Lessons from '73 - 1873
New York and the Panic of 1873
Excerpt:
Prosperity was written all over the face of things. Manufacturers were busy workmen in demand. Streets and shops were crowded and everywhere new buildings going up. Prices of commodities were in high, demand pretty good. Everybody seemed to be making money.
Comment: Well referenced read!
JP, do you think we should pray? I wonder what would happen if the governor of any state declared a day of prayer like the MN governor did many years ago? Do you remember Pillsbury governor who said we should pray about the grasshoppers which were devastating the economy of Minnesota because they kept on destroying the crops? Minnesota depended greatly on agriculture and therefore it was destroying the economy of the state........For some reason I think any governor who did this today would practically be arrested.
ReplyDeleteCan't hurt. I've been praying personally that people will catch on to Senator Rezko/Daley/Wright/Pfleger/Ayers/Obama before it's too late.
ReplyDeleteMy thoughts when (thanks) reading this article; let's see, you pour public money into railroads with no defined customers, and then we'll act surprised a few years later when they go under and drag the entire economy with it.
So let's see....what's the solution to today, when we've poured public money into mortgages and banks, insisted they give loans to those who aren't credit-worthy, and now we're surprised that those banks are failing.
And so our solution is to pour more money into those failing banks. Brilliant idea.
Anon is right. It's time to pray--and pay off debts while FDIC is still solvent.