Economic crash worse than in 2008?

Discussion in 'Ask An Owner Operator' started by DUNE-T, May 11, 2020.

  1. DUNE-T

    DUNE-T Road Train Member

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    What do you think, yes or no? I personally was expecting a some kind of recession in 2020 and kept putting of buying a home for the last two years, but now it feels like we are going to have a fully blown crash vs a mild recession.
    The two main things what scary me the most, are the amount of debt everyone has and the economic uncertainty over the Covid 19. I think feds gonna keep printing money until the election is over and then, next spring, we gonna see one heck of a roller coaster
     
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  2. Ridgeline

    Ridgeline Road Train Member

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    This isn't a recession, it is almost like a depression. It should not have happened and it will take a long time to get back to where we left it, and all for the flu.
     
  3. Rideandrepair

    Rideandrepair Road Train Member

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    I don’t know, nobody does. I wouldn’t be surprised if this forced Recession has the opposite effect longrun. Same way Hurricane Katrina devistated the economy on the Gulf Coast, yet spared a recession in the area. Nowhere to go but up, when you’re on the bottom. Much worse, than the usual cyclical recession we were headed for, but we might just have good slow steady growth afterwards. Still a lot more people will be affected, this time. With long lasting economic damage to their lives. Debt levels are high, mostly credit cards. They’ll just write off losses, still making a killing on what’s left.
     
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  4. pavrom

    pavrom Road Train Member

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    ...and no v shape recovery as most expect :)
     
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  5. Cat sdp

    Cat sdp . .

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  6. pavrom

    pavrom Road Train Member

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    Best of luck to everyone to pull through this tough times . Im ok for now , have only $600 payment , rest it paid off . Trying to keep drivers now and keep myself afloat without touching reserve .
    Oh ...waiting on completion of the overhaul on one of my trucks :(
     
  7. Cat sdp

    Cat sdp . .

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    Hay, I bought a new truck in 08.....

    So I don’t know anything....:-/
     
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  8. staceydude

    staceydude Bobtail Member

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    Yes worse the 08 by far in my opinion. The full effects which have not yet been felt. However it did not have to go this way. Politics, media, etc, blew it to smithereens.
     
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  9. blairandgretchen

    blairandgretchen Road Train Member

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    Did any of us learn from 2008?
     
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  10. FoolsErrand

    FoolsErrand Road Train Member

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    Its gonna be bad. This is the one where the middle class takes the lifeline that turns out to be a leash.
     
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