Great Depression

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Deflation Danger Looms as World Economy Slows

Falling prices could trigger long downward spiral

(Newser) - Fears of runaway inflation have been replaced by fears of its opposite as the world's economy starts seizing up, the New York Times reports. Economists see a potentially devastating deflation ahead as cash-strapped consumers create a glut of underpriced, unpurchased goods and services—in turn triggering mass layoffs at struggling...

Following Herd Out of Market Will Sting in Long Run

No reason stocks won't be back: economist

(Newser) - Ready to pull the plug on the stock market and put all of your money under the mattress? Princeton economics professor Burton Malkiel writes in the Wall Street Journal that you’ll be better off riding out the storm. “No one has consistently made money by selling America short,...

Mortgage Crisis? Blame George Bailey
Mortgage Crisis? Blame George Bailey
OPINION
Oct 12, 2008 1:26 PM CDT

Mortgage Crisis? Blame George Bailey

It's A Wonderful Life hero helped poor buy unaffordable homes

(Newser) - The housing bubble that triggered the current economic crisis began with a post-Depression attitude toward owning a home presented in the classic Christmas flick It’s a Wonderful Life, writes Ross Douthat in the Washington Post. Hero banker George Bailey’s chief goal was to loan the poor enough money...

How-To Films for Tough Times
 How-To Films for Tough Times 
Oct 12, 2008 5:17 AM CDT

How-To Films for Tough Times

20 cinematic escapes when you're feeling the Great Depression

(Newser) - Nothing lifts a Great Depression like a visit to the talkies. Gawker recommends 20 films to watch on your iPhone while standing in tomorrow's bread lines—assuming you haven't already sold your iPhone.
  • It's a Wonderful Life: How to survive a bank run, and have a Merry Christmas.
  • Grapes of
...

Yes, It's Bad, But the Depression It Ain't

Economist sees differences and remains optimistic

(Newser) - The economic news out of Wall Street and Washington is scary and shocking, but there's no reason to use the "D" word anytime soon, Jay Hancock writes in the Baltimore Sun. He talks with economic historian and professor Louis Galambos, who remains guardedly optimistic about the "core of...

Depression, No&mdash;but That Lesson Is Vital
Depression, No—but That Lesson Is Vital
Analysis
Oct 1, 2008 4:20 PM CDT

Depression, No—but That Lesson Is Vital

As credit outlook deteriorates, most important word is 'trust'

(Newser) - Constant references to the Great Depression aren’t alarmist, but the analogy isn't perfect, either, writes David Leonhardt in the New York Times. "The basic mechanics of how the economy might fall into a severe recession look quite similar to those that caused the Depression," he explains. "...

'Nihilist' House GOP Doomed US to Recession
'Nihilist' House GOP Doomed US to Recession
OPINION
Sep 30, 2008 12:00 PM CDT

'Nihilist' House GOP Doomed US to Recession

American leadership is 'scarcer than credit,' writes Brooks

(Newser) - When FDR became president, writes David Brooks, his first priority was to give Americans faith in their leadership, to show that someone was running the show. Now that the US is facing the greatest financial crisis since the Depression, today's political leaders "have failed utterly and catastrophically to project...

Crisis 'Going to Last a Lot Longer'
 Crisis 'Going to 
 Last a Lot Longer' 
ANALYSIS
Sep 18, 2008 7:19 AM CDT

Crisis 'Going to Last a Lot Longer'

The ills of the banking sector are spreading to industries previously thought resistant

(Newser) - The “worst financial crisis since the Great Depression” is spiraling downward and we may not have hit bottom yet, reports the Wall Street Journal in a look at how the subprime contagion has spread beyond its banking hosts, infiltrating sectors previously thought to be immune. “I think it’...

New York, New York, That Teetering Town

Masters of Universe tighten their belts as Wall Street quakes

(Newser) - Amid the financial fallout, even Manhattan's wealthiest consumers are beginning to curb their spending, Reuters reports. Wall Street tremors and belt-tightening by the rich are bound to hit New York City especially hard, and will rock stores, restaurants—and even charities. "We still have not hit the bottom...

Bear Bailout Called 'Worst Mistake in a Generation'

Bear Stearns move 'worst mistake in generation,' he charges

(Newser) - A former top-ranking Fed official has called the central bank's decision to bail out Bear Stearns its "worst mistake in a generation," the Wall Street Journal reports. The official, former chief of monetary policy, compares the hasty move to errors that helped trigger the Great Depression. He accused...

Rumsfeld to Pen Memoirs
 Rumsfeld to Pen Memoirs 
Apr 15, 2008 6:04 AM CDT

Rumsfeld to Pen Memoirs

Proceeds will go to foundation

(Newser) - Former Defense Secretary Donald Rumsfeld, one of the architects of the war in Iraq who resigned from the Bush administration when the US became mired in the insurgency, is writing his memoirs, Reuters reports. The 75-year-old former congressman won't take an advance and will donate the book's proceeds to a...

Depression-Era FHA Tries to Save Mortgages

Long-sidelined agency now a central player in the credit crisis

(Newser) - It’s been a while since the Federal Housing Administration was relevant. But now policymakers are counting on the Depression-era agency, which mostly insures mortgages, to once again solve a housing crisis. FHA-insured loans are swiftly becoming substantially cheaper than their Fannie Mae or Freddie Mac backed counterparts. “The...

Bah, Happiness: Gloom Is Normal
Bah, Happiness: Gloom Is Normal
Feb 7, 2008 8:06 AM CST

Bah, Happiness: Gloom Is Normal

Sadness is a normal emotion, not a disease, cries anti-joy crowd

(Newser) - Maybe you're feeling a little down—not to worry! Turn to self-help books, psychiatrists, little blue pills, or Dr. Phil to make you happier! But in Against Happiness, melancholy Eric Wilson rails against our culture’s “craven disregard for the value of sadness.” And a growing wave of...

Home Foreclosures Hit Record
Home Foreclosures Hit Record
Jun 14, 2007 3:16 PM CDT

Home Foreclosures Hit Record

A dreary real estate market is fueling an all-time high rate of foreclosures

(Newser) - Home foreclosures hit a record high in first-quarter 2007 as more subprime borrowers failed to make their mortgage payments. The number of mortgages entering foreclosure spiked four basis points to 0.58% and over 2.4% of subprime mortgage holders defaulted, up from 2% last quarter, according to a report...

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