Similarities to 1929?

[Alt Dach]

Originally Posted by CarolinaCowboy

Yes, it will likely get as bad, but will take much longer to get there. The main difference today versus then, is our economy has far more branches and apects to it. It is much more diverse and inter-twined with many tentacles. It will take a little longer to implode, but the hand has been dealt us all and we will loose.

Here is the sad thing about all this. Those of us who lived within our means, worked two jobs, saved our money, invested in our 401Ks, paid off our mortgages, saved for our children's college funds are about to be thrust into the same pile as those who lived on credit and $ they did not and never would have. That is the most sickening thing about this entire mess. We shall all pay, for this greedy period in our history. Even those of us who did things right and played by the rules. I, for one, am starting to have a real hard time swallowing that pill being dealt us all!!!!!!!!!

And for those of us who did things right, lived within our means, saved, etc, etc, now they tell us, our $ in the banks we trusted is probably not even safe. SICKENING!

My wife and I both worked 2 jobs for almost 20 years! We sacrificed, paid off debt, paid off our mortgage, paid of our vehicles, loans. We saved a little for our daughter's education coming up and still, we might loose it all. Thanks wallstreet, thanks for nothing!

True largely. However the fact is that those who,in all innocence, contributed to 401 k's etc enabled the pyramid scheme-aka stock market-
to do all this derivative syuff of which sub-prime is 1/100 if that.
You aint seen nothing yet.And it was knowable.

[Philip T]

Originally Posted by GregW

BTW – Mircea’s description is revisionist history perpetuated by the speculators and the neo cons to justify their policies instead of having the government exercise the control needed to stabilize the economy to provide a decent return for all of us without creating the cancerous speculation that will destroy the world economy.

And pretty much missed that the last depression ended in a World War -- not with or by some inane economy policy and philosophy.

Japan invaded Manchuria in 1935 and Germany did its thing. Game On.

The world governments all emptied their treasuries to buy our products and resources, while we sat back and made bank until almost 1942.

Probably will not go down so favorable to US this time.