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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory
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To: glenn_a who wrote (20608)10/24/2004 7:29:15 PM
From: Elroy Jetson  Read Replies (1) of 110194
 
Use the Industrial Production figures you posted, Message 20681896

but make 1929 production equal to 100 in both the US and England and you can easily see how production declined far less in America.

Year	UK	USA
1927	85	96
1928	90	95
1929	100	100
1930	82	91
1931	67	82
1932	52	82
1933	62	83
1934	67	100
1935	78	108
1936	95	119
1937	103	127
1938	79	117


As Nobel winning economist Simon Kuznets points out, wealth and poverty tend to be relative rather than absolute. If you're used to living on $100k and get cut to $50k your life is a catastrophe. But your life is blessed if you move from $40k to $50k.

Most pertinent is the amount of debt. America at the time was a major lender while England was a borrower. If you have debt and your income (production) declines - you're dead.

Additionally, wealth and income is far from evenly distributed. When the pain of a depression occurs, the worst of the cut-backs happen to the working class.
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