If the banks fail isnt that starting a depression like 1924?

Banks are the leading movers of money in the economy no matter where at in the world you are. If they ALL failed then it would put the economy into a very big windfall. However, with the federal reserve and other major institutions there is plenty of money left. Just look at Warren Buffett of Berkshire Hathaway, the man is worth aprox. 62billion dollars. Benjamin Graham was the teach of Warren Buffett and a very smart man. His philosophy of the markets and the economy is that there will ALWAYS be pit falls that occur. Looking back at the last 100 yrs of the markets there have been numerouse times where a "recession" has occured. Like in 2000-2002, the oil crissis of 1970's, etc. I'm not sure how old you are, but if you are fairly young than this current economic "crisis" will be over and there will be another "boom" in the economy like has always happened in the past. Basically if there is a big up in the economy, it's inevitable that there will be a big slump...-what goes up must come down & vice versa.

Considering you are wrong and we aren't and haven't been in a recession. And that banks aren't failing. The rest of your question is based on a flawed premise.

A recession is 2 or more business quarters of negative growth. The economy is still growing (slower than we might like but still growing) and hasn't even had one month of negative growth let alone 2 quarters.

Banks go bankrupt all the time just like any business, there is nothing unusual about that.

What we are really suffering from is two things. A useless, self serving congress, and a media who exaggerates and reports negative events like they are the end of the world. It's time to fire every member of congress and get some representatives who are not career politicians. That will help more than anything. When the politicians that are owned by the environmentalist groups are gone, we can finally drill for the oil under our own feet, and you will see the price of everthing plummet. As far as negative reporting, when a Democrat gets into the Whitehouse you will see the reporting from the liberally slanted media change from doom and gloom to every thing is roses again. Then you will feel better.

We have plenty of problems, that's true. I think the technical definition of a recession is 2 consecutive quarters of the year with negative profits, so we really have not entered an actual recession...yet. That's not to say that people aren't suffering, though.

As for failing banks, consumers are insured by the FDIC up to $100,000, so people can get their money even if the banks fail. "The FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s." Check out http://www.fdic.gov/about/history/index.html for a little reassurance.

The worst part is that, while it's true that you can cut back on usage of a lot of extras, but the people who worked and saved American dollars, now find themselves with bank accounts full of bush bucks. This is the first time in history that nobody wants our currency. This administration makes a shipload of drunken sailors look responsible.

Feel lucky to have a van.

And milk.

And gasoline.

And bread.

Depression? Recession? 14 year olds walking around with $300 cell phones. People buying SUVs that cost $30,000 or more and get 25 mpg or less. People buying homes that cost half a million dollars.

Trade down, lower your monthly bills, and then tell me if our economy is depressed.

Thats media crap to try to scare us. Happens every election. Alot was learned from the depression. Just hold tight, we are still living on finished floors with ac and internet.

Yes! And not to mention the fact that politicians aren't doing anything about the corporations who ship American jobs overseas because they own shares in those companies!

America faces the Deflation now.

ive seen probs since 2002....now there arent enough jobs and cost of living is ridiculous..... veg oil is $4 a bottle....
local food is sometimes safer and its ok now with tomatoes....they are only selling the ones that are FDA approved....yeah I know i wish i was born in 1875!!!

yes we are heading for a depression.. so just start gathering food and stuff..