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danceswithcavs

Joined: 3/14/03 Posts: 5695
Likes: 1944


We are at a VERY precarious point. Prolonged recession, and potentially...


a severe depression rivaling that of 85-90 years ago are within the realm of possibility if we can't figure out a way to get a handle on this very soon. The point of no return is fast approaching- meaning that the economic damage will be so extensive that a rapid recovery simply won't be possible. They're floating potential unemployment numbers on the low 30% range- think of what that means. I know that the feeling is that it will rapidly rebound once things open back up, but that can't happen if a large proportion of businesses that formerly employed all those people no longer exist, or are so significantly altered (shrunk) that they can't hire as many people back.

This is crazy. A month ago I was talking to my financial guy and tracking my ability to retire by age 60 (I'm 47). Now we're talking about our cash position and how long we can make it in the event I lose my job and can't get another one for a long time.

I'm generally not the alarmist type, but this is scary stuff.




(In response to this post by WahooFla)

Posted: 04/02/2020 at 10:12AM



+1

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Current Thread:
  I have never seen deflation in my lifetime -- HoonDog 04/02/2020 10:19AM
  Didn't know that. Thanks. ** -- HoonDog 04/02/2020 11:01AM
  Expect 20-25million ** -- Zhoo 04/02/2020 10:31AM
  Agree, April and May will be tougher -- hooman#1 04/02/2020 10:56AM
  Yes, let's hope we are well prepared for the next wave ** -- Yosemite Sam 04/02/2020 09:21AM

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