Breaking the bank (and fixing it again.) Sep 1, 2008
If you look back and compare this to the Great Depression, during that time 9,755 banks closed. Today, that number is nowhere near that. (Twin Cities Business Journal, MN)
Philip Stephens: Chancellors warning shot Sep 1, 2008
This is not the same as predicting that Britain faces a great depression. EDITORS CHOICE. (FT.com -- Markets)
UK media misinterpret Darling economy comment: report Sep 1, 2008
But the Financial Times said in its online edition that Darling was underlining the severity of current economic conditions -- the global credit crunch and rising commodities prices -- rather than predicting a great depression. Currency traders said the FT article gave a slight lift to the sterling, which had fallen to a two-year low against the dollar and a record low versus the euro on Monday. (Reuters)
Bush Says U.S. Economy `Starting to Improve' After $168 Billion Stimulus Sep 1, 2008
House Speaker and other Democrats in Congress have endorsed a plan for an additional $50 billion in economic stimulus from the government to help overcome the effects of the biggest housing slump since the Great Depression and near-record gasoline prices. Bush's top economic adviser, , said in an interview on Bloomberg Television this week that the economy doesn't need it. (Bloomberg -- US)
Protection is a promise that hurts everybody Sep 1, 2008
Protectionism, seen as beneficial by those protected, is in reality destructive for all, as the Great Depression of the 1930s revealed. By imposing barriers to trade, the US triggered a round of global protectionist measures that slowed international trade to a trickle - depriving all countries of a valuable source of income. (Business Report, South Africa)
San Pedro Valley Fair has long history (7) Aug 31, 2008
Maybe it was this kind of experience, coupled with the fact that it was the middle of the Great Depression and times were hard, that inspired the people of St. David to create their own fair at home. Or, maybe they just wanted to have a good time. (Benson San Pedro Valley News Sun, AZ)
Still ringing in our ears Aug 31, 2008
Great orators included British Prime Minister Sir Winston Churchill who immortalised the sacrifice of his countrys air force in World War IIs Battle of Britain with Never in the field of human conflict was so much owed by so many to so few and his US counterpart President Franklin Delano Roosevelt whose presidency had commenced in 1933 with an inauguration address urging his people to rise out of the Great Depression. the only thing we have to fear is fear itself. (The Star Online, Malaysia)
High unemployment should keep Fed from acting Aug 31, 2008
The U.S. economy is still in the grips of the worst housing slump since the Great Depression of the 1930s. "Even if payrolls are good, they will probably still be negative," said Carl Lantz, a U.S. interest rate strategist at Credit Suisse in New York. (International Herald Tribune -- Business)
Sapient says SEC finishes probe of stock options Aug 30, 2008
was closed by US regulators, the 10th bank to collapse this year amid a surge in soured real-estate loans stemming from the worst housing slump since the Great Depression. Integrity, with $1. (Boston Globe)
UK faces 'profound economic crisis' Aug 30, 2008
"Now suddenly we've lurched into Apocalypse Now, the return of the Great Depression.". The Treasury said the Chancellor's comments were "entirely consistent" with his previous statements. (BBC News)
Barr delivers plan for job growth Aug 30, 2008
2) We must end all so called "free trade agreements"" such as NAFTA. NAFTA is causing our jobs to go south, illegal immigrants to come north, environmental problems in the southwest, and public safety problems on America's roads. We must insist on Fair Trade. America is the largest market in the world. If other countries wish to do business here, they need to play by our rules.3) We must invest in public works. Rebuilding our roads and bridges and infrastructure would do far more to boost the... (Somerset Daily American, PA)
DEMOCRATICS' SECURITY VOID Aug 30, 2008
In 2004, we heard that we were in the midst of another Great Depression. This last week, we heard more economic doom and gloom. (New York Post -- Opinions)
Construction jobs decline Aug 30, 2008
Statistically, he said, it appears to be the worst downturn since the Great Depression, and homebuyer confidence is down. If they have the money, now is the best time to buy or build, he said, noting many people have come in with cash for $500,000 projects. (Klamath Falls Herald & News, OR)
Dimes and dollars Aug 30, 2008
I made my showbiz debut way back when I was 5 years old, singing one of the best-known American songs of the Great Depression, Brother, Can You Spare a Dime. I m humming that tune in my head as I write this. (Orangeburg Times and Democrat, SC)
Wooten thrilled Aug 30, 2008
Bush and his crowd have hurt our country like it hasn t been hurt since the Great Depression. The Democratic NC looked like a circus. (Atlanta Journal-Constitution)
Council needs update on cameras Aug 30, 2008
We are possibly at the brink of another Great Depression, we cannot afford this. Please, I implore you all to fight this. (Longview Daily News, WA)
DEM-LEFTWING Aug 30, 2008
Robert Kuttner, founder of the Economic Policy Institute and The American Prospect magazine, argued that in times of national crisis, including the Civil War, the Great Depression and the struggle to end Jim Crow segregation laws, presidents supported agendas far more radical than conventional political wisdom dictated. They were compelled to do so by mass movements. (Scripps Howard News Wire)
Feds: LSD at Rainbow gathering Aug 30, 2008
enough already wrote on Aug 27, 2008 11:21 AM:" I can't believe we are still talking about the rainbows. There are important things going on in the world that we should be worrying about. Our economy is in the worst shape since the great depression and we are obsessing over some hippies who camped in the forest over 2 months ago. Yes, I'm sure there were drugs amongst 7000 people. I guarantee you cannot gather 7000 people together anywhere in America without there being some drugs. It's not the... (Casper Star-Tribune, WY)
Resignation is an issue for councilman Aug 30, 2008
Vince wrote on Aug 30, 2008 3:52 AM:" This Vison of Iowa thing, seems to stir up trouble all over.We have 5 million in the kitty for Mason City. Thats the figure that was given at one of the recent city council meeting for funds we have on hand.Vision of Iowa would have us dump all we've saved and then some into rebeautification projects around town.From what I've seen this type of investment has led to poor returns in the past.And while being foolish with our money hasn't hurt us in the... (Mason City Globe-Gazette, IO)
Central banks need a Basel lll Aug 29, 2008
The current financial crisis, which surfaced in August 2007 with the collapse of the subprime mortgage market, is considered by many to be the most severe financial crisis since the Great Depression in the industrial world ... A number of economists, including Irving Fisher, Kenneth Galbraith, Charles Kindleberger and Milton Friedman, have attributed the Great Depression to monetary factors ... The Fed's reluctance to raise interest rates, with a view to protecting farmers, builders and the rest... (Asia Times Online)
Crying Wolf on the Economy While Ignoring Real Pains Aug 29, 2008
In 2004, we heard that we were in the midst of another Great Depression. For the last week, we've heard more economic doom and gloom. (Townhall.com)
Foreign spigot offfor US consumers Aug 28, 2008
Fannie Mae was created in the depths of the Great Depression to. decrease foreclosure and increase home ownership. (Asia Times Online)
Fannie Mae Announces Management Shakeup Aug 28, 2008
In a statement on Wednesday, Mudd said management changes would help the company better provide support for a U.S. housing market in the worst downturn since the Great Depression. "This team will be responsible for meeting the dual objectives of conserving capital and controlling credit losses while Fannie Mae continues to provide crucial liquidity to the U.S. housing and mortgage markets," Mudd said. (ABC News -- Wire)
government support Aug 28, 2008
finneaus j wrote on Aug 8, 2008 5:28 PM:" I do not like corporate welfare but you should study history and see what happened when Hoover ignored the first signs of the Great Depression. ". Post a comment. (Montrose Daily Press, CO)
Twice As Many Rich Escape U.S. Tax Aug 28, 2008
Michael MaielloHedge fund manager George Soros says that the credit crisis is nearly as monumental as the Great Depression. It's a whole new world. (Yahoo News -- Taxes and the IRS)
Bowen's Beat- Centennial citizens have much to teach us Aug 28, 2008
Those that can remember the Great Depression or remember where they were standing when they heard Pearl Harbor had been attacked are sages in this day and age. They ve been through things we can t imagine and lived to tell the tale. (Billerica Minuteman, MA)
Mortgage applications up for first time in weeks Aug 28, 2008
While last weeks increase was small, the report offers a glimmer of hope for the U.S. housing market, currently suffering the worst downturn since the Great Depression. Significantly tighter lending standards and an unwieldy supply of homes for sale are just some of the factors weighing on the U.S. housing market. (MSNBC -- Business)
Best Farm Economy Since 1970s Comes With Increasing Fuel, Fertilizer Risks Aug 28, 2008
A U.S. Department of Agriculture report tomorrow may show costs are accelerating as slows, similar to a pattern that led to a 1980s farm crisis that was the worst since the Great Depression, said , a University of Illinois farm economist. Corn, wheat and soybean prices are all at least 18 percent below their peaks. (Bloomberg)
Aug. 28 edition: Obituaries Aug 28, 2008
She entered college near the end of the Great Depression, with the help of her Aunt Kitty. After majoring in math and English and graduating from Ohio Wesleyan University, Margaret went into teaching and helped put her younger brother through college. (Acton Beacon, MA)
The Urgency of Ted Kennedy's Message Aug 27, 2008
When JFK was president, most people still believed the government was capable of doing the right thing--a legacy of Franklin Roosevelt, the New Deal, and the role Washington played in rescuing Americans during the Great Depression. The feeling lingered long enough to make possible, under Lyndon Johnson, both the Great Society and civil rights legislation. (CBS News)
Mr. Smith in Washington? Sell! Aug 27, 2008
"Rogers was referring to the 71st Congress, which did indeed leave a record of devastation; its execrable Smoot-Hawley tariff helped bring on the Great Depression. The current Congress, the 110th, hasn't brought on a depression - not yet, anyway. Unfortunately, the House and Senate are scheduled to reconvene after Labor Day. And as Rogers noted, when Congress is in session the question is not whether the economy will suffer, but how much.In some quarters it is popular to berate Congress for... (Boston Globe)
Complaints lead feds to warn home equity lenders Aug 27, 2008
That run-up proved unsustainable and led to the plunge in national home prices and a market that today is in its worst shape since the Great Depression. "We just wanted to give our institutions a heads up that our examiners are going to be focusing on this area," Ruberry said of the home equity loans. (OregonLive, OR -- Business)
Here we go again Aug 27, 2008
It must be remembered: the Great Depression became such, as distinct from a garden-variety downturn, though egregious policy errors by decision-makers in a number of countries ... While I am as convinced as anyone that the drop in top marginal tax rates from 70% to 28% played a major role in the growth of the 1980s, and that Hoover's increase from 25% to 63% made the Great Depression much worse and more prolonged, it is not clear to me that modest moves in marginal rates have any great effect... (Asia Times Online)
2008 Democratic National Convention: Remarks as prepared for delivery by Jim Leach, Former Republican Member of the U.S. House of Representatives, 1st District, Iowa Aug 26, 2008
The portfolio of challenges passed on to the next president will be as daunting as any since the Great Depression and World War II. This is not a time for politics as usual or for run-of-the-mill politicians. Little is riskier to the national interest than more of the same. (PR Newswire)
Home building lowest since '91 Aug 26, 2008
At a time of the year when residential and commercial construction should be peaking, the homebuilding industry is in its worst slump since the Great Depression. Many commercial projects have been canceled or postponed until the economy rebounds. (OregonLive, OR -- Business)
Consumer Confidence Drops to Five-Year Low as Oil Erodes Spending Power Aug 26, 2008
The worst U.S. housing slump since the Great Depression has pushed up the cost of credit globally and roiled financial markets. The world's biggest financial companies have posted more than $500 billion in writedowns and credit losses since the start of last year after the subprime mortgage market collapsed. (Bloomberg -- Germany)
Liberalism: 'Contrary to all that made America great' Aug 26, 2008
FDRdemocrat wrote on Aug 24, 2008 11:35 AM:" It was liberals who led this country through two world wars, it was liberals who pulled us out of the great depression, it was liberals who fought for civil rights and it was liberals who started a revolution and founded this country. I am proud to be a liberal. This article only proves that conservatives will not rest until they prevent progress out of their own ignorant fear. Wake up its time for liberals to do what they always do and fix the... (Sioux City Journal, IO)
Obama's Davenport campaign stop a relatively intimate event Aug 26, 2008
He said Republicans are ignoring symptoms of economic illness: wages flatlining while gas, food and health care go up, more foreclosures than at any time since the Great Depression and the government having to consider major bailouts of financial institutions. "When you say the fundamentals of the economy are sound and your top economic adviser is saying you've become a nation of whiners, then you don't get it," he said. (Sioux City Journal, IO)
U.S. existing home sales increase 3.1% in July Aug 26, 2008
A wave of foreclosures and tighter lending standards had scared off many would-be purchasers from the market, which has entered its worst slump since the Great Depression. Related Articles. (International Herald Tribune -- Business)
One hundred years and counting Aug 26, 2008
She worked Shawmut Bank during the Great Depression, and remembers seeing the lines of people outside the different savings banks trying to get their money out. At the time, Franklin Delano Roosevelt was president, and created the New Deal to provide economic relief and reform the economic and banking systems. (Billerica Minuteman, MA)
WESTERN MONTANA LIVES - Lauretta Baker made most of what life had to offer Aug 26, 2008
So Lauretta was raised by her many older siblings through the Dust Bowl years, through the Great Depression, matching hard times with quick one-liners. Her wit was so sharp, Kathy said. (Missoulian, MT)
Jurors learn more about Frank Craig Aug 26, 2008
Yes, he was a man for whom the Great Depression, in theory and often in practice, never really ended. Yes, he could be a gruff and spew profanity. (Modesto Bee, CA)
Bank of England deputy warns slowdown is here for long term Aug 26, 2008
He told the BBC: "Last year this was a financial crisis that we thought with a bit of luck would be over by Christmas, but it has dragged on for a year and looks like it will drag on for some considerable time further yet."It is fair to say that if you look at the shocks impinging on us, this is at least as challenging a time as back in the 1970s," he added. "Some people have said it is as big a financial shock as the Great Depression and as far as the oil shock goes, the rise in oil prices is... (guardian.co.uk)
Random Thoughts Aug 26, 2008
That experimentation helped prolong the Great Depression, since people tend to hang onto their money when the government creates uncertainty by constantly changing the rules. At one time, it was said "The truth will make you free." Today, there seem to be those who think that rhetoric and hype will make you free. (Human Events Online)
Were Bach to singing the Labor Day blues Aug 26, 2008
In 2003, the AFL-CIO called the previous two years of joblessness the worst since Herbert Hoover and the Great Depression of the 1930s. Perhaps proving labor s diminished clout, that revelation didn t activate a leadership change in 2004. (Braintree Forum, MA)
Bean says slowdown to "drag on" Aug 25, 2008
"Some people have said it's as big a financial shock as the Great Depression and as far as the oil shock goes the rise in oil prices is in the same order of magnitude that we had to deal in the 1970s.". The credit crunch has cost thousands of jobs in the financial services industry and prompted bail-outs of U.S. investment bank Bear Stearns and mortgage lender Northern Rock, and Bean said that volatility had left central bankers in a cautious mood. (International Herald Tribune -- Technology)
Chapel on the mountain Aug 25, 2008
Her parents had lived in Anaconda as a young couple, but left during the Great Depression. Their hearts were here, the Depression made them move, she said. (Montana Standard, MT)
Let Economies Cure Themselves Aug 25, 2008
The original recession thus became the Great Depression, which continued throughout the 1930s. Only the advent of the Second World War revived the economy. (Forbes)
Opinion: Dear Recession, you're not so bad Aug 25, 2008
Despite all these good points, I have seen news reports trying to tie you to that economic chamber of horrors, the Great Depression ... I recently read "Hard Times: An Oral History of the Great Depression" by Studs Terkel and saw how little resemblance that downturn bears to you ... After all, even the Great Depression had a redeeming quality. (Christian Science Monitor)
Hometown hero Aug 24, 2008
Through the years of Great Depression he provided long summer days of entertainment and escape. He also proved to be the ideal figurehead as Australia sought international recognition through sports. (BBC News)
Bernanke Says US Inflation Should Slow Into 2009 (Update4) Aug 24, 2008
The Fed has opened up lending to nonbanks for the first time since the Great Depression, accepted mortgage debt as collateral for loans and cut the interest rate on its discount window lending. The measures have broadened the Fed's oversight and lender-of-last resort role. (Bloomberg)
Know about your candidate Aug 24, 2008
And since the Bush administration has removed all of the safe guards that could have avoided another Great Depression then we may all be standing in soup lines AGAIN.. And you and I sat there and listened to the CEO of Exxon Mobil say that he goes to the pumps and swipes his card and feels the same pain as everyone else does. (Rockingham Daily Journal, NC)
Teams have rocky seasons Aug 24, 2008
Because of the Great Depression, the number of minor leagues had dwindled from 25 in 1929 to 16 in 1931. Many professional baseball players were now out of work, and a large number of youngsters, aspiring to play the game professionally, had less of an opportunity to find a team. (Bismarck Tribune, ND)
As Democrats gather, liberal positions gaining in popularity Aug 23, 2008
"Schumer also thinks that it's all part of a historic cycle in American politics or at least he hopes it is.He said Americans encouraged and grew accustomed to an activist federal government during the Great Depression of the 1930s, one that Democrat Franklin Roosevelt delivered and Democrat Lyndon Johnson accelerated in the 1960s.They grew disenchanted with that big government by the 1970s, a government seen as corrupt in the Nixon days, unable to stop oil crises or runaway inflation, and... (Anchorage Daily News)
Hillary Clinton may be just the ticket for Obama's campaign Aug 23, 2008
That's understandable, considering the fact that we are locked in two wars--one extremely unpopular--are suffering through some of the worst economic times since the Great Depression and are watching the Russians start kicking up their heels again. Given those parameters, you would think that Democrat Barack Obama, who has already charmed most of the free world, could not possibly lose to Republican John McCain, who has the personality of a wet dishrag. (Fredericksburg.com, VA)
Is the Free Market Perfect? Aug 23, 2008
Location: VA Reply # 1 Date: Aug 23, 2008 - 8:36 AM EST Subject: RealCon "We had free markets prior to the Great Depression, and we know how that ended." ... Read Milton Freedmon's writting on the great depression. (Townhall.com)
An heirloom that shouldn’t be passed along (28) Aug 23, 2008
During the Great Depression Grandpa struggled to keep the farm and family together. My dad talked about how those years were rough on everyone. (Helena Independent Record)
Tombstone reconciliation: How a son reconnected with father after they had been apart for three decades Aug 23, 2008
He has lived in Southern Arizona most of his life, after his parents moved here during the Great Depression. He grew up in Willcox. (Sierra Vista Herald, AZ)
Dedication, winning go hand-in-hand Aug 23, 2008
What head coach Dave Caldwell and his staff has done entering the fifth year of varsity play is bring legitimacy to a football program that was nonexistent for 72 years dating back to the Great Depression. Interestingly, Caldwell pointed primarily to his assistants for the continued ascent into its "team not to take lightly" status in the Colonial Valley Conference's Colonial Valley Division. (NJ.com -- Times)
Moody's ratings cut latest blow to Fannie, Freddie Aug 23, 2008
Moody's added that Fannie and Freddie are restricted in their ability to support the worst U.S. housing market since the Great Depression. This difficulty comes just as the government is depending more heavily on the two companies to buy mortgages and stabilize housing and the economy. (San Diego Union-Tribune -- Business)
MCCAIN NOT SURE HOW MANY HOUSES HE AND WIFE OWN... Aug 22, 2008
George W. Bush's blunders have killed over 4000 Americans, we've p-issed away trillions of dollars, the national debt has doubled under his administration, countless people are losing their homes, fuel costs have doubled and on their way to triple what they were since Bush took office, food shortages have appeared in the last few months, wages aren't keeping up with inflation, Bush is well on his way to delivering The Great Depression II. and the list goes on. (The Drudge Report)
Fannie and Freddie Debt Gains as Deep Share Dive Abates Aug 22, 2008
As the nation suffers the worst housing market downturn since the Great Depression, their ability to fund mortgages through the issuance of debt is considered crucial for the housing market and economy. 1. (ABC News -- Wire)
government support Aug 22, 2008
finneaus j wrote on Aug 8, 2008 5:28 PM:" I do not like corporate welfare but you should study history and see what happened when Hoover ignored the first signs of the Great Depression. ". Post a comment. (Montrose Daily Press, CO)
Twice As Many Rich Escape U.S. Tax Aug 22, 2008
Michael MaielloHedge fund manager George Soros says that the credit crisis is nearly as monumental as the Great Depression. It's a whole new world. (Yahoo News -- Taxes and the IRS)
Memory of one Salem landmark spurs donation for another Aug 22, 2008
It came out of the Great Depression, when the family's income relied on local news items Kester's mother, Chattie, wrote for several surrounding newspapers, including the Mt. Pleasant News. When the local druggist was hospitalized, Kester's mother, Chattie, took over managing the store. (Mt. Pleasant News, IA)
