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Re: What the Great Depression Did That This Recession Won't  

By: ribit in POPE | Recommend this post (2)
Tue, 20 Dec 11 4:16 AM | 86 view(s)
Boardmark this board | (The) Pope's for real stock market report 		Msg. 48694 of 65535
(This msg. is a reply to 48689 by Zimbler0)
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zim
I have known folks who have filed bankruptcy every time the courts would let them. Their whole lives they spend spend spend and when they finally get themselves into a corner and can't pay it back they file. It's always somebody else's fault that they can't get ahead. He drives a truck and she works for the state. Gross income over a hundred grand a year. If they made a million a year they would just be in a deeper hole.




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Liberals are like a "Slinky". Totally useless, but somehow ya can't help but smile when you see one tumble down a flight of stairs!

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The above is a reply to the following message:
What the Great Depression Did That This Recession Won't
By: Zimbler0 in POPE
Tue, 20 Dec 11 3:29 AM 		Msg. 48689 of 65535

http://www.fool.com/investing/general/2011/12/13/what-the-great-depression-did-that-this-recession.aspx

One of the most important things about the Great Depression was not how bad it was, but how long it lasted. The downturn itself was 10 years long, but the impact it had on how people lived lingered for decades. Well after the Depression ended, households shunned debt, loved saving, and were wary of risk -- a mentality that lasted until the 1980s, when those who lived through the Depression retired.
. . .
. . .
Note that this isn't the total number of bankruptcies, but bankruptcies per 1,000 people, making it a true apples-to-apples comparison over time.

What it shows is clear: Personal bankruptcy during the Great Depression was virtually unheard of; today it's an everyday occurrence. About the same number of people were awarded bachelor degrees last year as filed for personal bankruptcy (1.6 million).


(The entire article is worth reading. Zim.)

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