Wednesday, January 14, 2009

Men In Black Were Right - Weekly World News Was the Only Reliable News Source

They predicted this back in 2005...

All kidding aside, I don't think the Great Depression, Pt. Deux will be upon us. This excellent article in Kiplinger makes very good points why things are different now than they were in the 1930's including:

  1. There were no safetyguards like the FDIC and Social Security back then;
  2. The Federal Reserve contracted the money supply after the market crash back then. Now it is pulling out all stops to get credit flowing;
  3. No Smoot-Hawley tariffs this time around;
  4. People own more stocks now (e.g. 401k) than in the 1930's, etc. etc.
But then again, there's always the contrarian view...

At this point, I guess I can only worry about what I can control, which is my personal finances - reduce debt, increase savings and blog about my efforts. :-D

4 comments:

Miss M said...

Hey the Weekly World news has to be right some of the time! Cool find. I agree this is bad/will continue to be bad, but the great depression had 25% unemployment. I wrote a story a few months ago about my grandmother's experience during the great depression - basically nothing changed. They were poor farmers, they didn't have any money to lose, and they grew their own food so they weren't hungry. But boy were my grandparents tightwads!

Money Funk said...

See, I knew there was a conspiracy theory behind these supermarket readings! lol!

And ya... keep blogging. ;)

Sharon Rose said...

Hi there-I agree, we can do our bit by keeping our own house in order as much as possible.

jpkittie said...

You are so right to worry about what you can control. I save where I can & that is all I can do. I almost hate to throw on the news these days!