Is the second Great Depression near?

Our country has tried to prevent a second depression by trying to work everything out in the stock market and trying to finance it and our country, but by the way things are going, it's possible that that could happen, just not as severe.

WTF! Barack Hussein Obama?

Great Depression is almost here. GREED (wall) STREET is responsible no one else. Not even Dubya!

If our Senators keep thinking it is a good idea to spend OUR money to bail out these companies that mismanaged their billions of dollars in the first place and want to give them a second shot, then the answer is yes.

not necessarily
but if things keep going the way they are,
people getting in mortgages and loans they cant pay back, and the banks keep giving it to them, then probably
but technically it would be the greater depression :D

When you see prestigious firms like Morgan Stanley and NASDAQ advertising on TV, you KNOW there's something wrong.

I was wondering the same thing. They say history repeats itself... maybe it is or maybe it isn't. But, major banks and companies going bankrupt overnight is not a promising sight. I think people are just hoping that there will be some sort of miracle and the stocks will go through the roof. Perhaps they can and some sort of economical stability will be able to be gained. After all, it did crash, why can't it go back up?

But until we see better days with our stock market, it may be a wise idea for people to start preparing for an emergency situation if they haven't already. Canned food and non perishable items, candles, batteries, flashlights, bottled water... in all honesty, we just don't know, and that is scary.

Not if people don't freak out and pull out of the Market. This is what fear does, make people react before thinking. The Market goes up, and goes down. As far as the economy goes, hopefully it will get better in time, and the White House, our Govt. and regulations/ making the 'fat rich guys' submit to rigorous opened books, is a great start. We knew this was going to happen, when anyone and their mother could buy a house that was way far out of their means of income? What where they thinking? Now Banks can't borrow, so, they are going to go back to the Old School. Harder to get credit, but we will recover, just all please, don't freak out, let the money grow, it will come back, it is bound to. When it does, now that is a better question!

It will happen soon enough. Be patient, my friend. If you are tired of waiting, I would suggest voting for John McCain. He is SURE to speed it up a bit.

Some older people at my friends work were saying that we should start saving money cuz it could happen by like 2016....they said we should learn to grow our own vegtables and stock up on things because they way our world is using stuff up its a very high chance that it could happen....except it will be worse cuz now a days people are not afraid to steal or kill to survive and we have more weapon adn such....so chances are theyd epression will be way longer and much scarier!

We could very well be on the door step of a major depression. As for it being like the Great Depression of the 30's. I don't think it will be the same. There's no way it could be exactly the same. It will not be good but it will not cause the hardships that were felt in the 30's. There are too many businesses who are doing well and unemployment iw not too high. During the Great Depression unemployment was very high and there were not jobs to be had anywhere. Today there are jobs. They may not all be high paying jobs but there is work if anyone wants to work.

Those who could be affected by a depression are the folks who are drawing Welfare and other service pay. They may find themselves out looking for jobs and that would not be a bad thing.

If we keep Repub - Hussein - Licans in office next year, then yes.

Look back in history, every democratic president we've had has pulled us out just in time.

Changing your party is easy, ask your local DMV.

We were doing great 8 years ago.

Within the century.
Its inveitable.

To those who are saying that either candidate is going to create a depression, PFFT! The crash is starting already and won't wait for November (or Jan. 20)

For an enlightening article, see --
http://articles.moneycentral.msn.com/Investing/SuperModels/poof-there-goes-an-american-dream.aspx
Excerpts below

On the political front, the only question will be which candidate will give us the best chance to survive? Hoover or FDR. Opps... I mean McCain or Obama

However, the takeover of AIG poses an especially large challenge for John McCain, who is now railing against corporate greed and lack of government regulation of the financial industry. What he doesn't talk much about is how deregulation happened. It was the 1999 Gramm-Leach-Bliley Act that repealed the 1933 Glass-Steagall Act and thus eliminated the depression-era walls between banking, investment, and insurance that made this crisis possible. Glass-Stegall erected walls between banking, investment management, and insurance, so problems in one sector could not spill over into the others, which is precisely what is happening now. The primary author of the Gramm-Leach-Bliley Act was none other than McCain's economic advisor, former senator Phil Gramm (who thinks the country is in a "mental recession"), and McCain fully supported the bill. He also has a long track record of opposing government regulation of the financial industry. His new-found conversion to being a fan of regulation is going to be a tough sell as Obama is already pointing out that McCain got what he wanted (deregulation) and this fiasco in the financial sector is the consequence.

Excerpts from the above mentioned article:

... the capital that is required to fund businesses, schools, streets, farms, vacations, homes and cars is quite literally evaporating like dew at the start of a summer day with the untimely death of every bank, brokerage and insurance company.

For years, banks, brokers and insurance companies have besieged us with marketing claims that the regular purchase of shares in public companies would effortlessly grow in value forever. Never mind that there have been long periods in the past century -- such as, roughly, 1929 to 1932, 1937 to 1949 and 1965 to 1982 -- when this simply wasn't true.

It is only now, during this period of acute crisis, that individuals who won't go on a bicycle without a plastic-foam helmet are coming to grips with what business risk really means. And that is why a childlike innocence is dying along with the stock market this week...

I'm told it's literally been chaos at big companies for three days, with people making mistakes and freaking out as they work 20 hours a day.

All day long, both regulators and stock analysts have been calling security dealers' chief executives to ask them about their liabilities, assets and collateral. ... When credit and equity are downgraded, contracts demand that companies come up with additional collateral to backstop their own liabilities. That means assets ranging from common stocks to U.S. Treasurys to equipment to asset-backed securities will flood the market over the next couple of weeks as companies speed to meet their obligations.

Satyajit Das, a credit derivatives expert based in Australia, told me ... that these events have "essentially destroyed the capacity of the banking system to provide funding to businesses."
U.S. Treasury and Federal Reserve officials have urged American banks to pool together a $70 billion fund to bail out weaker members of their tribe. But Das scoffed at the effort as a nonstarter, considering they are all equally desperate to hold on to their capital.

The credit engine that has fueled the planet's economic growth is now kaput, as banks and governments have downshifted from risk-taking mode into survival mode. The only hope now is that the unraveling will not accelerate and become an uncontrolled spiral into the ground.

"The European Central Bank and U.S. Federal Reserve have held international financing together with chicken wire and hope, and only now are people seeing how fragile it has been for years," Das said. "As the contraction of credit feeds out into the real economy, business expansion will grind to a halt, unemployment will soar, and consumer spending will falter -- all of which leads, in turn, to lower production and more unemployment."

There are only so many major institutions that can go under, after all, and already two are dead, and two more are on the brink. ... companies are just starting to cut back jobs in a serious way to match diminished business and the loss of borrowing power.

Oh, we aren't in a depression? I thought we were already in a depression.

Good question. But i cannot tell you that. We must wait and see.

Joseph C above. Well written answer Thank you. Everyone go back and read Joseph C

J below please do the country a favor and go back to school and get an education. You may need it in Obama's economy to get your minimum wage job.

If Barack Hussein Obama gets in there, he could help to bring it about.

His tax agenda could cause massive unemployment, plus he could raise the Moronic Minimum Wage to $9.50 an hour which would just about insure that businesses would fold or relocate overseas, leaving millions and millions unemployed.

you bet your bottom dollar it is!

if it werent for teh government bailing out there massive conglomerates, it'd been here already

possibly, even if it was you could always just go to another country. Oh wellz.

Trump pretty much said so on Larry King.

No... You been listening to Obama panic too much.

America has been through so many major crisis, Not so economically but we will pull through like always. Might not be easy but I trust in the American people and McCain / Palin to find a solution

omg i heard about it...it is..
?? plz answer mine ppl...the best one get 10 easy points http://answers.yahoo.com/question/index;_ylt=AjVK7B32UZSsMI9A3k0zRYLsy6IX;_ylv=3?qid=20080916135020AAzp8zQ

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