The Greater Depression-its coming

The people who survived the Great Depression were the ones who had money to buy when everybody else was selling." -- My grandfather-----Very interesting post probably written by many grandfathers!
Nouriel Roubini (chairman of RGE Monitor and professor of economics at New York University's Stern School of Business. He's also a former adviser to the U.S. Treasury Department.) believes that this will be a "very painful and severe recession" that could last for 18 months or more, but it will be more like 1981 than 1929. Families may be eating soup again, but at least it'll be in their own kitchens.
Depressions aren't advertised in advance. Last time around we went from the Roaring '20s to bread lines in a matter of just a few years. Anyone who says that can't happen again either doesn't know history, doesn't understand how interconnected the world's economies have become, or is lying to you. While that doesn't mean you should panic, it does mean you should prepare -- something my grandfather would've done a long time ago.
by Glen Beck 2008...more

"We are in a historic housing bust comparable to that of the Great Depression. Prior to the Depression housing prices only rose 19% (between 1921 to 1925) and then fell 30% The cycle we are going through now, is a unique cycle; it will go down as the subprime cycle. The excitement in housing was unprecedented and the unraveling of that (bubble) will have unpredictable consequences....Real estate owned by households is roughly $20 trillion and we've already seen an 8% decline which means a loss of $2 trillion.