Though history doesn't repeat, it certainly echoes, and the parallels between the present and 1934 are particularly sobering. The only "missing ingredient" to a full-blown depression is job loss/income contraction, and many of us foresee a long, painful wave of lay-offs and downsizing on a global scale just beginning.
6.04.2008
Could 50% of all homes end up in foreclosure?
Just how bad could the housing bust get? How about half of all urban homes being in foreclosure? As stunning or unbelievable as that may sound, it already happened once in the U.S., in the Great Depression, as documented in this report: Lessons from the Great Depression (St. Louis Federal Reserve).
