur; I think "depression" is the most over-used word by the media right now. In 1980 the unemployment rate was something like 16%, interest rates were like 21%, inflation was 12%, etc...we aren't anywhere near that today. Our current so-called "bad" economy has a lower unemployment rate right now (about 6%) than what Europe tends to consider their "normal" unemployment rate (7% to 10%).

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