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Originally Posted by dice  At least gas is cheap, maybe I can escape with my 1970's chevy...
So are we just a bunch of drama queens? Or is this the real shiz?
The media must be getting such a kick out of this! |
To be honest, there's a lot that nobody really knows. Try to ask people about how long the recession/depression is going to last, and often even the economic wizards don't have that particularly much an idea, or it can degenerate into not-very-informed speculation; I wonder what constitutes a genuine educated conjecture on the matter as opposed to just a wild guess.
Though it's likely that fewer people in the US now worry about starvation as they did in the 20th Century's depression era, seeing a collapse of this scale would certainly put people more than a little on edge.
Things are also different given the global nature of the economy and the global wealth-concentrations compared between now and then.
So how long will it last? 2 years? 4 years? Most of a decade? Will it be a "depression", or just recession and relative stagnation? I haven't a clue. Will some sectors turn back upward shorter-term? How much rot is left in the system? There too, most people, even educated ones, may not have answers.
The media writes news the way it can. I don't exactly think media companies are happy these days, for that matter.