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1929 all over again?

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  • Independent
    Ft.myers, FL
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    Someone on TV made a comparison of 1929 and now; it is unbelievable how "L'Histoire ce repette". Chamberlin a British diplomat also praised Hitler before the war, as well the GOP in 1929 introduced tariffs, which resulted in the crash of 1929. Everyone knows what happened thereafter.
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    Dutch. Don't need someone on TV to tell you that. The DOW at 25000 and almost 0 increase in GDP tells it all. The top .001 are poised to take it all. Lest we forget 29 wasn't bad for everybody. Nothing was lost it just changed to fewer hands. It was unbelievably good for the super wealthy.
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    If you want an idea of how well propaganda has worked start asking people where Berlin is located. I remember the crisis well in 1961 and I can testify that most people thought Berlin was on the border of East and West Germany . If the general public in the USA knew Berlin was deep in communist East Germany the cold war may have ended in 1961 instead of getting a boost.
  • Strongly Liberal Democrat
    Democrat
    Portland, OR
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    Dutch Wrote: Someone on TV made a comparison of 1929 and now; it is unbelievable how "L'Histoire ce repette". Chamberlin a British diplomat also praised Hitler before the war, as well the GOP in 1929 introduced tariffs, which resulted in the crash of 1929. Everyone knows what happened thereafter.

    The Great Depression began nearly a year before the passage of the Smoot–Hawley Tariff Act, so blaming tariffs for the Great Depression is a bit of a stretch.

    Numerous things led to the Great Depression, most notably Black Tuesday and the subsequent failure of nearly 10,000 banks which didn't have the protections of the FDIC since it wasn't created yet. Millions of Americans simply saw their life savings evaporate into thin air over night without any remedy to get a penny of it back.

    At the same exact time, the Dust Bowl was ravaging millions of acres of farmland throughout the country, leading to the failure of crops at a scale the country had never seen nor knew how to combat.

    To add fuel to the fire, people stopped purchasing goods, which in turn led to the closing of countless factories and businesses that made goods. The viscous cycle of people ceasing to spend and businesses closing because people weren't spending led to an unemployment rate of a catastrophic 25%.

    Smoot-Hawley didn't necessarily help dig us out of the depression, but it certainly didn't cause it.

  • Are you sure you want to delete this post?
        
    Dutch Wrote: Someone on TV made a comparison of 1929 and now; it is unbelievable how "L'Histoire ce repette". Chamberlin a British diplomat also praised Hitler before the war, as well the GOP in 1929 introduced tariffs, which resulted in the crash of 1929. Everyone knows what happened thereafter.
    Chamberlain, Prime Minister of the UK, was faced with an impossible situation - Hitler was an obvious threat, he couldn't get an agreement on an alliance with Mussolini, and American imperial plotting made the traditional alliance with Japan impossible. As a tory, of course, he deliberately insulted the USSR and wouldn't support Spain, because he hated the British working class and everything it stood for. But this, of course, was much later than the idiocies of 1929
  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    "To add fuel to the fire, people stopped purchasing goods"

    All due respect for your research and interest in society. "Clueless but with authority". Do you know what a bucket shop was? People weren't purchasing goods because they were swindled into gambling for better life with stocks. Ungoverned exploitation of the working class. There are more sides to history than the right wing myopic subjective side . .Happy.

  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    "reaching the end of an eight-year growth period during which its value ballooned by a factor of six"

    "Bull market is 103 months old."

    The difference in the above items is the top one was made in 1929 and the bottom one was made in 2017.

  • Strongly Liberal Democrat
    Democrat
    Portland, OR
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    Chet Ruminski Wrote:

    "To add fuel to the fire, people stopped purchasing goods"

    All due respect for your research and interest in society. "Clueless but with authority". Do you know what a bucket shop was? People weren't purchasing goods because they were swindled into gambling for better life with stocks. Ungoverned exploitation of the working class. There are more sides to history than the right wing myopic subjective side . .Happy.

    All due respect, it's really annoying when you highlight a sentence fragment and then attack it. At least highlight the entire sentence you're trying to attack.

    What I wrote is accurate and factual. You are entitled to your own opinions, but you're not entitled to your own facts . . Happy.

  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    "What I wrote is accurate and factual."

    Not true. Spending did not stop. The uncertainty of the times coupled with a Fed increase in interest rates are both cited for a decrease in consumer spending. If you don't want to be aggravated stick to the facts. Don't impart your view.

  • Strongly Liberal Democrat
    Democrat
    Portland, OR
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    Chet Ruminski Wrote:

    "What I wrote is accurate and factual."

    Not true. Spending did not stop. The uncertainty of the times coupled with a Fed increase in interest rates are both cited for a decrease in consumer spending. If you don't want to be aggravated stick to the facts. Don't impart your view.

    Another thing cited "for a decrease in consumer spending" was the fact that 25% of the working age population was without a job. Do you agree it would be difficult for that 25% of the working age population to spend money if they didn't have any money to spend in the first place?

    That's why I said in my paragraphs long post you selectively quoted one sentence fragment from that the Great Depression came about and was exasperated for a myriad of reasons.

    I encourage you to spend more time critically thinking about an entire post someone writes and stop cherry picking sentence fragments in an attempt to "win" a discussion.

  • Strongly Liberal Democrat
    Democrat
    Pensacola, FL
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    This is what you should have said in the original. "the fact that 25% of the working age population was without a job"

    The way you said it "stopped spending" made it sound like the working people had discretionary money that they selectively decided to withold.

    The weakest link can ruin the whole chain.