Posted on 10/25/2009 10:19:33 PM PDT by bogusname
Eighty years ago this Thursday, the Great Depression began. While the great stock market crash of 1929 actually began on Oct. 24, it was the fourth day of the crash, Oct. 29, 1929, now known as Black Tuesday, that confirmed the severity of the four-day decline and alerted the world to the fact that not all was well with the U.S. economy. Those who appreciate historical rhythm will probably be aware that the most intense part of the subsequent depression was the four years from 1930 through 1933 that Milton Friedman described as the Great Contraction.
Although 1929 marked the beginning of the Great Depression, it is important to understand that very few people, let alone politicians or economists, recognized at the time that what they were experience was the Great Depression. People did not greet friends in the street and ask how they were surviving the Great Depression. In fact, it was not until 1931 that people gradually began to become aware that what was taking place was a larger scale economic event than the Panic of 1921 or other previous depressions. As late as December 1930, Herbert Hoover was insisting that the "the fundamental strength of the economy is unimpaired," a quote that should strike fear into the hearts of everyone who remembers John McCain declaring "the fundamentals of the American economy are strong" before the 2008 election. It was not until 1934, when Lionel Robbins wrote a book titled "The Great Depression," that what was clearly a worldwide economic depression began to transform into the Great Depression...
(Excerpt) Read more at wnd.com ...
I’m anti o. I don’t even think he’s a citizen.
but I’m not buying the depression scenario.
the fed back in 1930 collapsed the economy with tight money. the fed did just the opposite this time.
What’s worse is that some have speculated that it will be even worse than the great depression.
What’s worse is that some have speculated that it will be even worse than the great depression.
It’s not Great Depression! It is Obama Depression lol
It’s not going to be over until people and businesses living on credit are washed out of the system!
These stinking bailouts and stimulus projects are only delaying the ultimate crash and wipe out of the perpetrators, those living on credit!
True. The stimulus is trying to bring us back to the debt induced GDP of the pre-crash era. That lifestyle is OVER. People living beyond their means today will be destroyed in the deflation and then destroyed again in the probable hyper-inflation to follow. STAY OUT OF DEBT AND HUNKER DOWN WITH SIMPLE TAGIBLE ASSETS...
I was wondering tonight - and maybe someone can posit a thought on this - would now be a good time for enterprising people to start NEW BANKS that are unencumbered with the debts of old banks?
Wouldn't depositors feel 100% safer keeping deposits with banks that have a clean slate? And, if this is the case then would the sudden emergence of new banks result in old banks going under?
I like the idea in theory but our lives are all tied up in the old banks. Our cars, homes and businesses are all held by the old banks.
Growing up in the depression I was raised to never borrow for anything but a home.
My parents saved enough durring the depression to not only build their home in a high scale area but started the business in 1936 without borrowing which I took over in 1965 and ran until 1992 without ever borrowing to fund it.
We did around 2 nillion a year and never bid any project that we didn’t have 3 months of material and payroll to fund it.
The only reason I shut it down was that I would have had to hire illegal aliens and pay them cash/no deductions to remain in business.
Everything but our 1st home has been paid for when purchased including our beach condo and my airplane.
The only time I borrowed was when my bank sent me a letter in 1978 offering me $50k @ 12% interest and I had it loaned out at 18% before I signed the papers and took the loan.
It seems like this would provide some very potent marketing fodder for a new bank.
Image From NBC News Report in San Diego, California
Credit Card Revenue Includes 'Timely Payment' Penalty
As the author contends in his WND editorial: It is not over. It has only begun. 'Nuff said by me here on FR. Except for this: Beware of Obama's internet thugs and Homeland Security. They may try to lock you out of your freepmail and private email accounts.
This is ‘legal’ theft by the banks on the American consumers.
The roots of this upcoming depression and financial mess began about 40 years ago when the American people stopped asking “how much does it cost” and started asking “how much a month are the payments.”
May have ended up with the same result because of massive government debt.Obama can’t count.
Meanwhile, disposable income for Americans is going down. In very simple terms - the have-nots are feeding the haves.
This dangerous, disgusting mockery of government, which is America's elitist mega-banker-CEO-owned White House and Congress has not only totally bankrupted this nation, but those responsible have enormously profited via the so-called banker 'bailouts', coupled with additional huge profits as they are the arch-insider traders plotting the demise of the nation financial system by slaughtering the U$D, and with it the American way of life.
The vile Obama régime is also following Chamberlain's appeasement script, line by alarming line, relating to Islamic terrorist exporting Iran & other anti-Western Muslim and communist despots.
Considering the irrefutable proof below, that this leftist-Muslim, Kenyan-born fraud & his entire, lying, corrupt Wall Street-owned White House cabal should be swiftly impeached and imprisoned on a multiplicity of Federal & State criminal charges, every word they utter is a joke.
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