Recession's second act would be worse than the first

by Guest Thu Sep 22, 2011 3:04 pm

Fresh evidence of a global economic slowdown has raised fears that governments around the world may be powerless to reverse it. If the world does fall into back into recession, it could be much harder to escape than the contraction that ended in 2009.

With banks still recovering from a decade-long credit bubble, governments slashing spending to cope with unsustainable debt, and unemployment at levels not seen in decades, a new recession would be “disastrous,” according to Roger Altman, a senior Treasury official in the Clinton administration.

“We could be in for a repeat of the experience of 1937, when America fell back into recession after three years of recovery from the Great Depression,” he wrote in the Financial Times.

http://bottomline.msnbc.msn.com/_news/2011/09/22/7900826-recessions-second-act-would-be-worse-than-the-first

by **Jobless_in_Ma** Thu Sep 22, 2011 4:44 pm

I believe the Mayans ntruly knew something when. The calendar ended in 2012.
The world as we have known it is indeed starting to change.
To fall back into recession would be catastrophic on many levels.

by lendmeflight2 Thu Sep 22, 2011 6:39 pm

I actually believe this more and more everyday. They predicted the world as we know it will end and be reborn. I think this can only be a good thing. It might be hard at first but it will be better in the end.

My last two years of life are a good example of this.

I am happier today than I was the day before I lost my job.

It's been hard but I feel a lot better now than I did then. You can take that for what you will.
I learned how to live a different way. I made a decent living for my area and never had any money. I can live on a lot less now.