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Question of the Day

Mar 19th, 2008 at 9:30 am by Susie

(Completely stolen from Melissa)

What is your worst fear, if any, about the current economic situation?

Posted in Recession Depression

14 Responses to “Question of the Day”

on 19 Mar 2008 at 9:45 am1Jay

The failure of a major bank, causing a chain reaction among the other banks, and globally to other international banks, followed by capital flight from US equities markets, causing a precipitous drop in stock prices, US Treasuries, and the dollar. Followed shortly thereafter with massive layoffs. We seem to be experiencing a bifurcated inflation/deflation scenario where wages, home values, and stocks are stagnating or losing value (deflation). The prices of commodities of all stripes–wheat, rice, oil, gold, copper, FOJC, everything–continues to go up (inflation) because they are traded on the world market, and because they are traded in a currency that is losing its value, the dollar. So the US consumer and average worker is doubly screwed. So maybe the worst is already happening, but it’ll just pile it higher and deeper.
on 19 Mar 2008 at 10:02 am2k

That I won’t be able to get the medicine that keeps me alive, and I’ll die, and there won’t be anybody to take care of my kid, and she won’t go to college and be whatever it is she should be. I think that’s fear-worthy.
on 19 Mar 2008 at 10:18 am3Ohio Mom

I was going to write that all three of us in my family have chronic, but fortunately, manageable medical conditions, and that my biggest fear is that for one reason or another, we’ll be cut off from the medications we need to function. But k beat me to it.
on 19 Mar 2008 at 10:41 am4anon1

My partner is 60 and keeping our family and the animals afloat with her job at an HMO. She’s exhausted, health failing, and wants out of the horrible job overseen by tyrant bosses with ugly corporate non-ethics. We want to downsize and start a different kind of life but can’t sell our house in this market. I worry that we’ll never get out now, we’ll lose even more equity, and just tread water until one of us has a major health crisis. Also, because of the Defense of Marriage Act, if anything happens to her I am not eligible for her pension. No federal benefits.
on 19 Mar 2008 at 10:51 am5brendancalling

That I’ll have to choose between paying my mortgage, my child support, or my student loan (my three largest responsibilities). If worst comes to worst, I’ll take the 7-year hit to my credit and ditch the loan, but I dread having to take that course of action.

We plant a victory garden every year (they never call them that anymore) so we can save money on produce, but the way things are going, that’s not going to help unless we invest in a cow or something for meat.
on 19 Mar 2008 at 12:06 pm6mbw

My fears are now for other people, since, for the first time in eight years, we have stable employment, and recession-proof.
on 19 Mar 2008 at 12:22 pm7Old Mtnbkr

Two of our grown kids have private-sector jobs that could go away if we have a severe recession/depression. One owns his own construction business. I also worry about how we, our kids and grandkids are going to pay for Der Chimp’s excellent Iraq adventure.
on 19 Mar 2008 at 12:26 pm8Amelia

A run on the banks. Here in Denver the Denver Post had a headline the other day, which now I can’t remember the exact words, but something to the effect, Fed acts to prevent bank run. Talk about fear-mongering! I was wondering whether I should take out my money and dig a hole in the back yard. That coupled with C-Span History doing a retrospective on the Great Depression, and how awful it was. I’ve been asking everybody are the banks really going to fail and everyone says no way that could never happen (not that they know).
on 19 Mar 2008 at 12:27 pm9Erik

My fear is that economic bad times (they could get really bad) will turn us against ourselves even more. My hope is that we can come together to alleviate some of the suffering that will inevitably result from this downturn (depression?).

More than anything, our leadership (i.e. the President) will set the tone for this.
on 19 Mar 2008 at 2:09 pm10russell

I don’t want to lose my house, because then my wife will lose her garden.

Other than that, I don’t much care.
on 19 Mar 2008 at 4:24 pm11Mad Martigan

When people get hungry enough or when their kids are starving, they will do whatever they must to survive. Roving criminal gangs taking what they want from the few that have managed to secure their own personal finances through frugal living or luck of the draw. I hate the thought of having to lock my doors at night, and the whole idea of fortification for personal security.

Gated communities of the super wealthy will become mini green zones for as long as they can pay security costs. Those who caused the meltdown will be least affected by it. The bastards.
on 19 Mar 2008 at 4:48 pm12Mr. Terwilliger

My biggest fear is that the public will not figure out the cause of all of this and will complacently stand in bread lines rather than figure out it will really take a class war to rid ourselves of the plutocrasy we are currently living in. As long as they keep watching “American Idol” more closely than they watch their own government gutting the treasury to provide welfare for corporations, the American people will just have to endure more and more bad times.
on 19 Mar 2008 at 7:23 pm13Wendy Whinner

My biggest fear is the that one day Susie ’s gloom and doom serial postings about the coming apocalypse of the American economy may come true.

Fortunately, that will never happen.
on 19 Mar 2008 at 11:50 pm14geneo

Budget cuts forcing the public institution I work for to lay me off. Not many opportunities where I live, and having to move to look for work would be a big problem.

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