One of my grandfathers worked for half of his normal pay in order to stay employed during the great depression. He had four children and they had to let my father move in with my grandmothers sister for several years because they didn’t have enough money to take care of him properly. I don’t think we’re going to see anything of that proportion but I do think that when I hear Greenspan say that there’s a 50/50 chance of a recession, I smell BS in the air. A recession is definitely on the way (IMHO) and possibly a depression. Every day for the last couple of months, you read another story about a major firm that is having to sell of assets to get some cash so they can stay solvent or a story about another financial company that has gone out of business. Just today, I read where the largest REMAX firm in Phoenix is going out of business. It’s not going to take too many more of these bankruptcies or business’ folding before the unemployment numbers are going to go through the roof. And then, I read posts from people on this forum who are considering buying a home right now…………..and I just scatch my head and wonder if they have lost their minds…………..or have I? Time will tell, won’t it?
