photo credit: mugley
In a recent survey, it was shown that more than two thirds of consumers said they expect the recession to last for five more year’s! That is a long time when you think about our current situation extending to that length of time. With all of the talk about the recession turning into a full blown depression like that of 1929, we must wonder if we are only setting ourselves up for this depression.
As much as we do not want to admit it, deep down we all know that the great depression is more of a possible reality for today then we care to admit. With the stock market crashing, the real estate market, huge failures in financial institutions and a large drop in confidence, it all resembles that of the 1930’s.
To understand the story’s significance in driving our thinking, it is important to recognize that the Great Depression itself was partly driven by the retelling of earlier depression stories. In the 1930s, there was incessant talk about the depressions of the 1870s and 1890s; each of those downturns lasted for the better part of a decade.
Do you think were setting ourselves up in advertently for another depression?