So do you agree with all of these factors comparing the Great Depression with the Great Recession?
Bob M. has some comments:
Over 100 banks have failed. The unemployment rate reached 10% and then declined only because those who ran out of support - 99 weeks - are no longer counted. If you add the unemployed and the underemployed the true figure is probably 20-25%. One out of every six people in this country is experiencing a problem in getting food. One of every four mothers with infants is having a problem affording diapers.
At the same time the situation is not as severe as it was in the Great Depression, when we were still moving from an agricultural society to an industrial one. The movement today is from an industrial society to a service society, which again calls for dislocation and different skill sets.
Those that marketed their goods came out of the depression better than those that pulled back on the marketing expenditures.
In addition: the FDIC reports that 324 banks have failed since 2008, with 25 in 2008, 140 in 2009 and 157 bank failures in 2010. This doesn't count the mega-banks that were bought up during the panic in 2008.
Bank Failures:
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