Great Depression - 'We Did It'

"Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression. You're right, we did it. We're very sorry. But thanks to you, we won't do it again."

I guess it was the "We won't do it again" part that lulled everybody back to sleep.



---
"When I tell the truth, it is not for the sake of convincing those who do not know it, but for the sake of defending those that do."

William Blake

Kind of ironic that the 'Great Depression' was caused by a credit crunch - but yet the current one isn't a 'depression'. Still, there are more homeless now, people below 'average' income are increasing . . .and back then you bought a car with cash. Financing a car didn't exist before the 50's IIRC. Financing appliances, or vacations or even buying groceries on your Visa was unheard of until recently. "Do not pay till 2009 on everything in the store!" "Get a free trip and don't pay till next year on a new vehicle!"<br />
<br />
Yet, it's a 'market correction'. Propped up by hundreds of billions in Fiat currency, and a drop in interest rates that benefit Banks only. Notice the price of Gold, now that all this worthless paper is flying around? It's expected to go into the 4 digit range. The National Bank of Canada is buying lots of worthless paper (actually backed up by assets, which should be screaming to everyone!), and although the market 'crisis' is averted - the credit crunch is still there.<br />
<br />
<a href="http://www.forbes.com/feeds/ap/2007/08/20/ap4035916.html">http://www.forbes.com/feeds/ap/2007/08/20/ap4035916.html</a><br />
<br />
No, they wouldn't do it again.<br />
<br />
<a href="http://money.cnn.com/2007/08/20/markets/credit_fed/?postversion=2007082011">http://money.cnn.com/2007/08/20/markets/credit_fed/?postversion=2007082011</a><br />
<br />
Notice the caption in the picture in that story - "Troubles in U.S. subprime mortgage market spread to those with decent credit. CNN's Maggie Lake reports."<p>---<br>The preceding comment deals with mature subject matter, however immaturely presented. Viewer discretion is advised.<br />

Thanks for the comments and links

---
"When I tell the truth, it is not for the sake of convincing those who do not know it, but for the sake of defending those that do."

William Blake