Fidelity One
07-18-2008, 01:43 PM
I can't beleive that people are still saying we are not in a recession. I would argue that we are way past the recession and on the verge of a depression.
I was talking to a collegue, and they mentioned they had read an article by an economist outling what defines a depression.
There were a number of factors, however the final straw was the default of major financial instiutions.
Well, with Indy Mac going under, Freddie and Fannie Mac having issues, Countrywide selling to bank of America and JP morgan buying bear stearns for pennies on the dollar, I think in my mind it is safe to say we are in a depression.
Money is already tight and it is only going to get tighter in the coming months.
What do you all think?
I was talking to a collegue, and they mentioned they had read an article by an economist outling what defines a depression.
There were a number of factors, however the final straw was the default of major financial instiutions.
Well, with Indy Mac going under, Freddie and Fannie Mac having issues, Countrywide selling to bank of America and JP morgan buying bear stearns for pennies on the dollar, I think in my mind it is safe to say we are in a depression.
Money is already tight and it is only going to get tighter in the coming months.
What do you all think?