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  • Jeremy Grantham Discusses U.S. Financial Markets with Barron's [View article]
    What is going on now is very like the onset of the Great Depression where the credit markets seized up after the failure of a European bank. In the U.S. consumer debt was concentrated in farm land loans and when these shakey loans failed it bankrupted the country banks and the depositers. Cash buying power became concentrated in the hands of the wealthy. Policy makers tried everything to stabilize wages, prices and get buying power back into the hands of the masses without much success. In 1929 Gross National Product was $100B, in 1932 it was $60B as debt was extinquished. It was painful then, it will be painful now.
    Feb 10 20:59 pm |Rating: 0 0
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