The Instigator
Jamesothy
Pro (for)
Losing
8 Points
The Contender
wjmelements
Con (against)
Winning
16 Points

We will not fall into another Great Depression.

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Post Voting Period
The voting period for this debate has ended.
after 4 votes the winner is...
wjmelements
Voting Style: Open Point System: 7 Point
Started: 10/5/2008 Category: Politics
Updated: 8 years ago Status: Post Voting Period
Viewed: 1,934 times Debate No: 5649
Debate Rounds (3)
Comments (13)
Votes (4)

 

Jamesothy

Pro

If anyone chooses to accept this, I will love you :-)
wjmelements

Con

I love you too, James!

As Con, it is neccessary for me to either prove that we might fall into another great deppression, or that we will in order to be voted for.

We is probably reffering to the United States.
Will not is a phrase of prediction of something not happening anytime in the future.
Falling into a deppression is the large weakening of the economy.
Another Great Deppression is something of the equivalence of or worse than the Great Deppression.

My contentions are as follows:
1. There is a definate resemblance between recent and historic times.
2. We may fall into a deppression now.
3. We will fall into a deppression eventually.

1. There is a definate resemblance between recent and historic times. For one, the deppression in the topic, occurred seventy years ago. Unemployment had just dropped dramatically (and it has), lots of money was invested into the stock market, and inflation was becoming a problem.
Whether people realise it or not, all people in the U.S. are somehow tied to the stock market. Their money is put into it in order to make money. People that have a 401k have money that is invested in the stock market. Companies are invested in the stock market. Banks are invested into the stock market. Therefore, people's savings are dependent on the stock market. In addition, because banks are invested, people still paying for their house are reliant on the stock market.
Should the stock market crash again, all peoples savings, retirement, and living quarters would be lost. So, our economy is very dependent on the stock market.
Also, inflation is a huge issue. Ever since the gold standard was removed, our dollar has lost value over time. This will eventually become an issue, if it has not already. Because it happens faster than interest, people don't benefit from saving their money, and more money goes into the stock market.
Inflation has lead to many scares historically, too, which have lead into other deppressions.

2. All of the above conditions not only happened during times of deppressions of the past, but they are also happening now. It is not a foolish belief to then assume by deductive reasoning that we are at risk now.

3. It is foolish however to assume that we will never again be in a deppression again.

Thanks for this debate, James.
Debate Round No. 1
Jamesothy

Pro

Jamesothy forfeited this round.
wjmelements

Con

wjmelements forfeited this round.
Debate Round No. 2
Jamesothy

Pro

Jamesothy forfeited this round.
wjmelements

Con

Though I apologize for my opponent for missing my debate rounds, it was an honest shame that he did not debate the topic. This becomes a wasted debate.

I believe I have won, because my contentions stood and my opponent had no contentions. Therefore, I won the debate and vote CON. My opponent didn't argue and therefore lst the debate.

What a shame...
Debate Round No. 3
13 comments have been posted on this debate. Showing 1 through 10 records.
Posted by wjmelements 8 years ago
wjmelements
Who the hell voted for PRO?
Posted by wjmelements 8 years ago
wjmelements
Someone just blind-voted PRO 7 points.
Posted by wjmelements 8 years ago
wjmelements
This was a sucky debate. Scissorhands, you can write the debate.
Posted by scissorhands7 8 years ago
scissorhands7
Should the stock market crash again, all peoples savings, retirement, and living quarters would be lost.

In fact wjmelements if you could start a debate (since I'm too lazy) and challenge me, I would gladly accept it.
Posted by scissorhands7 8 years ago
scissorhands7
I'm not a liberal at all, I'm seriously more conservative than anything. I'm strictly conservative in the economic bounds.

Its ridiculous to even postulate that we'll fall into another depression, and I agree wjmelements, It would have been awesome to debate you on this topic. If you haven't noticed on this site, I'm extremely interested in the economy. Currently I'm an active trader. I dunno the subject has always interested me.

As far as a technical recession goes we don't know we are in a recession until we have measured two consecutive quarters of GDP. However do I believe we are in a recession? Yes certainly, the numbers released in the beige book today definetly indicate a very deep recession.

However the reason a depression occurred was because instead of the Fed lowering the interest rate and injecting capital into the markets, the Fed instead took money out of the market and raised interests rates. This only inflamed the problem, not helped it.

So will we ever see a depression again? No, we have too many excellent safeguards preventing us from this.

Are we in a deep recession, yes, however I believe we have seen a bottom and for the next several months we'll test it. I do see a slow recovery in the coming months.

The root of this problem in my opinion was Allen Greenspan (former Fed Chief). He kept the interest rate too low for too long. This caused the subprime mortgage mess which in turn sparked the derivative market, which in turn sparked the fail of AIG and several banks, which in turn is going to spark the failure of Hedgefunds.

So thats how I see it.
Posted by wjmelements 8 years ago
wjmelements
PoeJoe, that explains the one vote.

We aren't in a deppression. Duh.
The debate is over whether we will be in a depression or not.
It would have been more fun to have debated scissorhands on this topic.
My friend James was looking for a liberal to debate, so I decided to take him up on it. Unfortunately, I did not get a good debate out of it.
Posted by PoeJoe 8 years ago
PoeJoe
I feel awkward. This word "deppression" forces me to give PRO the spelling vote.
Posted by scissorhands7 8 years ago
scissorhands7
Defaulted Con on all due to opponents forfeiture
Posted by scissorhands7 8 years ago
scissorhands7
we aren't even in a *technical* recession yet.
Posted by scissorhands7 8 years ago
scissorhands7
NO

The technical indicator of a recession is two consecutive quarters of negative economic growth as measured by a country's GDP

A depression is a severe economic downturn that lasts several years. Fortunately, the U.S. economy has not experienced a depression since The Great Depression of 1929, which lasted ten years. The GDP growth rates were of a magnitude not seen since:

1930 -8.6%
1931 -6.4%
1932 -13%
1933 -1.3%.
During the Depression, unemployment was 25% and wages (for those who still had jobs) fell 42%. Total U.S. economic output fell from $103 to $55 billion and world trade plummeted 65% as measured in dollars.
The Depression was aggravated by poor monetary policy. Instead of pumping money into the economy, and increasing the money supply, the Fed allowed the money supply to fall 30%. The "New Deal" created many government programs to end the Depression, but government programs alone could not end it. Unemployment remained in the double-digits until 1941, when the U.S. entry into World War II created defense-related jobs.

We probably won't see a depression like that again, simply because the government has learned how to avoid it.
4 votes have been placed for this debate. Showing 1 through 4 records.
Vote Placed by Jamesothy 8 years ago
Jamesothy
JamesothywjmelementsTied
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Vote Placed by jjmd280 8 years ago
jjmd280
JamesothywjmelementsTied
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Vote Placed by TheSkeptic 8 years ago
TheSkeptic
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Vote Placed by PoeJoe 8 years ago
PoeJoe
JamesothywjmelementsTied
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