Is a World Wide Depression very real and very soon?

Rep Kanjorski states that, during the Indymac Bankmeltdown,had the FDIC not intervened and guarantied up to 250k to be 100% safe in savings at the empty bank, there would've been a world wide depression according to estimates that were being drawn at during those hours.

http://www.youtube.com/watch?v=_NMu1mFao3w- at around 2:30

So, does this means that economy is worse than we think that had the bank not been swallowed by the Govt, the crash of this bank would've caused a chain reaction across the globe where no currency would've escaped the nightmare?

The other question that comes to mind when reviewing the video is, "Who is the unnamed subject that withdrew all monies from the bank causing a major scare with hundreds lined outside the bank waiting to withdrawl?"?

It's already been happening. All the major countries have been hit hard.

No, this is no depression.

If only they'd announce who it was that removed all that capital, then maybe some answeres might be drawn. All the politicians are doing it seems is, holding the inevitable back. Pretending like it isn't happening

Nope, were fine, but the deficit will become better in all world wide countries, Obama is helping us right now to stimulate our deficit. This is YouTube we're talking about anyways, there's alot of crap of YouTube that is mis-leading anyways, well so does the Media, however, you gotta believe on what's either right for this country or weather is wrong for this country. I think Obama is going to help out countries and get us out of debt in the near two years. Everything is good. You worry to much. Lol.

No, this is no depression.

Jacobistheman

Well not yet, but it seems like it isn't to far either. The world can only finance our own demise for so much longer before they finally stop. And with most a lot of nations not wanting nothing to do with the dollar transferring to the Euro or some real commodity, the dollar will be more worthless than it is right now.

Some people are to comfortable to admit this ugly truth because they're afraid of their lifestyle changing, but it's a forceof nature being manipulated. If only we knew by who, because this certainly isn't no random event.

[QUOTE="Jacobistheman"]

No, this is no depression.

_R34LiTY_

Well not yet, but it seems like it isn't to far either. The world can only finance our own demise for so much longer before they finally stop. And with most a lot of nations not wanting nothing to do with the dollar transferring to the Euro or some real commodity, the dollar will be more worthless than it is right now.

Some people are to comfortable to admit this ugly truth because they're afraid of their lifestyle changing, but it's a forceof nature being manipulated. If only we knew by who, because this certainly isn't no random event.

Nope, were fine, but the deficit will become better in all world wide countries, Obama is helping us right now to stimulate our deficit. This is YouTube we're talking about anyways, there's alot of crap of YouTube that is mis-leading anyways, well so does the Media, however, you gotta believe on what's either right for this country or weather is wrong for this country. I think Obama is going to help out countries and get us out of debt in the near two years. Everything is good. You worry to much. Lol.

XboxAmbassador

Whether it's YouTube or some other "tube" matters not. It's from C-SPAN, which I know, is one of the most highly accused of being "bought" out, but it sounds like this cat told some lil truth as it certainly does explain the actions of the FDIC and every other entity involved.

If in fact it's trueas to how close we were from a global crisis, and how it was put aside for another few years while we see the decline of "big name" corporations, than it should be compelling enough to make people rise up since their live saving could be considered worthless very soon.

Then people will be jumping from high rises once again.

We probably know who it was. Just as we know where the Madoff money is. Just as I can let you know. It is the name that must not be mentioned. When you pause to think of such a name, you know very well, you would never dare mention above a whisper with unfriendly words - what name could it be?

Run happened on a 9-11 date, from 9am - 11am.

How cute.....

Uhm..Lawl? Dude, I just said, "So does any other Media." Not exactly YouTube, so you just had an ironic thesis statement regarding mine. Read before posting, mate.

No so get over it. If you think this is any where close to the Great Depression of the late 20' and mod 30's you need to go back and do some studying of your history.

For example in the 30's the umemployemt rate got to as high as 27-28% nationally in America. So forget about it, we are just haveing a bad Recession.

No so get over it. If you think this is any where close to the Great Depression of the late 20' and mod 30's you need to go back and do some studying of your history.

For example in the 30's the umemployemt rate got to as high as 27-28% nationally in America. So forget about it, we are just haveing a bad Recession.

axia_777

What I mean is that, it seems as almost the same process would've taken place as in the 20s-30s had that brought the depression.

Back then, a rumor(or perhaps it was true, but a rumor) had spread around very quickly that a major bank was all of a suddeninsolvent, and so people with deposits in that bank started lining up outside the bank to withdrawl their hard earned cash. If I understand correctly, this cascade of money withdrawl was repeated all over the nation at all banks as the public was in fear of losing their deposits, and so the banks had to call in all their loans to give their depositors their rightfulproperty, which after a certain point, they couln't give anything else back since money and assets had been depleted. Money ran out and people saw their life savingsbecome worthless in a matter of hours. Contraction of the money supply and everyone is hurting.

It seems that the same scenario had a big chance of possibly repeating itself with this Indymac Bank failure had the FDIC not jumped in and guaranteed the 250k safety net.

I don't want to hear any statements that this county is anywhere near a depression when we battle with such difficult decisions as "Do I want Digital Cable Premium, or should I just go with Direct Tv?"

I think the past year, if it has taught us anything, has taught us that no one knows what the hell is going on or how to fix it.guynamedbilly

I don't want to hear any statements that this county is anywhere near a depression when we battle with such difficult decisions as "Do I want Digital Cable Premium, or should I just go with Direct Tv?"

peaceful_anger

Isn't that part of the problem?? That we are spending money we dont actually have......

im happy. the entire economics system could fail and all forms of currency rendered useless. sun will still rise. life goes on. enjoy it