HISTORIC ISSUES
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Vol.17
No.2 - 7/15/1882 |
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Courtesy of the New York
State Historical Association Library, Cooperstown, N.Y (.PDF files)
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April 2009
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March 2009
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February 2009
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New York Canal Times -
Online newspaper
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Mercury Media Group
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Clear thinking needed in these cloudy times
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We as Americans are facing troubled times, with many fearing our economy is poised on the brink of a depression, and an election that, if either party wins, will make history. 2008 is proving to be the beginning of a very tumultuous period in our existence.
It took only half a day for the stock market to begin showing signs of a slight recovery, with the Dow Jones, by mid-Tuesday, recouping nearly 300 of the lost 777 points from Monday’s crash.
What does this all mean to the average person seeing news flashes from CNN or Fox News?
Many people have a 401k through their employer. Some have other investments. Others have bank accounts or bonds. Others live from day to day. People are being cautioned not to pull their investments but to ride out the downturn. That is hard advice to follow when your entire future, retirement, kids’ college funds could be lost forever.
How did this happen?
Somewhere along the line, protective measures put in place following the Great Depression that guaranteed people could not borrow more than they can afford were stripped away. Banks began approving mortgages and refinancing for people who could not afford the payments.
Is another depression inevitable?
Not necessarily.
While such a severe crash in the stock market is not good, there have been other times in our history since 1929’s crash led our country into the Great Depression. In fact, comparing greatest net losses, the crash of 1929 doesn’t even make the top five regarding one-day Dow point declines, according to information provided by CNN.
The last time our country faced this major a loss was Sept. 17, 2001, the first day the market opened after the Sept. 11, 2001 attack on the World Trade Center. That opening day saw a loss of nearly 685 points as compared to Monday’s loss. Losses of 617 points, 554 points and 512 points have been experienced since 1997.
So while this was a major loss, we have managed to survive the last four plunges in the market. For now, there is not much the average person can do. The advice to everyone seems almost too simple. Be more watchful of how you spend money; avoid any major unnecessary purchases at this time. Consult a financial advisor before pulling investments. Pay your bills on time and in good faith. Reduce your consumer debt. In other words, pay down your credit cards if possible.
Whatever bailout is approved, our public officials need to make sure the money is filtered down to the private sector, the people who pay the interest rates, the mortgages, the oil and utility bills, the gas prices. If another depression, or even a recession like the one that occurred in the late ‘70s, occurs there has to be safeguards for the average American.
Some sort of plan should be created to help people keep their homes, rather than toss them out in the street due to foreclosure. What good does foreclosing on a property do? Better to work out a deal with the owner, than to leave the house vacant and unused.
The public must not be forgotten or overlooked as public officials work to save the banks and major money holders.
As far as the campaigning goes, now is not the time to take political jabs at your opponent without clear, concise facts or plans. The financial stability of the country should be top priority. Don’t mire the issue to win a few votes. The people have the right to know the truth. An election should be won based on a candidate’s pride in his or her political positions, not by smearing the position of the opponent.
If you are not good enough to stand on your own record, then you are not qualified to run for, let alone fill the spot of, president of the United States.
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