Wednesday, November 5, 2008
By the Way Reader: This Isn't Anything Like the Great Depression
Posted by Pete Kotz on Wed, Nov 5, 2008 at 5:39 AM
A word from Jack Walker in Antioch:
The present financial crisis is being described as the worst since the Great Depression.Figures in the October 27 issue of USNEWS show that from August 1929 to March of 1933 the peak unemployment was 31.7%, decline in the GDP 46%, while the stock market went down 87%.
Previous recessions of 1973-1975, 1981-1982,1990-1991 were only a fraction of the Great Depression. The highest unemployment was 9.7 %, decline in the GDP 3%, and the stock market went down 20%.
While the present crisis is serious, it is no where near as bad as the 1929-1933 one.We must keep in mind that for the most part, there was only one bread winner in a family then, many having a grandmother or an uncle living in the home.
Let's keep out wits about us for it well may be that the only thing we have to fear, is fear its self.
Jack D. Walker
Antioch
Comments (0)