Has there been a year in which so many BIG financial businesses have failed or nearly failed?

[bulloney]

Maybe during the beginning of the Great Depression?

But I've seen periods where small-to-middle sized financial institutions failed. But we're seeing some huge companies face this crisis situation since the first of this year.

Is this unprecedented? If not in the number of institutions, then in the dollar volume they represent?

[annabanana]

1. 1929? . . . . . . . n/t

[gateley]

2. We're not finished yet. More are on the precipice and could go either way. nt

[Donnachaidh]

3. Google 1929

it's happened before when they weren't being regulated. We can thank Reagan and his ilk for that.

[CountAllVotes]

4. 1929 - Black Tuesday ...

1929

* Herbert Hoover becomes President.

* Annual per-capita income is $750. More than half of all Americans are living below a minimum subsistence level.

* Backlog of business inventories grows three times larger than the year before.

* Recession begins in August, two months before the stock market crash. During this two month period, production will decline at an annual rate of 20 percent, wholesale prices at 7.5 percent, and personal income at 5 percent.

* Stock market crash begins October 24. Investors call October 29 Black Tuesday. Losses for the month will total $16 billion, an astronomical sum in those days.

http://www.hyperhistory.com/online_n2/connections_n2/great_depression.html

[SweetieD]

5. We are only seeing the beginning of the bank failures. That is the scary part.

[CountAllVotes]

6. 1932 - 3 years after 1929

1932

* This and the next year are the worst years of the Great Depression. For 1932, GNP falls a record 13.4 percent; unemployment rises to 23.6 percent.

* Industrial stocks have lost 80 percent of their value since 1930.

* 10,000 banks have failed since 1929, or 40 percent of the 1929 total.

* GNP has also fallen 31 percent since 1929.

* Over 13 million Americans have lost their jobs since 1929.

* International trade has fallen by two-thirds since 1929.

Congress passes the Federal Home Loan Bank Act and the Glass-Steagall Act of 1932.

* Top tax rate is raised from 25 to 63 percent.

* Popular opinion considers Hoover's measures too little too late. Franklin Roosevelt easily defeats Hoover in the fall election. Democrats win control of Congress.

*******

Dare I suggest that we have already about passed the 1929 stage (ENRON, etc.) and that this is more the level we are headed towards?

:kick:

[SweetieD]

7. Based on what you posted, I don't see any current indicators that the US is there yet. We still seem

to be in the early stages of a Depression.

[sendero]

8. For the few here that don't get it..

... the failures are just beginning. The next several years are going to be very rough.