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The Fed cannot buy it's way out of this mess..it has grown to trillions upon trillions of gambling debts and has to purge itself. Confidence in the system is shattered..shadow banking when profitable was kept from the public, but when they have problems there is no insurance to fix it so it now becomes our problem. Investors see that the government is siding with the shadow banking people to bail them out at the expense of the investor.
Until the government can protect the investors from the shady dealings of shadow banking..there is no reason to invest in the system as it is today.
Years back I always wondered why my grandparents would hide money in their mattresses and under carpets. One day the told me that they lost every thing in the last depression and did not trust the banks. Things were so bad in New York City that my great grand father sent them money and they traveled back to Europe to live on the family farm. For six years they lived abroad but at least they did not starve. Being hard working Euopeans they were too proud to take charity.
Why do you insist upon propagandizing and spreading disinformation?
There's no relationship between the 1929 Crash and the Great Depression.
The economy had already been in a recession for 20 months.
The depression started with a whopping tax hike and a tariff that effectively shut down US imports/exports, which caused businesses to fail, which resulted in loan defaults which caused credit to dry up, which caused runs on banks resulting bank failures, which caused credit to dry up even faster.
The 1929 Crash had nothing to do with the economy. It had to with the way stock transactions were financed, which caused stock values to be over-inflated which required a correction.
Well it's 8,979 at 3:12pm. I'm more bummed that the S&P is at 947.
Bet it doesn't get any better before close....
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