Author Topic: Ballmer likens economy to depressions of 1837, 1873, and 1929  (Read 635 times)

Offline mccoffee

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Ballmer likens economy to depressions of 1837, 1873, and 1929
« on: February 09, 2009, 11:18:03 am »
Microsoft Chief Executive Steve Ballmer sketched a dire portrait of the world economy on Friday, likening it to market conditions in 1837, 1873, and 1929, each of which involved bank failures, high unemployment, and a depression.

"This is a once-in-a-lifetime economic crisis," Ballmer told a retreat of House Democrats in Williamsburg, Va. "There is a lot of history around that, and frankly if you stop and think about it, 1837, '73, '29, 2008, it's almost exactly a whole lifetime between each of the major economic difficulties that we face."


http://news.cnet.com/8301-13578_3-10158959-38.html?tag=newsEditorsPicksArea.0

Offline dannjr

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Re: Ballmer likens economy to depressions of 1837, 1873, and 1929
« Reply #1 on: February 09, 2009, 09:39:12 pm »
I like what e points out and its no fault of his that e pointed out a outdated un-employment figure..
The Un-employment in this country as it stands should be looked at as much higher then it is.
Unfortunately they dont mention that people who were layed off from Decent paying jobs had to take Jobs at Fast Food places and alike.

If you also add in the lower pay that people have had to take you could easily add a few more percent to the real un-employment figures in the fact that now people DO not have as much to spend... Is Working at the Hot dog stand down the street the same as flying the plane or dealing with a Tech job.. Sure you got to make a tasty hot dog to keep people coming back. But its no were near the same pay.

The Fact that fuel costs for Autos and Trucks came down over the past few months is not a big help.. Its giving a falls sense of what might come in increases.
 
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