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Saturday, January 26, 2008

Stimulus Package Will Make Us Party Like it's 1929

by Jay Allbritton
One of the great concerns that critics (everyone now) of the Bush Administration have been dealing with for a long time is that this idiot is going to create such wretched economic conditions that the Great Depression will look like the good old days.

Well, here we go.

From Market Watch:
[M]uch of what we are seeing now also took place in 1929. As we know, that meltdown -- unlike the 1987 crash -- was not followed by a happy ending, but rather by a decade of poverty, shantytowns and sporadic famine.

Popular imagination has the Great Depression opening with a bang in October 1929. We forget that even by December of that year, the market had no idea what was really in store. After a period of wild, bipolar volatility, stocks had taken two big tumbles (a 12.8% drop on Oct. 28 and an 11.7% fall the next day) while the top bankers and "captains of industry" rushed to shore up the market. By November, the Dow had hit its low for the year at 198, down from the giddy September high of 381.

(more)
Here's an SAT prep question. The stimulus package is to the economy as the troop surge is to...

Stick your answer in comments~!

0 comments:

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