Is this recession becoming another great depression?

As much as we Brits may hate to admit it, the US can often provide us with a glimpse of things to come whether it be fashion, movies, music or even economic trends. Some economists even say that the United States' economic influence reaches so far that on October 29, 1929 (aka Black Tuesday) when the stock market prices dropped drastically and suddenly, it may have triggered what we know today as the Great Depression. Nowadays with the global recession on the tip of everybody's tongue, we thought that we'd point out some scary similarities between the Great Depression and what is now commonly referred to as the Great Recession. Between irresponsible lending by bankers, the US stock market crash, and a population that was scared to consume sufficiently to keep the economy afloat, what was thought to be just a recession became the Great Depression. Are we also headed down the path to another Great Depression?

As much as we Brits may hate to admit it, the US can often provide us with a glimpse of things to come whether it be fashion, movies, music or even economic trends. Some economists even say that the United States' economic influence reaches so far that on October 29, 1929 (aka Black Tuesday) when the stock market prices dropped drastically and suddenly, it may have triggered what we know today as the Great Depression. Nowadays with the global recession on the tip of everybody's tongue, we thought that we'd point out some scary similarities between the Great Depression and what is now commonly referred to as the Great Recession. Between irresponsible lending by bankers, the US stock market crash, and a population that was scared to consume sufficiently to keep the economy afloat, what was thought to be just a recession became the Great Depression. Are we also headed down the path to another Great Depression?

Payday Loan Recession vs Great Depression 975

Add this infographic to your blog or website

975 pixels wide:

550 pixels wide:

If you’re in the Media and need help researching a story or would like an independent opinion on any matters relating to Payday Loans we would love to help you.
Click here

If you have a story or article that you think PaydayLoan.co.uk should report on then we would love to hear from you.
Click here

Writen By:

Jim Cook

Jim cook has been in the financial sector for over 10 years. Specialising in the payday loan sector.

Published in Also in the News

Data Protection Reg No: Z3508710 - Consumer Credit License Number: 655622