History of 1929 Crash Repeating Itself? (File Under: We Can Not Learn)
By Candace Hardin
Clash Daily Guest Contributor
We have all read the stories of the Great Depression in the history books. The event was a manifestation of greed and easy money. The “Roaring Twenties” was a time of great extravagance and excess.
For the first time in the history of the United States, people began to buy things on time with easy payments. From your wrist watch to stock options, you could take it home today and pay a small payment every month.
A person could buy stock on a small percentage and pay the balance due when they hit it big. What a deal. The only problem with that system is that eventually payment will come due whether or not any profit is made.
Does any of that sound familiar?
The problem with history is that if we forget about how it happened, we are bound to repeat the same errors over and over.
The tragedy of the Great Depression was the toll on human life. Bankers and stock brokers jumped out of windows. Some put a bullet in their head, unable to cope with all that they had lost for themselves and others. This does not even encompass the toll on everyday persons’ lives.
Recent events have found us on the precipice of a foreboding deja vu.
A total of five bankers have been found dead by their own hands within the last month. These were highly placed men in finance. What would make them take their own lives, some at very early ages? Did they know something we do not know or we should know, but let sit on the peripheral of our minds, unwilling to believe?
Today’s high stock market is the product of an addiction to quantitative easing. The government pumps money in with the QE. Those with money buy and sell. It is a smoke and mirrors effect of seeming wealth and affluence in our economy. It has created a wealth for a certain percentage of the population.
The media and the government love to tout this as proof that the economy is growing. Things are great and getting better. This is a bill of goods they would love for the American Public to buy.
However, the week ending February the eighth, unemployment applications increased by 8000, bringing the total to 336,750 for the four week period.
That is unpleasant enough, but what is worse is that between 12/31/13 and 04/02/14, a pattern in the 1929 stock market and the current stock market was discovered from the McClellan Market Report by Tom DeMark.
The graph of the two time periods are almost identical.
It is very hard to see any improvement in the economy since the crash in 2008. The media and the government may have told us that all is well, but until jobs are to be had by anyone who wants one, nothing has really changed.
The average family still struggles to pay the most basic of living expenses. Food stamps and food banks are supplying the needs of so many families. Many are unemployed or underemployed.
We have a fine example of history repeating itself. Bankers are killing themselves and the figures do not lie.
The stock market is controlled and inflated by those with wealth at their disposal.
They have over blown it into a balloon that could burst at any time. When it blows, where will we be as an economic power? How many countries will follow suit?
Also See: http://politicaloutcast.com/2014/02/bankers-dying/
Image: Courtesy of: http://maxushistoryii.wikispaces.com/Unit+V+-+The+Great+ Depression+%26 +The+New+Deal
Candace Hardin resides in Atlanta, Georgia. She fluent in Spanish and a student of Latin and history. She is a columnist on PolitiChicks.tv. and has a blog, kandisays.blogspot. com. Originally from North Carolina, her writing and beliefs have been heavily influenced by the Appalachian culture and tradition.
