Comments on: Top 10 Worst Financial Crisis in U.S. History http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/ Quality articles by quality people Thu, 17 May 2012 23:10:34 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Comparing Economy Management – China versus the United States « iLook China http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-3886 Comparing Economy Management – China versus the United States « iLook China Sat, 28 Apr 2012 18:43:56 +0000 http://www.akorra.com/?p=157#comment-3886 [...] Akorra.com lists the Top 10 Worst Financial Crisis in U.S. History starting with the Crash of 1929/Great Depression; our current and continuing Mortgage Crisis of 2007; the Panic of 1893; The Banker’s Panic of 1907; the Panic of 1873; the Panic of 1819; the 2001-2002 Recession (known as the dotcom bubble that wiped out $5 trillion in market value of technology companies);  the Kennedy Slide in 1962 which caused a 22.5% drop in the S&P 500; the Panic of 1837, and The Oil Crises of 1973. [...] [...] Akorra.com lists the Top 10 Worst Financial Crisis in U.S. History starting with the Crash of 1929/Great Depression; our current and continuing Mortgage Crisis of 2007; the Panic of 1893; The Banker’s Panic of 1907; the Panic of 1873; the Panic of 1819; the 2001-2002 Recession (known as the dotcom bubble that wiped out $5 trillion in market value of technology companies);  the Kennedy Slide in 1962 which caused a 22.5% drop in the S&P 500; the Panic of 1837, and The Oil Crises of 1973. [...]

]]> By: Buzz http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-3522 Buzz Mon, 27 Feb 2012 22:04:11 +0000 http://www.akorra.com/?p=157#comment-3522 I really believe this article is very much detailed . I really believe this article is very much detailed .

]]> By: Joergens http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-3126 Joergens Sun, 20 Nov 2011 01:11:00 +0000 http://www.akorra.com/?p=157#comment-3126 Just wanted to express my gratitude to everyone for your very valuable input. I bumped into this page while searching for some info on how the 1962 crisis was portrayed in the media. It seems that almost every major crises is portrayed as doomsday and newspapers just love to refer to 1929. It so happened in 2007/08 ( "Bernanke pale, we could face another 1929"), and I am too young to remember what media said in 1987 or in 1973. Personally, I don't think any of these crises can compare to 1929 at all. For example,J.P. Getty writes in one of his books that U.S. industry was operating at well below 50% of the maximum levels, wages paid out in 1932 were 60% less than in 1929. Dividends paid by companies still able to pay were 57% less. In other words,don't trust the media. An investor or an entrepreneur must be in a position to make his own sound judgment about the magnitude of a depression. Greetings from Hong Kong and Thanks for reading! Just wanted to express my gratitude to everyone for your very valuable input.
I bumped into this page while searching for some info on how the 1962 crisis was portrayed in the media.
It seems that almost every major crises is portrayed as doomsday and newspapers just love to refer to 1929.
It so happened in 2007/08 ( “Bernanke pale, we could face another 1929″),
and I am too young to remember what media said in 1987 or in 1973.
Personally, I don’t think any of these crises can compare to 1929 at all.
For example,J.P. Getty writes in one of his books that U.S. industry was operating at well below 50% of the maximum levels, wages paid out in 1932 were 60% less than in 1929.
Dividends paid by companies still able to pay were 57% less.

In other words,don’t trust the media.
An investor or an entrepreneur must be in a position to make his own sound judgment about the magnitude of a depression.

Greetings from Hong Kong and
Thanks for reading!

]]> By: Cornelius Seon http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-3039 Cornelius Seon Wed, 02 Nov 2011 13:46:54 +0000 http://www.akorra.com/?p=157#comment-3039 My Grandparents lived through the 1907, 1929, and 1937 Depressions. My Father was Ten in 1907, and my Mother was born in 1907, and they both survived 1929, 1937, and 1962. I was born in 1948, and survived 1962, 1973, 2001-2002 and 2007-Present. My point is that this cycle seems to be part of the American business cycle, and we will never be free of Crises. The problem this time is that we are so busy pointing fingers that it will be a very long time before we get down to fixing this one. My Grandparents lived through the 1907, 1929, and 1937 Depressions. My Father was Ten in 1907, and my Mother was born in 1907, and they both survived 1929, 1937, and 1962. I was born in 1948, and survived 1962, 1973, 2001-2002 and 2007-Present. My point is that this cycle seems to be part of the American business cycle, and we will never be free of Crises. The problem this time is that we are so busy pointing fingers that it will be a very long time before we get down to fixing this one.

]]> By: The Infamous CPTG http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-3021 The Infamous CPTG Sat, 29 Oct 2011 04:12:09 +0000 http://www.akorra.com/?p=157#comment-3021 My two Billion dollar's worth (two cent's worth at 2011 prices). I lived through the OPEC embargo of 1973 when gas went from $0.15 a gallon to almost $1.00 over night and that wasn't a 'Panic'. I remember my parents taking us over the bay bridge and my dad saying 'This ain't no oil shortage; the oil companies are in cahoots with the Arabs. I PERSONALLY counted 200 tankers sitting 2 miles out of the bay---it looked like the Normandy Invasion!!! There was no sence of Panic, more like rage!!! I also lived through the dot.com crash of Y2K and the average Joe didn't feel it either. For me, The Panic of 2008 dwarfs that of the depression---you didnt have the car companies going under or virtually everyone underwater in their morgage payments (Stockton, CA anyone?) in 1929-39. My grandmother lived through the Panic of 1907 and she described it as armegeddon---even TR felt helpless. She described that as the closest the US went under and she lived through the 30's. My two Billion dollar’s worth (two cent’s worth at 2011 prices). I lived through the OPEC embargo of 1973 when gas went from $0.15 a gallon to almost $1.00 over night and that wasn’t a ‘Panic’. I remember my parents taking us over the bay bridge and my dad saying ‘This ain’t no oil shortage; the oil companies are in cahoots with the Arabs. I PERSONALLY counted 200 tankers sitting 2 miles out of the bay—it looked like the Normandy Invasion!!! There was no sence of Panic, more like rage!!!

I also lived through the dot.com crash of Y2K and the average Joe didn’t feel it either. For me, The Panic of 2008 dwarfs that of the depression—you didnt have the car companies going under or virtually everyone underwater in their morgage payments (Stockton, CA anyone?) in 1929-39. My grandmother lived through the Panic of 1907 and she described it as armegeddon—even TR felt helpless. She described that as the closest the US went under and she lived through the 30′s.

]]> By: Jay Taylor http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-2688 Jay Taylor Mon, 05 Sep 2011 05:27:17 +0000 http://www.akorra.com/?p=157#comment-2688 Hello. I believe the word Crisis in the titles should be in the plural: Crises, since you're talking about ten of them. Thanks. Hello. I believe the word Crisis in the titles should be in the plural: Crises, since you’re talking about ten of them. Thanks.

]]> By: Protesting against the government - Page 2 http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-1723 Protesting against the government - Page 2 Thu, 27 Jan 2011 01:51:47 +0000 http://www.akorra.com/?p=157#comment-1723 [...] Perhaps coupled with other fiancial crises maybe. Top 10 worst financial crises in U.S. History Top 10 Worst Financial Crisis in U.S. History Gas lines. Really long gas lines. In October 1973, the members of the Organization of Arab [...] [...] Perhaps coupled with other fiancial crises maybe. Top 10 worst financial crises in U.S. History Top 10 Worst Financial Crisis in U.S. History Gas lines. Really long gas lines. In October 1973, the members of the Organization of Arab [...]

]]> By: DMS http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-1298 DMS Thu, 14 Oct 2010 13:45:40 +0000 http://www.akorra.com/?p=157#comment-1298 According to the National Bureau of Economic Research, which is the institution that dates rececessions, recessions prior to the New Deal were on average signficantly longer than in the post war period. Prior to 1919, they were twice as long generally. <a href="http://www.nber.org/cycles/cyclesmain.html" rel="nofollow">http://www.nber.org/cycles/cyclesmain.html</a> The longest recession ever started in 1873. And no, recessions shouldn't be rated just on their immediate impact but also their length and how much pain they caused over that period. They also shouldn't be rated solely on their impact on the stock market. According to the National Bureau of Economic Research, which is the institution that dates rececessions, recessions prior to the New Deal were on average signficantly longer than in the post war period. Prior to 1919, they were twice as long generally.
http://www.nber.org/cycles/cyclesmain.html

The longest recession ever started in 1873.

And no, recessions shouldn't be rated just on their immediate impact but also their length and how much pain they caused over that period. They also shouldn't be rated solely on their impact on the stock market.

]]> By: Raphael Douady http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-1095 Raphael Douady Sat, 14 Aug 2010 09:53:34 +0000 http://www.akorra.com/?p=157#comment-1095 I wouldn't rank crises by the size of their immediate impact but on the severity their medium term consequences. When looking at a century of performances of the stock market, 3 patterns appear - difficult to say in which order, all of them are big: - 1929 followed by WW2 - Oil shock in the 70s - 2000 to now I purposedly put the krach of the Nasdaq in March 2000 in the same package as the recent 2007-08 mortgage & credit crisis. After the "fantastic 90s" (despite 97-98 asian-russian crisis), investors got the big wake-up shock in March 2000 (9/11 was a geopolitical crisis, not an economic one). From then on, they've been blowing bubbles one after the other, first by uilding LBOs, then over-rated subprime structured products, ending into the credit crunch we know. I'm not historian either and cannot compare those with crises before that of 29. The beginning of the 20th century wasn't very calm either... Interestingly enough was the fact that, in all cases, over-regulation prevented from getting out of the crisis. The path out always came by some type of deregulation. Credit easing in the 40s, abandon of gold/dollar parity in the 70s, quantitative easing in 2008 and the practical give up of Maastricht constraints in Europe. I wouldn't rank crises by the size of their immediate impact but on the severity their medium term consequences. When looking at a century of performances of the stock market, 3 patterns appear – difficult to say in which order, all of them are big:

- 1929 followed by WW2

- Oil shock in the 70s

- 2000 to now

I purposedly put the krach of the Nasdaq in March 2000 in the same package as the recent 2007-08 mortgage & credit crisis. After the "fantastic 90s" (despite 97-98 asian-russian crisis), investors got the big wake-up shock in March 2000 (9/11 was a geopolitical crisis, not an economic one). From then on, they've been blowing bubbles one after the other, first by uilding LBOs, then over-rated subprime structured products, ending into the credit crunch we know.

I'm not historian either and cannot compare those with crises before that of 29. The beginning of the 20th century wasn't very calm either…

Interestingly enough was the fact that, in all cases, over-regulation prevented from getting out of the crisis. The path out always came by some type of deregulation. Credit easing in the 40s, abandon of gold/dollar parity in the 70s, quantitative easing in 2008 and the practical give up of Maastricht constraints in Europe.

]]> By: Phillip Tussing http://akorra.com/2010/03/03/top-10-worst-financial-crisis-in-u-s-history/#comment-404 Phillip Tussing Wed, 24 Mar 2010 04:40:05 +0000 http://www.akorra.com/?p=157#comment-404 I teach economics at Houston Community College. Today I just saw a lecture by Brian Domitrovic, a Harvard-trained historian & economist who teaches at Sam Houston University in Huntsville, TX. Domitrovic says that the worst crises in US history all came after the creation of the Fed, and were caused by 1. poor money supply control & 2. high taxes. He rates them 1. Depression; 2. 1973 crisis; 3. 1916-1919 panic; 4. Great Recession of 2008-9. He elaborates on this in his book Econoclasts, just out. I don't agree with him, but then I'm not an expert in economc crises -- do you have a refutation of this theory? On what technical criteria do you base the above list? I teach economics at Houston Community College. Today I just saw a lecture by Brian Domitrovic, a Harvard-trained historian & economist who teaches at Sam Houston University in Huntsville, TX. Domitrovic says that the worst crises in US history all came after the creation of the Fed, and were caused by 1. poor money supply control & 2. high taxes. He rates them 1. Depression; 2. 1973 crisis; 3. 1916-1919 panic; 4. Great Recession of 2008-9. He elaborates on this in his book Econoclasts, just out. I don't agree with him, but then I'm not an expert in economc crises — do you have a refutation of this theory? On what technical criteria do you base the above list?

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