“Terrified. There is no excuse for any of this to even be mentioned in polite society.
This ‘national emergency’ is roughly on par with 1982 - and Reagan solved it without nationalizing anything. It is obscene for this to even be discussed.”
No, it is actually worse then the Great Depression. There were only three major options for a deflation:
1) Ease the suffering of the citizenship
2) All or nothing inflation gambit (that is what Washington is doing and it is unconstitutional and the consequences turn our nation into a 3rd world banana republic if it fails)
3) Nationalize the banking system, fire management, all shreholders are eradicated (including upwards of a ten million pension plans.
Does this explain the real severity to you? It may feel like 1982 RIGHT NOW in that three year bad recession, but this is year one. To put it in context the GDP of the U.S. lost -5% in year one of the Great Depression. 2008 clocked in at -8%. This quarter clocks in at another -8%.
It’s not so bad if you are already wealthy, or have are considered essential at your place of employment and earn a good wage with benefits. True unemployment (U6) is at 17% already.
Why do you believe we are starting a severe depression?
Home prices are running - in AZ, which is one of the worst hit - at around 2002 levels. The bubble burst, but it was an outrageous bubble.
Car sales are hit hard, but they usually are in a recession. I haven’t seen any uncommonly large discounts on cars or trucks in Tucson, however.
What makes you believe this will be worse than the Great Depression?
You are mistaken. Real GDP (chained 2000 dollars) at the end of the 4th quarter 2007 was $11.62 trillion. At the end of 2008, $11.525 trillion.