You can get this website daily and compare to the same date in 1930 for uncanny info!

[Old Cardinal]

October 3, 2009 a copy/paste

Friday, October 3, 1930: Dow 211.04 -3.10 (1.4%)

Major presidential speech:

Pres. Hoover's address to American Bankers' Assoc.:

Past year has been a severe shock to economic system, disorganizing it and slowing consumption to 85%-90% of normal. This has caused “a great human problem ... unemployment, privation, and fear”; however, it's not a new experience but typical of recurrent crises in the past.

Main cause of most of these crises is an inflationary boom leading to destructive results, in this case in our stock markets and in worldwide overproduction of many commodities. Some fatalists believe these crises are inevitable, but the same was once said about typhoid or cholera. Govt., economic and business leaders have already accomplished much in past decade; as a result, “the period of stable prosperity between storms is longer, the period of the storm is shorter, and the relief work far more effective.”

Unprecedented cooperative measures so far by business, bankers, labor, and govt. have been effective at maintaining demand to some extent, but we should also think of prevention. The banking system can play an important role due to its large influence in directing credit, both by restraining unwise expansion and speculation during booms and by instilling confidence and making credit accessible during recovery. Rails and utilities could also act as “balance wheel” through public works and construction.

While depression is worldwide, US doesn't need to wait upon recovery in rest of the world but can lead the way as it did in 1922. Our resources, people, and scientific discovery are unimpaired. Depression is “but a temporary halt in the prosperity of a great people.”

Assorted historical stuff:

F. Kent, Bankers Trust NY director, deplores tendency of the masses to follow unscrupulous politicians in adopting economic remedies contrary to experience. “The record of laws passed to accomplish the impossible is amazing ... and yet so alluring is the word 'government' that many who demand less law usually end up by asking for more law to meet their intent ... It is more spectacular to 'get men' than to correct abuses and therefore the politician is out to get men.”

AFL to be asked to adopt policy of 5 hour day and 5 day week, with pay at 8 hour rate or higher, in Boston convention next week.

British Imperial Conference hopes to solve problems of empire free trade, India, and Palestine, knitting empire into an “economic and imperial whole.”

Mexican govt. instructs high vigilance against gold smuggling to US; cars said to be smuggling gold in gas tanks.

Transcontinental 24-hour air mail and passenger service between NY and California to be inaugurated as soon as night-flying facilities installed along route.

To make up for Hawaii's shortage of native birds, the Outdoor Circle, a Honolulu women's society, has been actively introducing birds from abroad.

[Old Cardinal]

Remember this was-- data and info from Oct. 1930-- after the stock market had crashed the first time in 1929.
The deepest part of the Great Depression was in 1933....interesting as to how this present situation thus far, dovetails the course of the Great Depression data almost to the DAY ...

I believe in history, but I believe that the present American voters can alter this trend by voting in a host of new people into Congress in 2010 that are not so greedy and cocky and can begin to payoff this new extreme debt we have dumped on our Grandchildren!

[rockdale80]

Originally posted by Old Cardinal
Remember this was-- data and info from Oct. 1930-- after the stock market had crashed the first time in 1929.
The deepest part of the Great Depression was in 1933....interesting as to how this present situation thus far, dovetails the course of the Great Depression data almost to the DAY ...

I believe in history, but I believe that the present American voters can alter this trend by voting in a host of new people into Congress in 2010 that are not so greedy and cocky and can begin to payoff this new extreme debt we have dumped on our Grandchildren!

In my opinion, progress isnt hindered as much by the party as it is by lobbyists. Both have a decent set of ideas that are swayed by money. Its amazing to think that our elected officials sell their votes to the highest bidder.

[Old Cardinal]

Agreed
Lobbyist who are nearly all Lawyers are part of the problem! Tort reform would solve most of the greediness in the Heathcare industry(all lawyers would balk-- big- time LOL).

Just allowing health insurance companies to compete across state lines will also solve most of the healthcare problems. Price competition would cause the prices to plunge for healthcare for group plans and individuals.

FORGET THE REST OF THE BALONEY being shoved down the Americans throat.

48,000 new Healthcare Bureaucrats in Washington DC, alone, to administer the program, guarantees it's failure! Most government paid new Bureaucrat's will be somehow: lazy brother-in-law types linked via nepotism to the -elected officials--what a joke!

[big daddy russ]

Originally posted by rockdale80
In my opinion, progress isnt hindered as much by the party as it is by lobbyists. Both have a decent set of ideas that are swayed by money. Its amazing to think that our elected officials sell their votes to the highest bidder.
Remember, lobbyists wouldn't have as much control over the affairs of the entire country if we granted individual states more power.

Of course, then they'd centralize their power in certain regions, bringing a need for lobby reform. It's not perfect, but it's a good start.

[rockdale80]

Originally posted by big daddy russ
Remember, lobbyists wouldn't have as much control over the affairs of the entire country if we granted individual states more power.

Of course, then they'd centralize their power in certain regions, bringing a need for lobby reform. It's not perfect, but it's a good start.

I think if our representatives did more listening to the needs of the people that elected them instead of the pandering to those that line their pocket we would have a better system in place and would clean up Capitol Hill. I am not convinced that giving the states more power would solve anything, but that is speculation.

[JasperDog94]

I thought we were promised a different Washington. Unfortunately all I see is the same...from both parties.

[sinton66]

Originally posted by rockdale80
I think if our representatives did more listening to the needs of the people that elected them instead of the pandering to those that line their pocket we would have a better system in place and would clean up Capitol Hill. I am not convinced that giving the states more power would solve anything, but that is speculation.

I think we all can agree with that first sentence. Unfortunately, it is a reality that only WE can change. It MUST be directed at both parties at all levels of government to succeed. How to do it should be a good topic for discussion as long as we don't start playing the blame game.

Here's my suggestion:
I think every elected office should be required to have an office website, not a personal one, but one that is tied to the office. Reps should solicit opinion polls from their constituents on all pending legislation and show the voting record on all past legislation. Why not take advantage of the information age?

[rockdale80]

Originally posted by sinton66
I think we all can agree with that first sentence. Unfortunately, it is a reality that only WE can change. It MUST be directed at both parties at all levels of government to succeed. How to do it should be a good topic for discussion as long as we don't start playing the blame game.

Here's my suggestion:
I think every elected office should be required to have an office website, not a personal one, but one that is tied to the office. Reps should solicit opinion polls from their constituents on all pending legislation and show the voting record on all past legislation. Why not take advantage of the information age?

I am all for the second part, but we have to remember that the foundation of our government is not to always promote the majority, but to also protect the minority. I think people forget that sometimes.

Also, anytime someone reflects on mistakes of the past to gauge the future it is the blame game, but I disagree. I think we should look back to the shortcomings of every elected official and administration so that WE as a country dont make the same mistakes again. There is much to be learned from history.

[Farmersfan]

In 1933/1934 the Government formed the SEC (Securties and Exchange Commission) to keep track of the goings on with the Stock Market and to help protect investors.
I invest regularily in penny stocks looking for the next Broadcast.com where I can turn a penny into a dollar. One such investment was recently audited by our beloved SEC and found to have been in violation of many laws and regulations. Basically they had raised 5.2 mil from investors and were determined to be worth just about 300K. (1500.00 of my money). The SEC shut them down. Here's the clincher: The SEC fined them 125K which ate up half the tangible value of the company. They also FORCED the company to go into a receivership. A receivership is a law firm that gathers all the assets together with the intent of distributing it back to the investors who they determined were dupped out of their money. I called the local SEC representative and questioned him about this and he told me investors RARELY ever see a penny because the receivership company that the courts appoint will charge a fee that almost always eats up the entire value of the company they are liquidating. The bigger the value of the assets the longer the lawyers will take to liguidate it and therefor the larger the fee. So a entity that was established to PROTECT investors has taken almost half of the assets in the form of a fine and then assigned a lawyer to basically take the remaining money. ALL IN THE NAME OF PROTECTING THE INVESTOR! This is an example of how our government operates.

[Old Cardinal]

October 6, 2009
Monday, October 6, 1930: Dow 211.10 -3.08 (1.4%)

Assorted historical stuff:

Editorial: France's accumulation of gold is starting to “threaten the smooth workings of the world's reserve banking machinery,” although a previous episode in the 1870's turned out fortunately through sheer accident. This recalls the German maxim about trying to forecast the future: “It always comes out different.”

Southern California has become a tourist mecca; in 1929, 1.067M visited, spending $418.5M; as many as 1 in 10 stayed, with population of 10 Southern Calif. counties growing from 1.424M to 3.284M in the past 10 years.

Times are changing in Manhattan real estate. In the past 15 years many landlords did as little as possible for tenants; repairs were kept to bare necessities unless tenants paid, and “requests for redecorating were as often as not received with dignified silence.” Recently, a tenant requested a number of quite expensive jobs; the landlord's letter back concluded “Our decorator will be around in the near future to arrange for the work at your convenience.”

Judge G. Hahn of Cleveland rules against lawsuit to stop planes flying over property that was based on ancient Roman legal principle “whosoever controls land controls it from the center of the earth to the zenith”; decides effective possession of property only extends 500 feet up.

Berlin radio engineers build mammoth loudspeaker audible over a 25 mile diameter, plan to attach speaker to a balloon anchored 3,000 feet high to broadcast concert to the city. Loudspeaker creates airwaves that can be felt 150 feet away.

Market commentary:

Market wrap: Saturday short session opened mixed, advanced moderately on low volume with activity concentrated in recent bear targets; short-covering was apparently active; majors including US Steel, GE, Westinghouse, American Can, GM showed strength. Late in the session a vigorous bear attack started in AT&T and spread to rails and other investment stocks; sharp drops in these spread to other sections and early gains were wiped out; market closed weak. Bond market moderately active; investment grade and US govt. firm; lower grade and speculative issues weak; German bonds mixed, other foreign govts. mostly firm.

Week in review: Dow at Tuesday's close was about 6 points from last Nov. panic low, dropping about 40 points in 3 weeks. Improvement in grain markets brought some optimism as week closed, and pressure lifted from stocks. Interest rates broke to lowest levels since war, though weekly bank reports showed encouraging increase in commercial loans and currency circulation. Steel prices mixed; rail figures weak. Bond market opinion generally gaining enthusiasm.

G. Verity, Pres. Amer. Rolling Mill Co.: “I think it is pretty well conceded that we have reached or passed the bottom of this depression and from now on can look to gradually improving business”; industry should be back to normal by end of Q1 1931; company business in Sept. up 25% over Aug.; Business recession has been costly, but cost will be recovered thanks to removal of “deadwood acquired in prosperous times.” Looks forward to tremendous prospects in all industries.

S. Archer, Pres. Archer-Daniels-Midland, says Sept. business largest of any month this year, inventories remain low; “with the more general feeling of optimism that is being manifested, we expect the holding off tendency which has been so pronounced to give way to more liberal buying from now on.”

AFL Pres. Green says worker's buying power key to prosperity. Suggests policies to combat depression including buying ahead, cutting overhead other than wages by modernizing equipment and cutting waste, improving product quality, and increasing advertising. Notes optimistic business signs but sees danger in increasing number of wage cuts.

Economic news and individual company reports:

Irving Fisher's index of 200 commodities for week ended Oct. 3 was 82.3 vs. 83.1 in previous week and 94.7 in 1929.

New car registrations for Aug. were 203,737 vs. 254,098 in July and 376,886 in Aug. 1929; first 8 months were 2.111M vs. 2.965M.

F.W. Dodge reports construction contracts awarded in 37 Eastern states during Sept. were $331.9M vs. $347.3M in August and $444.4M in Sept. 1929. First 9 months was $3.685B vs. $4.601B in 1929. Residential construction in Sept. was $98.5M, highest total since May.

Youngstown district steel operations down 1% this week to 53%; consumers said unwilling to book heavily due to mixed business and price picture.

US Ambassador W. Edge asks French Commerce Min. to rescind recent doubling of duty on US raw and refined lard.

Federal grand jury indicts six former employees of Manhattan Elec. Supply for manipulation of the stock; tactics included employing a group to send out letters, market sheets, and telegrams to the public, and paying money to brokers in return for advising customers and the public to bu