Just how bad will things get? Economic forecasters are starting to make "crazy predictions"
that may not seem so crazy. Could the Dow drop to 2,000? 1,000? What once seemed impossible now is not out of the realm of possibility with 1,000 daily point swings. The problem with those wild predictions? Critics say they propagate ignorance and bad advice.
On the other hand, BusinessWeek says the "Great Depression 2" won't hit anytime soon
. The magazine says that hard times are ahead, but when the global economy recovers, it will be stronger and better than ever. We just need to stop fixating on whether the end is nigh. Easy for them to say.
The global economic turmoil is hitting the OPEC countries hard. The price of crude has fallen by more than half. As those countries try to find a solution, many are urging caution
as the falling price of oil is the only bright spot in the economic gray. Some warn that if prices surge upwards again in response to production cuts, it could make the looming global recession last much longer.
Even Park City is getting a bit jumpy by the weakening economy. The city government is on the verge of issuing a "financial alert."
Sales tax revenues are down 3.5%, while income from other revenue streams are down nearly 10%. The financial alert means the city will delay some spending, but won't cut services. The last time Park City issued an alert was prior to the 2002 Winter Olympics.
Just how bad is the economic situation? AC/DC is back on the top of the British charts for the first time in 28 years
. The last time the Aussie rockers were #1 in England was with the release of their Back in Black
album in 1980. At that time, the British economy was on the verge of recession, with high unemployment and 20% inflation.