Guest Post: The Great Depression, as I remember

We’re in. We’re Out. Recession or Depression.  Only you know where you fit in the scheme of the things.  What we can do is take a look back at 1929 since we are teetering so close to the edge.  When we look at the “Great Depression”, its very interesting how families brought themselves through and out of economic turmoil, many never to teeter on the edge of poverty again.

The Great Depression began on Thursday, Oct. 24th, 1929. It would become known as “Black Thursday,” and rightfully so. The stock market crashed, and a record 13 million shares were traded that day. Some of the larger banks tried to help by buying shares at above the quoted prices. It didn’t work. Several corporations suffering today — General Motors (GM), General Electric (GE), Sears (SHLD) — were in dire straits. Some companies’ stocks dropped 50%. After five days, banks began to close. Most depositors were left “holding the bag,” and an empty one at that!

So now it’s 2008. We’re now in the midst of another financial crisis — this one global — brought about presumably by “the powers that be” on Wall Street and in the upper echelons of the federal government. A classic display of selfishness, greed, and politics. I’m 91 years old, and I sure don’t want to see another Great Depression. But I wouldn’t part with the experience I had 80 years ago. I learned that we could do without things that we thought we had to have. I learned how to “stretch” a dollar. And I learned that the words on the back of the dollar bill,  “In God We Trust,” have merit. Hoping and praying isn’t all we need to do, but it helps.

A story about the sacrifices that had to be made during the Great Depression and what that means going forward in the current finacial crisis.

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