Comments for The 1929 Crash and Recession to Depression: Did we Forget? | MyFinanceReporter.com »
Posted By aust 1 year, 6 months ago in Business & FinanceThe economy on replay - the events of 1929 are so scarily similar to today, like then, its still the average person that has to suffer the brunt of 'downturns' and 'recessions' from the work of bankers and rogue financial institutions. Policy makers, policy makers!
Read Full Story at myfinancereporter.com »
RSS Join the Discussion
+ Add CommentComments So Far: 21
-
Neutral
Wolfie20071 year, 6 months ago
This comment is below the standard viewing threshold View It »
What a scare mongering story the economy of today in no way resembles the world economy of 1929. The author of this story is either deliberately trying to scare people or is woefully ignorant of the history of the Great Depression.
Reply-
-
-
Neutral
Dionys1 year, 6 months ago
This comment is below the standard viewing threshold View It »
I guess it depends on who's theory you follow. Bury would argue that a contributing factor was that "the Empire had come to depend on the enrollment of barbarians, in large numbers, in the army, and â;¦ it was necessary to render the service attractive to them by the prospect of power and wealth. "
Well we're letting barbarians in the Army (as evidenced by the lowering of standards and number of rapists in the US Army).
Gibbon points to a general sense of moral decay, which seems overly simplistic but is certainly present in a nation that now allows torture and pre-emptive wars. Toynbee and Burke offer that the Roman system was flawed from its inception (yet we mirror their Republic fairly well, especially where corruption is concerned).
Rostovtzeff and Mises argue for unsound economic policies. Seems pretty apparent if you examine the economy.
Reply-
Neutral
Dionys1 year, 6 months ago
This comment is below the standard viewing threshold View It »
Others argue a general social, economic and political decline. Seems like the US isn't picking up fast in any of those areas.
I like Joseph Tainter's take on it, though.
I guess we'll see in the next couple of decades how the US fares in the world.
Reply-
Neutral
earthlingerer1 year, 6 months ago
This comment is below the standard viewing threshold View It »
We also let "barbarians" into the army in the form of foreign citizens who are promised a "fast track" to citizenship.
http://www.spiegel.de/international/world/0,151...
Reply
-
-
-
-
-
Neutral
Gransater1 year, 6 months ago
This comment is below the standard viewing threshold View It »
Wolf
You sound like you're in an enviable position of financial security. Let me assure you however, there are a very large number of people, globaly, including in the U.S., at the very brink of starvation, and countless more aproaching the precipice daily. It isn't for naught that stores are closing, hunger increasing, homes and employments lost etc, etc and so on.
For too many, the end of the tunnel isn't in sight, debt both personal and nation generated have all but extinguished any hopes for the future. This is real, and is happening now.
Sure there is a ever shrinking sgment of the population that is enjoying the fruits of good life. We may not be to far from the point when the uttering of: "let them eat cake" could be dangerous to your well being. Don't tell me I'm wrong, so far I'm doing OK. Tell all those in dire strait that things are great, and "hear" their response. It may not be mongering, but reality you'll hear.
Reply-
-
Neutral
Gransater1 year, 6 months ago
This comment is below the standard viewing threshold View It »
Wolf
Sorry. Didn't realize I needed to be absolutely exact in pointing out similarities to the article. Lets see
A depression was forecasted, and later the opinion was changed to: "A depression was outside the range of probability". That sounds familiar.
"The market lost billions, but who will pay the price" The market, meaning wall street. Didn't I see a major investment house being acquired at firesale prices here recently? How many investors lost money on that deal?
"Investors rushing to take advantage of margin lending on stocks.." Recently you could read investors rushing to take advantage of low down payment for houses.
"Banks taking advantage of cheap funds from the reserve and fueling the speculation on the market" Do I really need to go on?
Yes, the conditions aren't EXACTLY the same as in 1929, BUT, there are similarities if you look at the whole picture. Then, maybe I'm just ignorant and don't see nuances.
Reply
-
-
-
-
-
gbilly08Comment removed: Retracted by user
-
Neutral
Truzseeker1 year, 6 months ago
This comment is below the standard viewing threshold View It »
and with the crash, famine .... Famine killed 7 million people in USA http://donoevil.propeller.com/story/2008/05/21/...
Reply -
ML2007Comment removed: Retracted by user
-
Neutral
canadianrancher571 year, 6 months ago
This comment is below the standard viewing threshold View It »
There will always se speculative bubbles that break, but there has to be alot of factors world wide that come together to cause a depression. As we have seen in just the last little while a change in a countries currency can quickly affect the countries balance of trade which can help restore confidence in the economy and then the cycle starts on it's merry way again.
After saying all that I feel that we are approaching a situation that will lead to a world depression, there are many countries in the world right now that are in an upswing in there economies but many of them count on the U.S. as their market and with ever increasing energy costs in the U.S. the American puplic will cease to consume. The energy factor is the one factor that may not have played a part in previous depressions but it will be a major one this time.
I have been very carefull with my money over my life but I know that there is no safe investment if times get truely tough.
Reply -
anioklyComment removed: Spammer
-
Neutral
Totally1 year, 6 months ago
This comment is below the standard viewing threshold View It »
The economy is practically held up by the common Joe. When middle calls Americans are paying crazy prices for fossil fuels and our representatives can't take the lead in addressing it, then is time for Change..... I say throw out all those representatives that are not doing their jobs....
Reply -
loading ...
Add a Comment
Sign In With Your Propeller Account
Please keep your comments relevant to this story.
To create a live link, simply type the URL (including http://) or email address and we will make it a live link for you. You can put up to 3 URLs in your comments. Line breaks and paragraphs are automatically converted — no need to use <p> or <br /> tags.