All articles tagged with #great depression
Andrew Ross Sorkin's book '1929' explores the human drama and key figures behind the Wall Street crash of 1929, drawing parallels to modern financial issues and emphasizing the ongoing relevance of the events and decisions that led to the Great Depression.
President Trump warned that a court ruling against his emergency tariffs could lead to a 1929-style Great Depression, though experts suggest that such tariffs are unlikely to cause a recession and may even be stimulative if reduced. The legal challenge involves whether Trump overstepped his authority in imposing tariffs, with a decision expected from the Supreme Court. While Trump claims tariffs boost the stock market, analysts argue they slow growth and act as a hidden tax on consumers.
CNN contributor David Axelrod addressed President Biden's derogatory remarks about former President Herbert Hoover, stating that Biden has a good comparison to make but shouldn't engage in side debates about Trump's comments. Margaret Hoover, great-granddaughter of Herbert Hoover, defended her ancestor, emphasizing that the Great Depression was a unique event in American history and suggesting that Democrats should move past the 90-year-old talking point. The panel also discussed Trump's mention of not wanting to be Herbert Hoover, with Hoover clarifying that she is not a Republican and Axelrod making a lighthearted comment about Trump not wanting to be compared to Hoover.
TikTokers are claiming that the current economy is in a "silent depression," comparing it to the Great Depression, despite experts pointing out flaws in the comparison. While prices for housing and other goods have increased significantly since the 1930s, experts argue that the existence of social safety nets and improved living standards make it an unfair comparison. However, young people today still face challenges such as student loan debt and high rent, leading to concerns about achieving homeownership and a sense of economic insecurity.
A rare $10,000 bill from the Great Depression era, featuring the face of Salmon P. Chase, Lincoln's Secretary of the Treasury, has sold for a record-breaking $480,000 at auction. Certified by Paper Money Guaranty (PMG) and graded as Exceptional Paper Quality (EPQ), this bill is tied for the highest-graded among the 18 examples graded by PMG. The $10,000 bill was the highest denomination note to circulate publicly, and this particular note was never in circulation. In a parallel coins auction, a rare 1899 double eagle $20 gold coin fetched $468,000.
Consumer prices in China fell 0.3% from the previous year, signaling deflation, which is a more challenging problem for economies than inflation. Deflation can lead to bankruptcies, unemployment, and reduced demand for products and services. During the Great Depression, deflation fueled an economic downward spiral. The cure for deflation is for the government and central banks to inject money into the economy to encourage spending, but it remains uncertain if this approach will work for China due to its high levels of debt.