I have had this in my drafts since October when a bunch of us at work were talking about the similarities between the Great Depression and this mess we’re in now.
Take a look at this chart and think about the huge percentage decreases we’ve seen in 2008.
Try this: the Dow Jones lost nearly 17% of its value in 1929. In 2008, the Dow Jones lost more than 17% in October.
Andrew Mellon, U.S. Secretary of the Treasury, just a few months after “The Crash of ‘29″ when the Great Depression is in its first of four years, said:
“I see nothing in the present situation that is either menacing or warrants pessimism… I have every confidence that there will be a revival of activity in the spring, and that during this coming year the country will make steady progress.” (December 31, 1929)
I’m hopeful the spring will bring new life into the global economy, and not drag us all into a deeper depression like those dark days between 1929-1933.
(Thanks, Jeff)
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