David Rosenberg On A Modern Day Depression Vs Dow 20,000

Tyler Durden's picture

From David Rosenberg of Gluskin Sheff

The challenge ahead is one of expectations. I think we win be fortunate to see any GDP growth at all for Q3, and yet the consensus is at +2.2%. The consensus is at +97k on July non-farm payrolls whereas the claims data point to sub-80k. Among the analysts, hope springs eternal that expected revenue growth of +2.6% in Q4 will be enough to generate a +12.1% expansion in bottom-line performance.

To meet that profit forecast, even more cost-cutting will have to come our way (no sooner do we say that than we see this article on page 61 of the WSJ: Steelmaker Presses for 26% Pay Cut). This may be encouraging for profits, but will also come at the expense of labour income, and with that, a sluggish consumer. Concerns over the fiscal cliff have already led to a renewed uptrend in the personal savings rate. The worst drought in the U.S. in a half-century are sending food costs sharply higher, which will severely pinch discretionary outlays, and whatever respite there had been of late from relief at the gas pumps has come to an end (have a look at Price Check: Drought May Hit Grocery Tabs, also on page 61 of the weekend WSJ). Survey after survey shows a sharp turndown in hiring plans as well.

This is looking more and more like a modem-day depression. After all, last month alone, 85,000 Americans signed on for Social Security disability cheques, which exceeded the 80,000 net new jobs that were created: and a record 46 million Americans or 14.8% of the population (also a record) are in the Food Stamp program (participation averaged 7.9% from 1970 to 2000, by way of contrast) — enrollment has risen an average of over 400,000 per month over the past four years. A record share of 41% pay zero national incomes tax as well (58 million), a share that has doubled over the past two decades. Increasingly, the U.S. is following in the footsteps of Europe of becoming a nation of dependants.

Meanwhile, policy stimulus, whether traditional or non-conventional, are still falling well short of generating self-sustaining economic growth. Some investors see this deflationary trendline because it is they that have helped drive the S&P Dividend Aristocrats index (contains large-caps that have consistently raised their payouts over the past 25 years) up 10.5% in the past month and actually touched a new all-time high last week. The likes of Kraft, Wal-Mart, Verizon, Johnson & Johnson, Pfizer and Merck all managed to reach 52-week highs as well. So even in this tough macro and market environment, there are ways to put money to work — in areas of the market that generate a reliable dividend stream for investors and produce a product that people need, not what they want.

Investors must not only screen for earnings visibility, non-cyclicality, dividend payout potential, strong management and high quality balance sheets with a manageable debt maturity calendar, but also for fully-funded pension plans. The S&P 500 space, right now, contains 338 defined-benefit plans, with aggregate obligations of $1.68 trillion but assets of just $1.32 billion, for an unprecedented underfunded liability of $355 billion. So you know the record cash-stash on corporate balance sheets that are often cited as a prime reason to be bullish on Corporate America the real issue is the extent to which shoring up depleted pension funds will compete with stock buybacks and dividend growth in the future. One thing is for sure — a reversion back to the old defined-contribution pensions is clearly coming back into focus as company after company seek out ways to reduce their contribution rates.

DOW 20,000?

Well, this is perfect.

It is amazing how many pundits still believe in stocks for the long run. See The Long-Term Argument for Dow 20,000 on page 6 of the Sunday NYT Money & Business section. Shades of Jeremy Siegel.

So what are we left to conclude?

Last week, we saw the VIX index touch 15. The Investors' Intelligence survey showed there to still be two bulls for every bear in the realm of market newsletters. The put-call ratio had fallen through 1:1 after a 20% decline since early June. The bottom-up consensus of equity analysts see global profit growth of 13.5% for 2013, which is more than a double from the 6.3% projection for this year. The S&P 500 is currently trading much closer to the top end of its year-long 1.100-1,400 band than the low end. And now we see headlines of Dow 20,000 (whatever happened to the other 15,000 points Dr. Siegel promised 13 years ago)? Where exactly is there any sign of capitulation beyond, say, the mutual fund flows data which are illustrating even to the most casual observer that what we are witnessing on this front is little more than a demographic-driven rebalancing of the baby boomer asset mix as the investment lifecycle continues along a secular shift towards capital and cash-flow preservation themes.

The bottom line is that from the spring of 2009 to the spring of 2011, the stock mark doubled, and it doubled principally because of a wild short-covering rally in the financials which were priced for insolvency at the lows. It was a classic 1933-1936 bounce that never saw a new high and never foreshadowed better times ahead. The Great Depression ended nearly a decade later and the next secular bull market did not begin until 1954. And from what history teaches us, secular bear phases do not typically end with headlines about Dow 20,000 but rather with contrarian news like The Death of Equities on the front cover of BusinessWeek back in 1979 (or Awash in Oil on the front cover of the Economist back in 1999, when crude prices were turning in their secular lows).


* * *

Of course, for the laugh track, here again is James Altucher from June of 2011, predicting Dow 20,000 as recently as a month ago.

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Crisismode's picture

The Great Depression II is going to make the first one look like a Sunday picnic.



TrillionDollarBoner's picture

At this stage it still looks pretty much like a picnic to most people. Only this time the teddy bears are packing weapons and inside the hamper an explosive device is ticking, ticking, ticking.

Dixie Rect's picture

The teens will make the 30's look like the 50's

vmromk's picture

I guess it's not difficult for CNBC to find an ass-clown stupid enough to embarass himeself on national television spewing half-truths.

Ever see this SCUMBAG Altucher debating Peter Schiff back in 2006/2007 when Schiff was saying the market was headed for a crash ? Altucher was calling Schiff crazy. You can find it on You Tube.

Hey Altucher, I wish you a hearty FUCK YOU, you moronic half wit. 


old naughty's picture

Sunday picnic, you say?

As more European sovereigns default in the summer of 2012, emotions in streets will spread like nothing has ever been witnessed.

And as food prices rise further and further...

And 46 million may also be engulfed with emotions that will likely turn the Sunday picnic into an epic.

AldousHuxley's picture
Malcolm X - Democracy is Hypocrisy


If you can't prove that democracy is not hypocrasy, don't you put your hands on me



It is just that now white folks are getting the shaft too. young poor whites getting fucked in america where half of your taxes go to military "democracy"

madridisburning's picture

Altucher and Schiff,  that is a half-wit combined, i.e., two quarter wits, or would that be four- bit wits?

boogerbently's picture

Disability is what's draining Soc. Sec.

TheFourthStooge-ing's picture


1/2 wit + 1/2wit * i

Complex analysis, literally.

dark_matter's picture

?2/2 e^(i*?/2) wit

irrational, transcendental, imaginary, greek wit

francis_sawyer's picture

No fucking shit...

In the end... Rosie is just proving himself to just be another JEW apologist, for the JEW dominated financial & media world, who are determined to wreck the world... & turn the havoc all towards their own favor...

For that to happen, you need all types... Rosie is simply the Jew who pretends to be your friend, but is really in bed with the rest... FUCK HIM! (they all play their predetermined roles)...


The best thing that could happen would be a return to the DARK AGES followed by a rebirth (with their 'shill' asses firmly contained within REASONABLE measures of economic & public opinion formulating demographics instead of the minority over-representation dynamic that they presently enjoy & are more than happy to pollute the world with)...

I'm fairly sure that if I put the vote to the 7 billion inhabitants on this planet, I'd achieve a majority on that...




MachoMan's picture

I don't want to go back to the dark ages....  lighten up francis.

francis_sawyer's picture

enjoy your serfdom then... slave...

GMadScientist's picture

You want to go back to the dark ages because that was the last time you were on a level intellectual playing field.

tip e. canoe's picture

unfortunately, you might not have a choice at this point.

either that or serfdom for us and next 7 generations.

Steverino's picture




"lighten up francis."




madridisburning's picture

you must be the new Joker. What color is your hair, freak?

francis_sawyer's picture

Gee whiz... Is this you?



"I am writing here to come out of the closet as a paid shill. For a little over six months, I was paid to spread disinformation and argue political points on the Internet...

  I quit this job in the latter part of 2011, because I became disgusted with it, and with myself. I realized I couldn’t look myself in the mirror anymore. If this confession triggers some kind of retribution against me, so be it. Part of being a real man in this world is having real values that you stand up for, no matter what the consequences.   My story begins in early 2011. I had been out of work for almost a year after losing my last job in tech support. Increasingly desperate and despondent, I jumped at the chance when a former co-worker called me up and said she had a possible lead for me. “It is an unusual job, and one that requires secrecy. But the pay is good. And I know you are a good writer, so its something you are suited for.” (Writing has always been a hobby for me). She gave me only a phone-number and an address, in one of the seedier parts of San Francisco, where I live. intrigued, I asked her for the company’s URL and some more info. She laughed. “They don’t have a website. Or even a name. You’ll see. Just tell them I referred you.” Yes, it sounded suspicious, but long-term joblessness breeds desperation, and desperation has a funny way of overlooking the suspicious when it comes to putting food on the table.   The next day, I arrived at the address – the third floor in a crumbling building. The appearance of the place did not inspire confidence. After walking down a long, filthy linoleum-covered corridor lit by dimly-flickering halogen, I came to the entrance of the office itself: a crudely battered metal door with a sign that said “United Amalgamated Industries, Inc.” I later learned that this “company” changed its name almost monthly, always using bland names like that which gave no strong impression of what the company actually does. Not too hopeful, I went inside. The interior was equally shabby. There were a few long tables with folding chairs, at which about a dozen people were tapping away on old, beat-up computers. There were no decorations or ornaments of any type: not even the standard-issue office fica trees or plastic ferns. What a dump. Well, beggars can’t be choosers.   The manager, a balding man in his late forties, rose from the only stand-alone desk in the room and came forward with an easy smile. “You must be Chris. Yvette [my ex-co-worker] told me you’d be coming.” [Not our real names]. “Welcome. Let me tell you a little about what we do.” No interview, nothing. I later learned they took people based solely on referral, and that the people making the referrals, like my ex-colleague Yvette, were trained to pick out candidates based on several factors including ability to keep one’s mouth shut, basic writing skills, and desperation for work.   We sat down at his desk and he began by asking me a few questions about myself and my background, including my political views (which were basically non-existent). Then he began to explain the job. “We work on influencing people’s opinions here,” is how he described it. The company’s clients paid them to post on Internet message boards and popular chartrooms, as well as in gaming forums and social networks like Facebook and MySpace. Who were these clients? “Oh, various people,” he said vaguely. “Sometimes private companies, sometimes political groups.” Satisfied that my political views were not strong, he said I would be assigned to political work. “The best people for this type of job are people like you, without strong views,” he said with a laugh. “It might seem counterintuitive, but actually we’ve found that to be the case.” Well, OK. Fine. As long as it comes with a steady paycheck, I’d believe whatever they wanted me to believe, as the guy in Ghostbusters said.   After discussing pay (which was much better than I’d hoped) and a few other details, he then went over the need for absolute privacy and secrecy. “You can’t tell anyone what we do here. Not your wife, not your dog.” (I have neither, as it happens.) “We’ll give you a cover story and even a phone number and a fake website you can use. You will have to tell people you are a consultant. Since your background is in tech support, that will be your cover job. Is this going to be a problem for you?” I assured him it would not. “Well, OK. Shall we get started?”   “Right now?” I asked, a bit taken aback.   “No time like the present!” he said with a hearty laugh.   The rest of the day was taken up with training. Another staff member, a no-nonsense woman in her thirties, was to be my trainer, and training would only last two days. “You seem like a bright guy, you’ll get the hang of it pretty fast, I think,” she said. And indeed, the job was easier than I’d imagined. My task was simple: I would be assigned to four different websites, with the goal of entering certain discussions and promoting a certain view. I learned later that some of the personnel were assigned to internet message boards (like me), while others worked on Facebook or chatrooms. It seems these three types of media each have different strategy for shilling, and each shill concentrates on one of the three in particular.   My task? “To support Israel and counter anti-Israeli, anti-Semitic posters.” Fine with me. I had no opinions one way or another about Israel, and who likes anti-Semites and Nazis? Not me, anyway. But I didn’t know too much about the topic. “That’s OK,” she said. “You’ll pick it up as you go along. For the most part, at first, you will be doing what we call “meme-patrol.” This is pretty easy. Later if you show promise, we’ll train you for more complex arguments, where more in-depth knowledge is necessary.”   She handed me two binders with sheets enclosed in limp plastic. The first was labeled simply “Israel” in magic-marker on the cover, and it had two sections .The first section contained basic background info on the topic. I would have to read and memorize some of this, as time went on. It had internet links for further reading, essays and talking points, and excerpts from some history books. The second, and larger, section was called “Strat” (short for “strategy”) with long lists of “dialogue pairs.” These were specific responses to specific postings. If a poster wrote something close to “X,” we were supposed to respond with something close to “Y.” “You have to mix it up a bit, though,” said my trainer. “Otherwise it gets too obvious. Learn to use a thesaurus.” This section also contained a number of hints for de-railing conversations that went too far away from what we were attempting. These strategies included various forms of personal attacks, complaining to the forum moderators, smearing the characters of our opponents, using images and icons effectively, and even dragging the tone of the conversation down with sexual innuendo, links to pornography, or other such things. “Sometimes we have to fight dirty,” or trainer told us. “Our opponents don’t hesitate to, so we can’t either.”   The second binder was smaller, and it contained information specific to the web sites I would be assigned to. The sites I would work were: Godlike Productions, Lunatic Outpost, CNN news, Yahoo News, and a handful of smaller sites that rotated depending on need. As stated, I was NOT assigned to work ATS (although others in my group were), which is part of the reason I am posting this here, rather than elsewhere. I wanted to post this on Godlike Productions at first, but they have banned me from even viewing that site for some reason (perhaps they are onto me?). But if somebody connected with this site can get the message to them, I think they should know about it, because that was the site I spent a good 70% of my time working on.   The site-specific info in the second binder included a brief history each site, including recent flame-wars, as well as info on what to avoid on each site so as not to get banned. It also had quite detailed info on the moderators and the most popular regged posters on each site: location (if known), personality type, topics of interest, background sketch, and even some notes on how to “push the psychological buttons” of different posters. Although I didn’t work for ATS, I did see they had a lot of info on your so-called “WATS” posters here (the ones with gold borders around their edges). “Focus on the popular posters,” my trainer told me. “These are the influential ones. Each of these is worth 50 to 100 of the lesser known names.” Each popular poster was classified as “hostile,” “friendly,” or “indifferent” to my goal. We were supposed to cultivate friendship with the friendly posters as well as the mods (basically, by brownnosing and sucking up), and there were even notes on strategies for dealing with specific hostile posters. The info was pretty detailed, but not perfect in every case. “If you can convert one of the hostile posters from the enemy side to our side, you get a nice bonus. But this doesn’t happen too often, sadly. So mostly you’ll be attacking them and trying to smear them.”
Order "Forbidden Secrets of the Illuminati"


  At first, like I said, my job was “meme-patrol.” This was pretty simple and repetitive; it involved countering memes and introducing new memes, and didn’t demand much in-depth knowledge of the subject. Mostly just repetitive posting based on the dialogue pairs in the “Strat” section of the first binder. A lot of my job was de-railing and spamming threads that didn’t go our way, or making accusations of racism and anti-Semitism. Sometimes I had to simply lie and claim a poster said something or did something “in another thread” they really hadn’t said or done I felt bad about this…but in the end I felt worse about the possibility of losing the first job I’d been able to get since losing my “real” job.   The funny thing was, although I started the job with no strong opinions or political views, after a few weeks of this I became very emotionally wedded to the pro-Israel ideas I was pushing. There must be some psychological factor at work…a good salesman learns to honestly love the products he’s selling, I guess. It wasn’t long before my responses became fiery and passionate, and I began to learn more about the topic on my own. “This is a good sign,” my trainer told me. “It means you are ready for the next step: complex debate.”   The “complex debate” part of the job involved a fair amount of additional training, including memorizing more specific information about the specific posters (friendly and hostile) I’d be sparring with. Here, too, there were scripts and suggested lines of argument, but we were given more freedom. There were a lot of details to this more advanced stage of the job – everything from how to select the right avatar to how to use “demotivationals” (humorous images with black borders that one finds floating around the web). Even the proper use of images of cats was discussed. Sometimes we used faked or photo-shopped images or doctored news reports (something else that bothered me).   I was also given the job of tying to find new recruits, people “like me” who had the personality type, ability to keep a secret, basic writing/thinking skills, and desperation necessary to sign on a shill. I was less successful at this part of the job, though, and I couldn’t find another in the time I was there.   After a while of doing this, I started to feel bad. Not because of the views I was pushing (as I said, I was first apolitical, then pro-Israel), but because of the dishonesty involved. If my arguments were so correct, I wondered, why did we have to do this in the first place? Shouldn’t truth propagate itself naturally, rather than through, well…propaganda? And who was behind this whole operation, anyway? Who was signing my paychecks? The stress of lying to my parents and friends about being a “consultant” was also getting to me. Finally, I said enough was enough. I quit in September 2011. Since then I’ve been working a series of unglamorous temp office jobs for lower pay. But at least I’m not making my living lying and heckling people who come online to express their views and exercise freedom of speech.   A few days ago I happened to be in the same neighborhood and on a whim thought I’d check out the old office. It turns out the operation is gone, having moved on. This, too, I understood, is part of their strategy: Don’t stay in the same place for too long, don’t keep the same name too long, move on after half a year or so. Keeping a low profile, finding new employees through word of mouth: All this is part of the shill way of life. But it is a deceptive way of life, and no matter how noble the goals (I remain pro-Israel, by the way), these sleazy means cannot be justified by the end.   This is my confession. ... Shills exist. They are real. They walk among you...   Yours,   ExShill   April 2012"
francis_sawyer's picture

Has anybody else around here heard anything about this...


"Two news outlets in India as well as one in Iran report an alleged assassination attempt on Secretary of State Hillary Clinton during her recent visit in Israel. A Google search as well as Google News search on this story finds no American media outlets reporting the story.

ZeeNews.com, an Indian news web site, reports, “Israel Radio broke the story earlier in the week, which was confirmed by sources inside Israel, but never mentioned again. According to World Mathaba, the purported attack on Hillary was related to the current political upheaval in Israel -- the aim being kill Hillary, blame Iran and take the focus off the domestic political meltdown in Tel Aviv.”

Iran’s Al-Alam News reported, “Israeli sources reported that the procession of Hillary Clinton Secretary of State was shot on yesterday, while passing through on the road to Jerusalem – Tel Aviv.”

News Track India also reported the story, “According to sources, the attack on Clinton's convoy, a minimum of three to five vehicles, traveling from Tel Aviv to Jerusalem, follows the story earlier of an attack on a bus loaded with Israeli tourists that exploded in Bulgaria, which killed six persons. According to World Mathaba, both the Bulgaria attack and the attempted assassination of Clinton was a Mossad "false flag" operation.

Nothing has yet to be reported on this in American media as of 5:21 PM Eastern Time."

jumbo maverick's picture

Yes as her plane landed and she ran out of the rear cargo ramp she had to dodge sniper fire from- Bosnian snipers? Serbian snipers? Croatian snipers?
Wait never mind that was a different war and when the military pilots were asked they said they had not taken any sniper fire, nor were there any other aggressive acts made against them.
Hey remember Cankles Clinton was a Yankees fan before she was even elected in NY remember that?

Unbezahlbar's picture
Obama: Private Sector is "Doing Fine"


New York Times blogger Paul Krugman does not agree with President Obama that “the private sector is doing just fine”– or at least doesn’t think that was what the President meant, exactly. Nonetheless, Krugman told Charlie Rose on CBS’ This Morning today that the line was “unfortunate” and the President “screwed up.”




So there. All you worry warts can go back to watching the Tele, 'Dancing with the Idles' and be Amused to Death:






Cosimo de Medici's picture

Yes, yes, yes.  Pre-determined roles, false flags and psy-ops. It's relentless.  But did you know "they" just want you to think it's all false flags and psy-ops, but in point of fact it's all reality?  Just throttles the mind, doesn't it?  Up is down, left is right, and never the twain shall meet.  It's the classic double blind, bent-over-backwards, Mobius Strip Two Step, and they got you dancing.  You probably don't even remember when "they" kidnapped and programmed you during MK Ultra 2000.  Well, that's not quite correct.  I suspect you believe you remember, and isn't that a victory in and of itself.  Go in the bathroom and check out Little Willie.  "They" circumsized you, right?  Q.E.D.

In your honor, we're diverting the flightpath of a few dozen commercial flights tomorrow to put them all right exactly over your residence.

Happy Chemtrails to you, Francis.


disabledvet's picture

So did the Russians kill the survivors of the plane crash of the entire Polish Government or not? (That would be an act of war btw...i believe Poland is in NATO...is an attack against one an attack against all or not? Guess we'll find out soon in Syria.)http://www.youtube.com/watch?v=hk3Dsr-lmUY&feature=fvwrel

francis_sawyer's picture

Its quite soothing & re-assuring indeed to have Cosimo de' Medici himself lecture me about the folly of worrying about anything & that instead, the world is full of benevolent folks like himself that are looking out for the best interests of humanity...

potlatch's picture

I see these posts on ZH, with the "Jew thing" going on, and just downvote them or skip over them usually.  But I am curious.  Are you guys actually serious?  or is this just troll-shit? 


I always figured it was someone using the magic of the intrawebs to troll some lazy baiting for some god knows what reason.  It never occured to me you guys might actually believe this stuff. 




francis_sawyer's picture

The answer to your question is "I don't know"... I can't speak for other people on ZH, I can only speak for myself...

I believe to have a healthy & functioning society you have to have dissidents (otherwise you're a DISSONANT slave living under facist rule)... My own dissident behavior is limited to blogs (ZH in particular ~ & even there, only on occasion)... The truth is, if anyone so as mentions the word "Jew" on just about any blog, however thought provoking, it gets moderated right out of existence... Try it sometime... I won't even get into what would happen if you happened to articulate any 'anti-Israel' thoughts in public... You'd soon find yourself as an outcast...

Much of the problem, I believe, is that the media is heavily influenced by Jews themselves... This is a well known fact & has been going on for a long time (even before electronic media)... The industries, largely, operate with a great deal of nepotism, and a definite agenda is promoted, while other things are ignored...

To give an example... You're likely to see this story splashed all over various media this week...


& you'll not see a word of this broadcast anywhere...

Russell Tribunal Condemns Israel as Apartheid State



Have no fear... None of these things compel me to go out & paint swastikas of synagogues or anything... It's simply that every once in a while I get sick of the incessant brainwashing and want to let it be known... As for this thread, it probably wasn't the best choice, because 'Rosie' tends to mirror most of the bear sentiments that are played out every day on ZH (so doing that was not going to be popular anyway)...

Frankly ~ I'm as sick of listening to Rosie (who hardly ever gets a trading call right, notwithstanding his bearish views), as I'm sick of listening to just about every other 'eCONomist'... But alas, it's the only game in town... & most of that game is controlled by... You guessed it...

'Give me control of a nation's money and I care not who makes the laws.'

~Mayer Amschel Rothschild


I now return you all to your daily worship...


vft2212's picture

That vote would represent a "tyranny of the majority" and you are an example of the "Madness of Krauts".

HedgeOn's picture

francis sawyer: you are a racist dipshit. i'm not jewish but you're post is so idiotic it's mind boggling.  it proves to me that your viewpoint is steeped in ignorance and couched as some sort of truth to protect the "non-jews".  you should follow someone else who really is your "friend". Brian Wesbury perhaps? That nonjew will help make sure that you save your money.  in case i didn't make my self clear - you are without a doubt a useless troll who doesn't know shit about shit.


pkea's picture

the higher projections for the Dow you hear, the worse things are shaping up to be

I think I need to buy a gun's picture

i'm stressed from having to wait for ben bernanke once a month decide the fate of me, my business and the rest of the 350 million sheeples future. How the fuck is it possible we all have to wait for one man to talk every month, as we wait for whatever we are all waiting for and recieve nothing. Its like the girl i had to drive around my senior year in high school and got nothing,,,,,,a complete dick tease

cossack55's picture

The only times when I am stressed or depressed are when a piece of shit republican or a peice of shit democrat win any election.  Wheres my fuckin' Prosac?

Shocker's picture

True, you can call this a Depression, Recession, Great Recession whatever you want to label it.

At the end of the day, there is no denying we are in some rough times.




AldousHuxley's picture

it needs to happen, let it happen. let americans feel the pain to finally wake up.



traderjoe's picture

BB decides the fate of nothing. He is a shill and front for the greater shadow powers behind him. He was selected to perform these tasks before him. 

The Alarmist's picture

The first one?  There were a number of depressions before the one of the 1930's, some of which were far worse.  It was noted by more than a few observers that the depression of the 1930s was merely a depression in most of the world, but it became the Great Depression in the US once its policy makers began trying to fix things.

What is amazing is how long it took for us to get to this depression ... what is not amazing is how spectacular a failure our ruling elites have been at fixing this one.  

Uber Vandal's picture

Actually, they were called PANICS then, not Depressions.

Panic of 1837, 1857, 1873, 1893, 1907......

If you are a coin collector, you might notice the correlation between low mintage coins and poor economy.


HoofHearted's picture

Actually the worst Depression in the US was likely what is commonly referred to as the Long Depression, a series of panics without any real growth between 1873 and 1896. Carpetbaggers probably contributed to this, just like the banksters are helping us this time around. Now everyone thinks that the world started about 1920, so most people know nothing of true economic history. Kind of like the idiots who think AGW makes sense statistically since we have about 150 years of recorded temperatures.

francis_sawyer's picture

'Carpetbaggers'... Imagine that...

GMadScientist's picture

This would also be the same time period supplied by Greenspan as an example of amazing growth in the US. Coinkydink?

Kind of like the abjectly ignorant masses that have never heard of a fucking ice core?

Here's laughing at the SUV that will be your future home.

madridisburning's picture

Not possible. Only good times back then, because we had the gold standard. 

GMadScientist's picture

And if you got to the bank quickly, you might even get to have some of the gold!

NuYawkFrankie's picture

Re Its like the girl i had to drive around my senior year in high school and got nothing,,,,,,a complete dick tease.

If her name happened to be Amanda, she used to come over to my place after she'd finished wining 'n dining with you.

Thanks for being a sport & picking up the tab ;)

CH1's picture

i'm stressed from having to wait for ben bernanke once a month decide the fate of me...

Ditch the system, my friend. Start building afresh. You'll like it.