Comparison between the Great Depression and Now

[peterb]

Some economic historians think this is more like the crash of 1873 or 1825…or even 1907. Those were huge credit bubble burst. But all basically depressions.

[HarryBosch]

During the Great Depression unemployment was nearly 25%.

Today we’re only at 6.1% – let’s hope it doesn’t rise any further.
———-
Amity Shlaes, author of a new history of the Great Depression, talks about Franklin D. Roosevelt’s baleful economic legacy, the growth of government, and the death of classical liberalism.

Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

http://www.reason.com/news/show/123476.html

In her meticulously researched new history of the Depression, The Forgotten Man (HarperCollins), journalist Amity Shlaes describes the received catechism of the era: “Roosevelt made things better by taking charge. His New Deal inspired and tided the country over. In this way, the country fended off revolution of the sort bringing down Europe. Without the New Deal, we would all have been lost.…The attitude is that the New Deal is the best model we have for what government must do for weak members of society, in both times of crises and times of stability.” But that conventional account, she writes, fails to capture “the realities of the period.” Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

[HarryBosch]

During the Great Depression unemployment was nearly 25%.

Today we’re only at 6.1% – let’s hope it doesn’t rise any further.
———-
Amity Shlaes, author of a new history of the Great Depression, talks about Franklin D. Roosevelt’s baleful economic legacy, the growth of government, and the death of classical liberalism.

Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

http://www.reason.com/news/show/123476.html

In her meticulously researched new history of the Depression, The Forgotten Man (HarperCollins), journalist Amity Shlaes describes the received catechism of the era: “Roosevelt made things better by taking charge. His New Deal inspired and tided the country over. In this way, the country fended off revolution of the sort bringing down Europe. Without the New Deal, we would all have been lost.…The attitude is that the New Deal is the best model we have for what government must do for weak members of society, in both times of crises and times of stability.” But that conventional account, she writes, fails to capture “the realities of the period.” Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

[HarryBosch]

During the Great Depression unemployment was nearly 25%.

Today we’re only at 6.1% – let’s hope it doesn’t rise any further.
———-
Amity Shlaes, author of a new history of the Great Depression, talks about Franklin D. Roosevelt’s baleful economic legacy, the growth of government, and the death of classical liberalism.

Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

http://www.reason.com/news/show/123476.html

In her meticulously researched new history of the Depression, The Forgotten Man (HarperCollins), journalist Amity Shlaes describes the received catechism of the era: “Roosevelt made things better by taking charge. His New Deal inspired and tided the country over. In this way, the country fended off revolution of the sort bringing down Europe. Without the New Deal, we would all have been lost.…The attitude is that the New Deal is the best model we have for what government must do for weak members of society, in both times of crises and times of stability.” But that conventional account, she writes, fails to capture “the realities of the period.” Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

[HarryBosch]

During the Great Depression unemployment was nearly 25%.

Today we’re only at 6.1% – let’s hope it doesn’t rise any further.
———-
Amity Shlaes, author of a new history of the Great Depression, talks about Franklin D. Roosevelt’s baleful economic legacy, the growth of government, and the death of classical liberalism.

Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

http://www.reason.com/news/show/123476.html

In her meticulously researched new history of the Depression, The Forgotten Man (HarperCollins), journalist Amity Shlaes describes the received catechism of the era: “Roosevelt made things better by taking charge. His New Deal inspired and tided the country over. In this way, the country fended off revolution of the sort bringing down Europe. Without the New Deal, we would all have been lost.…The attitude is that the New Deal is the best model we have for what government must do for weak members of society, in both times of crises and times of stability.” But that conventional account, she writes, fails to capture “the realities of the period.” Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

[HarryBosch]

During the Great Depression unemployment was nearly 25%.

Today we’re only at 6.1% – let’s hope it doesn’t rise any further.
———-
Amity Shlaes, author of a new history of the Great Depression, talks about Franklin D. Roosevelt’s baleful economic legacy, the growth of government, and the death of classical liberalism.

Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

http://www.reason.com/news/show/123476.html

In her meticulously researched new history of the Depression, The Forgotten Man (HarperCollins), journalist Amity Shlaes describes the received catechism of the era: “Roosevelt made things better by taking charge. His New Deal inspired and tided the country over. In this way, the country fended off revolution of the sort bringing down Europe. Without the New Deal, we would all have been lost.…The attitude is that the New Deal is the best model we have for what government must do for weak members of society, in both times of crises and times of stability.” But that conventional account, she writes, fails to capture “the realities of the period.” Shlaes shows how both Hoover and Roosevelt “overestimated the value of government planning” and intensified and prolonged the very problems they were seeking to fix.

[4plexowner]

Read about Kondratieff Winter and Elliot Wave Cycles

In Kondratieff terms we are headed into the Winter cycle with a bottom sometime in the 2012-15 timeframe (K Winter wipes out all the bad investments made during the previous economic boom)

In Elliot Wave terms we are headed into an economic correction that is ONE CYCLE LARGER than the cycle that was corrected by the Great Depression of the 1930s

ie, in EW terms, we are headed into an economic downturn that will be significantly WORSE than the 1930s

~

I’m just a whacko nutjob so take what I say with a grain of salt …

[4plexowner]

Read about Kondratieff Winter and Elliot Wave Cycles

In Kondratieff terms we are headed into the Winter cycle with a bottom sometime in the 2012-15 timeframe (K Winter wipes out all the bad investments made during the previous economic boom)

In Elliot Wave terms we are headed into an economic correction that is ONE CYCLE LARGER than the cycle that was corrected by the Great Depression of the 1930s

ie, in EW terms, we are headed into an economic downturn that will be significantly WORSE than the 1930s

~

I’m just a whacko nutjob so take what I say with a grain of salt …

[4plexowner]

Read about Kondratieff Winter and Elliot Wave Cycles

In Kondratieff terms we are headed into the Winter cycle with a bottom sometime in the 2012-15 timeframe (K Winter wipes out all the bad investments made during the previous economic boom)

In Elliot Wave terms we are headed into an economic correction that is ONE CYCLE LARGER than the cycle that was corrected by the Great Depression of the 1930s

ie, in EW terms, we are headed into an economic downturn that will be significantly WORSE than the 1930s

~

I’m just a whacko nutjob so take what I say with a grain of salt …

[4plexowner]

Read about Kondratieff Winter and Elliot Wave Cycles

In Kondratieff terms we are headed into the Winter cycle with a bottom sometime in the 2012-15 timeframe (K Winter wipes out all the bad investments made during the previous economic boom)

In Elliot Wave terms we are headed into an economic correction that is ONE CYCLE LARGER than the cycle that was corrected by the Great Depression of the 1930s

ie, in EW terms, we are headed into an economic downturn that will be significantly WORSE than the 1930s

~

I’m just a whacko nutjob so take what I say with a grain of salt …

[4plexowner]

Read about Kondratieff Winter and Elliot Wave Cycles

In Kondratieff terms we are headed into the Winter cycle with a bottom sometime in the 2012-15 timeframe (K Winter wipes out all the bad investments made during the previous economic boom)

In Elliot Wave terms we are headed into an economic correction that is ONE CYCLE LARGER than the cycle that was corrected by the Great Depression of the 1930s

ie, in EW terms, we are headed into an economic downturn that will be significantly WORSE than the 1930s

~

I’m just a whacko nutjob so take what I say with a grain of salt …

[stockstradr]

I’m just a whacko nutjob so take what I say with a grain of salt …

Maybe, maybe not.

I think about our economic predicament in terms of consumer spending, upon which about 70% of our GDP rests.

So I ask myself hypothetical common sense question: “How much will typical American reduce their spending? 5%? 10%? 20%? 30%?”

I think it is very possible Americans will reduce their spending on average by over 15%, maybe even over 20%. So clearly we are looking at some quarters ahead with GDP declining.

Sales of cars and light trucks fell 27% last month, reached a 15-year low, according to Autodata Corp. Even Toyota was down 32%.

If that data is at all representative of how consumers are cutting back spending, we’ve got a severe recession or depression coming our way.

[stockstradr]

I’m just a whacko nutjob so take what I say with a grain of salt …

Maybe, maybe not.

I think about our economic predicament in terms of consumer spending, upon which about 70% of our GDP rests.

So I ask myself hypothetical common sense question: “How much will typical American reduce their spending? 5%? 10%? 20%? 30%?”

I think it is very possible Americans will reduce their spending on average by over 15%, maybe even over 20%. So clearly we are looking at some quarters ahead with GDP declining.

Sales of cars and light trucks fell 27% last month, reached a 15-year low, according to Autodata Corp. Even Toyota was down 32%.

If that data is at all representative of how consumers are cutting back spending, we’ve got a severe recession or depression coming our way.

[stockstradr]

I’m just a whacko nutjob so take what I say with a grain of salt …

Maybe, maybe not.

I think about our economic predicament in terms of consumer spending, upon which about 70% of our GDP rests.

So I ask myself hypothetical common sense question: “How much will typical American reduce their spending? 5%? 10%? 20%? 30%?”

I think it is very possible Americans will reduce their spending on average by over 15%, maybe even over 20%. So clearly we are looking at some quarters ahead with GDP declining.

Sales of cars and light trucks fell 27% last month, reached a 15-year low, according to Autodata Corp. Even Toyota was down 32%.

If that data is at all representative of how consumers are cutting back spending, we’ve got a severe recession or depression coming our way.

[stockstradr]

I’m just a whacko nutjob so take what I say with a grain of salt …

Maybe, maybe not.

I think about our economic predicament in terms of consumer spending, upon which about 70% of our GDP rests.

So I ask myself hypothetical common sense question: “How much will typical American reduce their spending? 5%? 10%? 20%? 30%?”

I think it is very possible Americans will reduce their spending on average by over 15%, maybe even over 20%. So clearly we are looking at some quarters ahead with GDP declining.

Sales of cars and light trucks fell 27% last month, reached a 15-year low, according to Autodata Corp. Even Toyota was down 32%.

If that data is at all representative of how consumers are cutting back spending, we’ve got a severe recession or depression coming our way.

[Author]

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