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Wall Street fears for next Great Depression
- BostonDave 19y agoIs this Digg?
- admoin 19y agoI'd agree it's not even close to Hacker News per se, but this is a big enough deal I'd say it belongs.
- tim2 19y agoThe prediction of "a 1930s-like Great Depression" removes all credibility from the article. Why should I even continue to read after that?
- michaelneale 19y agoBut if true - will top hats be in fashion ? (or is my historical knowledge of fashion waaaay wrong). Could be a killer time to be in the top hat business. /satire
- admoin 19y agoI agree it is an inapt comparison, but the article is a good read if you construe that phrase as "a really, really bad global recession" rather than an attention-grabbing historical reference.
- deleted 19y ago[deleted]
- Prrometheus 19y agoWhile I believe there is no evidence that a "1930's-like Great Depression" is in the offing, I can't recall a crisis in US financial markets as significant as this since the 1930's. The comparisons are premature but not unfounded.
- michaelneale 19y agoYou can recall the 1930's? that is impressive ;)
- jdavid 19y agomy grandma can, but she does not have an account on hacker news. actually my great great grandfather made a fortune in the depression, well, immediately after it.
- jsmcgd 19y ago"a 1930s-like Great Depression" is a quote from an economist not a sensationalist spin put on the report by the journalist.
- timr 19y agoAt what point do comparisons to Digg become more annoying than Digg itself?
- e40 19y agoI agree. Journalism shouldn't be about affecting the outcome of our subject. That's just what this and other crap that predicts the future does, it makes it that much more likely that it will happen. Financial markets are all about confidence, and if enough "journalists" predict this, it will happen. The ensuing panic will cause sell offs that will trigger a landslide.
- yelsgib 19y agoI think this could be the source of a lot of interesting discussion w/r/t startups. In particular, I'm interested in people's opinions regarding the influence that this will have on the ability to create startups in the US in the future. I am (was?) planning on starting a company with a few friends when I come back to the US this September - will this still be feasible? What sort of impact can I expect this sort of event to have in terms of getting funding/etc. Do you suggest that I just scrap the whole intention to create a startup and try to buckle down and get a job (in case the economy gets really bad)? Should I consider leaving the country? I expect that most of the answers will be "things will be bad" or "it will be hard" - but I guess I'm looking for something more concrete/specific (if possible?). I'm pretty naive about matters concerning such large scale systems as the US economy/etc.
- tim2 19y agoThis relates to a question I have. Aren't all of these recent 8, 9, and 10 figure buyouts/IPO's in the tech fields creating a ton of angel investors? (All of these doomsday predictions seem like classic shoddy attention-grabbing journalism to me. Not hn material indeed.)
- admoin 19y agoGood ideas are good ideas in any market. Stay frugal and lean and aim for profitability without any outside investment, and you'll do fine...or fail, but at least you won't be too scarred from the experience.
- nextmoveone 19y agoIf things get really bad I'll probably try to get over to London or somewhere with a stronger currency. If things are just crappy, I'll stick it out, and dip into savings reserves if needed, while sticking with the current day job.
- davidw 19y agoMoving as the dollar weakens just means you'll blow all your money buying your new currency. And a strong currency is not really a guarantee of much - it just means that there's a bigger incentive to buy stuff in dollars or yen or whatever else is weak compared to the euro zone.
- lowfat 19y agoI am quitting my job in 6 weeks to freelance. All this news about the recession is kinda freaky. The wheels are in motion and I am not turning back - recession or not (gulp!).
- nazgulnarsil 19y agoevery depression since the big one has gotten milder. If you look at the actual numbers the people getting burned are the assholes who made idiot wagers on the housing market. The only thing that will make the recession worse is funding bailouts with taxpayer dollars while we're already in thehole for the war.