Depression Likely, Survey Shows
October 20, 2008
More than two-thirds
of Americans believe an economic depression is likely, according
to a new survey by Headline Press dot com.
(PRWEB) October 20, 2008 -- An alarming two-thirds of Americans
surveyed believe the U.S. economy is headed for an economic
depression, according to a new opinion poll conducted by
Headline Press dot com.
The online poll
was conducted following U.S. Congress approval of the $700-billion
bailout plan of the financial markets. More than 2 out of
3 surveyed or 67% said they believe the nation's economy
is moving into a depression. An economic depression is defined
as a long lasting period during which business, employment,
and stock-market values decline severely or remain at a
very low level of activity.
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The bailout plan
approved by Congress at the urging of the White House, the
Department of Treasury and the Federal Reserve approved
$700 billion to bailout financial markets from economic
turmoil. The American public was over-whelming against the
plan choosing Main Street over Wall Street. Tax payers believe
they'll be left to foot the bill for the ills of others.
and energy costs combined with rising unemployment and business
failures have set the stage for the weakening economy. The
majority of economists surveyed said they believe the nation's
economy is already in an economic recession.
The real estate
depression with falling home prices and massive mortgage
fraud combined with new creative financing sold on Wall
Street led to the economic crisis.
there have been six economic depressions since 1837, but
none of them has been as massive as the Great Depression,
which started in 1929. The stock market crashed. Unemployment
was in the high double digits and foreclosures of homes
and other properties were rampant.
epidemic these days has topped 3-million properties since
the start of the downfall, and another 3.4 million properties
are forecast to be foreclosed through 2011 by Housing Predictor