There is starting to be more and more comparison between the current economic situation and the Great Depression of the 1930's. First off, I think it's rediculous for us to try and compare the two. There was not a global market in the 1930's. Instead, most countries were barely starting to become industrialized. Today, the world is terribly small thanks to the internet and immediate business done at the click of a button. That being said, take a look at the following visuals...
OK, so I'm sure you saw the part that said currently there are 9.2% of the total US homes that are behind with 2.8% of them being in actual foreclosure...Did you catch, however the part that said in the 1930's this same rate was 50%....SAY AGAIN??? Did you just say 50%?? Wow.
This graph shows that if you take a typical 3.5% growth rate we're going to be just fine. Now, I don't want anyone to misunderstand...we're in a real pickle here economically and that's something we'll have to work through. But let's not get carried away trying to compare now with the Great Depression.
Now, GET TO WORK AND MAKE SOME MONEY FOR THIS LOUSY ECONOMY!!! :-)
