We have just completed 8 months in the most challenging year for this country since the 1930's according to our elected officials and the talking heads (and radio voices).
Now, I am fortunate to have both my parents alive approaching their 89th year on this earth and they were both teenagers during the “Great Depression “and they laugh at today’s comparison. I have always hated when my parents would say “you don’t know what rough times are” but after speaking with them and doing a little research (just a quick Google search) I noted the following.
· By 1932 unemployment had reached 23.6%, and it peaked in early 1933 at 25%, we are currently under 10%.
· By 1933 more than 5,000 banks had failed. In 2009 it looks to be about 70 added to the 16 in 2008.
· In 1933 hundreds of thousands of Americans found themselves homeless and they began congregating in the numerous Hoovervilles, basically tent cities. And my parents included the personal viewpoints of the food rationing, cardboard in the bottoms of shoes and ketchup sandwiches.
Heck, I lived with the gas rationing in the 70’s and as far as any teenager was concerned then, THAT was the end of the world! My 1st mortgage rate was 16.5 %
Suddenly I don’t feel so bad about today and we should feel better about our tomorrow.
Sean Sweeney, CPC | Team Leader
1300 Route 73, Suite 313
Mount Laurel, NJ 08054