Spouse tricked me into going to a networking meeting yesterday at the chamber of commerce. I don't have a whole lot of faith in these types of events because everyone there is really looking to get business. It's like a whole roomful of sellers and no buyers. It actually wasn't unpleasant as they plied us with wine and did little activities to maximize our opportunity for face to face introductions and business card exchanging. It was a little like speed dating. Sheesh there were a lot of bankers there. They REALLY WANT TO HELP GROW OUR BUSINESS! Uh-huh and what's your commission on that? I suppose I shouldn't be cynical, you never know where your next client will come from.
I've spent some time this week refreshing myself on things I learned in high school economics class. I read the entire entry on the great depression on Wikipedia. You probably should too. I really see no reason why we couldn't revisit a similar scenario and if you read about the times leading up to it, the roaring 20's, you will see some very eerie parallels. Still, I remember the '87 stock market crash and the savings and loan crisis. I remember my bank failed but my accounts got shifted to another bank. That was about the total impact of the "crisis". So I'm not too worried yet. Now I'm off to read about the paradox of deleveraging. Happy happy hump day all.
12 comments:
Ah, good old Smoot-Hawley. Anyone? Anyone?
I think this is likely the most telling line in the Wikipedia article:
"Had the six billion dollars, for instance, that were loaned by corporations and wealthy individuals for stock-market speculation been distributed to the public as lower prices or higher wages and with less profits to the corporations and the well-to-do, it would have prevented or greatly moderated the economic collapse that began at the end of 1929."
Sound familiar?
I commend you for reading the article on the Great Depression. Although I did not live through it per se, my parents and grandparents were so affected by it that it had resonating impact in my childhood. My wife came from very similar roots. As a result I think we have very different values than the current culture. Many were the voices during my lifetime that called out warnings. Many were the voices that rejected the warnings.
Oh, god, I hate the whole networking/glad-handing business of Chamber events.
I've met some interesting folks, to be sure, and some that I've had interesting business dealings with as a result of our meetings, but you're right about the bankers...they want to talk a little too long, I find, and wreck the whole speed-dating feel of the event. Still, the wine is nice.
I'm off for a little history review, myself...thanks for the tip!
Did he trick you with cheese? I'm totally curious how he tricked you!
Just as well I have no money to lose :-)
What's interesting to me is that there seems to be a pattern with stock market crashes, three big ones ('29, '87 and now) all happening in the Autumn months.
Can't imagine what on earth prompted you to be reading about the great depression!?! But then, I can't imagine you're the only one reading up on it at the moment.
I doubt Mr Bush even knows what it was, or that it even happened....
Now is the time for historians to shine. . .
My daughter took a course last semester at her college all about the Great Depression. She said at the time (last spring) that the parallels between then (just before the crash) and now were spooky. I've been hearing doom forecasts for a couple of years, and this comes as no surprise to me.
But that doesn't mean I understand it. [as the eyes glaze over]
Somebody said that those who don't learn from the past are destined to repeat it over and over again.
Let's see 1987, who was President then? Could it be George Herbert Walker Bush? Wasn't there a Savings and Loan debacle? Now we have another Bush and another debacle. ed
Well. Yes, the reading is good, but if the politicians will not listen to us it proly isn't going to do much for us. Hopefully it will give us a few pointers on a good trail to follow.
I'm not worried about the crash only because there's nothing I can do. It makes me crazy if I do put much attention to it.
Post a Comment