Our own nation is putting itself into a Depression. If the people in power had lived through the Great Depression they wouldn’t be doing this. Glad I won’t have to worry about this much longer.
A ninety-six year old retiree of my acquaintance.
Quotes Suitable for Framing
- Donald R. McClarey
Donald R. McClarey
Cradle Catholic. Active in the pro-life movement since 1973. Father of three, one in Heaven, and happily married for 43 years. Small town lawyer and amateur historian. Former president of the board of directors of the local crisis pregnancy center for a decade.
The decline in real per capita product registered between calendar year 1918 and calendar year 1921 was about 6% in this country. That was a product of reconversion of factories to civilian production, contractionary monetary policy, and the successive waves of Spanish flu. The year-over-year decline in that metric between 1929 and 1933 was 31% (derived from bad monetary policy and a bad supervisory regime in the financial sector, exacerbated by other things). This isn’t going to generate a depression. The effect of the decline in equity prices has been to return trailing p/e ratios to historically normal levels (now about 18, near the median of the period since 1974).