cashinmattress Posted June 11, 2009 Share Posted June 11, 2009 "Green Shoots" From 1933 Detroit had turned a page. Prices were leveling out. "The long-awaited upswing" was suddenly "a living, breathing, reality." Are we talking about the first week of June 2009? Nope. Try the end of July 1933.Over the weekend, we toured the Nautical Museum on New York's City Island and found an archive of old issues of the City Island Bulletin, a local rag that didn't last too long during the 1930s. We were charmed to find an ad from the Bulletin's publishers exhorting advertisers to get back in the action. It begins: "We have turned the corner and are on the road to recovery," and then the publishers list off a bunch of signs of recovery that today we might call "green shoots." Pittsburgh is once again engulfed in clouds of smoke from its steel mills. Detroit has doubled its daily produciton of motor cars during the last few weeks. Akron sppeds the manufacture of tires, keeping pace with Detroits's increased output. All sensing and likewise preparing for increased market demands. What are you doing toward securing your market? New fortunes are in the making. Will you get your share? It is technically true that the economy turned something of a corner in 1933. US unemployment peaked at 24.9% that year and would never be so high again. But unemployment did stay as high as 17.9% through 1939. Guess "green shoots" can take a while to grow out sometimes, eh? Anyway, for us, the ad for ads is a reminder: Those preaching early optimism -- The ad-market is stabilizing! GM and Chrysler are back! -- are trying to sell you something just like everybody else. No matter how things change, we still stay exactly the same. N'est pas? Quote Link to comment Share on other sites More sharing options...
50%deposit Posted June 11, 2009 Share Posted June 11, 2009 Pittsburgh is once again engulfed in clouds of smoke from its steel mills. Detroit has doubled its daily produciton of motor cars during the last few weeks. Akron sppeds the manufacture of tires, keeping pace with Detroits's increased output. All sensing and likewise preparing for increased market demands. What are you doing toward securing your market? New fortunes are in the making. Will you get your share? lol doubled car production? double lol steam from the steel mills lol lol lol this is a time when most people still walked and never went anyfurther than 5 miles from home these days we measure economic activity by the number of telemarketing calls we recieve!!! hey, i have had a doubling of those recently!!! RECOVEREH!!!!!!!! Quote Link to comment Share on other sites More sharing options...
Timm Posted June 11, 2009 Share Posted June 11, 2009 And lets not forget 1933 was four years after the Wall Street Crash. We are barely halfway; even to that point. Quote Link to comment Share on other sites More sharing options...
FreeTrader Posted June 11, 2009 Share Posted June 11, 2009 You could do the same for Spring 1930 as well. Or maybe 1932. Here are some headlines for the first week of August, as reported by TIME magazine: Many Industries Add Workers CHICAGO WHEAT SCORES THIRD STRAIGHT RISE BUSINESS PULSE BEATING FASTER Factories Reopening All Over Country BOOM AWAKENS TEXTILE PLANTS IN NEW ENGLAND Capacity Production Reported in Some Cities, Idle Employees Find Jobs REVIVAL IN TRADE GAINS MOMENTUM THROUGHOUT EAST Road Is Clear To Prosperity Capital Feels Mark Sullivan Notes a Calm Confidence; Obstacles to Recovery Are Gone 250,000 To Get Highway Jobs CAMDEN GIVES JOBS TO 9,000, LONG LAID OFF Steel, Textiles, Autos Augur Business' Upturn 24 COAL MINES AT WILKES-BARRE RESUME WORK New Jobs Open This Week; Uncle To Borrow Millions To Speed Recovery Efforts SHOWING BEST IN WEEKS FOR RESERVE BANKS TRADE UPTURN WITHIN 90 DAYS NOW EXPECTED $18,500,000 Grain Price Jump Gives West a Chance to Whistle BRIGHT SPOTS GROW ON U. S. BUSINESS MAP Quote Link to comment Share on other sites More sharing options...
dr ray Posted June 11, 2009 Share Posted June 11, 2009 Reminds me of the Benjamin Roth Diaries which we discussed last year: June 5, 1931. Immediately after the 1929 crash the speculators rushed in to buy "bargains" but were badly mistaken because the market kept going down and down even tho' industrial leaders kept on assuring the people that everything was fine and the worst was over. At the present time the newspapers are urging people to buy these "bargains" but opinion is much divided as to whether or not the bottom has been reached.Investments in real estate and mortgages fared almost as badly as stocks. Since 1929 foreclosure by the banks has been the order of the day. Day after day real estate can be bought for the price of the first mortgage and there are no bidders except the bank which holds the first mortgage. In this way the banks are becoming the holders of huge quantities of real estate. The worst feature about real estate in a depression is that it is illiquid and cannot be sold at any price. If it is free of mortgage the owner may hold on until normal times. But in most cases it is subject to mortgage; he cannot collect his rent from the tenants, cannot pay on his mortgage or taxes and eventually loses his equity by the foreclosure route. Quote Link to comment Share on other sites More sharing options...
otters Posted June 11, 2009 Share Posted June 11, 2009 You could do the same for Spring 1930 as well.Or maybe 1932. Here are some headlines for the first week of August, as reported by TIME magazine: Many Industries Add Workers CHICAGO WHEAT SCORES THIRD STRAIGHT RISE BUSINESS PULSE BEATING FASTER Factories Reopening All Over Country BOOM AWAKENS TEXTILE PLANTS IN NEW ENGLAND Capacity Production Reported in Some Cities, Idle Employees Find Jobs REVIVAL IN TRADE GAINS MOMENTUM THROUGHOUT EAST Road Is Clear To Prosperity Capital Feels Mark Sullivan Notes a Calm Confidence; Obstacles to Recovery Are Gone 250,000 To Get Highway Jobs CAMDEN GIVES JOBS TO 9,000, LONG LAID OFF Steel, Textiles, Autos Augur Business' Upturn 24 COAL MINES AT WILKES-BARRE RESUME WORK New Jobs Open This Week; Uncle To Borrow Millions To Speed Recovery Efforts SHOWING BEST IN WEEKS FOR RESERVE BANKS TRADE UPTURN WITHIN 90 DAYS NOW EXPECTED $18,500,000 Grain Price Jump Gives West a Chance to Whistle BRIGHT SPOTS GROW ON U. S. BUSINESS MAP No where do I see propery prices mentioned. Quote Link to comment Share on other sites More sharing options...
abharrisson Posted June 11, 2009 Share Posted June 11, 2009 Reminds me of the Benjamin Roth Diaries which we discussed last year: It's always fun to compare the depression to what we are going through now but I really don't feel a lot of the similarities that have been drawn stand up to scrutiny... fun though it is. Quote Link to comment Share on other sites More sharing options...
podpodman Posted June 11, 2009 Share Posted June 11, 2009 And lets not forget 1933 was four years after the Wall Street Crash.We are barely halfway; even to that point. I agree with that. Quote Link to comment Share on other sites More sharing options...
cashinmattress Posted June 11, 2009 Author Share Posted June 11, 2009 I agree with that. Yep, Injins 'printy printy' can keep the illusion, errr, ride going for quite a while longer. Too bad the (forced) exit will be a nasty one. Quote Link to comment Share on other sites More sharing options...
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