A year from today the stock market was at 12,200 and now is at 6,700. A 44% LOST. What was the % lost from Oct 1929 to Oct 1930??? I bet they are about the same or 2008 is even bigger.
"Mental recession and fake credit crunch" How goes the index of your highly acclaimed stocks? WERD!!!
Yeah I hear this Economy very weak. How about Depression already?? Stock Market free fall. How about CRASH?? Banking Industry crisis. How about the whole thing INSOLVENT?? Government bailouts. How about future tax burdens on taxpayers to pay the fed?? Oh yeah I do listen to a lot of stuff on TV.
If we all lived at home with our parents too, we would not be as worried. But as you hit puberty and then adulthood, you will find financial responsibility is something you will have to contend with. You, still being on the tit, have time to learn this though.
They aren't talking of the 2008 stock market crash because they're all too busy talking of the coming new and bigger 2009 stock market crash.
You think 44% is bad??? Try 90% from peak to trough. Thats how bad it was then. Look it up theres a ton of interesting info. Here are some facts courtesy of wikepedia. Effects of depression in the United States: -13 million people became unemployed. In 1932, 34 million people belonged to families with no regular full-time wage earner. -Industrial production fell by nearly 45% between the years 1929 and 1932. -Homebuilding dropped by 80% between the years 1929 and 1932. -In the 1920s, the banking system in the U.S. was about $50 billion, which was about 50% of GDP. -From the years 1929 to 1932, about 5,000 banks went out of business. -By 1933, 11,000 of the US' 25,000 banks had failed. -Between 1929 and 1933, U.S. GDP fell around 30%, the stock market lost almost 90% of its value. -In 1929, the unemployment rate averaged 3%. -In 1933, 25% of all workers and 37% of all nonfarm workers were unemployed. -In Cleveland, Ohio, the unemployment rate was 60%; in Toledo, Ohio, 80%. -One Soviet trading corporation in New York averaged 350 applications a day from Americans seeking jobs in the Soviet Union. -Over one million families lost their farms between 1930 and 1934. -Corporate profits had dropped from $10 billion three years ago to $1billion in 1932. -Between 1929 and 1932 the income of the average American family was reduced by 40%. -Nine million savings accounts had been wiped out between 1930 and 1933. -273,000 families had been evicted from their homes in 1932. -There were two million homeless people migrating around the country. -One Arkansas man walked 900 miles looking for work. -Over 60% of Americans were categorized as poor by the federal government in 1933. -In the last prosperous year (1929), there were 279,678 immigrants recorded, but in 1933 only 23,068 came to the U.S. -In the early 1930s, more people emigrated from the United States than immigrated to it. -The U.S. government sponsored a Mexican Repatriation program which was intended to encourage people to voluntarily move to -Mexico, but thousands were deported against their will. -Altogether about 400,000 Mexicans were repatriated. -New York social workers reported that 25% of all schoolchildren were malnourished. In the mining counties of West Virginia, -Illinois, Kentucky, and Pennsylvania, the proportion of malnourished children was perhaps as high as 90%. -Many people became ill with diseases such as tuberculosis (TB). -The 1930 U.S. Census determined the U.S. population to be 122,775,046. About 40% of the population was under 20 years.
That definitely puts in it perspective, mynd. I think that they (the financial and overall media) refuses to use the 'd' or 'c' word until an 'expert' uses it...but until then they will slowly deteriorate confidence without even realizing it. It's not us (the somewhat financially savvy) that they're talking to, but the average consumer (such as CNN, Fox, NBC etc) and that's a problem. I'm not suggesting that this financial crisis is not severe, as it is, but there may be literature on the significance of media in recessions and overall confidence in the future. Example: CNN reporting on each downfall of stocks, but not the rises. People are much more likely to pay attention when they're losing money rather than while they're making it. Maybe you will disagree with me, but the media has made an absolute ratings circus out of this.
wanna know what will make people flip their lids? if money market/savings accounts get threatened again in around oct, i think, some money market accounts actually dipped on principal that happens all freaking hell will break loose