Recessions, Depressions and the Wisdom of the Ages

I think John, Obama, Joe and even a pit-bull with lipstick maybe leaving Brangelina behind in the never ending quest for America's attention; however, while 'the recession' may not be America's sweetheart, many a publication cannot seem to get enough of it.

Most of the articles I've perused have referenced the dot com bubble, the collapse of Long Term Capital Management, the late 80s, the early 80s, and the list goes on. Although most have stayed well away from the 1930s, one or two have danced around the word depression. Maybe continuing to look backward will help with the 700 billion dollar gamble going forwards

At times like these, there is really one thing to do, call your grandmother. Debbie was thrilled to hear from me but almost scoffed when I said the word depression. I was really curious about whether or not during the depression, people referred to it as 'the depression' because some how this recession has been termed 'the recession.' How does an economic period merit a definite article? Unfortunately, Debbie could not remember if it was called the depression then or not.

Debbie moved to Cleveland in 1932 when she was 10 and 25% of Americans were unemployed. Her governess, who was the former head of Case Western Reserve University's English department, used to take her to help in a soup kitchen, which more like a window in the side of the building with a line of people outside which went on for miles. Even as a child, Debbie remembers that whenever the food for the day ran out, the front window would be closed, and they would run to their car in case the hungry people left rioted.

A few weeks ago investment bankers were sitting on the curb of Wall Street drinking top shelf liquors in brown paper bags. It has not been a good month. From sea to shining sea Americans have watched the Dow play a game of egg toss with retirements and inheritances alike, [note: I've refrained here from the ubiquitous "Main Street" analogy. I am pretty sure America replaced Main Street with residential developments and strip malls long ago].

Times are hard, but in Debbie's words "it may not feel like it, but everything will work out."

In the mean time sell, save and call your Grandmother.