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The Great Depression


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An interesting perspective from a historian:

http://chronicle.com/temp/reprint.php?id=4...6h07p4hy9z83x18

As a historian who works on the 19th century, I have been reading my newspaper with a considerable sense of dread. While many commentators on the recent mortgage and banking crisis have drawn parallels to the Great Depression of 1929, that comparison is not particularly apt. Two years ago, I began research on the Panic of 1873, an event of some interest to my colleagues in American business and labor history but probably unknown to everyone else. But as I turn the crank on the microfilm reader, I have been hearing weird echoes of recent events.

History is interesting and informative; it's too bad I didn't understand that in my younger years.

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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises

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An interesting perspective from a historian:

http://chronicle.com/temp/reprint.php?id=4...6h07p4hy9z83x18

History is interesting and informative; it's too bad I didn't understand that in my younger years.

Yep it is... I can sure agree with that last sentence.

I have read a fair amount of history, but didn't start connecting it to current times till a few years ago. And like you... that was too late.

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I like this type of historical point, although I feel the article tends to tilt history a little to match the current situation.

While reading other articles about the Panic of 1873 I found this paragraph which explains why we call it a "depression" -- to avoid calling it a panic! :

Panics hit America every 17 years, on average, for about a century, from 1819 to 1920 (in 1819, 1837, 1857, 1873, 1894, 1907 and 1920). The word “panic” aroused such a negative reaction (in 1894 and 1907) that Herbert Hoover invented a less threatening word for the 1929 event—connoting a small pothole in the road. Hoover called the 1929 panic “merely a depression.”

Bruce

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While reading other articles about the Panic of 1873 I found this paragraph which explains why we call it a "depression" -- to avoid calling it a panic! :

Thanks Bruce. I enjoyed that link.

Regards,

Warren

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There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises

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I was a commercial real estate appraiser from 82 through 07. For the entire time, I have been recording that our manufacturing base has been decreasing. If a low level idiot like me sees that, isnt that a red flag for our so called leaders? When did it become acceptible for the US to give up its manufacturing base and become a service industry? Who made that decision? Is buying cheap goods from other countries more important that our economic health? What do our workers do? What do our youth do for employment when jobs are 'outsourced'? Is there no one that considers these issues? What is globalization doing to our economy? What is happening to our standard of living?

I can remember that the factors of production are Land, Labor and Capital. What have environmentists, Unions, foreign ownership, bank mergers, wall street, securitization and poor macro planning done to destroy or damage the factors of production?

Is the public so stupid that our politians have avoided the deeper analysis discussions with them, is economic theory and understanding unnecessary or considered taboo? With ignorance, the public is unable to understand the differences classical economists theories to understand the impact of congress's policy and decision making. Much of our current disagreements between liberals and conservatives (notice how I didnt say Dems and Rep, because both parties are skewed) is the result of economic theory and its ramifications and implications.

The number one, first place we needed to start is self discipline, our youth no longer have self discipline. Parents want to be friends with their children, no boundaries, no rules, don't break their spirit, two parents working, computers, television, the re-writing of history, extreme freedom of speach, violence on TV, violent video games, angry music, a blending of the sexes in the believe that there is no difference, women can fight in service etc, etc etc, family has broken down, marriages end divorce too much, and I believe our economic system's condition has caused much of this.... My best friend is a middle school teacher since 1975, he shakes his head at how our schools, youth and ability to discipline have changed. I need to speak to him more about that, it interests me. There was the dumbing down of America, are we there? The liberalization of TV, I was scanning through the channels and in a one hour period saw two women kissing, two men kissing, a blowjob and bunch of other assorted low life garbage. My son wants to know why I didnt watch Family Man DVDs he gave me last Christmas, I finally said, its low level garbage, I don't like jokes and humor on a low level like FART JOKES its BASE.. Shock jocks with their krass, low life, foul sexual demeaning humor do nothing for me, but we have a generation that idolizes a Howard Stern. Lets keep free speech however at all costs regardless because no one is high and mighty enough to determine what is right, wrong or appropriate. So my children can see mind rotting garbage on the television. Catch Real Chance Love on VH1/MTV not sure, this is about women demeaning themselves for a date, what have we come to? What impact does this have on our youth? Who filters this garbage?

Look at the GARBAGE on the television, its ROTTING our youth. I used to CRINGE when those 1-900 Call me for a good time, commercials used to be on TV, now, KIDS can type www.youp*rn.com and see any perversion they want.. WTF?, how the HELL is that ALLOWED.... FREEDOM OF SPEECH? No wonder the MIDDLE EAST HATES us, our morals are in the crapper. Not defending their actions, but they are in the dark ages in terms of the way they view and treat women, imagine how we look to THEM? The rise and fall of rome.

I want you to keep this in mind, the US manufacturing capabilty WON WORLD WAR 2, that is a fact. What does it mean that we have exported our Manufacturing capability?

Smart bombs? Technology? A few nicely placed EMP bursts takes out all of your electronics. Anyone wonder why we were so RELUCTANT (but sending a message) to shoot down the satellite that was crashing to earth. We hit a moving satellite in space and destroyed it. You knock out another country's ability to communicate, no more smart bombs. Could this country win World War 2 again? I need to start reading history again.

I don't remember where I heard it, but I once heard, America's downfall is going to be when it gives EVERY person, group or view..........RIGHTS

I read this back they are my feelings and beliefs I am not a right wing kook, I was born in 1953 when the Korean War ended, my Dad fought in Lete, he collected disability from being injured, I had air raid drills in grade school that required getting under the desk, observed that my Dad's education was much better than mine, and see that my education is better than my sons. I had a coach in 1974 tell me, "I can't give you any scholarship money you are WHITE, if you were black I could, ahh that 20 pound maul. Born into the current world is much much different than having been born in 1953. We solved our problems but not surgically, but we solved them using a 20 pound MAUL to kill a flea and we are still paying for them, we are destroying ourselves.

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BbF wrote (and I will comment):

"I was a commercial real estate appraiser from 82 through 07. For the entire time, I have been recording that our manufacturing base has been decreasing. If a low level idiot like me sees that, isnt that a red flag for our so called leaders? When did it become acceptible for the US to give up its manufacturing base and become a service industry? Who made that decision? [The markets made that decision] Is buying cheap goods from other countries more important that our economic health? [Ask the "Shopper-in-Chief" of your household] What do our workers do? [Work harder and more productively] What do our youth do for employment when jobs are 'outsourced'? [Find 'insourced' jobs] Is there no one that considers these issues? What is globalization doing to our economy? [Globalization is inevitable. Live with it or pull the plug on the intertubes and sink the world's ships and aircrafts] What is happening to our standard of living? [sURPRISE: the world is catching up to us. They want a piece of the pie; S.O.B.s]

I can remember that the factors of production are Land, Labor and Capital. What have environmentists, Unions, foreign ownership, bank mergers, wall street, securitization and poor macro planning done to destroy or damage the factors of production?

Is the public so stupid [Yes] that our politians have avoided the deeper analysis discussions with them, is economic theory and understanding unnecessary or considered taboo? [it's unnecessary, otherwise it would be taught in our schools *cough*] With ignorance, the public is unable to understand the differences classical economists theories to understand the impact of congress's policy and decision making [Get thyself reelected]. Much of our current disagreements between liberals and conservatives (notice how I didnt say Dems and Rep, because both parties are skewed) is the result of economic theory and its ramifications and implications. [Amen!]

The number one, first place we needed to start is self discipline, our youth no longer have self discipline. Parents want to be friends with their children, no boundaries, no rules, don't break their spirit, two parents working, computers, television, the re-writing of history, extreme freedom of speach, violence on TV, violent video games, angry music, a blending of the sexes in the believe that there is no difference, women can fight in service etc, etc etc, family has broken down, marriages end divorce too much, and I believe our economic system's condition has caused much of this.... My best friend is a middle school teacher since 1975, he shakes his head at how our schools, youth and ability to discipline have changed. I need to speak to him more about that, it interests me. There was the dumbing down of America, are we there? The liberalization of TV, I was scanning through the channels and in a one hour period saw two women kissing, two men kissing, a blowjob and bunch of other assorted low life garbage. My son wants to know why I didnt watch Family Man DVDs he gave me last Christmas, I finally said, its low level garbage, I don't like jokes and humor on a low level like FART JOKES its BASE..

Look at the GARBAGE on the television, its ROTTING our youth. I used to CRINGE when those 1-900 Call me for a good time, commercials used to be on TV, now, KIDS can type www.youp*rn.com and see any perversion they want.. WTF?, how the HELL is that ALLOWED.... FREEDOM OF SPEECH? No wonder the MIDDLE EAST HATES us, our morals are in the crapper. Not defending their actions, but they are in the dark ages in terms of the way they view and treat women, imagine how we look to THEM? The rise and fall of rome. [A very long time ago (in the absence of television) Plato said the same; you can't successfully fight it. Adapt and conquer, or at least adapt]

I want you to keep this in mind, the US manufacturing capabilty WON WORLD WAR 2, that is a fact. What does it mean that we have exported our Manufacturing capability? [it means a VERY large problem]

Smart bombs? Technology? A few nicely placed EMP bursts takes out all of your electronics. Anyone wonder why we were so RELUCTANT (but sending a message) to shoot down the satellite that was crashing to earth. We hit a moving satellite in space and destroyed it. You knock out another country's ability to communicate, no more smart bombs. Could this country win World War 2 again? I need to start reading history again. [You may worry about the Middle East, but have you noticed a nuclear-armed Pakistan is broke, and on the verge of disintegrating? And on the verge of war with India?] [Again]

I don't remember where I heard it, but I once heard, America's downfall is going to be when it gives EVERY person, group or view..........RIGHTS [Hmnn . . . ]

I read this back they are my feelings and beliefs I am not a right wing kook, I was born in 1953 when the Korean War ended, my Dad fought in Lete, he collected disability from being injured, I had air raid drills in grade school that required getting under the desk, observed that my Dad's education was much better than mine, and see that my education is better than my sons. I had a coach in 1974 tell me, "I can't give you any scholarship money you are WHITE, if you were black I could, ahh that 20 pound maul. Born into the current world is much much different than having been born in 1953. We solved our problems but not surgically, but we solved them using a 20 pound MAUL to kill a flea and we are still paying for them, we are destroying ourselves."

****************

Regards,

Warren

Posted Image

There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion, or later as a final and total catastrophe of the currency system involved. - Ludwig von Mises

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