I Don't Know Anything About Finance

I Don't Know Anything About Finance . . .

But I'm pretty sure this guy's right:

I'm an attorney and CPA and I've spent my career in the world of investment banking, hedge funds, and private equity, etc. Tell your mother I'm almost certain a depression is on the way and many of my colleagues believe the same thing because the math has finally caught up with us. However, I believe this depression will be worse than the 30's because, among other factors, Americans are no longer self-sufficient and we're burdened with debt we can never repay. I don't want to believe any of this, but I can't ignore what I know and see. I really hope I'm wrong. I hope those in charge figure out a way to kick the can down the road one more time, but I don't expect that because they would have to defy their Keynesian impulses. I fear it's too late.

flyfisher on June 3, 2009 at 10:36 PM

A comment left at a Hot Air post yesterday on a proposed tax on employee health insurance benefits. It was prompted by this comment, a few minutes earlier:

I was on the phone with my mother today (a Baby Boomer, born 1955), and we were discussing the fact - not possibility, but fact - that our economy will sink into a depression if Cap-and-Trade or "Healthcare Reform" is passed before the end of the year like Obama wants. My mom said, "I just can't believe that there's actually going to be a depression in my lifetime. We did this once already and didn’t learn anything from it?"

I was born in 1984, so I've known nothing but prosperity in my lifetime. Even so, I just can't believe that SO many Americans who remember the 70s learned NOTHING from the experience. I cannot believe that hardly a generation passes before socialism rears its ugly head again. I want the horrors I've read about to STAY in the history books - I don't want to live them. For the first time, though I'm frightened. I can prepare to some extent for inflation or the loss of a job, but I really don't know what I'll do if the government takes over healthcare. I may be relatively healthy, but I know a lot of people (many elderly) who are not and if the government starts rationing as we KNOW they will, I hope that the wrath of the American people is finally awoken in defense of our countrymen.

Is this what it’s going to take, America? How much will be destroyed before you’ve had enough?

Animator Girl on June 3, 2009 at 10:06 PM

Good question.