FROM CNN's Jack Cafferty:
The U.S. economy has "fallen off a cliff," is going through "a death by a thousand cuts," and those who think it will recover this year are "delusional." All this according to a couple of the sharper financial minds out there.
Billionaire Warren Buffett likens the current battle against prolonged recession to a Pearl Harbor-like situation.
Nouriel Roubini, a professor at New York University's Business school tells CNBC there's no hope the current recession, which is already 15 months old, will end this year. He says it will "more than likely last into 2010."
Roubini says most of our financial institutions are "entirely insolvent" and the government should temporarily take over the banks, clean them up and get them working again. Although he says there will be a light at the end of the tunnel; Roubini believes things will probably get worse before they get better.
If that's not dismal enough for you - there's Warren Buffett. Also speaking to CNBC, the billionaire investor described the current crisis as an "economic Pearl Harbor" and says the economy has "fallen off a cliff." He says it "can't turn around on a dime" and that a turnaround won't happen fast.
Buffett predicts unemployment will get worse before it gets better; and he says inflation has the "potential" to be worse than it was in the 1970s. Buffett suggests that five years from now the economy will be running fine.
Five years. That's a very long time for the millions of Americans who are already suffering and have been for months - without jobs, with rising costs for health care and education, and with decreased home values and mounting foreclosures.
Here’s my question to you: How will you cope if the current recession lasts for a number of years?
Interested to know which ones made it on air?
Thomas from Missoula, Montana writes:
The same way we have always coped in an economy and society that favored greed and spending. By keeping current with our payments and by not borrowing money we can't pay back for crap we don't need. Just because some loudmouth from Madison Avenue tells us we need to.
Robert from Lake Jackson, Texas writes:
Seriously, that's not a legit question that I'm willing to entertain. We will not take that long to come out of this. The worse may not be completely over, but we have begun to recover already. It's just going to take us a little while to get things to level out of this flux. When that happens, the downward turns will stop and it will be a rocket sled to the top.
Never thought I'd be happy to see gray hairs, Jack. Cheers from the "safe" haven of fixed income retirement. God speed to the young folks.
Abby from Denver writes:
This is the first year I'm attempting to grow a vegetable garden, go to grad school, enjoy my family and maybe get some chickens!
J. from Illinois writes:
I'll take it one day at a time, just like my first 71 years.
JoAnn from San Diego writes:
Jack, We have to think about how our parents and grandparents fared during the depression. Bottom line is they made it. They became entrepreneurs and figured it out. I am not saying they didn't suffer but I believe it made us a stronger nation. Maybe that's what we all need. Less designer purses, fast food and fast cars.
We'll survive by eating Republicans. They've gotten fat enough and I've been told they taste like chicken.