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? An intresting fact, if the UK bank bailouts were converted into £500 Payday Loans then the £850 billion the UK spent would equate to 170 million instant payday loans getting taken out.
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