The Great Depression - how close are we?

Similar forces driving today's crisis, but Main Street fallout is less dire, and the past's lessons - and its safety nets - help

Americans binge on credit in a mania of speculation and consumption until the debt-fueled bubble bursts. Wall Street has a meltdown, the mania turns to hysteria, and the economy goes haywire.

That scenario spawned the Great Depression - and it's painfully clear that similar factors are in play today.

Now the question on everyone's mind is: Will it happen again?

From late-night comics to financial pundits, there are plenty of ... Full Story »

Posted by Fabrice Florin
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Subjects: U.S., Business
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Posted by: Posted by Fabrice Florin - Oct 20, 2008 - 10:11 AM PDT
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Edited by: Fabrice Florin - Oct 20, 2008 - 10:11 AM PDT
Fabrice Florin
3.6
by Fabrice Florin - Oct. 20, 2008

Interesting report that compares our current situation to the Great Depression, based on factual evidence from multiple sources. It's a helpful analysis, which looks at unemployment, banking, housing, monetary policy and international trade in both time periods -- and concludes that we're a lot better off than our counterparts in the thirties.

See Full Review » (11 answers)
Marsha Iverson
3.8
by Marsha Iverson - Oct. 20, 2008

Writer Carolyn Said compiles an interesting array of comparisons between the current economic crisis and The Great Depression. For anyone experiencing unemployment, facing foreclosure, with no prospects for speedy recovery, this article may be a tad too perky. Said takes a consistently chipper position that today's crisis has adequate protections to prevent another Great Depression.

I'd caution against unwarranted optimism. If effective protections were in place, the current crisis wouldn't exist. One aspect of the 1930s Depression was a simultaneous environmental crisis: the Dust Bowl caused by a sustained and calamitous drought, poor farming practices, and an economic system out of balance. With all of our technological advances, instant communication, data gathering and analysis, we still look at environmental and economic models as though we know all the ... More »

To be sure, the calamitous events of recent weeks – a deepening credit crunch, bank failures and hasty mergers, financial titans crumbling, the stock market tumbling, ... More »

See Full Review » (14 answers)
Randy Morrow
4.1
by Randy Morrow - Oct. 21, 2008

Good article comparing the conditions of the Depression with those that exist in the current financial crisis.

See Full Review » (11 answers)
Jeff Mosier
3.9
by Jeff Mosier - Oct. 23, 2008

It puts things into perspective which isn't happening a lot these days. Instead of saying "we're in the worst economic crisis since the Great Depression" like everyone is these days, it give facts and compares the two situtations. It was well researched.

See Full Review » (11 answers)
Kelley Wong
4.4
by Kelley Wong - Oct. 22, 2008

This story gave a good comparision and understanding of what it really means to be in a recession.

See Full Review » (11 answers)

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