Posted by Michael (tejas) on June 30, 2001 at 06:36:33:
No, I was pointing out that you, and I, didn’t have to participate in those wars or live through the depression. There certainly will be wars and economic upheaval, always has been, always will, but you and I will not be fighting in any wars. We shouln’t begrudge those who had to pay such a high price, and we should be grateful that our price to pay is only in dollars, not lives.
Healthcare crisis - a health care crisis is Calcutta, not arguing with your HMO.
Social Insecurity- Social Insecurity is Tiannamon (sp?) Square.
Dot. Bombs-- I’d be surprised if at their height they were 1/10 of 1 percent of gross GNP. Insignificant
Stock Market- The current slump at its worst was about a 20 percent drop, again insignificant and totally expected, no market goes only straight up. After the biggest bull market in history, to worry about this correction is a bit myopic. Real consternation sets in when you have a 50 percent drop ('74-'75) or a 90 percent drop as in the early thirties. I’m talking about the Dow here, where the basic industries that keep the wheels of the country rolling are located.
There probably will be another depression, arguably has to be one since no society lasts forever, but the causes of the last one will not be the causes of the next. Safe guards have been put in place, but being that they were put in place by humans, they will ultimately fail for reasons unforseen to the makers.
We are living in heady days, and may be as blind and doomed as Gatsby, but the trigger of any depression is highly unlikely to be pulled anytime soon.