Martis said "In my humble opinion, i think we r in a TIME ZONE that is comparable to no other..
One would call this the PERFECT STORM.. the alignment of the planets.... I truly believe in my humble opinion...that our financial system is about to change for ever..."
Martis with all due respect you are clearly not a student of economic history. Plenty in the big financial disaster if you want to look them up and also in recent history and they all changed the financial systems for ever.
The major problem is that these events occur once every generation and memory fades in the intervening bull cycles.
In terms of remembering have you read anything of the great recession of 1910-11? - 100 years ago I doubt to many here have ... issue was overproduction ....here is a quote from the New York Times of the day ....all just part of the business cycle ..
"Few years in the history of American finance and business have opened under conditions so unpromising as those which surrounded the birth of 1908, and it is equally safe to say that in no previous twelve-month have such serious handicaps been so far overcome and the country as a whole set so far forward upon the return road to prosperity....In the money market at the opening of January, 1908, the legacies of the [1907] panic were still undisposed of, for the premium on currency had barely disappeared, call money ruled at 20 per cent, the Clearing House banks were working under a deficit of $20,170,000 and had still some $50,000,000 of Clearing House certificates outstanding, while the Bank of England, the world's money barometer, had just reduced its discount rate from 7 to 6 per cent. On the Stock Exchange the movements of securities were feverish and uncertain, reflecting the unsettlement of sentiment everywhere, and the average price of sixty active railroad stocks stood at 79.66. The position of the railroads was disclosed both int eh great declines in earnings reported from week to week and in the official statement of the American Car Association that standing idle on the tracks were 341,000 freight cars. The sinister side of this situation was well brought out by the appointment on Jan. 8 of receivers for the Chicago Great Western Railway. Trade conditions were bad, consumption of merchandise had dropped sharply to 35 per cent. of normal, factories were going on part time or closing down, and leading to the return to Europe of thousands of foreign workmen. In the iron and steel trades curtailment had gone so far that December pig iron production figures, which were published in January, disclosed an output of only 1,234,000 tons as against 2,336,972 tons in October."
That panic in 1907 lead to the Financial Reserve System ... recession of 1913 led to the Federal Reserve Act ...there was a depression in 1920 ... another depression in 1929 ... and the real killer of the 20th century was 1937 where the killer C wave wiped everyone out. Big Ben does not want to see 1937 repeated ... it was the event that finished everyone off.
It might also interest you that Ben is a student of the 1929 and 1937 events. It was considered by many economists that the reason for the 1937 event was the tightening policy of the Fed Reserve. We can see why Ben has used the stimulus because he did not want 1937 to repeat.
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