.
June 2nd, 2011
05:00 PM ET

Do you believe another financial crisis is around the corner?

FROM CNN's Jack Cafferty:

Housing prices falling back to their lowest level since 2002, before the Great Recession began, back-to-back discouraging jobs reports, a slowdown in consumer spending. Take your pick: There's not a lot of rosy news on the economy this week. So much for that whole recovery thing.

Traders work on the floor on the New York Stock Exchange.
Traders work on the floor on the New York Stock Exchange.

Stocks plummeted yesterday on all this news. The Dow Jones Industrials were off more than 2 percent. And the Dow and S&P 500 were down again today.

The big employment report for the month of May comes out tomorrow. Economists are hoping to see 185,000 jobs added. If not, it could be another wild day for the markets.

Talk of a possible double-dip recession is now heating up among economists. And earlier this week, fund manager Mark Mobius told a Foreign Correspondents' Club in Tokyo that another financial crisis is just around the corner because little has changed to regulate what largely caused the first collapse - the derivatives market. New rules to regulate derivatives are scheduled to roll out later this year and others are in the pipeline… but Wall Street-friendly lawmakers are putting up a fight.

This all comes at a time when Washington is trying to figure out how to cut spending in order to lower the deficit... all while playing chicken with the debt ceiling. Moody's Investor Service is threatening to slash the U.S. credit rating if lawmakers do not make significant progress on budget talks by July, out of fear the U.S. could default on its loans. It's going to be a long, hot summer.

Here’s my question to you: Do you believe another financial crisis is around the corner?

Interested to know which ones made it on air?

Alex in Bremerton, Washington:
All bets are off, Jack, if the debt ceiling isn't raised and America goes bankrupt! While the private sector is still showing slow but sustainable job growth, the lack of stimulus money is forcing layoffs by state and local governments so it looks like we are heading towards a double dip recession.

Randy:
With the middle class shrinking and the rich benefitting from that, I say the financial crisis never ended. In fact, the financial crisis started for minorities and poor whites back in the 80's with Ronny Reagan’s trickle down nonsense.

Chris:
How can we worry about the next one if we are still not out of this one by a long shot?

Terry in Virginia:
Another? I don't believe we're out of the current financial crisis. It seems never-ending. Our elected representatives get an A+ in subjects like blaming the other party, increasing corporate welfare, and showing favoritism to the rich, and an "F" in every subject designed to help Main Street. We don't need Medicare or Social Security reform - we need to reform Congress. Let's keep tossing them out every election until they finally listen to the majority of the voters - the middle class and poor.

Donna in Wisconsin:
Only if the Republicans continue to tie the debt ceiling issue with the deficit. If the debt ceiling is not raised we will see a catastrophic recession like Greece. The two issues are separate and should be addressed separately. I hope the Democrats hold them at bay.

Bob in St. Thomas, Pennsylvania:
Could be, Jack, I don't know for sure. But here's one thing I do know - If there is, Ron Paul will have new-found credibility as a 2012 candidate.

Danny:
Around the corner, around the block, around the world - Yes! Borrowing from Peter to pay Paul only works if you're Paul. It doesn’t work if you're a government bailing out banks or a country bailing out other countries, at least not in the long term. The Band-Aids are about to come unstuck. Peter is all but kaput.


Filed under: Money
soundoff (163 Responses)
  1. david seattle

    were subsidizing it.. in fact, obama's so called financial reform didnt solve the problems,, he simply went throught the motions of acting like the ones who derailed our economy were written out of existance,
    were still allowing the same speculators to get rich betting against working families trying to make the monthly payments filled with shareholder welfare

    June 2, 2011 at 1:53 pm |
  2. Fran Robinson, Albuquerque, NM

    Yes. If we don't raise the debt ceiling, we are in for far worse trouble. And if we do raise the debt ceiling, we are in for far worse trouble. There are no easy ways out. We need to raise taxes and cut our spending. NOW.

    June 2, 2011 at 1:55 pm |
  3. george c paree

    Yes Jack I have worryed for two years sence Obama take over he has spend america into bankroptecy His type of crimal is very dangeress to americans the reb. are scray in there taking down old and young a like with there hate make people go for Obama who seems to ne for people a lie but real againist mad rep. chuck paree anderson in.

    June 2, 2011 at 1:57 pm |
  4. Norm

    There will always be excellent students that succeed despite the system but for the last several years the quality of the students has been in freefall.

    The workforce in the next five years will likely be a horror show. That translates into a very bad economic future unless many approaches change quickly.

    The reforms inplemented now are driving out the best and letting in the refuse making the future problems even worse.

    Add to all of this an out-of-touch management and administrative structure focused on statistics and numbers only, and we have even worse nightmares ahead.

    June 2, 2011 at 1:59 pm |
  5. hongli

    Definitely Jack! It's not the Democrats as most people will forecast but it will be MOTHERNATURE,then the Republicans will put the final nail in the coffin by electing either Romney, Pawlenty or Palin for President.

    June 2, 2011 at 2:01 pm |
  6. Lori - PA

    Jack,

    If the Democrats and Republicans can't agree to spending cuts by August 2nd, the deadline for raising the debt ceiling, I guess we'll find out. Then again, if (emphasis on the if) they can reach an agreement, do we really need to raise the debt ceiling?

    June 2, 2011 at 2:02 pm |
  7. Peg in NY

    I sure do! House sales keep falling, relevant jobs are not available, inflation and gas prices are choking us and the stock market is a mess. All that and more will have us in more of a fiscal pickle than we have genuinely considered. How I hope and pray I am wrong.

    June 2, 2011 at 2:02 pm |
  8. dave in nashville

    Another Jack? When did the last one end? Wait, I remember now, the bailouts, how could i forget. So once the debt limit is raised again, rest assure the next bailout is safe.

    June 2, 2011 at 2:09 pm |
  9. Paul From Austin Texas

    We don't need to go aroud the corner. All we need to do is walk halfway done the block to see that a financial crisis is closer than any of us want to admit. Third world we are about to join you.

    June 2, 2011 at 2:10 pm |
  10. Duncan McGinnis

    Yes Jack, another financial crisis is around the corner. There will always be another financial crisis lurking as long as our economy is based on people buying crap they don't need with money they don't have, and as long as stock price is more important to CEO's than producing quality products with well paid American workers.

    June 2, 2011 at 2:11 pm |
  11. JENNA

    Do you believe another financial crisis is around the corner?

    We haven't gotten out of the one that the GOP left us in when GW left office. Remember when we lost 3 MILLION jobs right after 9/11 and GW went on television to announce that those jobs would NOT be coming back to the US, the GOP should have demanded that they should and worked towards that. Did they? NO. Guess Americans weren't who the GOP represented after all.

    Since it took the GOP 6 years to create this mess I am not sure why everyone expected Obama to clean it up in 2 years, 3 years or even 4 years. After all Its not like the GOP has been a partner in fixing the mess they created. They have acted like SORE LOSERS and CRY BABIES. You won't see me voting for anyone with an R next to their name any time soon.

    Jenna
    Roseville CA

    June 2, 2011 at 2:11 pm |
  12. pat in michigan

    Oh to be sure . The same result will take place again as well. seniors 401's will be raided and given to the richest on Wall St.
    In case noone noticed .Nobody went to jail last time around so that is a green light to do it again.

    June 2, 2011 at 2:12 pm |
  13. Jon

    I guess we'll have to wait until we get through this one to worry about the one around the next corner. Unemployment, housing prices, Federal deficits, rising national debt crisis, entitlement programs running headlong down a cliff, etc. I suppose it can always get worse, but the current crisis is far from over. We are already around the corner.

    Jon
    Lima, Ohio

    June 2, 2011 at 2:13 pm |
  14. John, Lake Charles, LA

    If Congress does not raise the national debt, there will be a financial crisis like the world has never seen. If they do raise the national debt but keep spending money they don't have, there will be another financial crisis. If this country keeps bleeding money to every Tom, Dick and Harry around the world, there will be another financial crisis. I guess the question is not if, but when.

    June 2, 2011 at 2:15 pm |
  15. Jim in Gardendale, Alabama

    If the Republicans don't agree to a compromise on the debt ceiling without continuing to hold everything hostage, there certainly will be another crisis. Cuts must be made, but they must be fairer and equal. Right now, the Ryan budget proposal is a piece of crap for the American middle class and seniors and they know it.

    June 2, 2011 at 2:16 pm |
  16. Mark in Oklahoma City

    Jack, I am 53 years old and have less money than I have ever had in my life. I am in a career field where I can get a job so I am one of the lucky ones. But, God help the average American if we have another financial hurricane named "Hope and Change" hit us again.

    June 2, 2011 at 2:17 pm |
  17. Herman Portland OR

    The current financial crisis is not over. We certainly do not need another one. The Stimulus,Omnibus and Bail outs that Democrats and the President put in place two years ago have helped stabilize our economy. We cannot afford to continue with these policies because they are too costly and the risk of America going completely broke may come true. We need to ease regulation, tax less. The message from the Senate and the White House needs to embrace the free markets and support employers and businesses. Let businesses compete and hire to spur growth and let the free markets solve the debt and future financial crisis that threaten our country.

    June 2, 2011 at 2:18 pm |
  18. Loren

    Bleep, Jack, you know as well as I do that the last financial crisis isn't over, so another downturn is just an aftershock of the shenanigans of Goldman, Sachs.

    Put a few of them in jail and you might stop the financial roller coaster. Turn a blind eye, and we'll all be rattling coins in cups on street corners, saying, "Buddy, can you lend a dime."

    June 2, 2011 at 2:18 pm |
  19. Russ in PA

    Of course there is, since the FED still exists, and still continues to try to manipulate the economy. Buying up toxic assets at "full" value, attempting to stop housing prices from falling, and propping up failed banks and businesses will fail and we will be back into an economic mess faster than you can spit. The FED needs to be abolished, and government needs to let failures fail, housing prices to drop, and debt to be liquidated, otherwise we will continue down this endless road...

    Ron Paul in 2012...

    June 2, 2011 at 2:21 pm |
  20. Ken from Pinon Hills. California

    The financial crisis isn’t around the corner; it is still on the same corner in free fall.
    For decade’s fourteen trillion dollars worth of borrowing, and trillions of taxes spent on defense, entitlements, state grants, pork barrel, etc has gone into our collective pockets. It created millions of jobs, and an enormous consumer base that has fed big and small businesses alike.
    Those days of immense government spending are over, and our treasured economic strength, manufacturing, has been wantonly exported out of the country. There is no private money that can provide the jobs that will forestall the coming depression, and the personal financial crisis we all will endure.

    June 2, 2011 at 2:23 pm |
  21. Conor in Chicago

    I think the Bail out was simply the government trying to buy time to wrest control of the world away from Wall STreet and back into the hands of government in order to save the global economic system. I think it's obvious that Wall Street saw this attempt for what it was and calculated that it's best bet was to horde all of the wealth, reward it's government lackys, and then prepare themselves for the major collapse that is around the corner. They are going to party on their boats while we shoot at each other at the local super market for supplies. Once the dust is settled their corporations will replace government and we will be happy for stability. Wall Street wins-thank Reagan.

    June 2, 2011 at 2:25 pm |
  22. Bryan, Colorado

    It's already hear. It took a stock market crash before we would admit we were at least year into the last recession. We can't get the defecit under control until we put America back to work. Then we can look at making meaningful budget cuts. I wish former president Clinton would try and talk some sense into these Democrats. This dancing with the devil (ie Republicans) stuff has put us into another recession.
    The proof is simple. Look what your question is.

    June 2, 2011 at 2:26 pm |
  23. Ralph

    Forget around the corner, it's on my block!
    Ralph -Corpus Christi, Texas

    June 2, 2011 at 2:37 pm |
  24. Jef

    When did the last one end?

    Jef
    Bossier City, LA

    June 2, 2011 at 2:38 pm |
  25. Bill in New Mexico

    Why wouldn't another financial crisis be around the corner?

    The recession's recovery may be stalling.

    Bush and the democrats bailed the banks out the last time.

    No jail time, no penalty, instead the CEO's were rewarded with multi-million dollar bonues.

    No revamped regulations were passed.

    The number of big banks is even less than in 2008.

    However, the banks should know that the republicans are in control of the House of Representatives. The banks should not think the republicans will bail them out.

    That might make the banks think twice, but if it does happen again–the Country should send its banking to Zurick. Everything else is outsourced.

    June 2, 2011 at 2:39 pm |
  26. ImALibertarian

    – Houston

    Let's wait until the current crisis is over before we start speculating on a new one, alright?

    June 2, 2011 at 2:39 pm |
  27. Dennis north carolina

    Yes, If the political climate continues on its present path over the national debt, we will see another recession or depression.

    June 2, 2011 at 2:41 pm |
  28. Paul, New Port Richey, Fl

    The crisis we're in hasn't peaked yet, Jack. While Congress plays pin the tail on the other guy, America is the one that's bent over.

    June 2, 2011 at 2:43 pm |
  29. Ken in Seattle

    It certainly seems possible. It likely wouldn't be a topic of discussion if the financial institutions had used the TARP money to increase lending, as they were supposed to, instead of hording it. They made billions while getting the country into this mess and then used taxpayer money to boost profits instead of providing desperately needed credit to businesses and consumers. At a minimum this has stifled recovery and it may prove to have prevented it. They take millions in bonuses, fly to any one of their multiple residences and cruise on their yachts while millions are suffering financially. The whole bunch of these scoundrels should be locked in a cold dark cell and the key thrown away. That the country continues to be in financial peril is also due to congressional complicity in the abhorrent actions of the financial institutions, whom they aid and abet regardless of their public statements to the contrary. Together they have cost millions in this country their financial well being and made a deeper crisis a possibility instead of unlikely. Who in their right mind would oppose greater regulation of those who put us into this mess.

    June 2, 2011 at 2:45 pm |
  30. Susan Frost

    No. It's knocking on the front door and about to break it down.

    Susan
    Tuscaloosa AL

    June 2, 2011 at 2:50 pm |
  31. A Haig

    No Jobs, No Energy Policy, No Financial Reform, No End to our phoney Wars, No real Healthcare (No cost containment), No end to the Real Estate Crash, No end to our governments in-action, No end to outsourcing our jobs, No end to our do nothing congress.

    What do you think?

    June 2, 2011 at 2:51 pm |
  32. Bob Melbourne, Fl

    Yes, Jack! Another crisis, was there ever any doubt? As I understand it the president in his first term has accumulated more debt than all other presidents combined and now we’re suppose to look to him for leadership on debt reduction and other economic policies. Even now he says that if we don’t raise the debt ceiling we will face a double dip recession. Who does he think he’s fooling? When will he admit that his policies just aren’t working? He can’t just keep blaming Bush and the current batch of Republicans, after all how long did the Democrats control the House and Senate under the Bush Admin? If we look back, things in this country started going south when democrats took control of the House and Senate. Last year they had the House, Senate and the Presidency and still couldn’t even pass a budget. What does that tell you? It’s high time someone like Paul Ryan stood up to Obama’s policies and says “The Emperor Has No Close”. Instead we get an administration that demonizes and mischaracterizes any other ideas.

    June 2, 2011 at 2:52 pm |
  33. Larry from Georgetown, Tx

    The way that our political "leaders" are going about things and fighting over spending cuts, tax cuts for the wealthy and utter nonsense it seems obvious to me that "we, the little people" will see even tougher times. It's not a question of IF but when and the way the game is played it will peak in November of 2012.

    June 2, 2011 at 2:53 pm |
  34. Bizz, Quarryville Pennsylvania

    Jack, when there is no changes or laws passed on how Wall Street can operate, then there will be always a chance for another collapse. These guys are greedy to the point of reckless. But the way the republicans protect the rich man I doubt very much if there will be any bill passed with teeth to control these vultures.

    June 2, 2011 at 2:59 pm |
  35. Jane (Minnesota)

    We never really completely got out of the first crisis and Washington hasn't done a whole lot to fix the problems to stop it.

    I find it appalling to see the 2011 Republicans acting so much like the 1930's republicans trying to cut deficit spending when the economy is in such a frail state from a Recession. Cutting spending as I recall, extended the recovery from the Great Depression. The Democrats aren't much better by going along with cutting either.

    Congress hasn't gone after most of those who caused the crisis nor have they implemented controls to prevent it for fear of biting the hands that feed their re-election campaigns. It's tough to drive out entrenched corruption, Jack. I think it should be mandatory that anyone running for office MUST take and pass economics classes with nothing less than a B. My guess is 80% of the current crowd in Washington would not qualify.

    June 2, 2011 at 3:00 pm |
  36. chris

    how can we worry about the next one we are still not out of this one by a long shot

    June 2, 2011 at 3:05 pm |
  37. Brad, Portland, OR

    Yes, and I think the Republicans are going to instigate it with their refusal to raise the federal debt ceiling unless Democrats agree to their price of dismantling Medicare and replacing it with a discount coupon for senior citizens to use when they buy private insurance for however much the insurance companies choose to charge.

    The Republicans don't seem to appreciate the gravity of what will happen when we refuse to honor our debts.

    Either that, or they just expect the Democrats to give in to Republican blackmail like they have over and over again in the past. Maybe the economy won't collapse on Aug. 2 after all.

    June 2, 2011 at 3:05 pm |
  38. Don Desaulniers (Belleville, Canada)

    Of one thing I'm sure. If another financial crisis does occur, the rich and powerful will not be badly affected by it. The government bailouts have given them ample time to avoid future trouble for themselves and rearrange their wealth.
    Our governments will be the entities most decimated by the next financial crisis. Then the poor and middle class will get shafted as government spending absolutely plunges out of necessity. Some form of social chaos will explode, but the rich will manage somehow to profit from it.
    American-style corporate capitalism is cancerous to a just society.

    June 2, 2011 at 3:07 pm |
  39. garry,dayton ,oh

    There will be,if another republicans president comes like bush put this country in debt ,

    June 2, 2011 at 3:07 pm |
  40. John from Alabama

    Jack: I do not believe there is another financial crisis around the corner, if Congress will do the oversite required to keep Wall Street and the Big banks in line. We can not stand another bundling of financial instruments to the tune of Moody and Goldman Sachs.

    June 2, 2011 at 3:12 pm |
  41. Alex in Bremerton, WA

    All bets are off, Jack, if the debt ceiling isn't raised and America goes bankrupt! While the private sector is still showing slow but sustainable job growth, the lack of stimulus money is forcing layoffs by state and local governments so it looks like we are heading towards a double dip recession.

    June 2, 2011 at 3:27 pm |
  42. John in MN

    Maybe not right around the corner, but start planning for it if the Republicans have their way and gut the Consumer Financial Protection Bureau.

    June 2, 2011 at 3:28 pm |
  43. Tom in Desoto, Tx

    How can there not be? Still no oversight on Wall St, and republicans wouldn't dare do anything along those line. The country can't pay debts as long as tax rates are miniscule, our house paid 5% in 2010, up from 3.75% in '09. And republicans continue to call for lower taxes as sure as the sun rises in the east. And they want more military spending for unnecessary wars.

    June 2, 2011 at 3:36 pm |
  44. Donna from Wisconsin

    Only if the Republicans continue to tie the debt ceiling issue with the deficit. If the debt ceiling is not raised we will see a catastrophic ressesion like Greece. The two issues are separate and should be addressed separately. Hope the Dems hold them at bay.

    June 2, 2011 at 3:37 pm |
  45. Terry in Virginia

    Another? I don't believe we're out of the current financial crisis. It seems neverending. Our elected representatives get an A+ in subjects like blaming the other party, increasing corporate welfare, and showing favoritism to the rich, and an F- in every subject designed to help Main Street. We don't need Medicare or Social Security reform - we need to reform Congress. It's long overdue that they, too, share in the sacrifice by getting rid of their Federal retirement plan and force them into the same system they've imposed on the rest of us in the working class. If the current bunch won't do it, let's keep tossing them out every election until they finally listen to the majority of the voters - the middle class and poor.

    June 2, 2011 at 3:37 pm |
  46. Pete in Georgia

    Around the corner ??
    How bout "by sundown" ??
    America is so artificially "duct taped" together financially, this is a classic case of Ignorance is Bliss.
    If the majority of us knew how bad it actually is it would be all over..............................by sundown.

    June 2, 2011 at 3:41 pm |
  47. Jack - Lancaster, Ohio

    Mr. Cafferty:

    I do not believe it as much as my gut feels it. Lately, one financial crises fades imperceptively into the next. The fad- to- dark time has gotten markedly shorter however. This can happen because we the public do not get the facts until they are statistics.

    June 2, 2011 at 3:50 pm |
  48. LeRoy

    Around the corner? Jack, it did that 3 years ago and nothing has changed since. The rich continue to get richer, thanks to republican tax breaks and the middle class (it there still is one), continue the slide towards poverty. The American Dream is a nightmare.

    June 2, 2011 at 3:55 pm |
  49. Jeff in Bishop, Georgia

    Yes, Mr. Cafferty, the second dip of the double dip recession is just around the corner, and it's going to be deep. The failed policies of the President and his sycophant supporters in the House & Senate are almost entirely to blame.

    June 2, 2011 at 3:59 pm |
  50. Sylvia from California

    Yes, without a doubt.... We (the US) is in for a rude awakening. We will not be able to support this "welfare entitlement" country. The Federal governement and the State govenments are all broke.

    June 2, 2011 at 4:02 pm |
  51. Wilhelm von Nord Bach

    YES, Jack because our "corporate lapdog" Federal government has done NOTHING to prevent the abuses by the so called "financial industry" that lead to the meltdown in 2008.

    classic is theCommodity Futures Trading Commission (CFTC) NOT putting "position limits" on commodity speculators even after that was mandated by the the Dodd-Frank financial reform bill that became law in July of last year. no less than Exxon-Mobil Chairman Rex Tillerson has stated that $30 to $40 of crude oil prices are "pure speculation"

    people forget that the oil price spike to above $147 in July of 2008 was THE spark that set off that financial crisis. and it could HAPPEN AGAIN.

    June 2, 2011 at 4:08 pm |
  52. Al, Lawrence KS

    Did we ever end this one?

    June 2, 2011 at 4:14 pm |
  53. Mr. D

    Another financial crisis! Aren't we in one now with the enormous debt the country is in? I think we are all apprehensive and whistling in the dark to keep our spirts up as we march along the long uncertain road towards fiscal responsibility.

    June 2, 2011 at 4:14 pm |
  54. Audrey Fryer

    Yes I do. Next question.

    June 2, 2011 at 4:19 pm |
  55. DON IN WESTPORT, MASS.

    Does a fish fart in the water?

    Besides, we don't have financial crisis's anymore, we have bailouts.

    Our country's leaders have no power over big buisness, banks and lawyers.
    I have no confidence in our leaders anymore. They are nothing but weaklings who promise everything and give nothing.

    Washington Wimps!

    June 2, 2011 at 4:20 pm |
  56. Jane in Ca

    Have you listened to the Republicans in congress lately? They plan to have the US default on its debt obligations unless Medicare and Social Security are eliminated. Either way, the country goes into a 30 year tailspin. The crises are deliberately contrived to strip wealth away from anyone but the top 1%, and to consolidate the political power of the party that supports them in suppressing anything that might benefit the majority of the citizens. They won't let there not be another crisis.

    June 2, 2011 at 4:24 pm |
  57. Jim

    Jack,

    Only if the party of George W. Bush wins in 2012.

    Jim
    Reno, Nevada

    June 2, 2011 at 4:25 pm |
  58. ken, atlantic city, nj

    Yes and this time it will be the federal government that goes under. Congress including the dems and pubs just approved a 700 billion defense budget and they are about to approve another 155 billion for military construction. We have a 14 trillion dollar debt and they want to raise the debt limit to 16.5 trillion. Medicare is 35 trillion unfunded and the dems in congress refuse to do anything even though medicare will completely run out of money in 10 years. It is time for congress to tax the 700 trillion dollar derivatives gambling market on wall street. A 1% tax on the derivatives market would generate 7 trillion dollars in revenue and we could eliminate personal income taxes and corporate taxes for everyone. The speculators on wall street build nothing, do not create jobs, do not invest in america, they just get rich by manipulating the markets like the oil market thanks to obama and congress who refuse to deal with this problem.

    June 2, 2011 at 4:25 pm |
  59. Gary in Pa

    You better believe it, with the drop in home values, drop in private employment and the uncertainity of the consumer, what are the politicans waiting for. I'm surprised that Democratic politicans and strategist are talking about taking back control of the House next year as well as keeping control of the Senate. If the economy slips into another recession, they won't have to worry about their control of Congress and the White House, they will be thrown out of office by the American People. They are not in touch with reality.

    June 2, 2011 at 4:26 pm |
  60. Danny

    ... Around the corner, around the block, around the world–Yes! Borrowing from Peter to pay Paul only works if you're Paul. It doesn`t work if you're a government bailing out banks or a country bailing out other countries, at least not in the long term. The Band-Aids are about to come unstuck. Peter is all but kaput.

    June 2, 2011 at 4:32 pm |
  61. Bob, St. Thomas PA

    Could be, Jack, I don't know for sure. But here's one thing I do know- If there is, Ron Paul will have new-found credibility as a 2012 candidate.

    June 2, 2011 at 4:34 pm |
  62. max

    Previous crises was felt by many families , caused businesses to crumble and was disastrous to a several industries in this country while the oil companies gained higher then usual profits.
    So if you direct the question to the Exxon, Shell and other giants, they may actually welcome another crises facing this nation., after all they seem to be immune to anything.

    Max

    June 2, 2011 at 4:37 pm |
  63. Sandstone.

    "The same one is still here! Just because you managed to keep paying the interest, does'nt mean a thing! The bank-rates never stay the same for long, and the GAT (whatever they call it today,) can stall anytime there's a small crises. Price of oil will never drop, it can only level off.
    China's in trouble, but hinding the facts. Russia is also in trouble with it's neighbors, and it's getting worse. Georgia hasn't cooled yet! Then you have Pakistan and India smoldering. North Africa! We had better not go there just yet."

    June 2, 2011 at 4:38 pm |
  64. Randy

    With the middle class shrinking and the rich benefitting from that...I say the financial crisis never ended. In fact, the financial crisis started for minorities and poor whites back in the 80's with Ronny reagans' trickle down nonsense.

    June 2, 2011 at 4:40 pm |
  65. Dave in South Carolina

    Yes, and here's what I don't get. The President has gone to Joplin, etc., as he should have, and sworn to those good people that he and the federal government are with them every step of the way on their road to recovery. That's good, but doesn't he see that a giant tornado of Biblical proportions has swept through our entire country knocking us completely off our foundations causing severe damage as surely as if the winds of nature had done it? Why isn't he telling us in a straightforward strong manner that he and federal government are with us every step of the way until a sustained economic recovery is achieved? And, more importantly, why doesn't he present a coherent, achievable plan to accomplish that goal? Why is he letting the national conversation drift over to "tomorrow's" subjects (assuming we get to "tomorrow") like deficit reduction instead of focusing on the brutally immediate issue? Here's a frightening thought: Maybe he doesn't have a plan! I think I would rather know that if he would at least assure us that he's working on it. If there were ever a time since the Cuban missile crisis that we need strong, determined leadership that is willing to tackle today's crisis, it is now. Not after the 2012 election. Now!

    June 2, 2011 at 4:41 pm |
  66. Dave, Orlando, FL

    Another? Let’s get out of this one first before they throw another one at us – one financial crisis at a time please.

    June 2, 2011 at 4:43 pm |
  67. Paulette in Dallas,PA

    It is Not around the corner Jack,it is already Here but hasn't been officially announced outright by the media. Little pieces of the puzzle are thrown out there for the American people to put two plus two together. The Large Banks are shaky and not lending, The Country's present Debt ceiling is too high already let alone raise it more;Job growth is slowing down; the Housing Market is in a Double Dip Recession; States are almost going bankrupt and have no money and Consumers are losing confidence. I'm not sure our Country can take another backslide and not be in a Depression. Waiting to hear That be announced. Why don't our elected officials really start to solve these problems rather than complicate them and try to pull the wool over the people's eyes? They can start any time now.

    June 2, 2011 at 4:44 pm |
  68. Matt McClamrock

    Atlanta, GA – – Yes. I see the Republicans holding the economy hostage until they get their way with Medicare. Right now they're claiming we need to reduce spending, yet they have no problems giving corporate tax breaks and oil subsidies. It's highly unfair that the average people in this country...the ones actually paying the debt...do not have a large lobby or advertising firm on their side. I hold on to hope that the Democrats will remain strong and not allow this to happen. Most of our elected officials have not only lost touch with the American people, but they have joined forces with anti-America. They are for smaller government, but larger corporations. I doubt that is what our founding fathers had in mind.

    June 2, 2011 at 4:45 pm |
  69. Larry Feierstein-Denver

    Do you really think we are out of the last one? Not around the corner, its still on our block, for some reason noone is admitting to it, "its only a lie if we think it is".

    June 2, 2011 at 4:45 pm |
  70. Eve Lemon

    It appears that our politicians, mostly republicans, are aiming for that prospect. They have protected themselves by the policies they made for self preservation and many sheeple in the US refuse to remove their blinders. The sheeple take the easy way out and investigate nothing the politicians tell them. Yes, I believe we are going into the toilet. Eve, Independent of Texas

    June 2, 2011 at 4:46 pm |
  71. Doug Clark from Indiana

    Absolutely. Washington need to start thinking with their heads. EVERY average household used to have about $100 to $500 in extra income every month to shop, dine or provide some form of entertainment for their families. That money is now GONE! Where you ask? Big Bank and Big Oil executives and the handful of shareholders have taken this money via the high price of gasoline. Until gasoline is back below $2.50 per gallon AND Americans can trust that it will stay there, the economy will NEVER,NEVER recover. I for one am tired of hearing the media and Washington telling me to check my tire pressure for better mileage and also to dump more money into my 401K. The average person doesn't have the money to pay a money manager or accountant to help them manage their 401K accounts and because of this, average Americans continue to fill up the Wall Street tank just so the wealthiest 10% can have it managed into their wallets.
    I'm tired of being sick and tired!

    June 2, 2011 at 4:50 pm |
  72. Kathie

    no brainer–with the fanatical tea party trying to destroy our country because they aren't getting their way of course there will be continuing financial crisises. the GOP created this mess and the tea party GOP is worsening it. all the GOP can think of is destroying Medicare and Social Secutiry.

    June 2, 2011 at 4:51 pm |
  73. Al

    Jack, your metaphors are confused, we have not yet turned the corner to get out of the last financial crisis. To borrow from Star Wars, metaphors be with you.

    June 2, 2011 at 4:54 pm |
  74. HJ - Saint Paul, MN

    Of course. You can't keep doing the same thing and get different results. We need to grow the money pool. You can't circulate the money if too few people have it all. Its just math. Every dollar saved in a bank beyond what is needed for security is killing us. Does anyone really believe 10 percent of the people can have 70 percent of the money (not exact but close I'm sure) and have an economy thrive on the other 30 percent? Seriously. Its not about feelings, or freedom, or whether or not your money is hard earned. Its just logic. Money is relative. If everyone made 10 bucks a year, a house would cost 30 bucks. Problem is, one guy is making 10,000 a year and everyone else is making 1. Time to wake up. Everyone is arguing a tax vs. spend problem. Its an accumulation problem. The reason we can't change anything is Americans arent solvent. We have no retirement funds, no money in the bank. People are trying to live on 16k a year! Yea, make THOSE GUYS pay more!

    June 2, 2011 at 4:55 pm |
  75. Kim Smith

    Isn't it always ?

    June 2, 2011 at 4:58 pm |
  76. Dylan from Olympia, WA

    I think we've had a financial crisis since 1913. The dollar is worth about 4 cents of what it was then. I'd say that's a financial crisis.

    June 2, 2011 at 4:59 pm |
  77. Joe

    Jack,
    We live in an era with big business ignoring all sense of community, and then these same powerful people try to undermine job enhancement bills to promote our economy, such as the High speed rail and structural improvements on highways in transportation, which would provide numerous jobs. Is our economy getting worse? You bet, as long as we have corporations and their lobbyists pretending to take care of Americans while simultaneously outsourcing we have a mad crash with Armageddon.
    Joe, Binghamton, NY

    June 2, 2011 at 5:01 pm |
  78. barbara in nc

    Don't worry so much.

    The republicans were elected in 2010 so they could create jobs.

    Isn't that what they've been working on?

    June 2, 2011 at 5:06 pm |
  79. Donald in New Mexico

    It is not around the corner for the working poor/middle class. It is right in front of our face. The rich and their minions don't care about the anxiety uncertainness causes. They play games, and play brinkmanship with our economy just to make the Democrats give in to their greedy demands. The problem is they have found that strategy works. The Democrats give in every time the Republicans make a threat. Dems. are wimps when it comes to taking or defending a stance. If there is a financial crises, it will be the fault of partisan politics. The rich thieves on Wall Street were never held to account for trashing our economy. Gas prices are fixed. This was the first Memorial Day weekend that I can ever remember gas prices falling. I believe this proves manipulation. I believe artificial manipulation will cause the next financial crisis. Why do the Republicans,who broke the bank during the Bush years, want the rest of us to be austere and pay for their follies. Where are the JOBS we were promised would be the first order of business for the new Rep. led Congress. HYPOCRITES ALL.

    June 2, 2011 at 5:06 pm |
  80. Bobby E. Lahmon Jackson MS

    Who knows what's around the corner these days be that as it may but President Obama can't be blamed for every crisis that the country faces but I'm sure the republicans are probably praying for something like that to happen on his watch

    June 2, 2011 at 5:07 pm |
  81. John Blythe

    I'm sorry to say that another financial crisis is looming and it is inevitable. Even if every single American tax payer were taxed 100%, it would still not be enough to balance the Federal budget. We have a "secret" Federal Reserve, printing money leading to growing inflation, while interest rates are low, the prices of commodities are soaring. Our dollar has greatly diminished and most likely, it won't recover. Anyone remember what happened to the former Yugoslavia during their wars in the 1990's? They printed money and their economy eventually collapsed. I think it will happen here in America...

    – John
    Lake Isabella, Calif.

    June 2, 2011 at 5:07 pm |
  82. MNResident

    It's time to ask a serious question–Did we ever really get out of the last financial crisis from a couple of years ago when government threw trillions of dollars in "bailouts" and "stimulus" at the problem? To quote a Tennessee Ernie Ford song, all that "solution" did was put us "another day older and deeper in debt. St. Peter won't call me cause I can't go. I owe my soul to the company (goverment) store".

    June 2, 2011 at 5:07 pm |
  83. Ralph Spyer

    Another fananical crisis is just around the corner , because a new war is just around the corner. The Federal reserve is no more a federal agency then fed X . The Federal reserve ,is the biggest bank in the world own by the riches people in the world, they show their books to no one. The Federal Reserve lost no money in the last fananical crisis they made money .the American tax payer cover their bet. Why would not do it again,and again, and again ,Remember the S and L crisis

    June 2, 2011 at 5:08 pm |
  84. John Moore - New Britain, PA

    Unless we see less ideology and a little compromise in DC the sighns are not good. Just like neither the Israelis or Palestinians can find peace when they want everything their way DC is being lead astray extremists and we lack action by the sane center.

    June 2, 2011 at 5:09 pm |
  85. Karl in Flint

    I don’t think so. Boehner can huff and puff all he wants, but I think the Republicans learned from Newt’s disaster in the 90’s to not mess with paying the bills. As for Wall Street, that’s a different story. Those crooks need to go to prison. Some of my fellow voters aren’t all that bright, but I don’t think they are that dumb either, to think the Republicans and Tea Baggers have much credibility after eight years of their tax cuts, out of control spending and Wall Street’s free rein under Bush. Keep reminding us of that part, Jack, and we won’t forget it in 2012.

    June 2, 2011 at 5:11 pm |
  86. John Moore - New Britain, PA

    Unless we see less ideology and a little compromise in DC the signs are not good. Just like neither the Israelis or Palestinians can find peace when they want everything their way DC is being lead astray by extremists and we lack action by what remains of the sane center.

    June 2, 2011 at 5:13 pm |
  87. Gigi Oregon

    The Republican party is killing it's self we all know who caused this life style that's been happening for the past ten years. And we all know who corporate America backs so if we want change it will be the people that will have to make it. President Obama can't do it with out the support of "We the people'. Yes it will continue unless we the people stand in the court yards and demand change.

    June 2, 2011 at 5:16 pm |
  88. Martin

    yes do believe there is another financial crisis around the corner. Though would like to be optimistic and think it is not the case it is totally inevitable and it is reality.

    June 2, 2011 at 5:17 pm |
  89. Patty

    When ya' spend more than you take in, and you promise more than you can give, sooner or later the piggy bank is going to go belly up. Uncle Sam's piggy is ready for the spit.

    Patty in Lakeland, FL

    June 2, 2011 at 5:17 pm |
  90. E.B.

    If it were'nt for our stupid Congressmen, I would say no, but seeing how they typically work things out ...... well THAT is another story.

    We are screwed !

    June 2, 2011 at 5:17 pm |
  91. Zack Austin, Texas

    Yes, because severe cuts in spending are not compatabile with increase in jobs. A depression may be the result.

    June 2, 2011 at 5:17 pm |
  92. Nate

    Of course. The people "negotiating" solutions to the economic situation are happily employed and well above being economically stable. Why would they care if another financial crisis occured?

    June 2, 2011 at 5:18 pm |
  93. Deborah Seibert,. Co

    If the left would stop trying to scare the military families and the elderly, we would have nothing to fear but fear itself.

    June 2, 2011 at 5:18 pm |
  94. Martha Campbell

    Jack,
    How would we know..we get different numbers from everyone. We have a horrible mess and we need to give Obama time to get it straightened out. People need to stop blaming the president for what the banks, corporations, and GOP have caused and continue to cause.

    June 2, 2011 at 5:18 pm |
  95. John Martin in Shoreline, WA

    No. The economy will recover just enough to get Obama reelected. What happens after he is reelected is another story.

    June 2, 2011 at 5:18 pm |
  96. Nate

    Of course. The people "negotiating" solutions to the economic situation are happily employed and well above being economically stable. Why would they care if another financial crisis occured?
    -Nate, NC

    June 2, 2011 at 5:18 pm |
  97. Walt in Omaha

    Yes, If the debt ceiling isn't raised 1929 will look like a cake walk.

    June 2, 2011 at 5:19 pm |
  98. Drew

    Im from Galveston TX and I for one do belive that we are in line for another depresion in stocks and and increase in consumer goods. I belive that the culprit is far to many minimum wage jobs, being only able to spend our money on Gas and milk. No room for investment.

    June 2, 2011 at 5:19 pm |
  99. Roger W

    Jack, In the last ression they took all our GOLD and they have figured out how to take what little cash we have saved. Our homes are worth 50% less than when we bought them. I think "THE PEOPLE"

    June 2, 2011 at 5:19 pm |
  100. Michael in Albuquerque, NM

    After seven quarters of growth thanks to the policies of president Obama...NO. The growth hasn't been as much as we want. We will do better as the economy continues to grow.

    June 2, 2011 at 5:19 pm |
  101. Jim

    If their isn't one I'm sure that the party wanting power will cause one.

    June 2, 2011 at 5:19 pm |
  102. Chip Heinemann

    I have seen many signs of the economy coming back. If you (media in general) keep continually predicting it public confidence will evaporate and a double dip recession will happen.

    June 2, 2011 at 5:19 pm |
  103. Jack Kruger

    I wonder in what world those idiots on Capitol Hill live in…do they not realize what’s going on in the country and in the world! It’s time for a revolution! Out with the old, in with the new. Who’s with me…

    June 2, 2011 at 5:20 pm |
  104. estebangonzolaz

    No I don't think the economy will get worse unless the Republicans make it happen. After all it was George W. Bush that oversaw the Housing Bubble and Senator McCain that stood by Bush's economic policies. President Obama fought and got American car manufactures bailouts which the Republicans fought to stop. Now we see that they were effective and the car makers have paid them back. The Republicans will not admit this FACT. Also ever thought the job growth is slow it is still an improvement to the lame Bush days.

    June 2, 2011 at 5:20 pm |
  105. Isaac (Spanish Fort, AL.)

    Jack, what corner are you talking about. Neighborhood corner – cause house market is down, corner in the home- many are struggling to make it. This man have NO clue in what he is doing. BO (Barack Obama) got to go.

    June 2, 2011 at 5:20 pm |
  106. Marilyn Burgess

    From Maine:
    What people refuse to believe is that we are seeing a global economy leveling. Third world countries will rise; ours will fall. Many of us who have been living frugally will survive but the fat cats will howl.

    June 2, 2011 at 5:20 pm |
  107. paul mckarns

    jack, is there another crisis coming. definitely, and it will not be based on any significant political or economical news it will happen because people are tired of hearing negative news while our so called leaders do anything to ceate a positive culture. fear alone will cause our next economical down turn. paul

    June 2, 2011 at 5:20 pm |
  108. Gary H. Boyd

    Holding a hand to his head KARNACK says "It was a Greyhound bus". That, in response to the question - "What hit you?" The same thing applies to our economic future - hit by a bus. With Obama driving, the road ahead's as dangerous as the one were currently on.

    Gary in Scottsdale, Arizona

    June 2, 2011 at 5:20 pm |
  109. Jim Walker

    Yes there is another financial crisis coming as long as the country is
    saddled with the incompetent Democratic leadership in the White House
    and the Capitol....

    June 2, 2011 at 5:21 pm |
  110. Thomas S Minervino

    Why don't you ask the republicans, they got us into this mess I'm sure they know how to get us out of it.

    June 2, 2011 at 5:21 pm |
  111. Scott

    "Financial Crisis" is the "New Normal" these days!

    June 2, 2011 at 5:21 pm |
  112. Richard C.

    Around the corner? Are you kidding? It's here!! You so-called overpayed journalists obviously do not feel the pain. We normal, middle class Americans are hurting because of increased gas and food prices, high unemployment and a narcissistic President that does not get it and never will. Bring back the troops, protect our borders, and cut spending; What exotic concepts!
    Malvern, PA.

    June 2, 2011 at 5:21 pm |
  113. Mitch Dworkin - Dallas, Texas

    Another financial crisis could very well be around the corner, especially after August 2 when it comes to the debt ceiling and the credit rating of the country. Most Democrats will never under any circumstances vote for a budget that cuts Medicare, Medicaid, and Social Security while leaving the Bush tax cuts for the wealthiest Americans in place while most Republicans will never under any circumstances vote for a budget that affects the Bush tax cuts for the wealthiest Americans. I do not know how this budget impass will be resolved or if it even can be resolved.

    June 2, 2011 at 5:21 pm |
  114. Steve

    The sad thing in all of this Jack is the stupidity, both left and right, we're witnessing in Washington. How difficult is it to get the right people in a room to work out a solution. We're frozen in our own collective ideaologies, no one's willing to lead, everyone's waiting to pounce, and a President hedges his bet ahead of the election. In the meantime, we're talking ourselves into a double dip, and should it come, we will get exactly what we deserved because, in the end, we tolerated this madness they call politics way too long.

    June 2, 2011 at 5:21 pm |
  115. Mike Dunn

    Jack, what recovery? The economy is in a major slide and we are not in a recession we are in a major depression. It wasn't caused by Obama it started under Bush's watch. Ive been unemployed for over 3 years and can only find part time freelance photojournalism work. I know people who lost their jobs, their unemployment ran out and now lost their homes and are now homeless. I'm not far behind.

    June 2, 2011 at 5:21 pm |
  116. Robert Angelone, Ph.D.

    As an economist, I have been saying that another economic crisis was looming since the beginning of the last one. I can assure you that such a crisis is inevitable. Such crises are based on lack of faith, and with our property values continuing to drop – the foundation of value of our money – the public will eventually lose faith in the entire economic system. Congress has made no laws that are intended to improve or stabilize the value of real property and has stood by as that value falls. If every home with a mortgage has far less value than the face value of the mortgage, we are paying now for a bet on property value increases. Everyone will realize this is due to the way lenders wrote mortgages between 2001 and 2008, and yet it still goes on. Crisis? How about collapse of all monetary value?

    June 2, 2011 at 5:21 pm |
  117. Martin

    The reports appears to be different than the actuals? The people I've observed are getting new jobs.

    June 2, 2011 at 5:22 pm |
  118. Debra Nicholson

    Yes. As long as we are top heavy and bottom poor we will never pay off our debt. E veryone in the US must have the same priorities to make a difference. A few people make millions of dollars for a title and poor job performance. Most are working at the fullest of their capabilities to make ends meet. There is a vast gulf of disconnect that is resulting in the diminishing of America.

    June 2, 2011 at 5:22 pm |
  119. Tom Barrister from Las Vegas NV

    Until Congress gets off it's collective butts,stops the political infighting, gets rid of the pet projects and other pork, and gets down to seriously reducing the budget, the economy isn't going to recover, and this means the global economy, not just that of the United States. We can't expect business and investors to have any faith in a recovery, if the various governments, federal, state, and local, are spending significantly more than they take in, with no end in sight other than some token cuts. It's time to get the ball rolling.

    June 2, 2011 at 5:22 pm |
  120. Stephen Charchuk

    Yes, Jack, and like the last one this too will be intentionally created by the Republicans as well. They, and their corporate masters, get richer while the rest suffer needlessly.

    -Stephen
    Yarmouth, NS Canada

    June 2, 2011 at 5:22 pm |
  121. Travis Myers

    Around the corner? It's here and has been here for several years now & will remain for several more, untill we vote out everyone of our useless Congressmen & Senators and replace them with people who understand and actually care about whats going on in this country, we the common people of America are on a one way downward spiral to the third world...fasten your seat belts its gonna be a rough rough ride!

    June 2, 2011 at 5:22 pm |
  122. Dale from Colorado

    Just as the Roman Empire imploded due to corruption in government and an insatiable greed by it's wealthiest citizens, so too do we face an economic crisis of Biblical proportions. In difference to certain Congressional members, we have always had a redistribution of wealth in this Country. The poor and the Middle Class have always paid taxes while Congress has annually doled it out to the wealthy and well connected. Now that the wealthiest one-percent control more wealth than the lower ninety-percent, the Middle Class can no longer support the economy on it's back. You can't spend what you don't have. "All of you can read the signs of the earth and sky, how is it you can't read the signs of the times."

    June 2, 2011 at 5:23 pm |
  123. Ted Eskildsen

    My thoughts in verse

    Have enough money to get to the job
    Turn into traffic that's becoming a mob
    So few have more,so many less
    Leaders, STEP UP in times like these
    Yet,your haggling has become a tease (Or disease)

    June 2, 2011 at 5:23 pm |
  124. Gary Jeffcoat

    I believe a crisis is unavoidable. The Republican party has decided if they can't control the government, they intend to destroy it. They have to know they are looking at a loss of close to 100 congressional seats next year.

    June 2, 2011 at 5:23 pm |
  125. Andy knorr

    Absolutely I believe we are headed for a prolonged period of slow growth and unemployment. Our debt problem is going to rear it's ugly head and we will need to cut spending and yes raise taxes or risk looking like Greece, Ireland, Spain, and Potugal.

    June 2, 2011 at 5:23 pm |
  126. Paul Tiffany

    No. It's not another financial crisis, it's an extension of the same crisis. Nothing new has happened that wasn't predicted more than two years ago. All the reasons you give for some vague future new crisis are here NOW.

    June 2, 2011 at 5:23 pm |
  127. Barbara T. from Las Vegas

    Another financial crisis? You mean other than the one we've been in for years? I am tired of listening to our President telling us about how great things are. The country is in a financial mess with no leadership to help us get out of it.

    June 2, 2011 at 5:23 pm |
  128. Dick Carney

    The GOP has been doing everything in their power to keep our economy in the toilet, to help them in 2012. Hopefully the American voter is smart enough not to turn control of the henhouse back over to the foxes.

    June 2, 2011 at 5:23 pm |
  129. W. Becker

    cant say if another financial crisis is coming or not, but speaking as someone who has been out of work since last halloween, g-d help us all if it is.
    Oh well guess I can always go to the beach.
    wm. becker Ft lauderdale, Fl.

    June 2, 2011 at 5:24 pm |
  130. Michael Wilson

    As a recent May graduate, who now holds a finance and economics degree, I believe the overall financial system is on a relatively sound footing. However, as I see my peers unable to find adequate work to pay off their ballooning student debt, I am afraid this could be the next financial crisis. It pains me to say this because my generation is the future of this country, and if we experience a financial crisis, our future as a country looks very dark. I believe that President Obama's administration has taken steps, such as eliminating the middle man in the student loan process, to alleviate this problem. However, more bipartisan support needs to be seen for student loan forgiveness programs related to certain professions.

    June 2, 2011 at 5:24 pm |
  131. Gary L. Wimmer

    Unfortunately, we will face one financial crisis after another for many years, thanks the the fiscally irresponsible Republican policies since President Reagan that got us in this mess with trickle-up economics, deregulation, massive tax cuts for the richest and inexcusable debt.

    June 2, 2011 at 5:24 pm |
  132. Dee in New Paris Ohio

    A simple question deserves a simple answer. Yes.

    What always puzzles me is, we are told that investing and confidence in the stock markets are the driving forces behind economic recovery. And when the markets fall everyone is scared.

    So, if the thing that needs to happen to bring the economy back is for investors to have more confidence, why don't they just INVEST! After all, if they would invest, more businesses could function and more jobs would be created. Thus the economy would pick up, and the investors would make money. So, if the key is investing, do it! Investors, write your checks! Pour money into the economy, and reap the rewards.

    It's pretty clear that the reverse (pulling their money OUT) is not having a recovering effect.

    Maybe then we could avoid another economic meltdown.

    Oh yeah, and the BANKIS need to loosen up too. If they don't start making more loans businesses and individuals will suffer, and the economy as a whole will fail.

    If the banks don't make loans, and if the investors don't invest money then we can only look forward to another crisis.

    June 2, 2011 at 5:24 pm |
  133. Dick Carney

    I'm writing from Coaldale, Colorado. Sorry, I didn't include that.

    June 2, 2011 at 5:24 pm |
  134. Sam, Palm Valley, FL

    Another one ? I'm still in the first one !!!

    June 2, 2011 at 5:25 pm |
  135. dave hutchison

    between the huge number of troops we have to bring home and re-employ, or get the job they had before (national guard)if it still exhists( every war has had a socio-economic recession within some level of society) not to mention the instability in the market you see is the same peoples money shifted around to entice investors, it's predatory lendings new face, a few will get rich, a nation will suffer! as soon as the american people realize "get rich quick" isn't gonna happen for everyone and re-prioritizes toward responsability of self instead of looking for scapegoats and free-lunch!

    June 2, 2011 at 5:25 pm |
  136. andyz Lynn, MA

    If the Republicans have their way there will most certainly be a permanent crises..At this point all programs benefiting the poor, underprivileged and the critically ill will be stopped. Only the rich and super-rich will benefit from the coming crisis. It's starting to look like Orwell was off by a few decades. Why do I not trust the republicans? The Democrats are not that much better. Take for example the former Speaker of the House, Pelosi. I rest my case.

    June 2, 2011 at 5:26 pm |
  137. Dan from Chicago, IL

    Yes Jack I'm afraid so and i DO think that the rich and the businesses that are doing very well should show that they care about America and be patriotic enough to pay more in taxes to bail out the government, but in turn the government needs to cut it's size AND it's pay. I'm sure there are plenty of people getting paid with our tax money that is not needed.

    June 2, 2011 at 5:27 pm |
  138. gil

    Without a doubt... British Lorde Acton 1837-1869 said, "The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks."

    June 2, 2011 at 5:27 pm |
  139. Rob Unger, Vancouver, Canada

    Jack
    Let me see ... the last crisis was the result of widespread defaults on debt whose risk level had been grossly understated. So to resolve the problem we transferred this risk to the federal government and proceeded to take on even more debt. Soon the chickens will come home to roost.

    June 2, 2011 at 5:27 pm |
  140. Jack Kruger

    I wonder in what world those idiots on Capitol Hill live in…do they not realize what’s going on in the country and in the world! It’s time for a revolution! Out with the old, in with the new. Who’s with me…?

    June 2, 2011 at 5:27 pm |
  141. Roger W

    Jack, They still have their heads in the sand. We are in a depression and the number certainly verify that. Get ready for those of us who owe twice as much as our homes are worth and not getting any help to start cutting our losses.

    June 2, 2011 at 5:28 pm |
  142. dave hutchison

    how can people blame a president, for lack of action by business, oh wait can't blame rich business they are generaly republican.... hmmm so if they don't do anything, it surley will make the president appear inaffective, it's the people that buy into the spinning missinformation and whole heartedly believe it to the grave that do our country a dis-service by taking the action of non-action

    June 2, 2011 at 5:29 pm |
  143. Stephen

    Recession, are you kidding? The US dollar is about to lose it's status as the official world reserve currency and some out there are telling us the recession is over! Get real. All hell will break loose in the good old USA when this happens. This will make the Depression from years ago look like a picnic! None of us will be able to buy the necessities we need for everyday living. Your money will be worthless and elites who caused this mess will be the sitting on their thrones laughing at all of us! Wake up people,it's time for a revolution!!

    June 2, 2011 at 5:29 pm |
  144. Gordon NJ

    If that's what it will take to ensure that Republican will win the next election, I'm sure it will happen. With everyone on the right doing everything they can to talk down the recovery, Obama's efforts to stimulate the economy are being swept aside by a Tsunami of pessimism.

    June 2, 2011 at 5:30 pm |
  145. John Young

    Anyone who thinks another economic crisis is just around the corner hasn't been to a grocery store or gas station lately. The crisis is already here and those who are unemployed or on fixed incomes are feeling it the most. Even those who have saved for a lifetime are seeing their nest eggs eaten up by inflation. As the baby boomers enter their golden years they are finding their 'gold' has been effectively stolen by wall street while the government waffles on how to fix the problems they have allowed to happen through de-regulation.

    June 2, 2011 at 5:31 pm |
  146. Tony

    The current economic situation is the result of kicking the can down the road for the last 30 years. The only problem is this is not the road to"nowhere."
    This road ends and we are at the end now. Unfortunately the result will be the sacrifice of the poor,elderly and impotent as corporations leave America like rats from a sinking ship.

    June 2, 2011 at 5:31 pm |
  147. Kenni (San Antonio, Texas)

    You know what annoys me about this financial crisis? Is that every time we start to move in the right direction, investors panic on Wall Street. If there is an uprising in the Middle East, it goes down. If Greece decides to default on whatever else they haven't paid, it goes down. The fact is, there are jobs out there. I've seen the hiring signs. The people who are unemployed, want the jobs that they had before. Well, that's not going to happen. The big corporations are not hiring because they like how much money they are saving. They like not having to spend money on another body when they can just give themselves bigger bonuses. If Congress does not raise the debt ceiling, all the progress that economy has made will go down the tubes. When the House voted against raising the ceiling, the market went negative. Raising the debt ceiling does not mean that there will be more spending; it just keeps the government on track. However, what the Republicans fail to understand is that you cannot cut spending without raising taxes. It doesn't work. Taxes have to be raised at the same time as cutting spending. I don't understand what the fear is with politicians not wanting to raise taxes. Do you honestly think the middle class will vote against you if you raise taxes against the wealthy? Hardly...

    June 2, 2011 at 5:32 pm |
  148. Ryan

    Jack,

    I feel bad for the President because of the 24 hour news agenecies simply not reporting the truth. You folks will spend all news cycle talking about the drop in the housing prices, unemployment going up, and anyother negative story that makes the ratings go up since your ratings are hurting. What you won't talk about is the FACT that 42 states added between 40,000 and 50,000 jobs in May. Manufacturing added 40,000, construction added 50,000, public secotr jobs went through the roof and none of you at the 24 hour news agencies reported on it. I learned about it from CBS evening news. Will there be another recetion? Only if you folks want there to be and report the none truth. I usually love CNN, but have been very dissapointed latley by your either false reporting, or just ignoring the facts. We are not headed for another recession, and it is time for you 24hour news folks to report the truth. When you got back to Wolf, Wolf needs to say this just in 42 states add between 40,000 and 50,000 jobs each and Unemployment drops in 39 states in one month. The economy is getting healthier, I love you Jack, and I love Wolf, please please report the truth!

    June 2, 2011 at 5:33 pm |
  149. Claudia, Houston, Tx

    Absolutely not, the U.S. hasn't cashed in it's gold.

    June 2, 2011 at 5:33 pm |
  150. dave hutchison

    i believe it will happen within the next 6 months because of the steadfast bologna crammed down our throats, people are sheep and what you tell them on t.v. (like the internet) must be fact.here is a real story the poor are not dead just sick of it, and the rich don't care. lets see how it plays out in the street, not in the boardroom?

    June 2, 2011 at 5:33 pm |
  151. Patrick Johns

    I wonder if this imminent collapse isn't engineered? If you look at it closely, the same thing happened to Carter.
    In his case, he tried to rescue 50 or more hostages from captivity in Iran. Nothing would work, and everything he tried failed. That was the biggest reason he didn't get re-elected. However, as soon as Reagan won the election, the hostages were freed.
    With that in mind, I'll bet you that this current "crisis" will continue, and will cost Obama his re-election. As soon as he's out of office, everyone will "magically" find jobs.

    June 2, 2011 at 5:34 pm |
  152. joey delahaye

    of course, and you can forget about the whole "double dip recession" thing and get ready for real financial and global crisis. America can't even afford to pay the interest it owes on the loans it has as of right now let alone the actual loans themselves (and not to mention all of the ones we're going to acquire in the near future). Look how high the most basic of necessities have inflated over the last year i.e. cotton, food such as corn and wheat, sugar, precious and industrial metals. Oil continues to rise and is sure to skyrocket with all of the instability in the Middle East coupled with the dollar's downturn. Soon OPEC will move its transaction currency away from the dollar entirely and that's when it will start getting a lot more expensive for citizens here in America. When these most basic of necessities become unreasonably expensive for the average citizens, which will certainly be in the very near future, that is when you can expect it to get REAL bad for the average U.S. family, right here on American soil.

    June 2, 2011 at 5:35 pm |
  153. Charlie

    Another financial crisis is sure to occur as long the politicians in Washington are more interested in scoring points against the other party rather than adressing the real problems that face our country. While both parties are guilty, I blame the GOP more because of their belief in a totally bogus economic theory ( thank you, Ayn Rand). And it is a never a good sign when party leaders stand up and say their main goal is to get Obama out of office. And i dont understand why so many people blame Obama for the job situation. I blame Corporate America, who close factories and built new ones overseas in there never ceasing search for higher profits. There is never enough profit.

    June 2, 2011 at 5:36 pm |
  154. Jas1302

    I'm an average middle class American with a good job. I have never collected a penny of unemployment and never been laid off from any job I worked. I think our workforce has become lazy! We want the easier softer way. It's no wonder our economic situation is where it is today. Are we headed for another recession? You betcha! Until the people of this great country are ready to bust their butts and get out there and find work....we are doomed. It may not be the job you want for the education you have but working any job is better than collecting unemployment or doing nothing! I have two adult daughters with college degrees. One works at a home improvement store and the other at a drug store. Neither have collected umemployment. As far as government spending....We The People voted these representitives into office! Democrats and Republicans share the blame. They can't fix this country! Only we can.

    June 2, 2011 at 5:37 pm |
  155. Ken in NC

    Not around the corner but coming down the street. I can see it and it's a doozie.

    June 2, 2011 at 5:37 pm |
  156. Don Johnson

    Jack, Bankers and individuals in the financial sector are predominately Republican and have been I believe purposely refusing to grant loans and credit even when it would have been appropriate. The "R's" are and have been playing chicken with President Obama and are willing to risk America's well being (remember Sen O'Connell's vow to do anything to take back the White House). Do not expect any recovery, only more "R" foot dragging, wailing and finger pointing. Don Johnson, Austin, Blood Red Texas

    June 2, 2011 at 5:40 pm |
  157. mark in arkansas

    Around the corner??? How about smack in the middle of the road in front of us? Wall Street and the Feds keep releasing meaningless reports with insignificant increases and tell us "everything's getting better." Of course it is. For them. What every federal employee needs to experience is the fun of standing in line waiting for an unemployment check. Or tell their kids that they can't go to the doctor, because mom and dad don't have insurance. Jack, we're not heading for another depression... we never left the first one.

    June 2, 2011 at 5:41 pm |
  158. carol

    Yes, Jack I do and I'm very scared and embarassed! While other countries are willing to go to war to gain the freedoms we have, our leaders are willing to play chicken with our country's economy, argue like children, and, even worse do nothing, What kind of example are we setting to the rest of the world? Shouldn't we be the one country that intelligently and maturely solves problems? While our leaders fuss and fight, our country is falling apart! Yes, I'm scared and would give anything to know my leaders were truly trying to solve these extremely serious issues. It's time they grow up and think of our country's future instead of politics and their own selfish interests? They should be bringing in all the experts, and working 24 hours a day to save our country's economy! I'm just a little nobody.....but you, Jack have a voice! Please tell Washington we need them to be true leaders!!!

    June 2, 2011 at 5:42 pm |
  159. Paul Albert

    Another financial crisis is looming, but not on the President's account. It has become customary that the opposition gives the presideent only a year to lead and then politics begin as usual during the second and third year of his administratiobn. Given if all things were equal and the president had his will, I strongly believe that he would like to see huge job growths and and a significant deficit reduction. Notwithstanding this is almost impossible since the opposition has positioned itself to fight every meaningful legislation just to score poltical victories. It will take a considerable time to revive an economy that has been devastated due bo rabid greed and dangerous neglect.

    June 2, 2011 at 5:48 pm |
  160. Leann

    The federal government needs to gets its spending in check in order to prevent a devestating long-term crisis for our country. Many of our state governments need to do the same as well, as many of them continue to face large budget deficits year after year. We all need to stop living beyond our means, but it just seems to be the American way.

    Leann
    Beaver Falls, PA

    June 2, 2011 at 5:51 pm |
  161. Stacia

    Yes, because after we had the too big fail banks and we the people bailed them out, there still has not been ANY regulations done to the banks. Deregulating the banks was the worst and NOTHING has changed. The banks got bail out money to loan to people and what did they do, they held onto it and they still are. Also the fact that the Republicans, all they seem to want to do is hold everything as hostage against anything the President and/or the Democrats want to accomplish.

    June 2, 2011 at 5:53 pm |
  162. Rob from Long Island

    Another crisis? No, we haven't ended the first yet.

    June 2, 2011 at 5:58 pm |
  163. Richard Caton

    Always.

    June 2, 2011 at 5:58 pm |