Take Advantage Of The Panic Of 2008

January 3, 2009

Many will rue what they lost in the Panic of 2008, but if you have patience, foresight and the nerve to buck the crowd, the aftermath presents a wealth of opportunity. Virtually every asset, apart from U.S. Treasury obligations and the dollar itself, is marked down as steeply as a sweater, a television or a car this dismal holiday season. Or as a barrel of oil, which went from $145 …

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Imagining A 21st-Century Depression

January 2, 2009

Mention the phrase “Great Depression,” and the black-and white image of men in fedoras on soup lines comes to mind. A 21st-century depression would scarcely resemble that of yesteryear, but would be similarly miserable. Let’s be clear: The United States is not headed for an economic depression similar to the Great Depression. Since the Great Depression, countless economists have studied ways to avoid a repeat. Currently, governments worldwide, while far …

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Mumbai Attacks Weigh On Recent Visitor

January 1, 2009

Editor’s Note: New York artist and lawyer Jolie Schwab toured Mumbai and other Indian cities recently with the American Jewish World Service. She left that country three days before the terrorist assault on Mumbai that began Nov. 26. In an email to family and friends, excerpted here, she shared her reactions immediately after the attack. As I was leaving India on Nov. 23, I was struck by the vastness of the …

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A Financial Meltdown 75 Years In The Making

A Financial Meltdown 75 Years In The Making January 1, 2009

1933 — President Roosevelt signs the Banking Act of 1933, or the Glass-Steagall Act, into law with the aim of restoring confidence in the banking system, which is at record lows after one in five banks failed following the 1929 stock market crash. The legislation separates commercial banks from investment banks to ensure that deposits are not subject to the risks associated with the underwriting and speculative trading of stocks …

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Preview: A Depression’s Depressing Statistics

Preview: A Depression’s Depressing Statistics January 1, 2009

Is past prologue? Yes and no, when it comes to depressions. Two certainties during any economic depression are high unemployment and high underemployment (workers in jobs for which they are overqualified). Unemployment peaked at 25 percent during the Great Depression. These days, if unemployment climbs, its effect will be softer than it was during the Great Depression. Wealth redistribution mechanisms are now in place to reduce poverty. Further, more American …

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