Economy collapses. What happens where you live?

In the past few months, the USA has seen many banks close. Most people in the USA don't own their own homes. They buy them with mortgages that they get from banks. Banks lent more money than what people could pay back. Now banks have taken back millions of homes and thrown people out on the streets. The US Treasury and Federal Reserve has just bailed out two of the major lenders by guaranteeing the stock of these companies with more money than the US government really has. This is part of a worldwide Economic crisis that could see every major country in Depression. The US and the world had a major Economic Depression in the late 20's and all of the 1930's. It was a terrible situation. The US and other countries have advanced in so many ways since then. Lifestyles have changed and grown. When the next Depression hits, most people that lived through the previous one won't be alive to tell about what it will be like. 

My question here is: When this Depression hits first in the USA and then around the world, what kinds of things happen where you live? How does life change? What things will you have to give up because you cannot afford them? Will there be more crime and illness where you live? 

Nobody know for sure how bad it will get, but you can imagine and describe different scenes using the questions I've asked as a basis for your story. I will do the same, so you can see what I mean. It is a good thing to think about. Don't you think so?

Another bank was seized by the government in US. Asian markets were miserable. Europe as bad. They will loan these banks in the US and overseas over $700-billion. This will make each American – all 300-million people here, man, woman and child – in debt for over $2-thousand each!!

I wrote about the hurricane before. Today in the news it showed gas stations in Texas where there are shortages of gasoline. People are fighting with each other.

Michael Moore says to NOT bail out the banks. Let them go bankrupt. Let the rich lose everything they have!

http://www.michaelmoore.com

The best choice is to let the businesses bankrupt. Close up. Business around the world will pay the price, but this is the big "correction" that the world needs. As a consumer society, the USA purchases more products than it needs or ever really uses. This causes mass employment around the world that is unnecessary. It causes the overuse of natural resources. It is time for the USA and the world to get right. Time for the USA to use less; time for countries like China to manage its workforce to produce more for its own consumption and rely less on export for its prosperity. The current system has created a bubble that is destined to burst, sooner or later.

US stock market dropped nearly 700 points today. News is that even Dubai's Economy is in trouble with bad credit. Businesses are laying off more and more people. Gas prices have dropped some as have home prices. Some stores here have reduced their services and raised their prices. Friday will be an important day in the stock markets around the world.

I have lost nearly 50% of the money that i invested in stocks and mutual funds(Thankfully I invested very less money :-)),
Still the Indian economy seems to be robust. I wonder weather it is because india mainly exports raw materials and services.
The old socialist way of govt. controlling banks seems to be working in India. No Major bank seems to be trouble. From time to time small banks do fall due to credit crunch, but none of them major. This is one more reason as to why India or any other country shoudn’t follow “American” style economy. A ecomomy should have a healthy mix of socialist and capitalist ideas.
Michle moore is a big fat fool

America is breeding and providing it’s enemy “China”. Just like many other short sighted plans by US politicians, Aiding China economically will cost them a lot in the future.
Also An average American would probably be fed up of “Corporate America” and the Govt. Why should the Govt bail out “companies” which does not put back money in thier own country and outsource stuff??When these companies made profits did they care about their country or it;s people?
Yes Outsourcing is a eventuality to sustain costs. But should it be done at the cost of the country. Oustsourcing shoud be done only for “Talent” scourcing and not “money” sourcing.

Panic button is ready…

Here in the UK the government can bail out banks to the tune of billions… but there was an advertisement in a newspaper today by the world famous Great Ormond Street Childrens Hospital in London (an NHS public sector hospital) ...because of a recent fire they need to reconstruct part of the hospital and can they have donations… often on tv news there are cases of cancer patients being denied drugs … because they are too expensive…if you are fat or smoke you don’t get an operation…But our government can afford to bail out banks, and send troops to foreign lands … it makes me angry!

Recently the construction companies have stopped building houses…they have left unfinished houses and made builders unemployed…today there is diplomatic tension between the UK and Iceland, and people are worried that the supply of fish from Iceland will be affected.
But whatever happens to the banks we all still have the same human needs for food and shelter – that hasn’t changed, but the supply of these things has – not because of government action but because of share prices etc. So this proves that it is money and multinational companies that have the power in this world, governments (ones that believe in free markets) do not!

it seemed so, that the German now search financial advice by god, not by investment banker…this German monk you will find now in many newspapers where he give financial advice