Great recession

Mercury News





Facebook

Twitter

Google Plus

RSS Feed













Weather: SAN JOSE, CA
Now: 62ºF
High: 77ºF
Low: 59ºF
5-Day Forecast











Peninsula







Weather: SAN JOSE, CA
Now: 62ºF
High: 77ºF
Low: 59ºF
5-Day Forecast



Peninsula







News

Top Stories

Breaking News

Bay Area News

Crime



California

Nation & World

Science & Environment

Politics





Opinion

Editorials





Mercury News









My Town

San Jose

Los Gatos

Saratoga

Cupertino

Sunnyvale

Peninsula

Campbell

San Mateo County

Pacifica

Milpitas

Fremont

Santa Clara County

Alameda County

Central Coast



Tech

News

Opinion



















Peninsula readers' letters: March 17







From Daily News Group readers

Posted: 09/13/2013 06:11:37 PM PDT

Updated: 09/13/2013 11:18:38 PM PDT













Print Email Font ResizeReturn to Top





On a path to economic crash



Dear Editor: Five years ago this weekend, Wall Street giant Lehman Brothers collapsed, triggering the worst financial crisis since the Great Depression. Today, the divide between the 1 percent and the 99 percent is as great as ever. According to one recent study, the top 1 percent has captured about 95 percent of the income gains since the recession ended. "Since the recovery, almost all of the gains have gone to the very, very top. People who are in the top 1 percent are doing even better than they did before the Great Recession.



So those who were worried about the recession or who wanted to set money aside for a rainy day are reassured. It has only rained for a short time and the sun has come out again, brighter than ever, and it is a beautiful day. So, little by little, the skeptics are won over to invest their funds, to take a chance on making more money -- for the rebounds are relatively quick and they do not feel too much pain.



And there is a rebound, for there are still people to be convinced that things will keep going up. They too must be won over and convinced to overextend themselves little by little. It is a gradual process of boom, then downturn, then bigger boom, then another downturn. And one day, when we have prepared accordingly, the downturn will become a recession, the recession will become a depression, and the depression will become the crash.



Ted Rudow III,



Palo Alto







Copyright © 2013 San Jose Mercury News