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Does are current economic state remind anyone of the 80's





seanpr84
Hey I remember hearing stories (im only 24 so i was too young to remember) about record gas prices and a failing housing market in the U.S. during the 80's. History usually repeats so does this mean we should expect a housing boom and cheap gas again within the next few years, or Are current problems a backlash from Bush or really latent Clinton policies.

It would be nice to hear from someone who was old enough to remember the 80's as I was probly more concerned with getting my diaper changed than buying gas at the time. Let me know as This is an important topic I'm researching now.
patmay
digging deep down into history you will see that it is repetitive all the way. and it is a social movement with economic consequences. If a person tells you that houseprices might start dropping, and you believe this person to be credible, you would postpone buying a house as hey - what if the guy is right - and you don't want to pay more than you have to do you? So you wait. If there's enough people believing this and as a consequence wait - fewer people will be able to sell their houses - and the price will drop. Hej ... now the point is proven so wait a bit longer and guess what happens? This is not new. What is interesting is how it starts. Why do people at all start thinking that NOW it must go wrong? after all, it is not until we think the thought as a collective cluster of people that it also starts going wrong. Is it because we can't believe that things just grow and develop positively? Hm. I wonder when we learn.
lagoon
Right now it's sort of like a mini version of the Great Depression. People are scared to buy houses now, so the demand drops. The prices plummet, and people can't pay their debts.
liljp617
I don't know but the lines at gas stations is getting ridiculous lol
Moonspider
lagoon wrote:
Right now it's sort of like a mini version of the Great Depression.


Hmmmmmm

Let's see, the unemployment rate during the Depression was around 25%, by 1939 it had recovered to 17%. (Today it's hovering near 6%.)

Banks were failing left and right (by the thousands) during the Depression...(between 1929 and 1933 about 10,000 out of 25,000 banks failed).

Oh yeah, those huge bread lines in the Depression as people lined up to get food that had been sitting on shelves for days... (I don't see that today.)

By 1933 global production had dropped by nearly 50%, in the US it dropped by 29%.

The US Stock market declined by 85% between 1929 and 1932.

Let's not even mention the dramatic socio-political upheavals going on worldwide.

Yes, "mini" indeed! Smile

(With all due respect, I find the mere fact that anyone attempts to compare today with then laughable to be honest. Yet news agencies do it everyday! Bad news sells.)

Respectfully,
M

References:

http://faculty.tcu.edu/jlovett/econ_data/Depression.pdf
http://en.wikipedia.org/wiki/Causes_of_the_Great_Depression
http://www.huppi.com/kangaroo/THE_GREAT_DEPRESSION.htm
http://www.businessandmedia.org/commentary/2008/20080227144404.aspx
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