The First Great Depression. The Second Great Depression 2007- 2017 by Heinz Duthel
The first Great Depression The Great Depression was a dramatic, worldwide economic downturn beginning in the late 1920s and lasting through most of the 1930s. The Second Great Depression. 2007- 2017 Most of the logic used to support this premise is based on the government's own published data. The exuberance resulting from the overheated stock market of the 90s caused consumers to stop saving and go into debt. Then, the dramatic drop in mortgage rates enabled people to refinance their homes and go even further into debt. People are no longer living on what they can afford; instead they are living the lifestyle they think they deserve, costs be damned! With interest rates increasing, savings rates near zero, and debt at its maximum; many people will be pushed over their debt limit, having homes foreclosed by the banks or going into bankruptcy. Others will heed the warnings and reduce spending, causing a dramatic slowing of the economy.
- Electronic book text
- 12 Nov 2010
- Morrisville, NC, United States