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Keyword: greatdepression

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  • History Repeating Itself and Not in a Good Way

    02/13/2010 7:15:26 AM PST · by timesthattrymenssouls · 21 replies · 565+ views
    Constitutional Guardian ^ | 2/13/10 | Nancy Tengler
    Do yourself a favor and get a copy of Amity Shales' The Forgotten Man, A New History of the Great Depression. Barack Obama's presidency and his economic policies are placed in context once you read Shales' account of FDR and his policies. Written in 2007, there is no way Shales could have manipulated the similarities. Consider this account of the Roosevelt Administration in 1937, four and a half years after the New Deal was introduced and the economy refused to budge. She refers to this time as "a depression within the Depression. " "...the Economist would conclude...that the United States...
  • How FDR and the New Deal failed (Video)

    01/09/2010 11:58:11 AM PST · by mainestategop · 2 replies · 388+ views
    http://www.youtube.com/watch?v=-17VjNUrohA Check it out! Rate and comment and enjoy before it gets flagged and ban by the libtards. Also check out MY CHANNEL MAINESTATEGOP ON YOUTUBE For more fun amazing videos!
  • The Great Recession: A Hidden Depression?

    01/03/2010 9:39:35 PM PST · by FromLori · 16 replies · 1,611+ views
    Daily Finance ^ | December 31, 2009 | BRUCE WATSON
    The story of the Great Depression is often told in pictures: while few people recognize the names "Smoot-Hawley" or "Schechter Poultry," photographs of bank runs and bread lines continue to pack a punch, almost 80 years after they were first snapped. But the Great Depression's position as our absolute standard for economic disaster carries an unintended consequence: The power of its images seem to overwhelm -- and minimize -- the economic troubles of our own time. After all, if it doesn't look like a Depression, how tough could things be? The problem is that Walker Evans' and Dorothea Lange's famous...
  • Bernanke: haunted by fear of another Great Depression

    12/03/2009 8:18:54 PM PST · by Flavius · 10 replies · 761+ views
    afp ^ | 12/2/09 | afp
    Federal Reserve Bank chairman Ben Bernanke, who appears at a confirmation hearing Thursday for a second term, is a renowned expert on the Great Depression of the 1930s and is driven to avoid a repeat of such devastation.
  • It's all in your head...

    11/25/2009 8:16:47 PM PST · by CutePuppy · 15 replies · 802+ views
    ConceptualGuerilla.com ^ | November 21, 2009 | Robert J. Shiller
    <p>Beyond fiscal stimulus and government bailouts, the economic recovery that appears under way may be based on little more than self-fulfilling prophecy.</p> <p>Consider this possibility: after all these months, people start to think it’s time for the recession to end. The very thought begins to renew confidence, and some people start spending again — in turn, generating visible signs of recovery. This may seem absurd, and is rarely mentioned as an explanation for mass behavior late in a recession, but economic theorists have long been fascinated by such a possibility.</p>
  • Where is THIS Republican Party?

    11/19/2009 9:56:30 AM PST · by Mobile Vulgus · 6 replies · 537+ views
    Publius Forum ^ | 11/19/09 | Warner Todd Huston
    An excerpt of the 1924 Republican Party Platform: The prosperity of the American nation rests on the vigor of private initiative which has bred a spirit of independence and self-reliance. The republican party stands now, as always, against all attempts to put the government into business. American industry should not be compelled to struggle against government competition. The right of the government to regulate, supervise and control public utilities and public interests, we believe, should be strengthened, but we are firmly opposed to the nationalization or government ownership of public utilities. In 1924 the GOP ran Calvin "Silent Cal" Coolidge...
  • Time Line of the Great Depression

    11/15/2009 4:46:25 PM PST · by Kartographer · 19 replies · 966+ views
    1931 January -- Texas congressman Wright Patman introduces legislation authorizing immediate payment of "bonus" funds to veterans of World War I. The "bonus bill" had been passed in 1924. It allotted bonuses, in the form of "adjusted service certificates," equaling $1 a day for each day of service in the U.S., and $1.25 for each day overseas. President Hoover was against payment of these funds, saying it would cost the Treasury $4 billion. February -- "Food riots" begin to break out in parts of the U.S. In Minneapolis, several hundred men and women smashed the windows of a grocery market...
  • This is not a recession or another Great Depression, it is the beginning of The Great Collapse

    11/06/2009 10:17:40 AM PST · by rrdog · 19 replies · 1,657+ views
    U4prez.com ^ | 11/06/2009 | Eric Gurr
    The current economic crisis is considered a recession, on the verge of depression. The reality is that we are not entering another great depression and the more proper term is "The Great Collapse". What has happened in the past, usually will happen in the future. I approach this problem not with the fuzzy mathematics of the economist but with the certainty and empirical evidence of the historian. Recessions and Depressions are trying times for the citizens of a nation. Collapses are a completely different situation. An economic collapse is followed by exponential increases in misery. The more comfortable the population...
  • Be Prepared for the Worst (Ron Paul)

    11/01/2009 4:38:31 PM PST · by reaganaut1 · 71 replies · 3,056+ views
    Forbes ^ | October 29, 2009 | Ron Paul
    Any number of pundits claim that we have now passed the worst of the recession. Green shoots of recovery are supposedly popping up all around the country, and the economy is expected to resume growing soon at an annual rate of 3% to 4%. Many of these are the same people who insisted that the economy would continue growing last year, even while it was clear that we were already in the beginning stages of a recession. A false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of...
  • History Lesson From the 'Twenties (how government policies caused the Great Depression)

    11/01/2009 3:52:19 AM PST · by reaganaut1 · 6 replies · 697+ views
    Barron's ^ | November 2, 2009 | Thomas. G. Donlan
    ... The Great Depression was caused by misguided government policies adopted to avoid the "unsatisfactory conditions" signaled by the crash. The run-of-the-mill recession that ought to have followed the crash was magnified by the policies of the federal government during the administration of Herbert Hoover. In a paper for the National Bureau of Economic Research published last August, Lee E. Ohanian examines a continuing mistake during the Hoover administration that helped transform difficulty into calamity. An economics professor at UCLA, Ohanian has written numerous papers on the Depression. In one earlier paper, he pinned the persistence of high unemployment on...
  • Looking Back At the Great Depression – Tax Rates And More

    09/22/2009 10:20:47 AM PDT · by Biggirl · 4 replies · 435+ views
    http://www.radioviceonline.com ^ | September 22, 2009 | Steve McCough
    This is not inside-baseball economics stuff -- don’t be afraid. Arthur B. Laffer at the Wall Street Journal has a good historical review of the Great Depression and what happened with tax rates during the period. Laffer defines the beginning of the problem, the Smoot-Hawley tariff implemented in 1930.
  • Explaining Two Trade Busts: Output VS. Trade Costs In The Great Depression And Today

    09/20/2009 4:03:42 PM PDT · by blam · 43 replies · 1,062+ views
    VOX ^ | 9-19-2009 | Douglas L. Campbell David Jacks Christopher M. Meissner Dennis Novy
    Explaining Two Trade Busts: Output VS. Trade Costs In The Great Depression And Today Douglas L. Campbell David Jacks Christopher M. Meissner Dennis Novy 19 September 2009 Trade has declined massively during the crisis. This column assesses the relative roles of falling demand and rising trade costs in explaining the collapse and compares it to the Great Depression. Surprising, the increase in trade costs today is as large as in 1929, despite the absence of any modern protectionism resembling Smoot-Hawley. It appears that reviving global demand alone will be insufficient to revive world trade. If the world economy is now...
  • Rare Coins: Family Treasure or Ill-Gotten Goods?[1933 Double Eagle]

    09/17/2009 10:35:27 AM PDT · by BGHater · 65 replies · 3,116+ views
    The New York Times ^ | 15 Sep 2009 | JOHN SCHWARTZ
    Roy Langbord had guessed that someone in his family might have hidden away a great treasure decades before, but not until his mother had him check a long-neglected safe-deposit box did he realize just how great it was. Inside the box, opened in 2003, he found an incredibly rare coin, wrapped in a delicate paper sleeve. It was a gold $20 piece with Lady Liberty on one side, a bald eagle flying across the other and, at Liberty’s left, the four digits that made it so valuable: 1933. The famous “double eagles” from that year were never officially released by...
  • The Current Recession versus the Great Depression : A side by side comparison for perspective

    09/14/2009 4:11:50 PM PDT · by SeekAndFind · 13 replies · 1,615+ views
    Townhall ^ | September 14, 2009 | J. T. Young
    The economy's mild second quarter contraction has many proclaiming the recession over. Now is therefore a good time to survey the current recession so frequently compared to the Depression. It's natural to ask: how do these economic heavyweights measure up? When prizefighters step into the ring – a tale of the tape – a comparison of their primary physical attributes is revealing. A comparison of the economic and fiscal attributes is equally illustrative here.
  • Economists Worry POTUS Making Same Mistakes as FDR, Could Lead to Depression

    09/07/2009 4:07:42 PM PDT · by Shellybenoit · 16 replies · 848+ views
    UK Telegraph/The Lid ^ | 9/7/09 | The Lid
    One of the biggest myths about the great depression is that FDR's NEW Deal and the related government intervention and public works projects got us out of the Great Depression. The truth is that the New Deal did not work. Instead of creating growth in the private sector, it created government growth that squeezed out the private sector. Of course, the number one public golf course in the country Bethpage Black (where the US Open played this year) was a was a New Deal Federal works project, but that only cures MY depression, it did little for the country. As...
  • Blaming Hoover (for Helping Workers)

    08/31/2009 12:06:24 PM PDT · by reaganaut1 · 16 replies · 958+ views
    New York Times ^ | August 31, 2009 | Floyd Norris
    What caused the Great Depression? There are plenty of theories and arguments out there, and I don’t plan to review them. But a new one (at least new to me) is contained in a paper by Lee Ohanian, a U.C.L.A. economist, that was released today by the National Bureau of Economic Research. He blames Herbert Hoover. That is not exactly original; the Democrats ran against Hoover for a generation after he left office, much as some would now like to run against George W. Bush. But his criticism is that Hoover was too kind to workers, which is not exactly...
  • A Warning For Obama: President Hoover’s Fealty to Unions Worsened Great Depression

    08/30/2009 10:28:19 AM PDT · by Mobile Vulgus · 9 replies · 583+ views
    Publius Forum ^ | 08/30/09 | Warner Todd Huston
    An economist is saying that President Hoover set the stage to worsen The Great Depression because of his pro-labor union stance. Pro-labor policies pushed by President Herbert Hoover after the stock market crash of 1929 accounted for close to two-thirds of the drop in the nation's gross domestic product over the two years that followed, causing what might otherwise have been a bad recession to slip into the Great Depression, a UCLA economist concludes in a new study. Lee E. Ohanian, a UCLA professor of economics, lays the worst of the Depression at the feet of Hoover who, in his...
  • An Even Greater Depression?

    08/25/2009 8:35:11 PM PDT · by h20skier66 · 6 replies · 597+ views
    Commodity News Center ^ | 8/25/09 | Bud Conrad and David Galland
    While we aren't contrarian for the sake of being contrary, more often than not that is the position in which we find ourselves. Today, with the media falling all over itself to paint a rosy outlook for the economy while simultaneously voicing encouragement to the new administration in its remake of the nation in previously unimaginable ways, it's hard not to question our conviction that the worst is yet to come. Could the economy really recover this quickly from the traumatic trifecta of a record real estate bubble, leviathan levels of debt, and a global credit collapse? We don't see...
  • Bernanke: haunted by fear of another Great Depression

    08/25/2009 12:49:30 PM PDT · by Cheap_Hessian · 21 replies · 790+ views
    Breitbart (AFP) ^ | August 25, 2009
    Federal Reserve Bank chairman Ben Bernanke, who was reappointed to a second four-year term Tuesday, is a renowned expert on the Great Depression, driven to avoid a repeat of such devastation. Bernanke has earned plaudits for helping steer the US economy through one of its most perilous periods and toward recovery, with President Barack Obama repeatedly thanking him for his contribution. He was aided in his bid for a second term at the helm of the Fed by the strong working relationship he has forged with Democrat Obama's economic team -- despite being a holdover from George W. Bush's Republican...
  • BANKING CRISIS DWARFS THE DEPRESSION

    08/25/2009 7:03:34 AM PDT · by UncleVanya · 9 replies · 880+ views
    TheStreet.com ^ | 08/24/09 | John Lounsbury
    Excerpt ... Assets for failures for [the current] crisis total $7.1 trillion to date. This is nearly eight times the assets compared with the inflation-adjusted total for the S&L crisis. The data for bank failures in the Great Depression is shown in the following table. The total deposits involved were about $7.6 billion over a span of 13 years. Adjusted for inflation, that is $100 billion in 2009 dollars. The size of the crisis today, adjusted for inflation, is more than 70 times larger than the entire Great Depression. It's unlikely that bank failures can peak until we are close...
  • Take a look! Cartoon from 1934!

    08/03/2009 4:44:16 AM PDT · by freemike · 8 replies · 1,451+ views
    Libertas ^ | 8/3/09 | freemike
    “Those who do not remember the past are doomed to repeat it” It speaks for itself!Libertas
  • Lessons from the Great Depression

    07/13/2009 3:11:32 PM PDT · by ChessExpert · 7 replies · 577+ views
    American Solutions for Winning the Future ^ | July 2, 2009 | Adam Waldeck
    "This is the worst economy since the Great Depression." We always hear it. But is it true? What's different? What's the same? What can we learn about the Great Depression so that we can avoid another one? These are all questions that require serious study, and serious knowledge about economics. So, we caught up with Dr. Tom Rustici, Professor of Economics at George Mason University, and author of the book, "Lessons from the Great Depression." We asked him to answer 6 important questions.
  • 10 Best Books on Great Depression?

    07/05/2009 5:05:33 AM PDT · by SolidWood · 15 replies · 2,200+ views
    Vanity | July 5, 2009 | Me
    A nephew of mine is doing some project/study work on the Great Depression. I have tons of history books, but very little on economical history and the Great Depression. I'd like him to avoid Roosevelt adulating propaganda. What do you consider the authorative and most relevant books on the Great Depression and the (etatist) measures certain States (particularily US and Europeans) have taken against it? Thanks for your help.
  • Krugman: We're Headed Right Back To The 1930s

    07/03/2009 4:58:49 PM PDT · by FromLori · 68 replies · 2,267+ views
    Paul Krugman says that the jobs report confirms that we're plunging right back toward another Great Depression. We've lost 6.5 million jobs since the peak. After adjusting for population growth, we're down 8.5 million. As Richard Bernstein noted yesterday, wages and the workweek are also declining. Obama's stimulus, meanwhile, promises to create 3.5 million jobs by the end of next year (if you believe the projections). So, by then, assuming no further loss in jobs (please), we'll be about 5 million below where we should be. And state and city budget pressures are wiping out many of the benefits of...
  • Christians Warn Bankers

    06/24/2009 11:31:02 AM PDT · by truthnomatterwhat · 5 replies · 537+ views
    The Voice magazine ^ | June 24, 2009 | Jonas Clark
    How about that for a headline? Christians warn bankers and world leaders that continue to violate God’s word. Are groceries going up in price or is the dollar losing more of its purchasing power? I believe the dollar is in serious trouble in River City. It looks like those pesky old bankers are going to allow the dollar to lose more and more of its value. I was reading Chuck Butler's email this morning. He works for www.everbank.com and says the International Monetary Fund (Global Bankers and Masters of the Matrix) Chief Economist, Olivier Blanchflower, speaking at a conference in...
  • The recession tracks the Great Depression

    06/17/2009 7:19:31 PM PDT · by FromLori · 27 replies · 1,586+ views
    Green shoots are bursting out. Or so we are told. But before concluding that the recession will soon be over, we must ask what history tells us. It is one of the guides we have to our present predicament. Fortunately, we do have the data. Unfortunately, the story they tell is an unhappy one. EDITOR’S CHOICE Tight rules helped mitigate crisis in Brazil - Jun-16 Economists’ forum - Oct-01 Opinion: The three steps to financial reform - Jun-16 In depth: Global financial crisis - Sep-04 Economics: How the world economy might recover its poise - Jun-15 Two economic historians, Barry...
  • World War II Did Not End the Great Depression (Let's dispel ourselves of this recurring myth)

    06/16/2009 9:47:55 AM PDT · by SeekAndFind · 40 replies · 2,087+ views
    Real Clear Markets ^ | 6/16/2009 | John Tamny
    “Whereas before there had been almost no framework to explain what Roosevelt was doing, now a respectable one was forming. Spending promoted growth, if government was big enough to spend enough.” ~ Amity Shlaes, The Forgotten Man ------------------------------------------------------------------------------ Perhaps as a result of all the commentary suggesting that we’re in the midst of the worst economic downturn since the Great Depression, there’s lots of talk about what led us out of same. It’s conventional wisdom that the government spending wrought by World War II ultimately sparked our emergence from the 1930s downturn, but the evidence suggests otherwise. World War II...
  • New Deal Nostalgia Deconstructed

    06/09/2009 10:09:53 AM PDT · by bs9021 · 2 replies · 196+ views
    Campus Report ^ | June 9, 2009 | Alana Goodman
    New Deal Nostalgia Deconstructed by: Alana Goodman, June 09, 2009 With the U.S. unemployment rate hitting a 25-year record high of 9.4 percent in May, economists have expressed pessimism about the future of the economy, but were quick to draw distinctions between the current recession and the Great Depression. Speaking at the Cato Institute’s “Lessons from the New Deal and Great Depression” seminar, Economics Professor Harold Cole of the University of Pennsylvania told the audience, “You want to be careful about comparing the current [recession] with the Great Depression…The Great Depression was much worse.” Cole explained that during the Great...
  • Has the threat of a Great Depression vanished?

    06/01/2009 5:30:46 AM PDT · by SeekAndFind · 12 replies · 686+ views
    Times Of London ^ | June 1, 2009 | Anatole Kaletsky
    Still not convinced? Green shoots are sprouting into a jungle around the world. Consider a few of the economic indicators published in the past two weeks: British house prices have risen in two of the past three months. Japan has experienced its biggest monthly increase in industrial production since the Fifties. Consumer and business sentiment are rising strongly in the United States and Britain and are even showing some signs of life in Europe. In America, where all the trouble started, unemployment claims have fallen, durable goods orders and property sales have bounced back and house prices have stabilised, although...
  • From Teflon To Tarzan, The '30s Proved Capitalism Never Sleeps

    05/23/2009 8:25:58 AM PDT · by re_tail20 · 360+ views
    Investor's Business Daily ^ | May 22, 2009 | W. Michael Cox
    An intriguing aspect of today's economic mess is renewed interest in the Great Depression, the calamity that engulfed most of the world in the 1930s. Since Jan. 1, 2008, the two-word soubriquet appeared in 753 New York Times articles, a fivefold increase over the previous 17 months. To no one's surprise, nearly all this Great Depression talk centers on the darker side of down times — unemployment, falling prices, bank failures, foreclosures, dispirited stock markets, bread lines, soup kitchens and Hoovervilles. The message rings loud and clear: We don't want to go there again. Digging a bit deeper, though, we...
  • WHAT CAUSED 'THE GREAT RECESSION'?

    05/20/2009 11:38:52 AM PDT · by TheFreedomPoster · 18 replies · 923+ views
    The Freedom Post ^ | May 20, 2009 | TheCapitalist
    This article will identify the root causes of what is coming to be known as, The Great Recession. Certainly, this economic downturn, thus far, isn't anything nearly as dire, statistically, as The Great Depression, which sported 25% unemployment. However, this is easily the worst recession since the early 80's, and could end up being worse than that one if trends continue and the government doesn't get out of the way.
  • It’s No Time to Stop This (deficit spending) Train (barf alert)

    05/17/2009 4:48:43 PM PDT · by reaganaut1 · 4 replies · 542+ views
    New York Times ^ | May 16, 2009 | Alan S. Blinder
    ... [E]ven if another depression is next to impossible, there is still the danger that next year, or the year after, might turn into 1936. Let me explain. From its bottom in 1933 to 1936, the G.D.P. climbed spectacularly (albeit from a very low base), averaging gains of almost 11 percent a year. But then, both the Fed and the administration of Franklin D. Roosevelt reversed course. In the summer of 1936, the Fed looked at the large volume of excess reserves piled up in the banking system, concluded that this mountain of liquidity could be fodder for future inflation,...
  • Teachable Moments

    05/07/2009 12:38:31 PM PDT · by bs9021 · 252+ views
    Campus Report ^ | May 7, 2009 | Malcolm A. Kline
    Teachable Moments by: Malcolm A. Kline, May 07, 2009 Here’s a couple of history lessons you are not likely to get in school. The Depression That Wasn’tThe stentorian orator who as president saved America from the Great Depression in the first half of the last century was none other than—Warren G. Harding. “During and after World War I, the Federal Reserve inflated the money supply substantially,” historian Thomas E. Woods, Jr., writes in the May 4, 2009 issue of The American Conservative magazine. “Once the Fed finally began to raise the discount rate—the rate at which it lends to banks—the...
  • Shocking Obama Spending Digging America Into Great Depression

    04/29/2009 1:51:11 PM PDT · by Michael Eden · 11 replies · 852+ views
    Start Thinking Right ^ | April 29, 2009 | Michael Eden
    We are beginning to learn that $12.8 trillion doesn't last very long when it is being spent by corrupt politicians and idiot bureaucrats. It doesn't seem to matter how much Obama has already spent or committed; he just has to keep spending more and more and more. WASHINGTON – The Treasury Department said Monday it will need to borrow $361 billion in the current April-June quarter, a record amount for that period. It's the third straight quarter the government's borrowing needs have set records for those periods. Treasury also estimated it will need to borrow $515 billion in the July-September...
  • Why GOP is devouring one book ('The Forgotten Man')

    04/21/2009 4:55:53 PM PDT · by markomalley · 12 replies · 776+ views
    Politico ^ | 4/21/2009 | ANDIE COLLER & PATRICK O'CONNOR
    There aren’t any sex scenes or vampires, and it won’t help you lose weight. But House Republicans are tearing through the pages of Amity Shlaes’ “The Forgotten Man” like soccer moms before book club night. Shlaes’ 2007 take on the Great Depression questions the success of the New Deal and takes issue with the value of government intervention in a major economic crisis — red meat for a party hungry for empirical evidence that the Democrats’ spending plans won’t end the current recession. “There aren’t many books that take a negative look at the New Deal,” explained Republican policy aide...
  • Why Republicans are devouring one book

    04/21/2009 4:38:49 AM PDT · by rightwingintelligentsia · 52 replies · 1,935+ views
    The Politico ^ | April 21, 2009 | ANDIE COLLER & PATRICK O'CONNOR
    There aren’t any sex scenes or vampires, and it won’t help you lose weight. But House Republicans are tearing through the pages of Amity Shlaes’ “The Forgotten Man” like soccer moms before book club night. Shlaes’ 2007 take on the Great Depression questions the success of the New Deal and takes issue with the value of government intervention in a major economic crisis — red meat for a party hungry for empirical evidence that the Democrats’ spending plans won’t end the current recession. “There aren’t many books that take a negative look at the New Deal,” explained Republican policy aide...
  • Our Great Depression Obsession

    04/20/2009 6:36:03 AM PDT · by SeekAndFind · 8 replies · 611+ views
    Real Clear Markets ^ | 4/20/2009 | Robert Samuelson
    <p>The Great Depression of the 1930s was the most momentous economic event of the 20th century. It was a proximate cause of World War II, having fed the Nazis' rise in Germany. It inspired a new American welfare system as a response to mass misery. Everywhere, it discredited unsupervised capitalism. Given today's economic crisis, our renewed fascination with the Depression is natural. But we ought not stretch the parallels too far.</p>
  • 1934 Chicago Tribune Cartoon Asks–Planned Economy Or Planned Destruction?

    04/18/2009 11:15:16 PM PDT · by Squidpup · 50 replies · 7,143+ views
    just a regular guy ^ | 4/4/2009 | jarg
    Seventy five years ago is going to seem like yesterday here in just a second. Take a look at this cartoon published in the Chicago Tribune on April 21, 1934 titled, “PLANNED ECONOMY OR PLANNED DESTRUCTION?” It’s true for most that their sense of history usually extends into the past only about as far as the day they decided to start paying attention to what was going on around them. An old saying goes something like this: “History, it is said, repeats itself. Few but are reminded almost every day of something that has gone before.” Every “crisis” seems brand...
  • Then vs. Now (Is this recession really all that unusual?)

    04/17/2009 5:16:20 PM PDT · by CutePuppy · 2 replies · 317+ views
    CFO Magazine ^ | March 1, 2009 | CFO Magazine
    Is this recession really all that unusual? "Happy families are all alike," Tolstoy wrote. "Every unhappy family is unhappy in its own way." Does that hold true for economic cycles as well? We are certainly in an unhappy place at the moment, and while many pundits claim that this recession is unprecedented, it may not be as unusual as some believe. That, anyway, is one conclusion that McKinsey & Co. draws from its comparison of the current downturn with the four most recent recessions. The firm found that our present unhappy moment is in fact quite a bit like the...
  • Krugman: Waaaaay Too Early To Declare End Of Depression

    04/17/2009 12:24:08 PM PDT · by FromLori · 11 replies · 518+ views
    Paul Krugman throws cold water on the "green shoots and glimmers" everyone's all excited about. He makes four key points: Things are still getting worse. "The most you can say is that there are scattered signs that things are getting worse more slowly — that the economy isn’t plunging quite as fast as it was. And I do mean scattered." Some of the good news isn’t persuasive. Goldman's "excluding December" quarter. Wells Fargo's best quarter ever. There may be other shoes yet to drop. "Even in the Great Depression, things didn’t head straight down. There was, in particular, a pause...
  • IMF warns over parallels to Great Depression

    04/16/2009 6:20:50 PM PDT · by bruinbirdman · 12 replies · 588+ views
    The Telegraph ^ | 4/16/2009 | Ambrose Evans-Pritchard
    Despite the unprecedented steps already taken by central banks and governments worldwide. This recession is likely to be "unusually long and severe, and the recovery sluggish," said the Fund, releasing two advance chapters from its World Economic Outlook. However, it warned there is a risk that it could spiral down into a full-blown slump unless further action is taken to stop "feedback effects" gathering force. Dominique Strauss-Kahn, head of the IMF, said millions of people risk being pushed back into poverty as the economic storm ravages the most vulnerable countries. "The human consequences could be absolutely devastating. This is a...
  • Obama's Opiate

    04/17/2009 7:07:54 AM PDT · by Liberty1970 · 18 replies · 910+ views
    American Spectator ^ | 04/16/2009 | Quin Hillyer
    Let's cut through all of Barack Obama's baloney. His speech on the economy at Georgetown University on Tuesday was a testament to the massive ego of a callow leader with grandiose pretensions bordering on megalomania. Everything he outlined in his vision for a near-Utopian economic future is designed to come about through the intervention of a government central planner -- his own Oneself -- combined with the coercive force of government to make it happen. It's a promise of economic growth at the point of a gun, at least tacit if not explicit -- and all as if some genius...
  • Tentative signs of US gold rush

    04/09/2009 8:16:29 PM PDT · by JoeProBono · 5 replies · 546+ views
    bbc ^ | 9 April 2009
    There's much talk of the world being back in 1929, another Great Depression. For some, it is more like 1849. Back then, hundreds of thousands flocked to California in search of their fortune after gold was discovered there, founding the iconic image of men standing knee-deep in water, desperately sorting away the sediment in search of treasure. Now, there are tentative signs of a new gold rush in the US, according to the Gold Prospectors Association of America (GPAA). Searching the rivers The group has seen a 20% in membership in the last year, driven by the deepening recession and...
  • New Deal Revisionism: Theories Collide

    04/04/2009 4:12:06 AM PDT · by reaganaut1 · 7 replies · 620+ views
    New York Times ^ | Patricia Cohen
    For more than half a century, America’s political leaders — Republican and Democrat — have sought to wrap themselves in the legacy of Franklin Delano Roosevelt, the man credited with replacing fear with hope and ending the Great Depression. But in recent years some writers and economists have been telling a version of this story that is quite different from the one generally taught in school or seen on the History Channel. In this interpretation Roosevelt is a well-meaning but misguided dupe who not only prolonged the Depression but also exacerbated it. ... Amity Shlaes, a syndicated columnist who works...
  • Wild Boys of the Road (1933) - Depression-era film on TCM tonight, 8 pm (3/23/09)

    03/23/2009 12:37:29 PM PDT · by NewJerseyJoe · 7 replies · 1,101+ views
    Turner Classic Movies ^ | TCM/Jeff Stafford
    The following text is from the TCM website's writeup of this film.============== Warner Brothers was never the sort of studio to shy away from exploring social ills or the harsher aspects of American life and Wild Boys of the Road (1933) is a perfect example of their commitment to this sort of picture during the early sound era. Set during the Depression, the film follows two middle-class boys who take to the road when economic hardships drastically alter their situations at home. Riding east on a freight train, they befriend other homeless youths along the way until railroad authorities force...
  • FDR's Policies Actually Prolonged Depression

    03/14/2009 9:48:26 PM PDT · by ReformationFan · 16 replies · 1,026+ views
    Two UCLA economists are blaming the length of the Great Depression on President Franklin D. Roosevelt, who instead of being blamed has always been thought of as the main catalyst who brought the country out of the Depression. Instead, in the August issue of the Journal of Political Economy, Harold L. Cole and Lee E. Ohanian conclude that the New Deal policies FDR signed into law thwarted economic recovery for the country. See UCLA Newsroom. After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into...
  • Even Worse Than the Great Depression

    03/06/2009 9:24:14 PM PST · by FocusNexus · 59 replies · 2,830+ views
    Smart Money ^ | March 6, 2009 | Donald Luskin
    So let me do the preachers of Armageddon one better. Today's stock market isn't just the “worst since the Great Depression,” like they're so fond of saying. No, it's even worse than the Great Depression. Take a look at the chart, below. It shows the daily progress of the S&P 500 in terms of percentage change from the very top. The brown line is the change from the recent all-time highs on October 9, 2007. The blue line is the change from the all-time highs just before the Great Depression, September 6, 1929. As of yesterday's close (Thursday, March 5),...
  • 'Great Depression Cooking With Clara' Stories

    02/27/2009 2:00:35 PM PST · by nickcarraway · 7 replies · 643+ views
    Los Angeles Times ^ | Mary MacVean
    Your investments have disappeared. Your vacation fund has vaporized. New clothes for spring are only a daydream. But you have to eat. Perhaps that's why the charm of Clara Cannucciari and her online show, "Great Depression Cooking With Clara," keeps her popular. Clara knows what she's talking about. She was born in 1915 in Chicago, and says she quit high school to work in a factory as a teenager. These days, she shares her wisdom from upstate New York. Some Los Angeles residents, including Pat Box (at right), recently shared their memories of Depression-era food with The Times.
  • Moody’s predicts default rate will exceed peaks hit in Great Depression

    02/26/2009 10:02:21 PM PST · by Flavius · 19 replies · 1,310+ views
    LONDON, Feb 27 — A bigger proportion of non-investment grade companies will go bust in the US and overseas in the coming years than during the Great Depression, according to Moody's, one of the world's foremost experts on credit. In what will be seen by many as die-cast confirmation that the world economy is plummeting towards an economic and corporate implosion of unprecedented proportions, Moody's said it anticipated a tidal wave of defaults was approaching. It said that in the coming months more than 15 per cent of speculative-grade bonds and loans — all but the most highly-rated — would...
  • Moody's predicts default rate will exceed peaks hit in Great Depression

    02/26/2009 4:05:22 PM PST · by bruinbirdman · 29 replies · 1,062+ views
    The Telegraph ^ | 2/26/2009 | Edmund Conway
    In what will be seen by many as die-cast confirmation that the world economy is plummeting towards an economic and corporate implosion of unprecedented proportions, Moody's said it anticipated a tidal wave of defaults was approaching. It said that in the coming months more than 15pc of speculative-grade bonds and loans - all but the most highly-rated - would default on their debts. This peak is even higher than the peak reached in 1933, when bank after bank throughout America was collapsing, taking hoards of other companies with them. Back then, the default rate peaked at 15.4pc; moreover these companies...