Great Depression Vs. Great Recession Facts

What are the facts of the Great Depression vs. the Great Recession?

Here are the facts courtesy of Wikipedia and the FDIC et al…

 

So to answer these questions, I surveyed highly educated, professional individuals via Survey Monkey on LinkedIn, Facebook and Twitter. Over 40 LinkedIn groups were asked to participate in the survey. In addition, conversations started about the American Dream in different LinkedIn groups and several individuals were interviewed.

Let’s see the results, but first let’s compare the Great Depression (1930-1933) or the Stock Market Crash of 1929 to the Great Recession (2007-2009) with the Stock Market Crash of March 6th, 2009, whereby the DJIA had dropped 54% to 6,469 (before beginning to recover) from its peak of 14,164 on October 9th, 2007, a span of 17 months.

After taking the PARADE poll myself, I started to ponder about the recession and the American Dream. Walking along the ocean one day, I had the following questions:

-         What is happening to the American Dream?

-         What is today’s definition of the American Dream?

-         How are different generations reacting and responding to the American Dream?

-         How will this Great Global Recession impact the future of the American Dream?

-         How are professionals in the mid-to-upper class responding to the American Dream?

-         How will we view careers, retirement, professional development post Recession?

Americans see some benefits arising from the recession:

-         52% are forming stronger bonds with their spouses

-         63% have become more do-it-yourself

-         30% are volunteering more for charities

But what does all this mean for the American Dream?

Over the last ten years, the definition of the American Dream has become distorted and equated with consumerism and homeownership at any cost. Now, more people seem to be turning back to the Dream’s original meaning:

-         67% strongly believe that the American Dream is about the opportunity to achieve through education and hard work

-         60% it’s the liberty to do what we want

-         68% say the American Dream is still within their and their children’s reach

-         89% are proud to be American

On November 1, 2009, Michael J. Berland and Douglas E. Schoen wrote an article for PARADE titled “How the Economic Crisis Changed Us.” A new PARADE survey showed how dramatically American’s goals, hopes, spending habits, relationship, and attitudes toward institutions were transformed by the recession. This prompted the authors to question “Is the American Dream Still Alive?”

Their research demonstrated that the recession has shaken many Americans’ fundamental belief about the U.S. and their own prospects for economic mobility. Some facts:

-         79% have personally felt the recession’s impact

-         42% delayed or canceled their vacations

-         27% persued extra work to make money

-         52% believe if you “work hard and play by the rules” you can have a solid middle-class life

-         87% are worried about the future of America

-         70% don’t think the leaders of America had dealt well with the economy

Looking at this absolutely gorgeous picture makes me think about the day I pondered this question walking along the seashore on the South Shore of Massachusetts. Is the American Dream sustainable? What does it mean to people? How can I find out? How will this awful financial condition impact the sustainability of the American Dream? Can my daughter achieve it? At $3.50 for a loaf of bread – what truly does it all mean? Are we in a worse position than the Great Depression of the 1930s following the stock market crash of 1929?

So I looked at the financial collapse of 2008, the lowest point of the stock market in the spring of 2009, and the ongoing high unemployment rates.What does it all mean?

Why write about the American Dream?

Has it changed due to the Global Economic Recession?

What does it mean for the children of America?

Who cares?