Word: markets
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Dates: during 2000-2009
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...Great Depression started out with a stock market bubble that burst in 1929, as the world was going into a nice recession. Then the government started making mistakes. They passed the Smoot-Hawley tariff, they raised taxes, they became very protectionist, and the next thing you know we had the Great Depression. In Europe they made solvent banks take over insolvent banks with the result that both [kinds of] banks failed. This has all been done before. History is - I don't like saying it, but it's repeating itself. Governments are making the same old mistakes...
...market is up from its lows and the most recent unemployment numbers are slightly better; what do you say to people who say, 'Well, we're nearing bottom on this...
...think we've seen a bottom. I don't think we've seen the bottom. If America's determining its policy on whether the stock market is up for a month, America's in worse shape than I'd realized. We could have a rally for who knows, six months, a year, we could have a rally for a while after having had the kind of collapse we did. In the '30s the stock market rallied frequently. But in the end it was still the Great Depression...
...experts who analyze the failures of the economies of the largest countries in the world got a chance, for the first time since the downturn began, to contemplate what would happen if one more leg is kicked off the stool. The stock market responded with a shudder yesterday but at least did not collapse in response to the weekend media blitz about the Swine Flu outbreak. The reaction of the world's markets is likely to be close to panic if this disease becomes widespread and lethal. (See pictures of the swine flu outbreak in Mexico...
...Citigroup (C) and Bank of America (BAC) have done poorly on their "stress tests". Each bank may be encouraged to raise more capital. As a number of analysts have pointed out, private equity has no interest in stakes in troubled banks even at a steep discount to their current market values. To help improve banks' capital bases, the Administration will almost certainly have to take the money it has given and is about to give to banks, and convert it into common stock. That will crush current shareholders and it will create the problem of how taxpayers ever get paid...