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Date:11/22/2014 9:09:13 AM
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Hey Sam
You sure do stay up awful late. the old humans here are in the nest by that time, hee hee.

The Great Depression 46-50

46.Every major country, including the United States, abandoned the gold standard during the Great Depression. In fact, leaving the gold standard was a predictor of a country’s economic severity and the length of time for its recovery. However, Herbert Hoover argued that abandoning the gold standard was the first step toward “communism, fascism, socialism, statism, and a planned economy.”

47.As he did during WWII, Joseph P. Kennedy (JFK’s father) amassed an enormous amount of wealth through real estate (among other ventures) during the Great Depression. Without this money, he could not have financed his son’s successful run for the presidency.

48.Though the United States has only been in a recession for less than a year, some scholars state that there is no comparison between the current economic condition in 2009 and that of the 1930s. For example, in the 1930s, unemployment reached 25% and the GDP dropped 25%. In 2009, unemployment is currently at 8.1% and the GDP has so far dropped 2%. Additionally, the situation today is very different because the U.S. didn’t have the “social safety net” in the 1930s that it has today.

49.Some scholars speculate that a “Great Depression” in 2009 would lead to more T.V. watching as an escape, longer lines at the ER, laid-off office workers migrating to the country, and even online banking runs. Overall, it would be less visible and more isolating than the 1930s' Depression.

50.Some scholars find the 2009 economic condition more troubling than that of the 1930s' Great Depression because debt in 2009 includes not only stocks but also millions of homes, property, local governments, and entire nations. Also, in contrast to the 1930s, the U.S. is now a debtor nation and more households in the U.S. are in far greater debt.

And this is the last installment on the Great Depression Facts. hope you enjoyed it.

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