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Major Stock Market Crash Ahead? Comparing 1929 to 2008
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WebPennys
September 21, 2008
Reviewing the history of the great stock market crash of 1929, its hard not to see the uncanny similarity that can be drawn between present time and the lead up to the great stock market crash of 1929……..
Following the great stock market crash of 1929, the US Govt. created the Pecora Commission in 1932 to study what had caused the great crash, to learn about and then adjust financial policy to prevent a similar stock market crash in the future.
One of the main factors the Pecora Commission cited as a possible cause for the 1929 crash was the wide range of abusive practices on the part of banks and bank affiliates… these abusive practices included a variety of conflicts of interest such as the underwriting of unsound securities in order to pay off bad bank loans as well as "pool operations" to support the price of bank stocks… following the the Pecora Commission, the Glass-Steagall Act of 1933 was established to protect the public against the abuses made by the banking industry, unfortuntely; 70 years later, Wall Street interests were able to repeal Glass-Steagall Act in 1999.
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With the Glass-Steagall Act repealed 1999, Wall Street was able to start its slow-motion repeat of the banking circumstances preceeding the 1929 crash, for example; the current US Secretary of Treasury is none other than an ex-CEO of the Wall Street giant investment bank; Goldman Sachs… Goldman Sachs has been heavily involved in the securitization business on Wall Street over the past decade… securitization is a buzzword for the packaging of debt which is then sold to investors, products like; sub-prime mortgages, CDO’s, ABCP’s, etc, etc, which have now been found to be riddled with fraud… and which are now at the base of Wall Streets problems.
To me, it looks like Wall Street has essentially already committed the same malfeasance that ultimately lead to the great stock market crash of 1929… so, in my opinion, any major bailout that Hank Paulson is able to swindle out of the US taxpayer will only delay the painful re-adjustments coming to US stock markets.
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September 21st, 2008 at 4:49 pm
I don’t understand why mercenaries would kill innocent people, for what? why can’t our soldiers and private contractors see they are doing the work of evil.
Michael Reply:
March 4th, 2009 at 5:03 pm
You drank the wrong cool-aid dude. This article is about a possible stock market crash.
Time for your meds?
September 21st, 2008 at 4:55 pm
The money changers did it on purpose in order to bring us to our knees.
they will then take total control of us, the peons, and have their way.
we will all soon feel the same sting that the Germans felt during the Weimar crash.
stabbed in the back indeed.
September 21st, 2008 at 4:57 pm
Prepare as much as you can and as fast as you can. God help us all.
September 21st, 2008 at 5:30 pm
I don’t see the powers killing their golden goose with a total collapse. Although that would be a good thing because it would give us a chance to get the dead weight of the yuppy and fake christian losers off our backs.
September 21st, 2008 at 5:47 pm
a depression cannot happen unless there is a severe contraction of the money supply. They haven’t started doing it yet they are still inflating we still have some time before they really start to deflate
September 21st, 2008 at 6:53 pm
You know 6 months ago the question was whether we would have a recession and we forbid using the “D” word.
Now we are talking about Depression and would’nt that mean we are all ready in a recession??
Yet no one has made that connection.
So with that thought I agree, the question is no longer IF, but WHEN.
September 21st, 2008 at 8:22 pm
deflation will occur when there is no credit available. believe me we will still have severe inflation, lots and lots of dollars out there; you just wont have any, unless you sell your G-O-L-D.
September 21st, 2008 at 8:28 pm
Patriots, pls give a listen.
http://arcticbeacon.com/sound_tidbits/Cuppett/wav/
September 21st, 2008 at 8:49 pm
Just wondering … With the Fed being a private company, if the Fed “bails out” all of these banks, isn’t that a loan that the Fed — not the US — will get interest on?
And if it is, aren’t the big players the Fed is bailing out the same bankers and investors who will be making those Fed loans and receiving that interest..?
Seems fishy to me.
September 21st, 2008 at 9:14 pm
I have been flat broke for a long time now and have been telling you people that the government is out of control for 20 plus years! And all you people did was laugh at me! Welcome to the party!! HA HA HA
What comes around goes around!!!!!!!!!!!!!!!!
September 21st, 2008 at 9:22 pm
There is one major difference between the coming depression and the depression of 1929. In 1929, over 80% of the people were self sufficient, now it is less than 5%! Almost everyone is completely dependant on money and the rules of supply and demand. If the grocery store shelves become empty, most folks wouldn’t survive a month! If the gas & electric get turned off, most people would freeze in the winter. Sadly, most have all been suckered into living the “modern lifestyle” with little emphasis on self sufficiency. This is all done by design.
I talked to an older lady a few weeks ago that lived through the great depression. She told me that her family had a small farm, and they worked hard gardening, canning, hunting and preserving food. In her own words, “We ate what we grew”. How many people today could adapt to such a lifestyle?
September 21st, 2008 at 10:11 pm
phony job titles,
faulty salaries,
and false promises.
know your enemies.
snip their corporate wet-dream conveyors.
robbery of humankind, yet we all have the ability to be saviors.
unbound to the grind, so fuck those guide stones.
soul, body, and mind will be combined, so . . .
if this is your attempt to spirit-shackle us to our homes,
it’s only a new rendition of tyranny found in ancient tomes.
beat it before, beat it out of Rome.
the system is cracked, our spirit is the spackle.
a blend of fact and fiction is their tackle.
entertaining is the illusion, but soon they’ll lack the sell.
no diction dissection,
it’s a high border wall with highball drinkers and bill collectors in both regions,
reaping it all,
watching it fall,
a societal speed ball.
September 21st, 2008 at 10:28 pm
“Woke up this morning, and got myself a gun!” – Time to do a “Tony Soprano” on these fools!
September 21st, 2008 at 11:13 pm
All this mess has been expected for quite some time. The Money Masters have proven that they really do own us now. We have no say about where this will take us. If we complain or protest, we may be with Al-CIAda or worse…
I would like to believe that having stored food, plenty of ammo, gold in hand or water filters will help out this situation but the reality will be, those who did not prepare for what is coming will be going after those who did. People do very bad things when they become hungry and desparate… I try to imagine chaos in the streets HERE. This mess will be a real test on the American People and it appears that only those who band together in self defense will make it. I will give this Country 3 months TOPS before the chaos begins. I hope I am wrong!
September 22nd, 2008 at 12:30 am
Thanks Bill; great advice: we all do need to be self-sufficient, at least, store 3-months supply of food and water, and some extras such as sugar, cigarettes, TP, canned goods to barter with neighbors. Some firearms would still be advisable for home defense.
September 22nd, 2008 at 1:04 am
World government is coming for sure and its just one of the last fulfillments in bible prophecy before the second coming of Jesus and the end of the earth. Its not a time to be scared but a time to get a true relationship with Jesus and rejoice! Then we will go to our true home. For now natural disasters will continue to get worse and a Sunday law will soon come into effect. All are to be fulfilled, then the end will come. I and many people believe this generation to be the last. Check out amazingdiscoveries.org. Only follow the bible people! Not any religion or church thats full of man made traditions. They are only wolf in sheeps clothing to led you astray. The bible warns of big tribulations and world economic disasters in the end days and iam so wrapped all this is happening. God will feed his people and take care of them when sh%* hits the fan. So pray for guidance and dont worry about all the evil people. They will get whats coming to them .
September 22nd, 2008 at 1:21 am
Just look at Mccain & Palin and tell me they don’t look like fall guys…..Neither one could find their ass with either hand without their advisors. Who’ll be left to advise them after all the big boys leave the country…..It’ll be the biggest gag in history watching those two buffoons try to figure anything out…. America will be the laughing stock.
September 22nd, 2008 at 1:53 am
In Australia you can’t even own a bb gun without a license. Boy have we missed the point down here. Seven years ago I felt the need to use all of my backyard to grow fruit and veg. I never got into it, but now I am fully motivated to do so – economic crash in the next couple of years or not.
September 22nd, 2008 at 2:54 am
A deflation is happening right now because they can’t give the money away fast enough to counter the money being lost. When this ends, it will turn around and we will be in a hyper-inflationary scenatio.
I give that a year or two.
Got gold?
September 22nd, 2008 at 8:42 am
Do you think that Congress is being threatened or bribed ? Sometimes, Pelosi looks like she is scared out of her wits.
I feel like I woke up and aliens have taken over the earth. Sometimes Pelosi looks like those aliens gave her an anal probe!
But hey, Bush will save the day by attacking Iran, drawing in the Russians and poof, all of our day to day problems will be vaporized if you know what I mean.
It is amazing to watch how a few people can screw up things for everyone else. Now I know why the Bush family bought all those acres in Paraquy!
The War From Hell (http://war.1afm.com)
September 22nd, 2008 at 9:09 am
The only reason the government goes after the mafia is because of competition.
September 22nd, 2008 at 10:18 am
my calculator cant even fit $700,000,000,000 on it!!!
September 22nd, 2008 at 1:48 pm
To pay back $1Trillion.
@ $1Million a day: 2,739 Years
@ $10Million a day: 274 Years
Official national debt of the US is of now is $10Trillion.
Unoffical national debt of the US is $56Trillion.
$56Trillion repaid @ $1Million a day: 15,000 Years (give or take a few hundred years).
September 22nd, 2008 at 9:29 pm
Wall Street has AIDS. Bailing them out would be rewarding bad behavior. They had the lessons of history and disregarded them, being so brazen as to repeal the Glass-Steagall Act. We should let free enterprise work and equalize itself. It will be painful but necessary to purge the system and reward those who did things the right way.
September 24th, 2008 at 7:05 pm
What makes this such a mess, is that:
Bundled Subprime Mortgage Securities Products assets (the original first but more likely second mortgadges given to borowwers with less than (average of 0.71% equity in the so called property) are listed by code number and zip code, not name and address.
One Goldman filing lists more than 1,000 pages of individual loans – but they’re by code number and zip code, not name and address.
Sounds like lots of people are covering there tracks to sell fradulent securites and leave no verifiable audut tral so taxpayers can never recoup a dime!
September 28th, 2008 at 11:01 am
Why has no one mentioned that the fall of Washington Mutual was such a sad thing. This C.E.O. walked away with a fortune. He is Phil Gramn whom recently scolded Americans for being whiners about the economy. He is none other than the same man that is McCains economic advisor……………
January 11th, 2009 at 12:16 am
I hate to encourage Alex Jones but this is dead on. Sadly, Geithner will do no better than Paulson to squeeze inflationary taxes from the American people.
February 10th, 2009 at 8:57 am
YOu are all retarded!! you sound like fools!! and you have NO idea what you are talking about! no one cares about bb guns in australlia! no one cares how long you have been broke for!! your all gay!!