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alstry (< 20)

WORSE than The Great Depression



December 12, 2008 – Comments (11)

Things are happening now that are factually much worse than The Great Depression.

I will try to document a few of these as I come accross them.......

The State of California basically bankrupt..........

and now from the WSJ.......

Detroit Dailies to Cut Home Delivery

Detroit's major dailies are considering ending home delivery on most days of the week, as they battle a sharp falloff in advertising revenue.


11 Comments – Post Your Own

#1) On December 12, 2008 at 5:03 PM, kdakota630 (29.15) wrote:

Detroit has been so broke for so long that most people can't afford a daily newspaper anyway.


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#2) On December 12, 2008 at 5:07 PM, kdakota630 (29.15) wrote:

BTW... you missed some bank failure news:

The Federal Deposit Insurance Corporation said late Friday that Haven Trust Bank of Duluth, Ga., was closed by the Georgia Department of Banking and Finance. The failure not only marks the 24th bank failure of the year, but the fifth in the Atlanta area. Report this comment
#3) On December 12, 2008 at 5:09 PM, alstry (< 20) wrote:

Avalanche to Armageddon in California.  Now Bad to Horrific in New York.......

Things Are Tough All Over, But Really 'Horrific' in New York

"But no city is [feeling the downturn] as bad as New York," says Garnick.

Given the destruction on Wall Street this year, that's certainly understandable. But "the really bad part" is people are leaving New York because they can't afford it anymore and "they're bringing the horrific message about what's happening in New York back to their hometowns," which isn't helping anyone's mindset, she says.


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#4) On December 12, 2008 at 5:24 PM, EScroogeJr (< 20) wrote:

Here in NY we arecurrently experiencing an unprecedented real estate boom. All that sh..t that's being flushed out of BAC, C, WM, etc. is coming to Brooklyn, Queens ans Staten Island bidding up prices. RE agencies are hiring, property values are rising parabolically, and yet if you lucky, you can still snatch a 3-family house for $1.5 mln. The trouble is, very few people are willing to sell that low. 

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#5) On December 12, 2008 at 5:56 PM, Mary953 (84.21) wrote:

Another good post - reply later.

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#6) On December 12, 2008 at 7:55 PM, lquadland10 (< 20) wrote:

2 more banks in texas.

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#7) On December 12, 2008 at 8:59 PM, starbucks4ever (88.63) wrote:

"2 more banks in texas."

To hell with them. The more banks bite the sod, the better. 

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#8) On December 12, 2008 at 9:23 PM, czarinav (< 20) wrote:

Just remember who we have to thank for this...those greedy bastards on wall street and the current administration that allowed them to milk the American public. 

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#9) On December 12, 2008 at 9:34 PM, Russseattle (< 20) wrote:

ever read the Free Press........

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#10) On December 13, 2008 at 5:18 AM, saunafool (< 20) wrote:

Alstry, I'm just going on record here. This will not be worse than the Great Depression. It will be different and it will be bad, but we will simply not reach the same state of widespread poverty experience during the 30's.

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#11) On December 13, 2008 at 8:46 AM, Mary953 (84.21) wrote:

Your key is "factually" worse.  It took a long time for the Great Depression to spread (pardon the election-speak) from Wall Street to Main Street.  Partly that was the state of communications, partly the ignorance of the world situation, but mostly it was just that no one would have believed that the impact could have spread like that.  The unthinkable became thinkable.

The result is that we are speeding toward "big picture" consequences much more quickly now or perhaps we are speeding toward a realization that they are possible.  In any case, FDR showed us some of what to do (Social Security - even though it was to cut Huey Long's campaign off at the knees was still a good idea at the time) and what not to do (Make work projects that swell the deficit just delay the solution).  We have a model this time.  We also have the knowledge of what can happen which is more important.

The result is that we are approaching 1928 concerns with 1933 solutions.  They may not work, but ignoring the problems will not make them go away.  If that would work, I am certain you would enjoy finding another topic.  As it is, you continue to bring this one forward to keep us from forgetting what we could be up against.

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