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Is this global financial crisis as bad as 1930 economic depression?
Nov 14, 2008 02:24
  • ZOEY
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Currently, the world is experiencing a serious economic downturn. Almost all nations in the world have been involved in this fnancial crisis. Howard Davis, the director of Director of the London School of Economics said in a speech in Singapore that the financial crisis we are experiencing is not as bad as 1930 economic depression. However, the central banks of all nations should cooperate to fight this crisis together.

Do you believe what he said? Is this global financial crisis as bad as 1930 economic depression?
Nov 14, 2008 22:17
#1  
  • GARYKINKADE
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Communications are definitely better now than then.
More people are aware of the economic situation and the possibilities of severe financial problems.
More financial global control now than in the past.
The downside of this is that if a meltdown occurs the domino effect will be much quicker and possibly more severe. A spark could create a forest fire.
Nov 15, 2008 18:10
#2  
  • MARRIE
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If wholesaler and retailer began dumping goods into the river rather then keeping them one the store shelf or warehouse, depression would come.
Nov 15, 2008 21:08
#3  
  • SHESGOTTOBE
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Seriously, I would look at the credibility of anyone who can compare this economic downturn against the 1930 Depression. Only Alan Greenspan has the "authority" to do that! :P
Nov 16, 2008 13:06
#4  
  • GARYKINKADE
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Alan Greenspan wouldn't know what a depression was even if it was sitting in his lap and calling him daddy.
Nov 18, 2008 20:34
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  • JIMMYB
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Alan Greenspan wouldn't know what a depression was even if it was sitting in his lap and calling him daddy.

Well, Alan Greenspan has admitted that his economic theory has some faults. But it is too late.
Nov 18, 2008 21:24
#6  
  • MARRIE
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I think this crisis did originate from excessive speculations in financial market ( some media says it's a failure of greedy Anglo-Saxon systematic theory), whch is cause-effects thing. So Greenspan intendedly fled away before the crisis reaches climax.
Nov 24, 2008 03:53
#7  
  • JIMMYB
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Greenspan intendedly fled away before the crisis reaches climax.

So Greenspan is very clever. He left and his successor need to clear this mess for him. Obviously, his successor is not good enough to deal with the mess.
Nov 24, 2008 20:55
#8  
  • SHESGOTTOBE
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Alan Greenspan would know the difference between the two depressions. He's seen both. :P
Dec 12, 2008 20:00
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  • ADAIR321
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The economy will continue to go south. There will be a domino effect. The entire world will experience the depression. Governments will fall and be replaced by other governments. And after the terrible plight of the depression, experienced most severely by the working class throughout the world, the rich will regain their riches just as they always do, and the working bee will continue to buzz as they perform their work and wonder, "what happened." No one of significant power and wealth will take responsibility for the mess they caused from their thievery and greed, and none of the greedy bums will pay a price for their crime. There will be a few middling heads that roll, as usual, to satisfy the masses. The rich will kick a few crumbs from the cake to keep the masses from taking the whole cake, and the masses will fight each other for the crumbs.
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