Since DD raised the question, I thought it would be worth a few minutes of my time to see what in the blue blazes our resident bear and doom-and-gloomer was trying to communicate when he replied to my post on “Setting Up for A Shakeout?”, by retorting, “What happened in 1873?”
This from Wikipedia:
” The Long Depression (1873–1896) affected much of the world and was contemporary with the Second Industrial Revolution. At the time it was regarded as the Great Depression, remaining so until the Great Depression occurred in the 1930s. It was most notable in Western Europe and North America, but this is in part because reliable data from the period is most readily available in those parts of the world. The United Kingdom is often considered to have been the hardest hit by the Long Depression, and during this period it lost much of its large industrial lead over the economies of Continental Europe. The Depression is usually believed to have ended by 1897. The global economy grew at an impressive rate from that year to the start of World War I.”
The Panic of 1873 was the start of the Long Depression, a severe nationwide economic depression in the United States that lasted until 1879. It was precipitated by the bankruptcy of the Philadelphia banking firm Jay Cooke on September 18, 1873, following the crash on May 9, 1873 of the Vienna Stock Exchange in Austria (the so-called Gründerkrach or “founders’ crash”).
On September 19, 1873, a great crash ensued on Wall Street, which ushered in the Panic of 1873. During this period, credit was impaired, and many banks and financial institutions were forced into bankruptcy.
All this sounds eerily familiar.
Speaking of bankruptcy, there are now 25 banks that appear on this year’s FDIC’s “Failed Bank List”. In 2007, there were only 3 banks that failed. Before that, there were only four bank failures, which happened in 2004.
With this year’s number only sitting at 25, I’m afraid that we’re only getting started.
Will we get a repeat of DevilDog’s most favorite time in American history?
Stay tuned…..I’m sure he’ll let us know.
Oh yeah, I almost forgot….”new lows this month!”
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