With the Economy heading into a recession, where do you see us going.

@gangus2 (373)
United States
May 22, 2008 6:48pm CST
I keep hearing recession and that the state of our economy is close to that of the great depression, which in it's time everything from food to energy to gas was rationed. Do you see us heading in that direction and if so when do you think it will come to be. Karen
1 person likes this
3 responses
• United States
30 May 08
I see us at the brink of a great depression. We're a bit worst off than the people of The Great Depression. At least they had wells to dip water from. We don't even have that. Food rations have started now. Some wholesale clubs are rationing rice and this is just the beginning.
@gangus2 (373)
• United States
31 May 08
Thanks for responding, and you are right, news reports are beginning to write about us being worse off than the Great Depression, water will soon be another worry since most of the main lines that deliver it are old and are badly in need of repairs. I do however have faith in the American people, we will weather the storm and get through this. Thanks, again Karen
@syeryn (574)
• United States
23 May 08
I think we are in a downhill spiral towards recession now but do not see a replay of the great depression. Prices will continue to rise, the economy will suffer and the recession will run it course. Eventually we will rebound and begin to thrive again, until then, batten down the hatches and prepare to ride out the storm.
@gangus2 (373)
• United States
31 May 08
Thank you for responding, and I hope that you are right, I do know that we are going to go through some hard times, and hopefully we will be able to turn around. I do like the way you put it: "Batten down the hatches and prepare to ride it out is probable all we can do. Thanks, again Karen
@spalladino (17925)
• United States
22 May 08
The great depression happened because banks were failing and people were in a panic and took their money out, causing more banks to fail and businesses to fail. There are safeguards to prevent that from happening these days. I do see signs of a recession and I do believe that it will get worse before it gets better. The economy is going to continue to slide downhill as the rising price of gas causes everything to go up to the point that businesses close or have to lay people off. Everyone should be prepared for this possibility by saving as much as you can now and conserving as much as you can now. Pay off or pay down high interest rate credit cards and cut them up. Get yourself into the best possible financial position that you can and wait it out. Eventually the economy will turn around.
@gangus2 (373)
• United States
31 May 08
Thanks for responding, I keep hoping that our economy will turn around however, when I watch all the things that are effecting it (housing, credit crisis, energy costs, water: major water lines in badly need of repair; food costs and yes, oil) I can't help but think its too late. All we can do is go with the flow and try to survive. I agree with conserving, I do this daily now and I am working at paying off debts along with putting some money away. I do hope your right, and again Thanks for responding Karen