Le Mans: Prototype Class
Join Date: Mar 2007
Location: North burbs of Chicago
The Great Depression of 2009 - 20??
I'm sitting here at work, bored as all hell....because I'm in sales. I sell IT equipment to corporate companies (from 200 employees to 10,000+ employees). Nobody is buying. In fact, most of my customers are on buying freezes and are laying people off. Some have past due balances in the tens of thousands of dollars that they can't pay so their account is on hold. One of the lucky guys I know had Neiman Brothers as a customer. Their past due balance was in the 10ís of millions of dollars when they went under. Money my company will never see.
The company I work for is in bad shape, but not as bad as our competition. We're pretty much the only ones left who haven't laid off any sales reps yet. My company has said they don't expect any layoffs, but I'm not so sure. Come January (after the holidays), I fear I may be laid off as well. Not that it matters, I'm not making much money right now anyway as I'm commission based (with a very small salary).
But on to my question... Who here thinks we will see another full fledged depression, that which is greater and longer lasting than 1929? I'm not talking about a recession. That debate is over. We're already there, no matter how much politicians refuse to say the word. I'm talking about a depression so bad that it could last 5 or 10 years or more. A situation where millions of people won't be able to find jobs for an extended period of time. A problem that's so bad, it will all but cripple our economy and our way of life, standards of living, etc. Something that will affect the everyone on a global scale (side note: The UK and most of Western Europe is right there with us in this crisis).
Now, I'm no expert on the economy. So take my thoughts with a grain of salt. But I've been doing a LOT of research into our current crisis and am becoming more and more afraid everyday that we are headed into some very tough times. One which rivals the first great depression. This depression will evolve from completely different circumstances than 1929, but will be far worse and last much longer.
I do have facts and statistics to support my theory, but I'd like to see some of your thoughts first before I start getting down to numbers.
And I should clarify...I'm not saying we are doomed. I'm not saying a depression is inevitable. I'm just saying the possibility is there, and everyday it becomes more and more likely.
Prove me wrong......please?
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