just how bad is it?
We've been told we are currently in the worst economic downturn since the Great Depression. Just how bad is it? CNN has the scoop.
Sample comparisons:
Bank failures: 9,096 between January 1930 and March 1933
57 between December 2007 and May 2009
Unemployment rate: 25% during the Great Depression
8.5% during the "Great Recession"
Times may be tough, but they could be a lot worse.
Labels: current events, economics
posted by BruceA @ 9:23 PM
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I'm guessing the comparison might be even more lopsided if you factor in the total number of banks in existence, though it's possible there were more banks back in the 30s since there have been so many mergers.
Do you happen to have any numbers on that?
I don't have the exact numbers, but the CNN article shows 50% vs 0.6% of all banks failed. That would indicate that there were more banks in the 1930s than today, which may actually be true given the consolidation that has taken place in recent years.
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