It's January 4, 2009 and calling the economy a mess is only scratching the surface.
What we see in the news and all over the air waves is nothing short of constant comparisons with "The Great Depression" which began in 1929 and lasted to the early 1940s. Even the "dot.bom" of 2000 and 9/11 of 2001 didn't have the immediate and lasting impact of "The Great Depression" where people committed suicide in droves after losing their entire life savings and once middle class families litterally starved in the streets.
What we have today might be even worse as not only the American economy is falling appart but the world at large is in a financial crisis in and unprecidented way. When was the last time whole countries declared bankruptcy? http://www.businessweek.com/the_thread/economicsunbound/archives/2008/10/iceland_goes_ba.html
AIG, Bear Sterns, Lehman Brothers, Washington Mutual, and the list goes on to add up to trillions of dollars lost and billions in government bail outs. We are talking about some of the oldest and most trusted investment banks, brick and mortor savings and loans, and mortgage banks completely demolished seemingly overnight. Add some of the most volotile oil prices seen in decades, a massive credit crunch and finally GM, Chrysler and Ford on the vurge of disaster asking for billions in bail outs otherwise they won't last the coming months!
As if that weren't enough, think about this, the job market is in some of the worste conditions seen since 9/11 and getting worse, unemployment is at an all time high and rising, consumer and corporate spending is down to a halt, we are paying for a $10 billion per month war in Iraq with loans from China, the stock market loses or gains 1,000 points almost daily, and home prices are half what they were a year and half ago in the hottest parts of the market leaving these now unemployed, concerned tax payers with homes they can't sell or refinance or even afford anymore.
Ok the sky is falling....... what's the bright side?
1. Things can only get better from here!......Hope for 2009.
2. We have a history making President!
3. We're all in the same boat!
4. Everything....I mean EVERYTHING is on sale!
5. Gas prices have come down significantly!