1929: from boom bust: the lessons of the great depression are helping the nation deal with the current recession--and avoid another economic calamity.
New York Times Upfront › Vol. 142 Nbr. 2, September 2009
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1929: from boom bust: the lessons of the great depression are helping the nation deal with the current recession--and avoid another economic calamity.
The recession gripping the nation today has made life hard for many Americans, with an unemployment rate of more than 9 percent, millions of people losing their homes due to foreclosure, and the auto and banking industries trying to recover with the help of an $800 billion bailout by the federal government.
As bad as the economy is, however, it doesn't begin to compare with the misery of the Great Depression, at least not so far. At the height of the Depression, which began after the stock market crashed in October 1929--80 years ago next month-unemployment topped 25 percent. More than 9,000 banks failed, wiping out the life savings of millions of Americans. Tens of thousands of farms and other businesses went bankrupt. Beyond the grim statistics was the untold number of people who lost their dignity waiting on br...See the full content of this document
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