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Politics : Formerly About Applied Materials -- Ignore unavailable to you. Want to Upgrade?

To: Jerome who wrote (49060)	7/11/2001 10:48:31 AM
From: daryll40	Respond to of 70976

Nevertheless, the Fed DID raise rates after the crash and, in hindsight, might have caused a recession or mild depression to become the GREAT depression. Again, I agree that ANYTHING can (and will!) happen today but the situation after '29 is different than the situation after '99 Nasdaq. Daryll40

To: Jerome who wrote (49060)	7/11/2001 12:55:46 PM
From: mitch-c	Read Replies (2) \| Respond to of 70976

No... when Hoover took office in 1928 there were already 6,000,000 Americans unemployed. The crash was just the last shoe dropping. The shoe may already be dropping now. While I was in southern Alabama last week, I commented to my dad on the number of parcels of land for sale in the immediate area - more than I can remember seeing. His answer shocked me somewhat ... he said, "The folks around here are already in a deep recession, regardless of what the talking heads say." As I looked closer, I saw numerous vehicles for sale, farm-scale plots for sale, and evidence of much more untilled acreage than I remember for crop rotation. The most prevalent cash crop I saw was turf ... Bermudagrass sod. It looked really strange in soybean and corn country. Apparently, the rural sectors of the economy are in much more of a credit crunch than others - if it is fair to extrapolate this observation across the country. On my drive back to Texas, I noticed similar conditions, so I think it's at least a regional thing. - Mitch