Quote:
Originally Posted by sailaway21
Windy,
Actually, none of it sounds familiar-sorry!
GDP grew at 3.3% in the second quarter, that's a long way from a contraction or recession. In fact, that's solid growth>
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I agree, it is encouraging.
Certainly some of the above looks very familiar, we've had 10 banks fail this year, one was the 2nd or 3rd largest in this country, IndyMac. Certainly there has been a very serious credit crunch over the past year, in fact we haven't seen credit so hard to get since the Depression. And auto sales are down, as is consumer spending. Hopefully that'll be the worst of it, but it's hard to know. The parallel really ends with the bank failures, 10 is a lot of banks, but that's NOTHING compared to how many banks failed in the 1930's.