Friday, November 06, 2009

Stock-market crash

November 06
Stock-market crash
Palo Alto Weekly

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Stock-market crash
The stock-market crash of 1929 was the most devastating stock market crash in the history of the United States, taking into consideration the full extent and duration of its fallout.
Four phrases — Black Thursday, Black Friday, then Black Monday, and Black Tuesday — are commonly used to describe this collapse of stock values.
But the catastrophic downturn of Monday, Oct. 28, and Tuesday, Oct. 29, precipitated widespread alarm and the onset of an unprecedented and long-lasting economic depression for the United States and the world. This stock market collapse continued for a month.
Today, the only news you see in the headlines is: "Slight gain in this! Not diving quite as fast in that!" Any time the economy stops going down so fast, they say, "Oh, recovery!"
That's recovery? Some little tiny grain of encouraging news makes the headlines, but the huge monumental losses taken by the banks and businesses are hidden in a little two-inch notice in a column on the financial page. They're trying to keep it out of the headlines because they don't want to scare the public into a panic.
The big corporations fail, business fails, everything fails, the government will pay. But the trouble is, the government itself is broke and borrowing the money to pay.
And do you know where the U.S. gets this money from?
Ted Rudow III,MA

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