Interesting perspectives.
Wellery,
Many thanks for the info on the effects of "The Great Depression" in Australia.
Old Man,
Yes not everyone was hit as hard by the Depression especially if your livelihood wasn't linked to the fast money of the Wall Street crowd or your job depended on a business owner who was margined to the tee. (Unfortunately most US Banks were overextended.) It's always the working class that absorbs the most misery from economic corrections through downsizing, rightsizing, or just plain bad management. But somehow everything corrects itself eventually and hopefully we learn from our mistakes. i.e Feb 2009. Personally I am still waiting for the credit card bubble to pop but maybe Americans have had enough of 28% interest rates and .7% interest return on their savings. I guess you might get the impression that I hate banks. But there is always that Building and Loan so hopefully they can continue to keep the Potters of this world at bay.
Great thread, Chet...
Wellery,
Many thanks for the info on the effects of "The Great Depression" in Australia.
Old Man,
Yes not everyone was hit as hard by the Depression especially if your livelihood wasn't linked to the fast money of the Wall Street crowd or your job depended on a business owner who was margined to the tee. (Unfortunately most US Banks were overextended.) It's always the working class that absorbs the most misery from economic corrections through downsizing, rightsizing, or just plain bad management. But somehow everything corrects itself eventually and hopefully we learn from our mistakes. i.e Feb 2009. Personally I am still waiting for the credit card bubble to pop but maybe Americans have had enough of 28% interest rates and .7% interest return on their savings. I guess you might get the impression that I hate banks. But there is always that Building and Loan so hopefully they can continue to keep the Potters of this world at bay.
Great thread, Chet...