Great Depression

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CIA Analyst: Next Great Depression 'About to Strike'

Jim Rickards sees bad news in the Fed's 'Misery Index'

(Newser) - A CIA analyst known for his dire economic predictions is speaking up again, warning that the next Great Depression may be right around the corner. Jim Rickards, a "financial threat and asymmetric warfare adviser" for the CIA, tells Money Morning that Americans should be preparing for a $100 trillion... More »

Bonnie, Clyde's Guns Up for Grabs

Handguns were found on outlaw lovers after death

(Newser) - The guns Bonnie Parker and Clyde Barrow were carrying when they died in a hail of bullets during a police ambush 78 years ago are going to be auctioned off. The Colt .38-caliber revolver Bonnie had taped to her inner thigh and the .45-caliber Colt pistol Clyde had tucked into... More »

Great Depression Data Goldmine to Finally Go Public

1940 census to be released after 72 year of privacy protection

(Newser) - After 72 years of privacy protection lapses, intimate details of 132 million people who lived through the 1930s will be disclosed as the US government releases the 1940 census on April 2 to the public for the first time. Access to the records will be free and open to anyone... More »

As Bad as the Depression? If Only

At least new industries arose in the 1930s: Leonhardt

(Newser) - There's never a Great Depression around when you need one, apparently. Despite its misery, "the United States economy was quietly making enormous strides during the 1930s," argues David Leonhardt in the New York Times . Americans were getting a better education—high school, back then—while industrious entrepreneurs... More »

US Keeps Repeating Same Mistake on Economy

Paul Krugman: We have to worry about jobs, not the deficit

(Newser) - The US made a terrible mistake last year by not spending enough money on the economic recovery, and it's on track to repeat the error on a larger scale this year, writes Paul Krugman in the New York Times . Deficit hawks were allowed to overrule those concerned about job... More »

Did Bankers Go to Jail for Causing Great Depression?

No, although a couple were charged and some were embarrassed

(Newser) - The government could soon prosecute a few Wall Streeters who allegedly played a role in the financial crisis, and the commission that uncovered those at fault was modeled on a similar probe after the Great Depression. So did anyone who precipitated that collapse ever go to jail? Nope, writes Brian... More »

It's 1938 All Over Again

And World War II isn't walking through that door

(Newser) - The US economy has been crippled by financial crisis, and the president’s too-cautious policies have failed to stem the bleeding. More stimulus is needed, but the public has soured on spending and plans to kick Democrats out of office. Sound familiar? That was the situation in 1938, writes Paul... More »

World Risks Repeat of '30s Double Dip

Spending cuts could send economy plummeting again

(Newser) - The world's top economies are all talking about tightening their belts, and in so doing risk repeating the mistakes of the 1930s, writes David Leonhardt of the New York Times . When President Roosevelt tried balancing the budget in 1936, it plunged the recovering country back into depression. But austerity enthusiasts... More »

Let's Face It: It's a Depression

Savage cuts when governments should be spending will prove the fatal blow

(Newser) - Paul Krugman uses the D word today, arguing that we're now in the early stages of a third depression. It may turn out to be more like the Long Depression of the 19th century than the dreaded Great Depression, but that's not going to offer much succor to the legions... More »

Congress Must Grill Bankers, Depression Style

US needs something like the combative Pecora Commission

(Newser) - In the wake of the 1929 stock market crash, bankers weren't just held accountable, they were humiliated. Writing for Vanity Fair , historian Alan Brinkley looks at the agent of that humiliation: the Pecora Commission, a nasty, combative affair. The brilliant cross-examiner Ferdinand Pecora grilled the likes of JP Morgan Jr.... More »

Happy 80th Birthday, Twinkies

American icon celebrates milestone

(Newser) - Happy birthday, Hostess Twinkies. As of today, you’ve been satisfying America’s need for shelf-stable cream-filled sponge cakes for 80 glorious years. The cakes were invented on April 6, 1930, by a Chicago bakery manager named James Dewar, who was looking for something cheap to sell to his Depression-hit... More »

Stocks Finish Worst Decade Ever

Yes, even worse than the 1930s

(Newser) - Unless something really drastic happens in the next few days, the 2000s will be the worst decade in recorded stock market history—and that’s going back to 1820, folks. You would have been better off putting your money under your mattress than investing in stocks in 1999; since then,... More »

Latest Victim of Recession: Larger Families

(Newser) - Families appear to be putting off that baby until economic conditions improve, the New York Times reports. The birth rate fell 2% in 2008 compared to 2007, and the trend looks to be continuing into 2009. “It’s the recession," a sociologist says. "Children are the most... More »

Tax Revenue Takes Biggest Dive Since Great Depression

(Newser) - US tax revenue is set to shrink 18% from last fiscal year to the current one, ending in October—the largest falloff since 1932, the AP reports. Individual income-tax receipts are off 22%, and corporate revenues have sunk an astounding 57%. “Our tax system is already inadequate to support... More »

Collectors Eye California IOUs

(Newser) - California's recently issued IOUs are only the latest in a long history of dollar substitutes in America, the Wall Street Journal reports, and they're already being eyed by collectors of  temporary currency on everything from leather to plywood to old tires to clamshells. Schwarzenegger's scrip is plain in comparison to... More »

We're Doomed Without Another Stimulus: Krugman

Jobs report offers scary echoes of 1930s stagnation

(Newser) - Yesterday's grim jobs report is the clearest sign yet that the US desperately needs another fiscal stimulus, writes Paul Krugman in the New York Times. This is 1930s redux: a Democratic president has pushed through an insufficient program, while strapped state governments cancel out federal spending with their own budget... More »

Public Enemies Pretty, if Rote

Mann's film is visually luscious, but some find it rote

(Newser) - Critics mostly like Public Enemies, Michael Mann’s lusciously shot—if not terribly deep—ode to ‘30s gangster life with Johnny Depp as bank robber John Dillinger.
  • The film is a "beautiful work of art," declares Manohla Dargis for the New York Times, "a vividly realistic
... More »

It's Too Soon for Feds to Ease Up on Economy

If Washington cuts off the cash, recession will worsen: Krugman

(Newser) - With critics prematurely calling on Washington to scale back financial rescue efforts, economic history fans see “déjà vu all over again,” writes Paul Krugman in the New York Times. This is the third time a major economy has been stuck in a liquidity trap, and both previous... More »

Obama to Launch Radical Bank Reform

Changes will be the most ambitious since the Great Depression

(Newser) - President Obama will unveil next week sweeping new changes to the nation’s governance of troubled financial institutions, the AP reports. Unlike Washington’s temporary ownership stake in automakers and major financial companies, the new regulatory protocol will be permanent and will present the most ambitious revision since the 1930s.... More »

Hardship Made Them the 'Greatest': Brokaw

(Newser) - Even before enlisting, World War II soldiers were made great by the “deprivations and lessons of the Great Depression,” Tom Brokaw writes in the Wall Street Journal. Shared sacrifice and lack of staple goods forged the outlook of the "Greatest Generation," and made the Army almost... More »

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