Depression II

are we in a worldwide depression? Forget the semantics or the textbook definition of depression alas the last, the Great Depression.
1) interest rates are low
2) price decline
3) worldwide unemployment
4) slow growth everywhere except in China

 

I get David Rosenberg's letter (former chief economist at Merrill Lynch who warned of the Credit Crisis back in 2006 I believe) and he wrote in yesterday's posting that we are in fact in a depression.

If I recall, the textbook definition of a depression is 3 consecutive quarters of declining growth....

So I would say yes.

 

more likely that is a definition of recession.

 

Replacing bread lines and soup lines are food stamps, extended UE benefits, etc and other handouts which won't impact our self esteem.

 

Too true. Just imagine if we weren't issuing food stamps to 40 million us citizens. :eek:

 

Takes a lot of lipstick on that pig to call it a recovery.

I knew the US govmnt was good for something!

 

http://online.wsj.com/article/SB100...5212990032148692.html?mod=WSJ_latestheadlines
maybe the "worldwide" is myopic view of western commentators. asian economies doing well.

 

"Are in a worldwide depression?"


Not yet! Give it some more time

 

close but no cigar.

 

I agree 100% I see it and hear it everyday here in Detroit. Neighbors house just got apprasied at 55% of his mortage amount.