What does the economic crisis means to me?

[ksbluesfan]

The economy is so bad, that taxpayers are being asked to bail out major financial institutions to the tune of nearly a trillion dollars. I'm losing sleep about this.

Normally, guys like Bernanke and Paulson are very careful to make it appear that everything is going to be alright. The Fed bumps interest rates by a quarter of a percentage point with a carefully worded statement that makes it clear that our economy is sound. When the stock market dipped a couple hundred points, they tried to head off panic by calling it a "market correction".

This time, Bernanke and Paulson are scared.

What is the worst thing that could happen? Could our country be hit harder than it was in 1929? If so, what does that mean to the average family? I studied a little about the depression, but mainly to get the big picture. What happened to most blue collar families? Did most people lose their homes? How did they find work?

If this will be more localized, similar to the tech bubble bursting in 2001, what industries will be hit the hardest? If only a handful of banks, insurance companies and investment firms are hurt by this, will it drag down the whole financial industry enough that we'll see massive layoffs?

Maybe I should have put this in the other thread, but I have a feeling that a lot of people stopped reading it because it has turned into petty political bickering. I hope this thread will serve to discuss the implications to average Americans without turning into a mud fight.

[Moon Man]

Stock up on tin cups and soup packets.

And those fingerless gloves.

Moon

[Reggie Cleveland]

Stock up on tin cups and soup packets.

And those fingerless gloves.

Moon

You forgot apples.

[ksbluesfan]

I don't know anybody who was in a middle class family in 1929. Both sides of my family were dirt poor -- one side rural, the other side urban. Surely, there must be lessons learned from the Great Depression. In my family, only my grandma on my dad's side was alive in 1929. If I call her, all she will tell me is to get ready for the rapture.

[cardinalgirl]

my grandma was a hairdresser in the late 20's/early 30's. She didn't seem to be affected so much by the depression. She seemed to have a more difficult financial time during WWII when she was married with two kids and my grandpa was in and out of the hospital a lot.

[Moon Man]

I don't know anybody who was in a middle class family in 1929. Both sides of my family were dirt poor -- one side rural, the other side urban. Surely, there must be lessons learned from the Great Depression. In my family, only my grandma on my dad's side was alive in 1929. If I call her, all she will tell me is to get ready for the rapture.

80 years is a long time, man. Most people can't remember lessons learned in the last year.

I, for one, am looking forward to all the new 'Little Rascals,' 'Ma and Pa Kettle,' 'Bowery Boys,' and 'Three Stooges' series' that this Depression will spawn. Great years for TV on the horizon.

Moon

[cardinalgirl]

80 years is a long time, man. Most people can't remember lessons learned in the last year.

I, for one, am looking forward to all the new 'Little Rascals,' 'Ma and Pa Kettle,' 'Bowery Boys,' and 'Three Stooges' series' that this Depression will spawn. Great years for TV on the horizon.

Moon

or like from the 70's when every family was working class or junk salesmen. Once we get a new version of the Jeffersons, you know things have turned around for this country.

[Iowa_Card]

or like from the 70's when every family was working class or junk salesmen. Once we get a new version of the Jeffersons, you know things have turned around for this country.

Wouldn't we have to have an "All in the inter-racial Family" sitcom first?

[cardinalgirl]

we do need that.

[ksbluesfan]

Am I the only one who is genuniely scared by this? The past few nights watching The Daily Show and Colbert Report, I can't laugh at the jokes. I see the look of terror on the faces of Paulson and Bernanke, and I worry.

[Iowa_Card]

we do need that.

Johnny Knoxville can play Carol O'Conner's part.

[ppg shg]

Pussy

/king

[Sheriff Blaylock]

I'm just glad I'm not close to retirement age because all that hard earned money earmarked for retirement is going down. I'd been better off buying CDs or sticking it under the mattress.

Work wise the wife and I are relatively safe (at least until Biden talks Obama out of using coal) since you can never have enough accountants. Boring? Yes, but good job secruity.

[Moon Man]

Am I the only one who is genuniely scared by this? The past few nights watching The Daily Show and Colbert Report, I can't laugh at the jokes. I see the look of terror on the faces of Paulson and Bernanke, and I worry.

Moon

[Iowa_Card]

Am I the only one who is genuniely scared by this? The past few nights watching The Daily Show and Colbert Report, I can't laugh at the jokes. I see the look of terror on the faces of Paulson and Bernanke, and I worry.

The problem is I don't know what to worry about.

Helicopter Ben and Hold-me Henry haven't told us what would happen to Main Street other than "it'll be harder to get a loan".

Sorry, but I think that's a good thing given the current situation.

It pretty much all depends on the amount of money your company needs to borrow in order to keep you (and your co-workers) employed.