U.S 1929 Great Depression vs. 2008 financial, housing, credit crisis
Great Depression happened in 1929. It took over 10 years to cure.
Effects of depression:
13 million people became unemployed.
Industrial production fell by nearly 45% between the years 1929 and 1932.
Home-building dropped by 80% between the years 1929 and 1932.
From the years 1929 to 1932, about 5000 banks [...]
Great Depression happened in 1929. It took over 10 years to cure.
Effects of depression:
13 million people became unemployed.
Industrial production fell by nearly 45% between the years 1929 and 1932.
Home-building dropped by 80% between the years 1929 and 1932.
From the years 1929 to 1932, about 5000 banks went out of business.
That’s where when the buyer [...]
America government borrows huge money from foreign countries to boost it’s economy. To make people to buy house, buy cars, computers, cloths, and loan people abusively. It creates demand and heavily debt itself. Now the house is overbought and overbuilt, people default on its loan, foreclosure soars as house price drop. People lost it’s life-saving [...]
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