Free Republic
Browse · Search
News/Activism
Topics · Post Article

Skip to comments.

Everything You Wanted to Know About the Credit Crisis But Were Afraid to Ask (Ben Stein)
Yahoo Financial ^ | September 22, 2008 | Ben Stein

Posted on 09/23/2008 7:43:10 PM PDT by KingSnorky

The headlines scream doom. There are endless references to the economic situation being "the worst since The Great Depression." Immense names in finance have collapsed and sunk beneath the waves of the financial crisis. Please allow me to try to explain a bit of what's going on.

First of all, all you have to do is look around you to see that in terms of daily life, we are not anywhere near The Great Depression. Unemployment is barely about six percent. It was 25 percent at the nadir of The Great Depression. Real per capita incomes adjusted for inflation are at least five times what they were during The Great Depression. Airplanes are full. High-end restaurants are full. Prices are painfully high for food. These are not signs of a Great Depression.

On the other hand, the losses in financial products have been devastating. The Dow is off 23 percent from its high in 2007. Financial stocks even after the recent rally are off staggeringly. The biggest insurer in America has become a basket case. Most of all, there is REAL FEAR in the air.

(Excerpt) Read more at finance.yahoo.com ...


TOPICS: Business/Economy; Government; News/Current Events
KEYWORDS: bailout; credit; financialcrisis; stein
Navigation: use the links below to view more comments.
first previous 1-2021-27 last
To: Kackikat

His grandfather owned a store, and laughed when the rich lost their money in 1929....a year later his store closed ...

Good post


21 posted on 09/23/2008 9:44:10 PM PDT by weston (It is our oil, and we want it NOW!)
[ Post Reply | Private Reply | To 20 | View Replies]

To: kms61

“This thing is just getting started.”

Indeed. Since January, my Bride has lost over 10k in her deferred comp investments. If this continues a bit more, we’re pulling out until the dust settles.


22 posted on 09/23/2008 10:12:40 PM PDT by Gator113 (Drill here, drill now...... or die.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: cowdog77

Stupid answer (Shouting “reelect noone”). Some of the members of Congress have been in the right - and on the right - all along.

I’ll bet that you are one of the ones who sat out ‘06, right? Did anyone learn any lesson from your non-vote?

“We” never had Congress. For a very short while, the Republicans had a majority in the House. The “majority” in the Senate never happened, thanks to “jumpin’ Jeffers.” And the RINO’s Collins, Snowe, Sununu, Hagel. (Let’s not re-elect *them.*)


23 posted on 09/23/2008 10:14:49 PM PDT by hocndoc (http://www.LifeEthics.org (I've got a mustard seed and I'm not afraid to use it.))
[ Post Reply | Private Reply | To 19 | View Replies]

To: raygunfan

These days, I belive it’s spelled “faerie” to avoid any misunderstandings.


24 posted on 09/23/2008 10:22:42 PM PDT by Yanni.Znaio (On the Palin smears: "Let he who is without stones cast the first sin.")
[ Post Reply | Private Reply | To 4 | View Replies]

To: raygunfan

These days, I belive it’s spelled “faerie” to avoid any misunderstandings.


25 posted on 09/23/2008 10:22:44 PM PDT by Yanni.Znaio (On the Palin smears: "Let he who is without stones cast the first sin.")
[ Post Reply | Private Reply | To 4 | View Replies]

To: kms61
Unemployment wasn’t 25% at the beginning of the Great Depression either. This thing is just getting started. I’m not saying things WILL get that bad, but nobody knows yet, including Ben Stein.

And neither us nor Ben Stein knows if unemployment will shrink to mere .001%.

26 posted on 09/24/2008 12:14:50 AM PDT by AndyTheBear (Disastrous social experimentation is the opiate of elitist snobs.)
[ Post Reply | Private Reply | To 3 | View Replies]

To: KingSnorky

Bump!


27 posted on 09/24/2008 12:36:09 AM PDT by Tempest (No more bailouts. No More Fear Mongers.)
[ Post Reply | Private Reply | To 1 | View Replies]


Navigation: use the links below to view more comments.
first previous 1-2021-27 last

Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.

Free Republic
Browse · Search
News/Activism
Topics · Post Article

FreeRepublic, LLC, PO BOX 9771, FRESNO, CA 93794
FreeRepublic.com is powered by software copyright 2000-2008 John Robinson