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 ...
His grandfather owned a store, and laughed when the rich lost their money in 1929....a year later his store closed ...
Good post
“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.
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.*)
These days, I belive it’s spelled “faerie” to avoid any misunderstandings.
These days, I belive it’s spelled “faerie” to avoid any misunderstandings.
And neither us nor Ben Stein knows if unemployment will shrink to mere .001%.
Bump!
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