A Depression (as in 1920s/30′s) about to happen again?

Yahoo! Answers… A Depression (as in 1920s/30s) is it about to happen again?…. It’s a Yahoo question and I found it interesting so I took a stab at it, got the best answer, this is what I stated…

What was my repsonse:
I work at a bank and they meet with governmental agencies. They warned us that what is about to hit us will be worse that the great depression. The bank I work at does not even have a direct affect on the economy because we don’t have stocks in wall street. But, we still have to take special precautions. But, it is bad!

Additonal comment- Look at it this way… If a conclusion is not met for for governement to bail out… there will be no loans. Small business will fail. Many will loose their money, they are only guaranteed up to $100,000 any way even if they are millionaires. If they have millions in the bank today, they could be gone tommorrow based on what today end will bring and tommorrow will be to late to fix it.

They are already slicing credit card limits. For people that live beneath their means, they may be okay. For the ones that live above their means… tough luck.

401K is dropping daily. A trillion dollars was lost yesterday. In one days time. Think about when everyone has no retirement fund. The government can’t pay social security because we can’t afford it as is. America is allready in debt and the only way we business can be bailed out is with tax dollars.

Even with the bail out, it is still horrible. That’s tax dollars they are spending. So all of the others projects that were funded with roughly $700 billion dollar then you can look for them to be cutt out, cutt back or modified until the economy get back on it feet.

The only thing that will not be affected is student loans. Think about all of the other government, tax dollar funded programs.. Food Stamps, Military, Social Security, Disability, Think about all the people that seek government assistant and can’t get it now. You think we are paying high taxes… forget about it seeing it lowered.

Think about, child tax credit being decreased because.. forget about the government trying to make it easier on tax payers. For crying out loud we are about to take on a debt that we didn’t even sign for.

Right now, you can’t get a car loan if your credit score is not 720 or higher. You can’t get a small business loan or personal loan… not just because your credit score but because there is no funding, no money avaliable….

So, even though the great depression was bad… We only read about it. But, people are already depressed now over foreclosures, and bank closing and them not able to get their money, about to retire and seeing their 401k funds demolished… The crime rates are going up because people are robing other people just to take care of their family. Don’t want to admit that they are broke. It’s about to get worse…

People are not admitting that is bad because it hasn’t hit home yet. Just wait till they go and need want to trade their car in and get denied. Or need a small loan to cover an expense. Or go to the bank and find out that their bank was close and there was no one to buy it out. The only thing they could do is get 100k, in which they have to wait on. Or go to work only to find that they have no job because they couldn’t afford to make payroll. Then go to use their credit card only to find out that their limit was cut back 2,000 and they only have 100 avaliable. Now they need food stamps, but they don’t qualify because they just had a job. But, because of the way the system is set up, you have wait. When you go to sell your assetts and then notice, they are not worth nearly what you paid for them. You go to find a job but, it takes months just to try to find something that is pays you half of what you were making….

It’s happening right now! It’s going on right now. It just haven’t hit home yet.