[kittn1]

Originally Posted by Bro. Parrish

Top 5 Causes of the Great Depression
Here is a list of the top reasons that historians and economists have cited as causing the Great Depression.

1. Stock Market Crash of 1929
Many believe erroneously that the stock market crash that occurred on Black Tuesday, October 29, 1929 is one and the same with the Great Depression. In fact, it was one of the major causes that led to the Great Depression. Two months after the original crash in October, stockholders had lost more than $40 billion dollars. Even though the stock market began to regain some of its losses, by the end of 1930, it just was not enough and America truly entered what is called the Great Depression.

2. Bank Failures
Throughout the 1930s over 9,000 banks failed. Bank deposits were uninsured and thus as banks failed people simply lost their savings. Surviving banks, unsure of the economic situation and concerned for their own survival, stopped being as willing to create new loans. This exacerbated the situation leading to less and less expenditures.

3. Reduction in Purchasing Across the Board
With the stock market crash and the fears of further economic woes, individuals from all classes stopped purchasing items. This then led to a reduction in the number of items produced and thus a reduction in the workforce. As people lost their jobs, they were unable to keep up with paying for items they had bought through installment plans and their items were repossessed. More and more inventory began to accumulate. The unemployment rate rose above 25% which meant, of course, even less spending to help alleviate the economic situation.

4. American Economic Policy with Europe
As businesses began failing, the government created the Hawley-Smoot Tariff in 1930 to help protect American companies. This charged a high tax for imports thereby leading to less trade between America and foreign countries along with some economic retaliation.

5. Drought Conditions
While not a direct cause of the Great Depression, the drought that occurred in the Mississippi Valley in 1930 was of such proportions that many could not even pay their taxes or other debts and had to sell their farms for no profit to themselves. This was the topic of John Steinbeck's The Grapes of Wrath.
http://americanhistory.about.com/od/...depression.htm

And what was it that brought us out of the Great Depression?

World War II


Even so, come, Lord Jesus.


The big economic news where I am today is the "temporary shutdown" of Stelco, which is now owned by US Steel. Another 1500 layoffs, with no plan to resume steel production until the economy starts to turn around.

It's one of the largest employers in this area.


http://www.thespec.com/News/article/523705

I am sorry to hear that Laura...

[stephanos]

It can't rain all the time...

For Jesus' sake,
Stephen

Fed up with the Porkulus Spending Trends in Congress?
Feel like the Constitution and the economy is being trashed before your eyes?

HOW ABOUT A TEA PARTY!
Americans around the nation are throwing Tea Parties,
Here’s video of the Houston Tea Party, see link below for more...

YouTube - Houston Tea Party, Stimulus Package Protest - The People Speak

http://michellemalkin.com/

[stephanos]

Originally Posted by Bro. Parrish

Fed up with the Porkulus Spending Trends in Congress?
Feel like the Constitution and the economy is being trashed before your eyes?

HOW ABOUT A TEA PARTY!
Americans around the nation are throwing Tea Parties,
Here’s video of the Houston Tea Party, see link below for more...

YouTube - Houston Tea Party, Stimulus Package Protest - The People Speak

http://michellemalkin.com/

Hmm, the youtube video you posted is borked. Here is the working link for folks having troubles with it:

http://www.youtube.com/watch?v=szXHdJcgu6E

Peace and Love,
Stephen

Really? That original link still works for me, but it could be because I am on an Apple laptop (?) not sure, anyway thanks for the assist brother...

[stephanos]

Originally Posted by Bro. Parrish

Really? That original link still works for me, but it could be because I am on an Apple laptop (?) not sure, anyway thanks for the assist brother...

Oh, no my bad. I have a firefox plugin that strips urls out of redirects. That's why I kept getting sent straight to malkins site. Hehe

Peace and Love,
Stephen

I wish I could bring some better news for all of us...


Unemployment hits 25-year high
Jobless rate hits 8.1% in February as a record-high 12.5 million people are unemployed...
http://money.cnn.com/2009/03/06/news...uary/index.htm

Record 31.8 million on food stamps
Government shows increase of 700,000 food stamp recipients in a single month...
http://money.cnn.com/2009/03/05/news...n=money_latest

One World Currency?
The handwriting is on the wall...

Nobel-prize winning Canadian economist Professor Robert Mundell supports idea of a single world currency... Mundell has endorsed Kazakhstan President Nursultan Nazarbayev's idea to create the "ACMETAL" as a world currency.
http://www.theaustralian.news.com.au...-12377,00.html

"Nazarbayev said the yevraz could be a step toward a common global reserve currency that would operate under the auspices of the United Nations. The Group of 20 meeting in London on April 2 should discuss such a global currency, he said.
http://www.themoscowtimes.com/article/600/42/375212.htm

Benn Steil, a senior fellow and director of international economics at the Council of Foreign Relations, wrote in the May/June 2007 issue of the Council of Foreign Relations' Foreign Affairs magazine an article entitled, "The end of national currency," in which his major conclusion was that "countries should abandon monetary nationalism."
http://www.worldnetdaily.com/index.p...w&pageId=91941

American Icon to be built elsewhere...
Update on New Camaro from General Motors...

THE GOOD NEWS:
Yesterday was the official start to 2010 Chevrolet Camaro production.

THE BAD NEWS:
After getting tax payer bailout money, GM is building them IN CANADA!
http://www.automedia.com/cs/blogs/au...on-begins.aspx

That's right folks...
According to Automotive News, GM will invest over $650 MILLION in the CANADIAN plant to prepare it for production:
http://cars.about.com/b/2006/09/03/2...-in-canada.htm

Last month in Feb 2009, General Motors said it needs to cut nearly 20,000 American jobs and receive an additional $18 billion from the US Treasury to survive the economic meltdown...