Tuesday, January 6, 2009

Is it 1929?

During the great depression, it was famously reported that stock brokers were leaping to their deaths from skyscrapers in New York. The scale of this was overblown, but it did happen.

Now it seems the latest financial collapse is reviving the practice of suicide.

German tycoon kills himself
Investor suicide from Madoff affair
General report on the trend

"We are in the throes of the worst recession since the early 1980s," said Kevin Flanagan, fixed income strategist for global wealth management at Morgan Stanley. "Factory orders are getting hit again. The economy is really not receiving any support from any cylinders of the engine."

Wait, the early 80s, wasn’t that the time of the “Reagan Miracle”. You remember, when Ron spent more than the Dems, cut taxes anyway, just ran up huge deficits. Who was the VP during that administration? Oh yeah, George Bush senior. Now junior’s administration, following in the footsteps of his father and mentor and helping create another disaster.

These neo-con policies fail over and over again, but they just keep regurgitating them anyway, to the detriment of us all. If at first you don’t succeed, fail fail again.

1 comment:

Tapio said...

Jeez, it looks like I scooped NPR:

http://www.npr.org/templates/story/story.php?storyId=99090769