Thursday, October 2, 2008

There have been in some localities foolish alarms over the stability of our credit structure

Little known facts about the Last Great Depression

"It was now evident why the European crisis had been so long delayed. They had kited bills to A in order to pay B and their internal deficits. I don’t know that I have ever received a worse shock. The haunting prospect of wholesale bank failures and the necessity of saying not a word to the American people as to the cause and the danger, lest I precipitate runs on our banks, left me little sleep. The situation was no longer one of helping foreign countries to the indirect benefit of everybody. It was now a question of saving ourselves." -- Memoirs of Herbert Hoover, U.S. President 1928-1932, about the 1931 world financial crisis

Posted by malct @ 04:31 PM (580 views)
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3 thoughts on “There have been in some localities foolish alarms over the stability of our credit structure

  • malct are you bored or trawling the web for news…lol

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  • mark, I’m always looking for ways to broaden my knowledge and understanding,
    bouncing new information off others sometimes adds quality to the experience.

    That’s a ‘yes’ but I never get bored, there’s so much to learn and so little time.

    Little gems often pop up and demmand attention just when you don’t need another distraction.

    Seriously, I think the situation here and now is clearly so deeply serious that it may be too late to study 1929.

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  • george monsoon says:

    I agree with Malct at 2

    I believe we are already into 1929 territory, in that FTSE hit nearly 7,000 last year, and has fallen to below 5,000 in the last few months.. Thats one hell of a fall in such a short time and is almost certain to fall further before the end of the year.

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