I found an interesting article on The Boston Globe that theorizes what a current depression might look like. I found it interesting and somewhat believable. I agree that the long lines would probably be in the hospital emergency rooms and the theory that people would move to urban centers to rent and reduce their transportation costs seems reasonable, although I’m inclined to believe that the suburbs would stay pretty populated as the home prices continued to decline.
Anyway, it’s an interesting article to read. You can see it here:
This is a spooky reality. I don’t know or don’t want to believe that there will be a great depression. Like they said 25% of americans were unemployed. This is a substantially large number. Right now unemployment is at 6.5% no where close to the great depression numbers. Also the natural rate of unemployment is roughly 5%. This is just because there will always be people turning over jobs to find new and better ones. There will always be people coming into the market in order to look for new jobs, and so forth.
I would definitely say that we are in a recession, but a depression… I guess we will just have to see.
Spooky to read the realities of a depression now, though.
Geez, thanks for the link to the awesome article. We’re indeed facing a depression in 2009 and beyond. But I’ve always had this notion that in adversity lies opportunity. It all takes a different peek into the spectrum of things.