Destin, Florida (PRWEB) October 20, 2008
An alarming two-thirds of Americans surveyed believe the U.S. economy is headed for an economic depression, according to a new opinion poll conducted by Headline Press dot com.
The online poll was conducted following U.S. Congress approval of the $700-billion bailout plan of the financial markets. More than 2 out of 3 surveyed or 67% said they believe the nation's economy is moving into a depression. An economic depression is defined as a long lasting period during which business, employment, and stock-market values decline severely or remain at a very low level of activity.
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The bailout plan approved by Congress at the urging of the White House, the Department of Treasury and the Federal Reserve approved $700 billion to bailout financial markets from economic turmoil. The American public was over-whelming against the plan choosing Main Street over Wall Street. Tax payers believe they'll be left to foot the bill for the ills of others.
Higher grocery and energy costs combined with rising unemployment and business failures have set the stage for the weakening economy. The majority of economists surveyed said they believe the nation's economy is already in an economic recession.
The real estate depression with falling home prices and massive mortgage fraud combined with new creative financing sold on Wall Street led to the economic crisis.
Historically, there have been six economic depressions since 1837, but none of them has been as massive as the Great Depression, which started in 1929. The stock market crashed. Unemployment was in the high double digits and foreclosures of homes and other properties were rampant.
The foreclosure epidemic these days has topped 3-million properties since the start of the downfall, and another 3.4 million properties are forecast to be foreclosed through 2011 by Housing Predictor dot com.
For all the day's news headlines and to check out the new Headline Press poll visit http://www.headlinepress.com .
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