If you’re looking for a glimmer of silver lining in the doom clouds on the horizon, take a listen to The Creating Wealth Show #95, where Jason talks it over with bestselling personal finance author of several Dummies books, Eric Tyson. Tyson reflects on his opinion that recent comparisons of our current economic climate and the Great Depression of the 1920’s and 1930’s is melodramatic fantasy.
In his view, the numbers simply aren’t there to support that claim. He likens today’s slowdown to a typical post-war recession. When you look at the unemployment rate and reduction in GDP, that’s really the only comparison he thinks can be made. Not that it can’t get worse. Tyson does go on to remind us that one difference between present circumstances and other post-war recessions has been the just-stepped-off-the-cliff plunge in the stock market, but we at Empowered Investor don’t have to worry about that because we don’t trust our money on Wall Street anyway.
With the alarmist media paying such close attention to stocks and so many people being heavily invested in Wall Street, the resulting coverage certainly makes it seem like the sky has fallen squarely on many peoples’ heads. But it’s not the Great Depression. Not yet. If you are fortunate enough to still have friends or family around that lived through those times, you only have to listen to day-to-day living details for a few minutes to realize the word “Great” was attached to that time period for a reason.
