Depression Fears Overblown

The author has just been handed a CNN/Opinion Research Corp poll taken October 4-October 5 that tells that 60% of Americans now believe the US economy is somewhat or very likely to fall into a depression. People often receive questions about whether the US is headed there. It's true that the ec...

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Bibliographic Details
Published in:Journal of Financial Planning 2008-12, Vol.21 (12), p.32
Main Author: Riepe, Mark W
Format: Article
Language:English
Subjects:
Economic depression
Emergency Economic Stabilization Act 2008-US
Employment
Globalization
Polls & surveys
Online Access:Get full text
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Summary:The author has just been handed a CNN/Opinion Research Corp poll taken October 4-October 5 that tells that 60% of Americans now believe the US economy is somewhat or very likely to fall into a depression. People often receive questions about whether the US is headed there. It's true that the economy isn't strong and their financial system is not as healthy as it needs to be, but they are incredibly far away from the types of economic difficulties seen in the depths of the 1930s. For context, consider these two realities. First, the economy is much stronger today than during the Great Depression. Second, the employment situation is much better. Complaining about globalization has been a fashionable pursuit over the last few years, but don't forget its benefits. The Emergency Economic Stabilization Act law authorizes the US Treasury to buy troubled mortgage-backed securities from financial institutions and to take ownership positions in banks.
ISSN:1040-3981