Things might get worse than the Great Depression

[Boricua_papi]

Worse than the Great Depression?
Posted: 04:41 PM ET

From CNN’s Jack Cafferty:

The financial crisis that’s consuming the U.S. along with the rest of the world is worse than the Great Depression, and more along the lines of the collapse of the Soviet Union.
Worse than the Great Depression?

Financier George Soros says the current financial crisis is worse than the Great Depression.

That’s according to renowned billionaire investor George Soros.

He points to the September collapse of Lehman Brothers as a turning point. Said Soros, “The economy went into freefall and is still falling and we don’t know where the bottom will be until we get there and there’s no sign that we are anywhere near a bottom.”

Soros describes the collapsed financial system as still being on “life support” since that point. He says the current turmoil can be traced back to the financial deregulation of the 1980s, and that it marks the end of the free-market model.

There’s more. Soros believes the Obama administration’s plan to buy bad assets from banks won’t be enough to get our financial institutions to start lending again. Instead - he suggests injecting capital directly into the banks.

Meanwhile - it looks like most Americans sense we’re headed to a pretty dangerous place. A new CNN/Opinion Research Corporation poll shows that 73 percent of those surveyed are “scared” about the way things are going in the country today. That’s up 6 points from October.

[neutral]

Re: Things might get worse than the Great Depression

Just the thought of the possibility of a depression....it does sound depressing.

[halfwaytree]

Re: Things might get worse than the Great Depression

Mi notice today that business at my company seems to be picking up a little

But I just found out tonight that my cousin's husband was laid off from his job at Sony Corp. Twenty six years he was with them.

[j-kid]

Re: Things might get worse than the Great Depression

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: B_P</div><div class="ubbcode-body"> Instead - he suggests injecting capital directly into the banks.



</div></div>

He must be out of his blastid mind!

After wha dem duh wid the first (unrestricted) bailout money under G. Bush; an neva even pass none ah it down to the regular consumers! Dem can't even give an account ah whe all those billions went.

[H_O]

Re: Things might get worse than the Great Depression

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Curmudgeon_Milo</div><div class="ubbcode-body">Mi notice today that business at my company seems to be picking up a little

But I just found out tonight that my cousin's husband was laid off from his job at Sony Corp. Twenty six years he was with them. </div></div>I was hearing Russell Metals is laying off 500 workers in Stoney Creek

Varsteel and Dofasco, Stelco, Gerdau Ameristeel, Nomasco, are next.
I was goin into Gerdau Ameristeel in Whitby in the summer and fall and youd have a line into the scale out to Thickson Road, i was in there two weeks ago, and there wasnt a scrap hauler to be seen
theres no demand for steel now, and all you have to do is look on the QEW near Hamilton to see less steel haulers on the highway to see the effects

[H_O]

Re: Things might get worse than the Great Depression

heres a buddy of mines rig, and he aint moved it in weeks, and all he depends on is hauling steel from Pennsylavania-Bethlehem, Alleghany, Pittsburgh-there closing mills down there left right and centre
he works for LA Dalton-and things sloooow

[halfwaytree]

Re: Things might get worse than the Great Depression

<div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Banned_HO</div><div class="ubbcode-body"><div class="ubbcode-block"><div class="ubbcode-header">Originally Posted By: Curmudgeon_Milo</div><div class="ubbcode-body">Mi notice today that business at my company seems to be picking up a little

But I just found out tonight that my cousin's husband was laid off from his job at Sony Corp. Twenty six years he was with them. </div></div>I was hearing Russell Metals is laying off 500 workers in Stoney Creek

Varsteel and Dofasco, Stelco, Gerdau Ameristeel, Nomasco, are next.
I was goin into Gerdau Ameristeel in Whitby in the summer and fall and youd have a line into the scale out to Thickson Road, i was in there two weeks ago, and there wasnt a scrap hauler to be seen
theres no demand for steel now, and all you have to do is look on the QEW near Hamilton to see less steel haulers on the highway to see the effects </div></div>

True, I have a friend that works at Gerdau Ameristeel in Whitby. He just got his layoff notice. My brother works for the same company (another plant). They have laid of a full shift there as well but he seems to think they are better positioned than other plants because a decision was made a few years ago fro them to produce more specialized items. Hope he will survive the storm.