Is the United States headed for a Depression?

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  • Media, I was so shocked when I drove around on saturday but I said that there will be plenty mourning in January when many have spent all that they had and they are caught up in the next wave of terminations or laidoffs !!!

    January will be a bad month I suspect…. So I have cut back on my spending and concentrating on seeing that all my bills are paid in full as I usually do!!!

  • media

    LOL! PREACH ECH, WHEN YALL DON” LISTEN YA GA FEEL!

  • morehands

    Preach it my brother – PREACH!!

  • media

    Morehands, that is just what the people said when Noah and his family was entering the ARK! They claimed AIN’T NO RAIN COMING. But guess what, the rain did come and the ones outside that Ark, were washed away. Even the animals had more sense than humans.

    America has lost over 2 million jobs, more than 25 banks have collapsed. Tourism is down by 8%, Government revenue is down by 10% and thousands have already lost their JOBS in the Bahamas. But what did the BIG BIRD do when trouble came? BURY HIS HEAD IN THE SAND.

    We also notice the mass spending Saturday in Nassau. The mall was crowded, the streets were full, Bahamasair was PACKED/OVERLOADED, and the Carnival and the movies was like a mad rush.

    But you forget ech, this the Bahamas, the same people who was CUSSING with the GAS and Electricity bills couple months back. This the Bahamas where 15,000 has requested assistance and some double dipping at Social Services. Where some others (6,000 BEC) consumers in darkness had their lights turned on. But guess what, Bahamians are people who don’t stop spending UNLESS AND UNTIL THEY are BROKE. Check any Bank and the average Bahamian cannot save a steady $1,000.

    So don’t say there is NO Recession, Say Bahamian just ain’t broke yet, but many have already lost their JOBs. And are living off that pay package now. But you ever heard of the SONG “MOREHAND” “Broke Violet in the PARTY”? That should explain more what we are saying!

    BP

  • Morehands

    Joe, your analysis is right on target. You have completely summed up how, why and when we got in this mess. I especially like the reality that very few of us will learn from the mistakes of our society. All we will do is look to the government, the church and others to give us free handouts while we continue to spend, spend, spend. The Mall at Marathon, Solomon’s, Costrite and Robin Hood sure didn’t look like no recession was on, on Saturday. I stopped by Post Boxes Etc on Friday and all I saw were giant screen LCD tv’s in their hallway. I keep telling people – ain no recession in the Bahamas.

  • Recession – temporary decline in economic activity or prosperity. The country has been living this since early August. Mostly due to the economic malfunctions in the U.S. and other G-8 countries. This caused persons to tighten their money belts and travel less outside their own country. Our tourist industry took a substantial hit and will continue to do so as we move into a Depression-a recession that snowballs an economy into a state of reduced activity in all sectors of its economy. ARE WE THERE YET? Not quite! Will we get there? Yes,especially if our dollar is devalued. Could the Bahamas Government have done something to stop the country from a recession or depression? No! Could our government(s) have mitigated the effects of our economic woes? Yes! But we, as a people, chose not to. We liked our lifestyle and spent money for too many wants. We were not serious about the need for a good education system. We turned a blind eye to the drug trade. We allowed jobs based on political expediency and fostered the thought that if one is in public service, one cannot be fired. We did not save our money for “hard times”. We talked about diversification but did not act upon it and left it to outside forces to direct our course. We became what we hate most, “the sub-workers” in the society. Worst of all we let a moral decay set in and shape our sensibilities while all the time “mouthing” that something was wrong. Can we blame Mr. Ingraham for all our problems? No! To do so is totally unfair. He is after all just another Bahamian ,like Mr. Pindling and Mr. Christie who wanted to lead his children to a better life. Will we survive this crisis? Yes. Will we learn from it? Probably not. But I do hope I am proven wrong! “You can tell how big a person is by what it takes to discourage him.”

  • media

    Breaking NEWS!

    Royal Bahamian Sandales Resort fired some 150 workers today, JUST 13 Days Before CHRISTMAS! Bahamas Press has also learned that the Container Port in Grand Bahama is also set to fire some workers this weekend.

    Bahamas Press warned before Prime Minister Hubert Ingraham’s Meet the Press event that it was a sign of more Layoff around the country, a point Ingraham denied at the press event.

    All we say is this, HE LIED AGAIN!

    Bahamas Press / Editor