cgm205

Wall Street Breakfast: Must-Know News

As others have said so well, the CC law is just another hit to responsible citizens by govt in order to reward irresponsibility by a few. When are people like the ones who pay in full each month and do without when they can't afford something going to be heard?

Watch out for "free" healthcare next.

2009 Depression Will Be Nothing Like 1929

I see you're younger than I; my parents lived through Depression as a young married couple. Please remember that these are my thoughts and not stated as the 'absolute' situation.
My definition of a depression would be one that contained too few people with assets that could bring the country out of D by spending.
I think you are mistaken in believing that a reasonable % of people have $100k or more in savings. Just look at the IRS's tax figures to see that the top 50% of wage earners pay over 96% of all taxes. This tells me that 50% of wage earners paying little or no taxes have very little in savings and are living on a fine edge. I remember reading some of my uncles old hunting & fishing magazines of the '30s and seeing hy grade Parker and British shotguns and rifles selling in the thousands back then. The problem was there were not enough wealthy people that could produce the businesses that could hire the unemployed.
If we continue our class warfare efforts and destroy our wealthy people, we can then really see what the big D was like. Our economy is not nearly there yet, but more and more entrepreneurs are moving their businesses out of the country to escape the destructive effects of govt's enviro. and tax policies. Jobs like engineers,physicists, and medical professionals that require years of study and money aren't being filled by Americans because the effort isn't worth the limited rewards.
Without these type people being created constantly, we won't be able to come out of this bad economy to what we had before.
I hate to see socialism for my grand kids but it seems to be coming to them because of govt's creation of a permanent underclass and a predatory political environment.
You are right. It will get worse.


On Mar 06 06:14 AM 22thoroughbred wrote:

> I still want to know what a "depression" looks like when people have
> some assets, during '29 our grandparents lived check to check, waited
> in soup and bread lines, etc. because they had no savings, today
> a reasonable percentage of people have a 401K with $100k or more,
> have some money saved, so what will an '09 depression look like,
> because honestly I believe as an economy we are there and it will
> get worse before it gets better. Thoughtful replies please