The Great Depression Past and Present?
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The Beginning of The Great Depression of 1929
By 11:00 a.m. the market had started to plunge. Shortly after noon a group of powerful bankers met secretly at J.P. Morgan & Co. next door to the Exchange and pledged to spend $240 million of their own funds to stabilize the market.
(Sound Familiar?)
This strategy worked for a few days, but the panic broke out again the following Tuesday, when the market crashed again, and nothing could be done to stop it.
Before three months had passed, the Stock Market lost 40% of its value; $26 billion of wealth disappeared. Great American corporations suffered huge financial losses. AT&T lost one-third of its value, General Electric lost half of its, and RCA's stock fell by three-fourths within a matter of months.
(It would take 25 years for the stock market to return to its pre-crash level following the 1929 crash.)
Photo by Dorothea Lange for the Resettlement Administration-1936.
Read More About the Stock Market Crash and Great Depression of 1929
The Present Stock Market and Economy News
Current Perspectives on The US Economy
- Greek firebrand risks drachmageddon
- He added that he was impressed by the way the American president had dealt with "the crisis in 1929", a reference to the stock market crash that had preceded the Great Depression. He said he is leading a "peaceful revolution" and invited people all ...
- Bringing Back Glass-Steagall Would Rebuild Shattered Confidence In Wall Street
- Investigations after the 1929 stock market crash revealed widespread conflicts of interest and outright fraud in the activities of financial firms leading up to the Great Crash. It was the worst financial catastrophe the country has ever experienced ...
- The Myths of the Interventionists
- He responded to the stock market crash with the very Progressivism FDR would enlarge, turning "what might have been a severe, but short recession into a Great Depression." One of the most pernicious myths in the economic history of the twentieth ...
- Inside Job: Facebook IPO Shows System Is Broken
- This is precisely what happened before the stock market crash prior to the Great Depression, insiders were driving the market for their benefit through the expectations of the clueless masses until collapse. What this illustrates explicitly is that ...
A Lesson Learned From The Great Depression
"Of all the lessons to have emerged from the Great Depression, this remains the most important: that inept or inflexible monetary policy in the wake of a sharp decline in asset prices can turn a correction into a recession and a recession into a depression."
~ From The Ascent Of Money by Niall Ferguson
The Ascent of Money
A Financial History of The World
- George Santayana
The Ascent of Money: A Financial History of the World
Amazon Price: $7.59 (as of 05/27/2012)
List Price: $29.95
Niall Ferguson follows the money to tell the human story behind the evolution of finance, from its origins in ancient Mesopotamia to the latest upheavals on what he calls Planet Finance.
Bread, cash, dosh, dough, loot, lucre, moolah, readies, the wherewithal: Call it what you like, it matters. To Christians, love of it is the root of all evil. To generals, it's the sinews of war. To revolutionaries, it's the chains of labor. But in The Ascent of Money, Niall Ferguson shows that finance is in fact the foundation of human progress. What's more, he reveals financial history as the essential backstory behind all history.
Your Thoughts About The Current Economic Crisis?
A Recession or A Depression? You Decide!
The decade of the 1930s found America facing the worst economic crisis in its modern history.
Millions of people were unemployed, two million adult men ("hobos") wandered aimlessly around the country, banks and businesses failed and the majority of the elderly in America lived in dependency.
Sound Familiar!?
Are We Headed For Another Great Depression?
Hello, Of course we are, Are You Paying Attention!
poddys says:
Quite likely. It's a scary thought, the way that so many countries are going bankrupt.
Rob Jones says:
Just read the grapes of wrath so this stuff is real raw for me.
Rob
Business Ideas for Women | Good Business Ideas | Business Ideas for Beginners
lollyj says:
Now instead of breadlines, we have food pantries that struggle to keep enough food on hand due to increased usage.
We have more homeless people now than we did then. I think the job losses are greater and more far reaching now than they were in the Depression. As a nation, our problems are greater now for many reasons, including a different kind of health care system and living status.
bgamall says:
Everyone says that deflation is not a threat but I don't think we are out of the woods. I hope we don't go into a great depression.
monarch13 says:
We need to act now to prevent a similar crisis!
Nope, The Economy will turn around..
COUNTRYLUTHIER says:
Chronic recession. This is not approaching depression, but recovery is still a long ways off. Inflating th money supply even more with QEII is not the answer. We'll all have to suck down some bitter economic measures to get this thing straightened out.
OneFootPutt says:
The great thing about the US is that our economy is self correcting if left to its natural courses. I also believe we intervened at the right time to prevent a Depression, but the recession is going to hurt for another 12-18 months.
hotbrain says:
It certainly will get worse this year (more foreclosures; more businesses closing; higher unemployment), but I believe that it will turn around, although it may take several years or longer... Probably not as bad as the great depression.
OhMe says:
I am sure praying that it will turn around. I am not sure we all have what it takes to get through another Depression. It is scary times, for sure.
The Bread Lines in 1929
Women's Roles and The Great Depression
Your Feedback and Thoughts?
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pawpaw911
Jun 3, 2011 @ 1:25 pm | delete
- Your Winston Churchill quote on your bio, reminded me of what my Father used to tell us kids when we complained about what we had to eat. He used to say "it isn't what you want that makes you fat, it is what you get" Nice lens.
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GrowWear
Jan 3, 2011 @ 9:37 pm | delete
- Living in poverty, especially like that of The Great Depression, would be a mind-sapping and demoralizing existence.
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GrowWear
Jan 3, 2011 @ 9:37 pm | delete
- Living in poverty, especially like that of The Great Depression, would be a mind-sapping and demoralizing existence.
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poddys
Dec 19, 2010 @ 3:47 pm | delete
- Good look back to the 1920's. I really hope we don't all go down a similar plughole again.
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nettymy2k10
Oct 26, 2010 @ 9:38 am | delete
- This is very interesting. This lens is perfect example of a material well written and packed with information. Thanks for sharing.
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Current Political and Activist Links
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Get The Facts On:
- Stagnant wages and family incomes.
- Increasing income insecurity.
- Eroding health care benefits.
- Disappearing pensions.
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