It’s Friday, and while things could be worse, it’s hard to tell that from the news. Yesterday we saw the worst new home sales ever, the worst week for unemployment figures since 1967, and we heard that 2008 was the worst year ever for Ford. Today we expect to hear that the GDP is the worst it’s been in 26 years. [Thanks L!]
So how much worse can it get? Give us your two cents worth, or send us any links, stories or ideas. This is an open thread, so let us know what’s on your mind.
Twist, I’m afraid we’re at the relative beginning of a protracted deep recession or depression. I’m sad about it, and a little angry, because this economic mess was entirely avoidable in my view. My family is luckily (and with help from sites like yours) avoiding much of the worst impact in that we are all in cash and have had no real estate or stock assets through the decline.
If we’re not lucky or careful, the US will shift culturally from greed, materialism and hubris (Reagan’s legacy)to apathy, arrogance and alienation (Bush’s legacy). The best case scenario is that hard times will teach us all valuable lessons in looking out for and working well with others and serving a good cause (Obama’s potential legacy).
So as not to sound too preachy, I personally hope for many in the finance and real estate sector to be prosecuted and sent to jail for their recent misadventures.
Rant off.
DC-
Economically I’m extremely pessimistic and believe that a depression is inevitable. Morally I’m extremely hopeful.
My grandparents and the people I know of that generation are almost all hard working, thrifty people. I have to assume though that they were the same generation that mucked up the 1920s. They must have learned their lesson and changed their ways.
I’m not looking forward to what the next couple of years may bring, but I am hopeful that we will be a nicer, wiser people at the end of it.
Thank you for the kind words about the site. That’s why were here. We can’t make things better for everyone, but we hope that trying to provide a more balanced view of the housing market will help people make wiser decisions. I know that working on Doom has made the Twist family more cautious and thrifty.
It’s probably going to be the worst drought ever for california! I tell you, it’s pretty strange walking around in short sleeved shirts in northern california in January. Not much we can do about that though.. its not like we can send nature to jail. Or.. can we?
Hmm, so lets see. We’ve got the beginning edge of a depression, we’ve got a major drought, all we need now is a war.. oh wait, got one of those too. Yes, yes I do believe it’s the 1920’s again! Except now we have iPods.
Igor says “deflation”. I remain skeptical. Ok, not really.
Linenoise -
Let’s hope that Mt. Redoubt in AK is just your routine ash cloud and not a major blow.
Igor says, “dejected,” which I suppose is better than “ejected” in this case
Linenoise-
I was out in Long Beach last week. Highs were in the mid-80s and I had packed nothing but sweaters and long-sleeved shirts. That was a mistake.
And if you think that’s bad, here’s what we’ve got going in Austin:
It sounding a lot like "Grapes of Wrath", except it will be hard today for folks to load up the Hummers with their kids and belongings and go pick oranges in CA, if CA is in a drought too.