The 1929-1933 crash took stock market down 90%, today’s market down 45% - half way there
By Daniel at 10 October, 2008, 11:38 pm
Darn few believed a Depression would follow the crash back then. Today with a crisis of confidence, the liquidity crisis, and ratio of debt:asset dwarfing the late 20s, zero savings rate, greed/corruption, lack of Depression era regulations and enforcement - I can see why people are making the comparison…
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“Piles of money are still available to those who follow basic paths laid out in the pages of the book, he said. These include starting your own company, becoming CEO of a major company, heading up a major plaintiff law firm, or landing the spot as the No. 2 besides a leviathan like Warren Buffett of Berkshire Hathaway”
Pompus azz. This is an acute crisis that demands immediate attention. We don’t have years for everyone to work there way into Founder/CEO positions to survive. Most are hard working, middle class people who want to live comfortably and sleep at night. The current deflationary forces and greedy muckity mucks are fouling things up.
70 years have passed and the Fed and whole world seem powerless to prevent what is currently happening.
Hind sight is 20:20. When looking at past recessions you can see why Depression references were ridiculous. This crisis looks a Whole lot like the late 20s.
US debt clock runs out of digits —- BBCNews
The US government’s debts have ballooned so badly the National Debt Clock in New York has run out of digits to record the spiralling figure.
The digital counter marks the national debt level, but when that passed the $10 trillion point last month, the sign could not display the full amount.
The board was erected to highlight the $2.7 trillion level of debt in 1989.
The clock’s owners say two more zeros will be added, allowing the clock to record a quadrillion dollars of debt.
Douglas Durst, son of the late Seymour Durst - the clock’s inventor - hopes to replace the Manhattan clock with its lengthier replacement early next year.
For the time being, the Times Square counter’s electronic dollar sign has been replaced with the extra digit required.
For its part, the digital dollar symbol has been supplanted by a cheaper version - perhaps a sign of the times for the American economy.
Some economists believe the $700bn bail-out plan for ailing US financial institutions could send the national debt level to $11 trillion.
I can see why people are somewhat worried.
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