Here is a quick comparison of The Great Depression in 1929 vs. The Financial Crisis (Recession) in 2008. You can voice your opinion about the conditions we are experiencing in 2008 on election day November 4, 2008.
1929 October 29, 1929 (Great Depression - Black Thursday)
1. Crisis called a Depression
2. 13 million people unemployed
3. Industrial production fell 45% between 1929 and 1932
4. Home building dropped by 80% between 1929 and 1932
5. 5000 banks went out of business between 1929 and 1932
6. Massive layoffs, unemployment rates over 25% in 1933
7. Home prices and income fell by 20-50%
8. Depositors lost $140 billion in bank deposits by 1933
9. Took 10 years to cure
2008
1. Crisis called a Recession
2. 3,720,000 people unemployed
3. Industrial production in September was 4.5% below last year’s figures
4. 16 banks went out of business and counting
5. Under 20 financial institutions have gone out of business and counting
6. Massive layoffs, unemployment rates of 6.1%
7. Home prices fell 16.6% since 2007
8. Depositors lost $2 trillion in bank deposits and counting
9. Estimated that 28 million people will use food assistance programs an increase in 26.5 million from 2007
10. Federal Reserve has dropped interest rates by more than 2.5 percentage points since August 2007
11. 2.5 million foreclosures and counting
12. 967,000 personal bankruptcies as of Aug 2008 and counting
13. Food prices rose more than 4% since last year
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