Monday, October 19, 2009
Eighty Years After the Great Crash -- 'Is It the '30s Again?'
It was the worst thing to happen to the U.S. since Fort Sumter. October, 1929. Wall Street crashed and helped drive the country into the Great Depression—a deep economic and spiritual wound that has afflicted three generations of Americans. Eighty years later, as the country struggles through the harsh aftermath of another crash, two Sunday Journal contributors mark a grim anniversary and weigh the question that haunts everyone: "Is this the 1930s all over again?"
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A pretty scary article - although we are seeing that the current US recession is not AS BAD as the recession that occured in the 1930's, it is still remarkable. The dollar has been slumping in the world market and is quickly losing its credibility. As a result, gold has been suring to new highs. Aside from the dollar slumping, the current housing crisis is still occuring. Mortgage defaults and pre-foreclosures are rising, not falling which will bring yet more properties onto the market.
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