...the unfolding collapse in housing values has obliterated an estimated $4 trillion in home equity, which will cause millions of households to lose their homes through foreclosure. The bear market - the Dow Jones Industrial Average is down about 40 percent from its peak - has eliminated additional trillions of dollars in stockholders' wealth. Also, last month the unemployment rate reached its highest level (6.7 percent) in more than 15 years.
But by comparison, at its nadir the Dow Jones Industrial Average lost nearly 90 percent of its value in the Great Depression, when the unemployment rate peaked at 24.9 percent and economic output declined by 13 percent in a single year. (Even if the gross domestic product plunges by an annual rate of 5 percent during the fourth quarter, GDP will still be 1.2 percent higher in 2008 than it was last year.)
full article with great depression survivors memories.
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