Calling all fans of the Great Depression

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[Fletch]

The real depression did not begin until the worldwide credit system seized up in the late spring of 1931

Wellll...

LONDON/BERLIN (Reuters) - More European governments followed Germany's lead on Monday offering guarantees to savers in a frantic effort to calm fears among investors over the worst financial crisis in nearly 80 years.[huh]

 

[Paisley]

A Crash Veteran's View

From today's Wall Street Journal:

A Street Longtimer Speaks By E.S. BROWNING

Seth Glickenhaus, one of the few still on Wall Street who worked there during the Depression, thinks the stock market may be bottoming -- temporarily.

Mr. Glickenhaus first worked for a Wall Street firm in the summer of 1929, and founded his own money-management firm in 1938. He thinks battered stocks are due to rebound, but he worries they could fall again later.

Seth Glickenhaus is more optimistic about the stock market than he is about business.

Now 94 years old, Mr. Glickenhaus still serves as chief investment officer of Glickenhaus & Co., which manages $1.8 billion for wealthy individuals and a few pension funds.

"You have one conspicuous difference between this and the 1929 break," he said, using a common Wall Street euphemism to avoid saying "crash."

"In the '29 break you had [President] Hoover and [Treasury Secretary] Andrew Mellon contracting all the way. They believed that it wasn't the role of the government to get involved. This time, the government is moving heaven and earth to reverse the cycle," he said.

Earlier this year, nervous investors were phoning advisers with 30 or 40 years' experience, looking for their perspectives on the financial crisis. Now, investors are looking for people with longer experience. Mr. Glickenhaus got his training as a municipal bond trader at Salomon Brothers & Hutzler (now part of Citigroup) after studying economics and graduating from Harvard in 1934.​

Mr. Glickenhaus goes on to say that he thinks a recession or depression could last five years. Read more here (link requires subscription).

 

[Brian Sheridan]

All I know is I'm going to go out and buy a lot of soup. If I don't need to eat it, I can always start a line.

 

[Foofoogal]

All I know is I'm going to go out and buy a lot of soup. If I don't need to eat it, I can always start a line.
__________________
BRS

That is so funny. I can cook a mean pot of beans and every bean known to man. lol

I know we are nowhere near though. I had a yard sale this weekend. Towards the end I couldn't even get people to take the stuff off free. That tells me they are so used to having. As no.9 of 11 raised by depression parents it has to be pretty bad if it is free for me not to pick it up.
My children have no clue and fuss at me for being a packrat. I sell the stuff and they still do not get that all of my stuff makes them future money as it will be left to them. I tell them: Look, if hard times come would you rather have 10 things to sell or 100. They then say if hard times come who will you sell them to? Funny..
I don't think I am a hoarder and am very clean (in fact my listing for my home for sale the agent stated immaculate. ) but I know where to keep stuff and how to keep stuff.

 

[vitanola]

All I know is I'm going to go out and buy a lot of soup. If I don't need to eat it, I can always start a line.

BUY SOUP? Expensive! Learn to make it. Making soup at home is really pretty easy, very econmical, and the end product is SO much better than canned.

 

[LizzieMaine]

Bottle of ketchup, cup of hot water, and you're all set: Hoover Soup.

 

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[Feraud]

There is nothing like spreading fear by stating how we have nothing to be afraid of!

 

[ScionPI2005]

All I know is I'm going to go out and buy a lot of soup. If I don't need to eat it, I can always start a line.

I wonder how everyone would fair on Ramen, the traditional college diet...

 

[Fletch]

Squirrel rifle, vegetable garden, chicken coop. That's how my family made it thru the last time.

Of course that works only if you live anywhere near "the land." If you're in developmentville or the concrete jungle I guess it requires more ingenuity.

The difference now is going to be that everybody will have to keep their innertoobz and/or cable, or grow very isolated and ignorant indeed, like a modern kind of backwoods folk. We need information like that society of that time needed religion. Without it we have no place in the community or the world.

I hope we open up to some kind of in-kind economy if things get really black. Everyone has useful work they can do for someone. We'll have to put the profit motive on a back burner, tho, and forget about trying to be Number One and beating everyone all the damn time, or most of us really are going to be useless.

There are going to be more people who prey on other people. If you're smart, manipulative, and cruel, you could go far. Suppose we can learn better how to recognize the bad pennies while still mending the old ways of community?

I wish there were more folks like you Loungers around. We'd shine thru this.

 

[Feraud]

A cursory glance in my area shows people still driving their gas guzzling SUVs, cell phones and ipods galore, and the only reason pants hang off hips is due to a fashion choice and not lack of meals. [huh]

I think we've got a way to go before we see a real old school depression hit. Hopefully we never get to that point.

 

[carter]

Love those noodles

I wonder how everyone would fair on Ramen, the traditional college diet...

Hey! We still eat Ramen around here. Sam's sells it in bulk.

 

[Big Man]

I wonder how everyone would fair on Ramen, the traditional college diet...

My, my, my. How the "traditional college diet" has changed over the last 35 years. When I was in college, the "traditional diet" was beer and ... Well, beer.

:beer:

 

[carter]

Squirrel rifle, vegetable garden, chicken coop. That's how my family made it thru the last time.

We have plenty of squirrels 'round here and I have a trusty 22 that was my grandfather's when he was farming. Of course the city might take a dim view of shooting squirrel within their limits. We do have room for a garden. Chickens? They lay eggs don't they?

Of course that works only if you live anywhere near "the land." If you're in developmentville or the concrete jungle I guess the game's up.

Only in some urban areas. If it gets really bad, there's always soylent green.

The difference now is going to be that everybody will have to keep their innertoobz and/or cable, or grow very isolated and ignorant indeed, like a modern kind of backwoods folk.

We could always resort to reading books. Maybe we'd learn to hunt, garden, build a coop and raise chickens. We could go to bed when the sun sets and save on energy.
What a concept.

We need information like that society of that time needed religion. Without it we have no place in the community or the world.

Perhaps our community could become more personal. Who knows, maybe we'd get to know our neighbors even barter a bit now and then.

Now, back to reality TV.

 

[carter]

My, my, my. How the "traditional college diet" has changed over the last 35 years. When I was in college, the "traditional diet" was beer and ... Well, beer.
:beer:

We ived on...well, beer for sure...along with Ramen and Rice A Roni!

 

[Foofoogal]

Perhaps our community could become more personal. Who knows, maybe we'd get to know our neighbors even barter a bit now and then.

Here in Houston area you would not believe the people who had no lights for days with the hurricane. Many appeared and spoke of being somewhat sad that the lights were back on. Many spoke of getting to finally know the neighbors with BBQs and porch sittings and all.
The key they said also is you learn to get most of the work done before sunset also.
Very sad really if you are one that sort of remembers the porch era.
Many played board games and stuff with the kids also.

 

[ScionPI2005]

Here in Houston area you would not believe the people who had no lights for days with the hurricane. Many appeared and spoke of being somewhat sad that the lights were back on. Many spoke of getting to finally know the neighbors with BBQs and porch sittings and all.
The key they said also is you learn to get most of the work done before sunset also.
Very sad really if you are one that sort of remembers the porch era.
Many played board games and stuff with the kids also.

The concept of building more close-knit ties to people is actually the one big thing I'm looking forward to if a large economic crash is to occur. Our society really needs to re-build those bonds. Some change can be good.

 

[carter]

I believe it was J.M. Stovall who wrote about liking the time without electricity a bit in another thread related to Ike and it's aftermath.

You know some (actually most) people thought I was nuts but I was starting to like not having power. No electronic devices, and going to bed when it was dark. It felt very liberating. Sometimes I really hate modern life.

There are things we've lost as a society as we have become much more a nation of urban dwellers. I grew up with the porch-socializing generation and think that neighborhood ties are among the most critical losses we have realized during my lifetime.

 

[Paisley]

A few positive changes that may occur (and already have):

I've noticed some shops that had negative political signs up for the past few years have pulled them down. I guess they can't afford to run off customers anymore.

It may not be so hard to hire good help.

The bad help might be motivated to turn into average help. The incorrigible ones run a much higher risk of having to clean out their desks or turn in their aprons.

Cheaper stocks to fund your 401(k) with.

The dance floor is less crowded. Some of the people who went to dances because they seemed to have nothing better to do (since they just milled around or didn't bother to take the FREE classes) have left.