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12 July 2015, 05:34
Recessions are actually more common that two a century.
Over here we had one around 1900, another in 1919 after WW1, the big depression from '32-'39, one right after WW2 when all the GIs came home and war production shut down. We had a serious recession in 1957(they started building our interstate highway system to end that one) and another serious one at the end of our Viet Namn war due to slowdown in defense production. There was a bad recession in the early 1980s due to government financial manipulations and a stock market "crash" as bad as 1929 that shut many of our banks in 1987 and cost Bush I his presidency. There was a serious stock market "correction" when tech stocks crashed in 1998. Then there was the one of 2007.
Thing is, if it happened longer than two days ago everyone forgets it happened.
If one is in a line of work like production or transport then it was the end of the world with each downturn and the whole world was out to get you every time you got back on your feet. Being on the bottom of the heap makes one more sensitive to fluctuations.
If you were a professional in an insulated position all you noticed was that your retirement account was not earning as it should and the TV news was very boring.
It is much like this Greek "crisis", if you want to call it that.
The U.S. is divided into 50 states which are semiautonomous but answerable to federal restrictions. Of those 50 states 25 of them have a GDP larger than Greece. We have cities with higher GDP than Greece!
Fact is that we have had several of those states go bankrupt in the past, surrender control to the Federal government and recover without the nation crashing or the world ending.
The failure of a nation that has only 10% of the GDP of GB will not really make a ripple anywhere but in the political realm. This is all a big show to justify bailing out the banks for the unsecured bond issues that funded a socialist states' excesses.
Germany or GB either one could buy Greece, then give every Greek a broom and put them on the German government payroll to clean the place up, reopen the resorts and show a profit for their nation in less than a year!
You already did that once right after WW2. It was letting the Greek communists regain control of the government that has created the present problem.
Over here we had one around 1900, another in 1919 after WW1, the big depression from '32-'39, one right after WW2 when all the GIs came home and war production shut down. We had a serious recession in 1957(they started building our interstate highway system to end that one) and another serious one at the end of our Viet Namn war due to slowdown in defense production. There was a bad recession in the early 1980s due to government financial manipulations and a stock market "crash" as bad as 1929 that shut many of our banks in 1987 and cost Bush I his presidency. There was a serious stock market "correction" when tech stocks crashed in 1998. Then there was the one of 2007.
Thing is, if it happened longer than two days ago everyone forgets it happened.
If one is in a line of work like production or transport then it was the end of the world with each downturn and the whole world was out to get you every time you got back on your feet. Being on the bottom of the heap makes one more sensitive to fluctuations.
If you were a professional in an insulated position all you noticed was that your retirement account was not earning as it should and the TV news was very boring.
It is much like this Greek "crisis", if you want to call it that.
The U.S. is divided into 50 states which are semiautonomous but answerable to federal restrictions. Of those 50 states 25 of them have a GDP larger than Greece. We have cities with higher GDP than Greece!
Fact is that we have had several of those states go bankrupt in the past, surrender control to the Federal government and recover without the nation crashing or the world ending.
The failure of a nation that has only 10% of the GDP of GB will not really make a ripple anywhere but in the political realm. This is all a big show to justify bailing out the banks for the unsecured bond issues that funded a socialist states' excesses.
Germany or GB either one could buy Greece, then give every Greek a broom and put them on the German government payroll to clean the place up, reopen the resorts and show a profit for their nation in less than a year!
You already did that once right after WW2. It was letting the Greek communists regain control of the government that has created the present problem.
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Every person should view freedom of speech as an essential right.
Without it you can not tell who the idiots are.
Every person should view freedom of speech as an essential right.
Without it you can not tell who the idiots are.