Social attitudes will be greatly affected by another economic downturn that rivals the original Great Depression of the 1930s. Prior to the Great Depression, leaders at the time had confidence in the market. John Galbraith, in his book The Great Crash said, “President Coolidge neither knew nor cared what was going on. A few days before leaving office in 1929, he cheerily observed that things were ‘absolutely sound’ and that stocks were ‘cheap at current prices’” (pg 26).
Read MoreLast week, the first part of this article speculated (good word, huh?) on what a “Greater Depression” would look like regarding real estate. This week, the second part of the article takes a closer look at unemployment and social attitudes during a “Greater Depression.”
Read MoreHistory is an important part of human culture. It is studied to learn about our ancestors or to discover the mysteries of the past. History is also analyzed so that we can try to avoid mistakes now and in the future. The question is then: What will the Greater Depression look like? We can examine history to get clues. As with all comparisons, every detail cannot be a cut-and-dry parallel because things are changing every day.
Read MoreArticle Title: Not Grandma’s Cup of Tea Read Article
GTM wrote: As the bear market gets kicked into full gear, people will organize into stronger groups, and maybe even begin to despise the capitalism that built this country. Violence will probably break out at some of the protests as people learn more details about what happened behind the scenes in the banks and in government decisions.
Read MoreWouldn’t it be nice to have your own set of rules when you’re playing a game? You could do what you want when you want to do it. A main advantage of that strategy is that you can win at the game no matter what. And if you change the rules, there can be no consequences for breaking them. When I think of that kind of attitude, I think of a spoiled child or a hero in a movie—not the financial world.
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