LibertyEagle
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I LIVE in Austin and I didn't even know he was coming here. First I knew about it was when I saw him speaking yesterday at the Chamber of Commerce.
Bernake says "No Comparison" to Great Depression
- Thread starter ryanduff
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I LIVE in Austin and I didn't even know he was coming here. First I knew about it was when I saw him speaking yesterday at the Chamber of Commerce.
newbitech
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Bernanke says crisis 'no comparison' to Great Depression
And out of the other side of his mouth says that even if there was, at least he's prepared for it.
Dec 1 05:33 PM US/Eastern
Federal Reserve chairman Ben Bernanke said Monday the current economic situation bears "no comparison" to the much deeper crisis of the 1930s Great Depression.
of course in the current global and domestic climates also bears "no comparison" to the 1930's either. Now we have 3x's as many people in the US, and things like TV, the internet, NFL, Nascar, Space Station and Oh Yeah, NUKES!
"Well, you hear a lot of loose talk, but let me just ... say, as a scholar of the Great Depression -- and I've written books about the Depression and been very interested in this since I was in graduate school, there's no comparison," Bernanke said in a question period after an address in Austin, Texas.
Well one comparison would be is that in 1930's you weren't around to help anybody out and low its 80 years latter and all your knowledge, books, and interest in economics has yet to do us a bit of good!
Bernanke cited "an order-of-magnitude difference" in the current situation compared to the 1930s.
the depression 10x's worse than this? How many people are still around to back up this claim? I'd think once in a lifetime was bad, but I'm sure those folks would argue that order-of magnitude claim is relative at best. Besides, no comparison?
"During the 1930s, there was a worldwide depression that lasted for about 12 years and was only ended by a world war," he said.
newsflash, the 1930's was 10 years long, and if it wasn't for a war economy, it wouldn't have stopped. We are still in the post war bubble! Oh and considering that we have had a war economy for the last 8 years, and never-mind our manufacturing base being shipped overseas with the troops, how could what we have last less than and order of magnitude less than the depression? (1 - 1.5 years starting Dec '07) and what pray tell will stop this down the drain spiral?
"During that time, the unemployment rate went to 25 percent, at least, based on the data that we have. The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed. The stock market fell 90 percent."
You mean based on non manipulated data that you have? The employment rate was for 1/3 less people as well, and this in a time when family's were larger, and mom stayed at home. So less people in the workforce as well. So where is that order of magnitude in the unemployment rate? According to Your logic we should be hovering around 3% unemployment LOL! Even the headline number of 7% is not an order of magnitude less than 25% Try using real numbers for GDP. They didn't have made in China plastic and the world reserve currency back then to prop up the numbers. Oh and news flash again. All the different markets we have right now are facing the threat 10-15 year lows. We are talking mid 90's all over again. Again order of magnitude would only set us back to pre-9/11 levels.
Bernanke said the situation at that time represented "very difficult circumstances," because "we didn't have the social safety net that we have today. So let's put that out of our minds; there's no -- there's comparison in terms of severity."
Speaking of 9/11, what social safety net? For the last 8 years we have had it pounded into our heads that the world is a different place. We have seen energy and oil hit unprecedented levels, companies that survived the G.D. are being taken out left and right. War may have gotten us out of the first depression, but its war and the governments love of debt and usury that will make sure the next one is permanent.
He added, "We're very lucky to live in a country as rich and diversified as the one we have. And I hope that we will have a quick and rapid recovery from the current slowdown."
Right we have moved over 80% of our economy into services and debt based consumerism. The rest is supporting the war machine, government, or some other foreign interest. Nice diversification there. Hope? We all hope, but many of us pay for it by working our asses off for years, only to be raked over the coals by idiots like you. Hope? Is that all you have? IS your hope also an order of magnitude greater than in the 1930's? Current slowdown? How about current hitting a brick wall?
Still, the Fed chief said lessons learned from the Depression may still apply today, including the "excessively tight monetary policy" that led to higher interest rates and deflation of about 10 percent a year over the first three years of the 1930s.
And that 100's-1000's of banks need to fail? The stock market is overpriced? Or is this just a convenient fear mongering type excuse that tell you to do exactly the opposite of what appeared to happen in the 1930's even though the situation bears no comparison? How low can rates go sir?
"We have learned from that experience that monetary policy has got to be proactive and supportive of the economy in a situation of difficult financial conditions," he said.
right, and all we have seen from the fed and the treasury since the 1970's is knee jerk reactionary type responses. When is the monetary policy going to get back to Monetary LAW? I hate the fact that our countries corps and govt, tout all of the "policies". We should be a country based on the rule of law, not a country based on the rule of flim flam policies!!
"The other part was -- the other error, the big mistake that policymakers made in the early '30s was they essentially allowed the financial system to collapse and they didn't do anything about it. The Federal Reserve did no action as the banks failed by the hundreds and the thousands."
And when its all said and done, they will call what you and other "policymakers" did a mistake as well. There is no saving face by saying, hey at least we tried something different this time. Maybe we should all try getting rid of the likes of you and testing that little theory out.
In a related matter, President George W. Bush said in an interview released Monday that Bernanke and Treasury Secretary Henry Paulson warned him weeks ago that bold action was needed to avert a new Great Depression.
"I can remember sitting in the Roosevelt Room with Hank Paulson and Ben Bernanke and others, and they said to me that if we don't act boldly, Mr. President, we could be in a depression greater than the Great Depression," Bush told ABC News.
Bush said the conversation came four to five weeks after the government began mulling rescue plans for insurance giant AIG and other companies.
"And that was right before we went to Congress for the 700 billion dollars" in rescue funds, Bush said.
"And my attitude is, is that if that's the case, this administration will do everything we can to safeguard the financial system. And that's what we've been doing."
I have to go. But re: Bush's comments, just wow, LOL I'll get back to you.
And out of the other side of his mouth says that even if there was, at least he's prepared for it.
Dec 1 05:33 PM US/Eastern
Federal Reserve chairman Ben Bernanke said Monday the current economic situation bears "no comparison" to the much deeper crisis of the 1930s Great Depression.
of course in the current global and domestic climates also bears "no comparison" to the 1930's either. Now we have 3x's as many people in the US, and things like TV, the internet, NFL, Nascar, Space Station and Oh Yeah, NUKES!
"Well, you hear a lot of loose talk, but let me just ... say, as a scholar of the Great Depression -- and I've written books about the Depression and been very interested in this since I was in graduate school, there's no comparison," Bernanke said in a question period after an address in Austin, Texas.
Well one comparison would be is that in 1930's you weren't around to help anybody out and low its 80 years latter and all your knowledge, books, and interest in economics has yet to do us a bit of good!
Bernanke cited "an order-of-magnitude difference" in the current situation compared to the 1930s.
the depression 10x's worse than this? How many people are still around to back up this claim? I'd think once in a lifetime was bad, but I'm sure those folks would argue that order-of magnitude claim is relative at best. Besides, no comparison?
"During the 1930s, there was a worldwide depression that lasted for about 12 years and was only ended by a world war," he said.
newsflash, the 1930's was 10 years long, and if it wasn't for a war economy, it wouldn't have stopped. We are still in the post war bubble! Oh and considering that we have had a war economy for the last 8 years, and never-mind our manufacturing base being shipped overseas with the troops, how could what we have last less than and order of magnitude less than the depression? (1 - 1.5 years starting Dec '07) and what pray tell will stop this down the drain spiral?
"During that time, the unemployment rate went to 25 percent, at least, based on the data that we have. The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed. The stock market fell 90 percent."
You mean based on non manipulated data that you have? The employment rate was for 1/3 less people as well, and this in a time when family's were larger, and mom stayed at home. So less people in the workforce as well. So where is that order of magnitude in the unemployment rate? According to Your logic we should be hovering around 3% unemployment LOL! Even the headline number of 7% is not an order of magnitude less than 25% Try using real numbers for GDP. They didn't have made in China plastic and the world reserve currency back then to prop up the numbers. Oh and news flash again. All the different markets we have right now are facing the threat 10-15 year lows. We are talking mid 90's all over again. Again order of magnitude would only set us back to pre-9/11 levels.
Bernanke said the situation at that time represented "very difficult circumstances," because "we didn't have the social safety net that we have today. So let's put that out of our minds; there's no -- there's comparison in terms of severity."
Speaking of 9/11, what social safety net? For the last 8 years we have had it pounded into our heads that the world is a different place. We have seen energy and oil hit unprecedented levels, companies that survived the G.D. are being taken out left and right. War may have gotten us out of the first depression, but its war and the governments love of debt and usury that will make sure the next one is permanent.
He added, "We're very lucky to live in a country as rich and diversified as the one we have. And I hope that we will have a quick and rapid recovery from the current slowdown."
Right we have moved over 80% of our economy into services and debt based consumerism. The rest is supporting the war machine, government, or some other foreign interest. Nice diversification there. Hope? We all hope, but many of us pay for it by working our asses off for years, only to be raked over the coals by idiots like you. Hope? Is that all you have? IS your hope also an order of magnitude greater than in the 1930's? Current slowdown? How about current hitting a brick wall?
Still, the Fed chief said lessons learned from the Depression may still apply today, including the "excessively tight monetary policy" that led to higher interest rates and deflation of about 10 percent a year over the first three years of the 1930s.
And that 100's-1000's of banks need to fail? The stock market is overpriced? Or is this just a convenient fear mongering type excuse that tell you to do exactly the opposite of what appeared to happen in the 1930's even though the situation bears no comparison? How low can rates go sir?
"We have learned from that experience that monetary policy has got to be proactive and supportive of the economy in a situation of difficult financial conditions," he said.
right, and all we have seen from the fed and the treasury since the 1970's is knee jerk reactionary type responses. When is the monetary policy going to get back to Monetary LAW? I hate the fact that our countries corps and govt, tout all of the "policies". We should be a country based on the rule of law, not a country based on the rule of flim flam policies!!
"The other part was -- the other error, the big mistake that policymakers made in the early '30s was they essentially allowed the financial system to collapse and they didn't do anything about it. The Federal Reserve did no action as the banks failed by the hundreds and the thousands."
And when its all said and done, they will call what you and other "policymakers" did a mistake as well. There is no saving face by saying, hey at least we tried something different this time. Maybe we should all try getting rid of the likes of you and testing that little theory out.
In a related matter, President George W. Bush said in an interview released Monday that Bernanke and Treasury Secretary Henry Paulson warned him weeks ago that bold action was needed to avert a new Great Depression.
"I can remember sitting in the Roosevelt Room with Hank Paulson and Ben Bernanke and others, and they said to me that if we don't act boldly, Mr. President, we could be in a depression greater than the Great Depression," Bush told ABC News.
Bush said the conversation came four to five weeks after the government began mulling rescue plans for insurance giant AIG and other companies.
"And that was right before we went to Congress for the 700 billion dollars" in rescue funds, Bush said.
"And my attitude is, is that if that's the case, this administration will do everything we can to safeguard the financial system. And that's what we've been doing."
I have to go. But re: Bush's comments, just wow, LOL I'll get back to you.
tangent4ronpaul
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> Bernanke cited "an order-of-magnitude difference" in the current situation compared to the 1930s.
An order of magnitude is +/- one "0" ie: we are $10 in the hole vs $100 in the hole.
> "During the 1930s, there was a worldwide depression that lasted for about 12 years and was only ended by a world war," he said.
YEAH HAW! - LETS HAVE ANOTHER WORLD WAR!
> "During that time, the unemployment rate went to 25 percent, at least, based on the data that we have.
Well, if the Government hadn't "redefined" what classifies as "unemployed" - the real number would be 12.5% unemployed - or about half what the great depression was.
> The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed.
Not sure what the numbers are on these.
> The stock market fell 90 percent."
Hasn't the stock market fallen about 30+ % so far?
Yeah - about a month or so into this mess and we are WELL on our way to a full blown depression - and they are saying things are great...
-t
An order of magnitude is +/- one "0" ie: we are $10 in the hole vs $100 in the hole.
> "During the 1930s, there was a worldwide depression that lasted for about 12 years and was only ended by a world war," he said.
YEAH HAW! - LETS HAVE ANOTHER WORLD WAR!
> "During that time, the unemployment rate went to 25 percent, at least, based on the data that we have.
Well, if the Government hadn't "redefined" what classifies as "unemployed" - the real number would be 12.5% unemployed - or about half what the great depression was.
> The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed.
Not sure what the numbers are on these.
> The stock market fell 90 percent."
Hasn't the stock market fallen about 30+ % so far?
Yeah - about a month or so into this mess and we are WELL on our way to a full blown depression - and they are saying things are great...
-t
SooperDave
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closer to 50%, but don't worry, the Fed will get the ship back on course
HOLLYWOOD
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It was true numbers, called the GNP: Gross national Product not this BS GDP
~39% drop so far this year.
One point: ALL this Deficit Spending, jncluding BAILOUTS, Government programs, government subsidies , government hiring, military supplementals and expenses, Stimulus packages, Emergency expenditures... are COUNTED in the GDP numbers!
The GDP numbers are the BIGGEST LIE of ALL!
But none of the financial hacks in MSM will ever divulge this and reveal the true numbers!
Last edited:
acptulsa
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Are you sure you're not underestimating the amount of cooking they do to the Unemployment Rate these days? Considering that the homeless aren't considered unemployed, I'd say the odor surrounding that number is pretty rank.
tmosley
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Ben would have failed the SAT analogy section. 2008 is to the coming depression as 1929 was to the Great Depression. How much did the stock market fall in 1929? What was the decline in GDP that year? Etc. etc.
Also, he obviously HASN'T studied the Great Depression if he thinks that the government took no action to stop it until the mid 30's. They were doing (unnecessary) brain surgery with their filthy hands from the start. The result this time will be worse, as it has been pointed out earlier, as we are now a debtor nation full of debtor citizens with an unproductive service economy.
Also, he obviously HASN'T studied the Great Depression if he thinks that the government took no action to stop it until the mid 30's. They were doing (unnecessary) brain surgery with their filthy hands from the start. The result this time will be worse, as it has been pointed out earlier, as we are now a debtor nation full of debtor citizens with an unproductive service economy.
danfinance2008
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i watched a video on jim rodgers on youtube
http://www.youtube.com/watch?v=P7oHmE81mj4
at 6 min he talks about 1929 depression,
1929 run on the banks
2008 bad loans,
difference
HOLLYWOOD
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Yeah and UNEMPLOYED too!
The government of course includes in the EMPLOYED... all liabilities, like government employees at all levels(Federal, State, County, City) & military.
What government doesn't include, are the Homeless, the Illegals, the Unemployed who have expired unemployment benefits.
NOTE: (look for unemployment to go down when the government shortens or fails any benefit extensions to the unemployed)
Any person collecting Welfare, disability, social security of any kind, are NOT included in the UNemployed figures.
so basically, add 5% to any numbers under normal conditions and 10% under recessions and depressions.
Those United States of America statistics are brought to you by the Dept of Propaganda.
Ours are brought to you by the Critical Thinkers, intellects, and people of America!
We don't skew numbers for control and gain!
Crash Martinez
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World War Ends Depression = one of the most destructive myths of the 20th Century. (Right behind "Communism can work!")
HOLLYWOOD
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That was the National Security Council and Dubya Bush's idea in 2003.
The Sociopath Politicians do whatever it takes... to serve their Puppet Masters.
