Are We In a Recession or a Depression?
This is from a post by PunditMom at BlogHer.
My mother is worried about the price of bread. I’m worried about the price of pizza. Plus, I’m still trying to get my head around the whole Bear Stearns buy-out fiasco. Stay with me — they’re related.
Even for those of us who have a little background in financial services (I did a stint as an attorney at the Securities and Exchange Commission), the thought of a major brokerage house going belly-up was unthinkable. Maybe that’s what they thought in 1929, too, and we all know how that turned out. But maybe we should have seen this coming in the not-so-sophisticated aspects of our financial lives, like groceries and take-out.
Economic pundits are still debating what we should call this economic crisis we’re experiencing. But no matter how much lipstick they try to put on it, I can’t shake the queasy feeling I’m getting when my mom reminisced this week about food ration coupons.
While they’re not using the lingo of the Great Depression, the blogger buzz is growing about how to manage as the stock market continues to slip, banks foreclose on mortgages and families think twice, or three times, about buying necessities like bread.
