In 1930 They Didn’t Know it Was “the Great Depression” Yet
The following excerpt was taken from The Huffington Post. Click here to read the article in its entirety
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The 2009-2010 rally that ended in April, of course, may actually be the start of a great new bull market, one that will shake off the current “correction” and roar back to the market’s old highs. On the other hand, it may yet also be another version of what happened in 1930 — the start of another bear market that will take the market down for years (or even, gulp, to a new low).
Importantly, we won’t know for sure what today’s market is until we look at it with the genius of 20/20 hindsight. As Peter Schiff pointed out Tuesday, even as late as 1931, they didn’t know they were in a “Great Depression” yet. On the contrary, the promise from the White House was that “prosperity is just around the corner.”
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