Looking back over the history of America it is hard to miss this event. I can't think of another event that has caused so much stress and disorder in people lives. Uncertain what would come next people lived their lives in a sort of flux. Much like the war in Iraq this hit hard and affected most of the people in the country. One day while there stockswere high and there bank acounts overflowed, the next; the stock market crashed and their money was gone in no time. Leaving people uncertain and looking to recover from this shocking change of events.
The Iraq war affects so many people in a negative way, while it is hard to find an event that changes peoples lives as much as a war the great depression after the stock market crash October 29 1929 black Tuesday. Many people believed that depressions had come and this would be over soon, they just had to wheather the storm. Most people seemed to feel the same way about the Iraq war, it won't last long and we will have our victory soon. It seems that indeed we will win in Iraq just like America survived the depression it is only a matter of how much time and soldiers we are willing to commit to the fight.
I'm curious when the concept of credit came about. I have a feeling that it played a pretty big role on the stock market crash.
ReplyDeleteThe fact that banks were able to lend "money" out, and those that borrowed were "supposed" to give it back. But when the borrowers didn't, it wasn't them who were in trouble...the banks were.
I think banks will always be in debt from introducing the concept of credit too soon.