Financial Depression Quotes

If the financial system has a defect, it is that it reflects and magnifies what we human beings are like. Money amplifies our tendency to overreact, to swing from exuberance when things are going well to deep depression when they go wrong. Booms and busts are products, at root, of our emotional volatility.

Don't get me wrong. A good marriage, adequate financial resources, even a clean home and well-behaved children do bring some measure of happiness. However, temporal blessings, as wonderful as they may be, are only a taste of the real thing. They cannot sustain inner happiness any more than eating a scrumptious meal keeps tomorrow's hunger at bay.

This was my wake-up call. I opened my eyes to the depressing fact that there are other forces at work in medicine besides science. The U.S. health care system runs on a fee-for-service model in which doctors get paid for the pills and procedures they prescribe, rewarding quantity over quality. We don’t get reimbursed for time spent counseling our patients about the benefits of healthy eating. If doctors were instead paid for performance, there would be a financial incentive to treat the lifestyle causes of disease. Until the model of reimbursement changes, I don’t expect great changes in medical care or medical education.5

Please allow me to offer a simple financial plan. Invest in chocolate. Buy bars. Lots of bars. If we do enter anything approximating a real financial depression, you will not be able to improve your mood with gold.

The world was already a miserable place in the spring of that cursed year. The New Depression was at its height. Stocks fell, jobs were lost, and consumer consumption fell in a corporate death spiral as the aging technoczars were revealed to have feet of clay. Financial institutions underreacted, the government overreacted, and a society living on borrowed time paid for with borrowed dollars failed. Hard times and hunger came to the Western world, which was all the more of a shock because the generation that survived the last financial collapse had virtually died out.

Moderately fast growers (20 to 25 percent) in nongrowth industries are ideal investments. • Look for companies with niches. • When purchasing depressed stocks in troubled companies, seek out the ones with the superior financial positions and avoid the ones with loads of bank debt. • Companies that have no debt can’t go bankrupt. • Managerial ability may be important, but it’s quite difficult to assess. Base your purchases on the company’s prospects, not on the president’s resume or speaking ability. • A lot of money can be made when a troubled company turns around. • Carefully consider the price-earnings ratio. If the stock is grossly overpriced, even if everything else goes right, you won’t make any money. • Find a story line to follow as a way of monitoring a company’s progress. • Look for companies that consistently buy back their own shares.

It’s hard to be depressed when you are excited about your future, and that’s what dreams do: They make us believe that tomorrow is going to be better than today.

If someone had told me adulthood was equal parts being broke, depressed, and taking care of my family financially, I would have opted out and tried to find a one-way ticket to Neverland. “What

Starting in 1792 with George Washington, there were financial crises every ten to fifteen years. Panics, bank runs, credit freezes, crashes, depressions. People lost their farms, families were wiped out. This went on for more than a hundred years, until the Great Depression, when Oklahoma turned to dust. "We can do better than this." Americans said. "We don't need to go back to the boom-and-bust cycle." The Great Depression produced three regulations: The FDIC-your bank deposits were safe. Glass-Steagall-banks couldn't go crazy with your money. The SEC-stock markets would be tightly controlled. For fifty years, these rules kept America from having another financial crisis. Not one panic or meltdown or freeze. They gave Americans security and prosperity. Banking was dull. The country produced the greatest middle class the world had ever seen.

At the end of his life, which had included financial ruin in the Great Depression, his wife's barbiturate addiction and death by overdose, and then his own lung cancer, Doc said, "It was enough to have been a unicorn." What he meant was that he got to do art. It was magic to him that his hands and mind got to make wonderful things, that he didn't have to be just another goat or horse.

A wealthy person who never had to rely on help and resources from his community is leading a privileged life that falls way outside more than a million years of human experience. Financial independence can lead to isolation, and isolation can put people at a greatly increased risk of depression and suicide. This might be a fair trade for a generally wealthier society- but a trade it is.

This crisis didn’t have to happen. America had a boom-and-bust cycle from the 1790s to the 1930s, with a financial panic every ten to fifteen years. But we figured out how to fix it. Coming out of the Great Depression, the country put tough rules in place that gave us fifty years without a financial crisis. But in the 1980s, we started pulling the threads out of the regulatory fabric, and we found ourselves back in the boom-and-bust cycle. When this crisis is over, there will be a once-in-a-generation chance to rewrite the rules. What we set in place will determine whether our country continues down this path toward a boom-and-bust economy or whether we reestablish an economy with more stability that gives ordinary folks a chance at real prosperity.

A lot of people pray for power, house, financial breakthrough, wealth etc. But only few ask God for wisdom. There are so many great power pack man and women of God who lack wisdom.

I predicted The Financial Crisis of 2008 way back in 2010. In about a month it will be 2024, and you won't believe what I see coming.

While play-acting grim scenarios day in and day out may sound like a good recipe for clinical depression, it’s actually weirdly uplifting. Rehearsing for catastrophe has made me positive that I have the problem-solving skills to deal with tough situations and come out the other side smiling. For me, this has greatly reduced the mental and emotional clutter that unchecked worrying produces, those random thoughts that hijack your brain at three o’clock in the morning. While I very much hoped not to die in space, I didn’t live in fear of it, largely because I’d been made to think through the practicalities: how I’d want my family to get the news, for instance, and which astronaut I should recruit to help my wife cut through the red tape at NASA and the CSA. Before my last space flight (as with each of the earlier ones) I reviewed my will, made sure my financial affairs and taxes were in order, and did all the other things you’d do if you knew you were going to die. But that didn’t make me feel like I had one foot in the grave. It actually put my mind at ease and reduced my anxiety about what my family’s future would look like if something happened to me. Which meant that when the engines lit up at launch, I was able to focus entirely on the task at hand: arriving alive.

The most recent global financial crisis reminded the current generation of the lessons that their grandparents had learned in the Great Depression: the self-regulating economy does not always work as well as its proponents would like us to believe.

The top 1% holds nearly half of the financial wealth, the greatest concentration of wealth of any industrialized nation, more concentrated than at any time since the Depression. In 1980, on average, CEOs earned 42 times the salary of the average worker, and these days they earn about 476 times that salary. Since 1980, the rich have been getting richer fast and furiously and hard-working people in the middle are sliding down the greasy slope who never imagined this could happen to them. The concentration of wealth and power in the hands of a few is the death knell of democracy. No republic in the history of humankind has survived this.

Depression can be due to a low endocrine function, nutritional deficiencies, blood sugar problems, food allergies, or systemic yeast infection. Depression can also result from medical illnesses such as stroke, heart attack, cancer, Parkinson's disease, and hormonal disorder. It can also be caused by a serious loss, a difficult relationship, a financial problem, or any stressful, unwelcome life change.

Large numbers of under-capitalized banks were a recipe for financial instability, and panics were a regular feature of American economic life - most spectacularly in the Great Depression, when a major banking crisis was exacerbated rather than mitigated by a monetary authority that had been operational for little more than fifteen years.

Depressions are indeed one of the states a capitalist economy can fall into. An economic theory that does not incorporate that possibility is as relevant as a theory of biology that excludes the risk of extinctions, a theory of the body that excludes the risk of heart attacks, or a theory of bridge-building that excludes the risk of collapse.

Not since the gilded years preceding the Great Depression has the United States been so economically unequal, and so financially precarious for those in the middle.

The failure to endow Treasury and the Fed with the authority to deal with the insolvency of a nonbank financial institution was the single most important policy failure of the crisis.

When we sacrifice our own well-being in the hopes that our sacrifice will help someone else, we just get two people who are living sub-optimal lives. Here's the truth: Getting sick does not help those who are suffering of illness. Being sad does nothing to pull someone out of their own depression. And being hungry doesn't feed the starving. The universe simply doesn't work that way.

Economists who simply advised leaving the economy alone, governments whose first instincts, apart from protecting the gold standard by deflationary policies, was to stick to financial orthodoxy, balance budgets and cut costs, were visibly not making the situation better. Indeed, as the depression continued, it was argued with considerable force not least by J.M. Keynes who consequently became the most influential economist of the next forty years - that they were making the depression worse. Those of us who lived through the years of the Great Slump still find it almost impossible to understand how the orthodoxies of the pure free market, then so obviously discredited, once again came to preside over a global period of depression in the late 1980s and 1990s, which, once again, they were equally unable to understand or to deal with. Still, this strange phenomenon should remind us of the major characteristic of history which it exemplifies: the incredible shortness of memory of both the theorists and practitioners of economics. It also provides a vivid illustration of society's need for historians, who are the professional remembrancers of what their fellow-citizens wish to forget.

It was a generation growing in its disillusionment about the deepening recession and the backroom handshakes and greedy deals for private little pots of gold that created the largest financial meltdown since the Great Depression. As heirs to the throne, we all knew, of course, how bad the economy was, and our dreams, the ones we were told were all right to dream, were teetering gradually toward disintegration. However, on that night, everyone seemed physically at ease and exempt from life’s worries with final exams over and bar class a distant dream with a week before the first lecture, and as I looked around at the jubilant faces and loud voices, if you listened carefully enough you could almost hear the culmination of three years in the breath of the night gasp in an exultant sigh as if to say, “Law school was over at last!

From the end of the World War twenty-one years ago, this country, like many others, went through a phase of having large groups of people carried away by some emotion--some alluring, attractive, even speciously inspiring, public presentation of a nostrum, a cure-all. Many Americans lost their heads because several plausible fellows lost theirs in expounding schemes to end barbarity, to give weekly handouts to people, to give everybody a better job--or, more modestly, for example, to put a chicken or two in every pot--all by adoption of some new financial plan or some new social system. And all of them burst like bubbles. Some proponents of nostrums were honest and sincere, others--too many of them--were seekers of personal power; still others saw a chance to get rich on the dimes and quarters of the poorer people in our population. All of them, perhaps unconsciously, were capitalizing on the fact that the democratic form of Government works slowly. There always exists in a democratic society a large group which, quite naturally, champs at the bit over the slowness of democracy; and that is why it is right for us who believe in democracy to keep the democratic processes progressive--in other words, moving forward with the advances in civilization. That is why it is dangerous for democracy to stop moving forward because any period of stagnation increases the numbers of those who demand action and action now.

June smiled wearily. She still felt that shock of uselessness that depression convinced her of. She couldn’t get the worry of never being financially stable out from under her skin. It lived and festered. Every morning became a nightmare for her.

In the 1960's, some old-timers on Wall Street-the men who remembered the trauma of the 1929 Crash and the Great Depression-gave me a warning: "When we fade from this business, something will be lost. That is the memory of 1929." Because of that personal recollection, they said, they acted with more caution, than they otherwise might. Collectively, their generation provided an in-built brake on the wildest form of speculation, an insurance policy against financial excess and consequent catastrophe. Their memories provided a practical form of long-term dependence in the financial markets. Is it any wonder that in 1987 when most of those men were gone and their wisdom forgotten, the market encountered its first crash in nearly sixty years? Or that, two decades later, we would see the biggest bull market, and the worst bear market, in generations? Yet standard financial theory holds that, in modeling markets, all that matters is today's news and the expectations of tomorrow's news.

The way I see it right now, the United States of America has destroyed itself, or is destroying itself from within, thus making it vulnerable to being conquered from without. The United States of America is corrupt, as it has no rule of law, and little or no prudential regulation and supervision. The Global Financial Crisis, make no mistake about it, is a global Depression even worse, than the Great Depression of the 1930s, and was caused by the same thing – rampant corruption, and it will result in the same thing – World War.

Arianna Huffington cites studies in her brilliant book Thrive that show how the act of giving actually improves your physical and mental health. One example I love in particular is the 2013 study from Britain’s University of Exeter Medical School that reveals how volunteering is associated with lower rates of depression, higher reports of well-being, and a 22% reduction in death rates! She also writes, “Volunteering at least once a week yields improvements to well-being tantamount to your salary increasing from $20,000 to $75,000!

Is it possible nevertheless that our consumer culture does make good on its promises, or could do so? Might these, if fulfilled, lead to a more satisfying life? When I put the question to renowned psychologist Tim Krasser, professor emeritus of psychology at Knox College, his response was unequivocal. "Research consistently shows," he told me, "that the more people value materialistic aspirations as goals, the lower their happiness and life satisfaction and the fewer pleasant emotions they experience day to day. Depression, anxiety, and substance abuse also tend to be higher among people who value the aims encouraged by consumer society." He points to four central principles of what he calls ACC — American corporate capitalism: it "fosters and encourages a set of values based on self-interest, a strong desire for financial success, high levels of consumption, and interpersonal styles based on competition." There is a seesaw oscillation, Tim found, between materialistic concerns on the one hand and prosocial values like empathy, generosity, and cooperation on the other: the more the former are elevated, the lower the latter descend. For example, when people strongly endorse money, image, and status as prime concerns, they are less likely to engage in ecologically beneficial activities and the emptier and more insecure they will experience themselves to be. They will have also lower-quality interpersonal relationships. In turn, the more insecure people feel, the more they focus on material things. As materialism promises satisfaction but, instead, yields hollow dissatisfaction, it creates more craving. This massive and self-perpetuating addictive spiral is one of the mechanisms by which consumer society preserves itself by exploiting the very insecurities it generates. Disconnection in all its guises — alienation, loneliness, loss of meaning, and dislocation — is becoming our culture's most plentiful product. No wonder we are more addicted, chronically ill, and mentally disordered than ever before, enfeebled as we are by such malnourishment of mind, body and soul.

Fear is historically the strongest emotion in economics. Remember FDR in the Great Depression? It’s the most famous quote in financial history: “The only thing we have to fear is fear itself.” In fact fear is probably the strongest human emotion, period. Whoever woke at four in the morning because they were feeling happy?

The Kochs were also directing millions of dollars into online education, and into teaching high school students, through a nonprofit that Charles devised called the Young Entrepreneurs Academy. The financially pressed Topeka school system, for instance, signed an agreement with the organization which taught students that, among other things, Franklin Roosevelt didn’t alleviate the Depression, minimum wage laws and public assistance hurt the poor, lower pay for women was not discriminatory, and the government, rather than business, caused the 2008 recession. The program, which was aimed at low-income areas, also paid students to take additional courses online.

There is a particular kind of pain, elation, loneliness, and terror involved in this kind of madness. When you're high it's tremendous. The ideas and feelings are fast and frequent like shooting stars, and you follow them until you find better and brighter ones. Shyness goes, the right words and gestures are suddenly there, the power to captivate others a felt certainty. There are interests found in uninteresting people. Sensuality is pervasive and the desire to seduce and be seduced irresistible. Feelings of ease, intensity, power, well-being, financial omnipotence, and euphoria pervade one's marrow. But, somewhere, this changes. The fast ideas are far too fast, and there are far too many; overwhelming confusion replaces clarity. Memory goes. Humor and absorption on friends' faces are replaced by fear and concern. Everything previously moving with the grain is now against--you are irritable, angry, frightened, uncontrollable, and enmeshed totally in the blackest caves of the mind. You never knew these caves were there. It will never end, for madness carves its own reality. It goes on and on, and finally there are only others' recollections of your behavior--your bizarre, frenetic, aimless behaviors--for mania has at least some grace in partially obliterating memories. What then, after the medications, psychiatrist, despair, depression, and overdose? All those incredible feelings to sort through. Who is being to polite to say what? Who knows what? What did I do? Why? And most hauntingly, when will it happen again? Then, too, are the bitter reminders--medicine to take, resent, forget, take, resent, and forget, but always take....And always, when will it happen again? Which of my feelings are real? Which of the me's is me?

This book aims to learn from that mistake. One of its goals is to ask whether Minsky’s demand for a theory that generates the possibility of great depressions is reasonable and, if so, how economists should respond. I believe it is quite reasonable. Many mainstream economists react by arguing that crises are impossible to forecast: if they were not, they would either already have happened or been forestalled by rational agents. That is certainly a satisfying doctrine, since few mainstream economists foresaw the crisis, or even the possibility of one. For the dominant school of neoclassical economics, depressions are a result of some external (or, as economists say, ‘exogenous’) shock, not of forces generated within the system.

Ideally, a fair and equitable society would regulate debt in line with the ability to be paid without pushing economies into depression. But when shrinking markets deepen fiscal deficits, creditors demand that governments balance their budgets by selling public monopolies. Once the land, water and mineral rights are privatized, along with transportation, communications, lotteries and other monopolies, the next aim is to block governments from regulating their prices or taxing financial and rentier wealth. The neo-rentier objective is threefold: to reduce economies to debt dependency, to transfer public utilities into creditor hands, and then to create a rent-extracting tollbooth economy. The financial objective is to block governments from writing down debts when bankers and bondholders over-lend. Taken together, these policies create a one-sided freedom for rentiers to create a travesty of the classical “Adam Smith” view of free markets. It is a freedom to reduce the indebted majority to a state of deepening dependency, and to gain wealth by stripping public assets built up over the centuries.

I predicted that, in order to live a vital life, prevent disease, or optimize the chance for disease remission, you would need: Healthy relationships, including a strong network of family, friends, loved ones, and colleagues A healthy, meaningful way to spend your days, whether you work outside the home or in it A healthy, fully expressed creative life that allows your soul to sing its song A healthy spiritual life, including a sense of connection to the sacred in life A healthy sexual life that allows you the freedom to express your erotic self and explore fantasies A healthy financial life, free of undue financial stress, which ensures that the essential needs of your body are met A healthy environment, free of toxins, natural-disaster hazards, radiation, and other unhealthy factors that threaten the health of the body A healthy mental and emotional life, characterized by optimism and happiness and free of fear, anxiety, depression, and other mental-health ailments A healthy lifestyle that supports the physical health of the body, such as good nutrition, regular exercise, adequate sleep, and avoidance of unhealthy addictions

This crisis didn’t have to happen. America had a boom-and-bust cycle from the 1790s to the 1930s, with a financial panic every ten to fifteen years. But we figured out how to fix it. Coming out of the Great Depression, the country put tough rules in place that gave us fifty years without a financial crisis. But in the 1980s, we started pulling the threads out of the regulatory fabric, and we found ourselves back in the boom-and-bust cycle. When this crisis is over, there will be a once-in-a-generation chance to rewrite the rules. What we set in place will determine whether our country continues down this path toward a boom-and-bust economy or whether we reestablish an economy with more stability that gives ordinary folks a chance at real prosperity. Done.

What women do with their bodies as long as they're around men with power and money actually seems to me very near to prostitution. I still don't catch the subtle difference between the sort of femininity sold in magazines and that of the whore. And although they might not state their price openly, I'm under the impression of having met a lot of whores since then. Lots of women who aren't interested in sex but know how to draw profit from it. Women who sleep with men who are old, ugly, boring, or depressingly stupid, but socially powerful. Women who marry them and fight to gain as much money as they can when they divorce. Who think it's normal to have their bills paid, to be taken on vacation, to be spoiled. Who even see this as an achievement. I find it sad listening to women talk about love as an implicit financial contract.

the most important instances of “injustice in exchange”—unemployment and inflation/deflation—result from party factions violating the basic principles of economic policy I show that from the Great Depression of 1929-33 to the Great Recession of 2007-9, all major U.S. financial crises can be traced to the dollar's role as chief official reserve currency—suggesting that to avoid similar future misfortunes, it's urgently necessary to end the dollar's “reserve currency curse.

The idiots take over the final days of crumbling civilizations. Idiot generals wage endless, unwinnable wars that bankrupt the nation. Idiot economists call for reducing taxes for corporation and the rich and cutting social service programs for the poor. They project economic growth on the basis of myth. Idiot industrialists poison the water, the soil, and the air, slash jobs and depress wages. Idiot bankers gamble on self-created financial bubbles. Idiot journalists and public intellectuals pretend despotism is democracy. Idiot intelligence operatives orchestrate the overthrow of foreign governments to create lawless enclaves that give rise to enraged fanatics. Idiot professors, "experts", and "specialists" busy themselves with unintelligible jargon and arcane theory that buttresses the policies of rulers. Idiot entertainers and producers create lurid spectacles of sex, gore and fantasy. There is a familiar checklist for extinction. We are ticking off every item on it.

Yet history tells us that a deep financial and economic crisis has never occurred without a prior agrarian crisis, which tends to last even after the financial crisis abates. Consider the great depression of the inter-war period: it started not in 1929 as the conventional dating would have it, but years earlier from 1924–25 when global primary product prices started steadily falling. The reasons for this, in turn, were tied up with the dislocation of production in the belligerent countries during the war of inter-imperialist rivalry, the First World War of 1914–18. With the sharp decline in agricultural output in war-torn Europe there was expansion in agricultural output elsewhere which, with European recovery after the war, meant over-production relative to the lagging growth of mass incomes and of demand in the countries concerned. The downward pressure on global agricultural prices was so severe and prolonged that it led to the trade balances of major producing countries going into the red.

None of it made any difference. The hollow feeling refused to go away. The next days were very hard. I found myself in the grip of a crippling ennui. I was back at square one, but I couldn’t bring myself to resume my job hunt; it was all I could do to drag myself from the bedroom floor to the sofa. With every passing day my financial affairs grew more ruinous, and it became harder and harder even to conceive of how I might dig myself out of the hole I was in—which only compounded my ennui, and my disinclination to do anything about it.

Embedded in the myth of arrival…is the message that…there will come a day when our struggles and suffering will be finished. Depression, anxiety, anger, and all manner of “ill being” will finally end. We will wake up one morning and clearly recognize that we have “arrived”: We will have gotten ourselves and our lives “together” in a way that can never be undone. We will be healthy and happy. We’ll be in the job, the home, and the relationship that we have always wanted, financially comfortable and fundamentally at peace with ourselves.

James Pennebaker, a researcher at the University of Texas at Austin and author of Writing to Heal, has done some of the most important and fascinating research I’ve seen on the power of expressive writing in the healing process. In an interview posted on the University of Texas’s website, Pennebaker explains, “Emotional upheavals touch every part of our lives. You don’t just lose a job, you don’t just get divorced. These things affect all aspects of who we are—our financial situation, our relationships with others, our views of ourselves, our issues of life and death. Writing helps us focus and organize the experience.” Pennebaker believes that because our minds are designed to try to understand things that happen to us, translating messy, difficult experiences into language essentially makes them “graspable.” What’s important to note about Pennebaker’s research is the fact that he advocates limited writing, or short spurts. He’s found that writing about emotional upheavals for just fifteen to twenty minutes a day on four consecutive days can decrease anxiety, rumination, and depressive symptoms and boost our immune systems.

Eli Willard just looked at her for a long moment, and then he announced, 'Lady of the Lake strikes iceberg in mid-Atlantic; 215 drown. New York City fire destroys 700 buildings. Japanese earthquake kills 12,000. Worldwide cholera epidemic kills millions. Wages rise, but prices rise faster. Financial crash occurs on Van Buren's 36th day in office. Nation begins first great depression. Bank failures and closings spread like plague. 200,000 are unemployed. Business bankrupt; only pawnbrokers prosper. Van Buren declares ten-hour days on all federal jobs. There. Does that make you feel any better?

This kind of deception seems like it would be obvious, but it usually begins very gradually and increases in frequency and severity over time. It leads to anxiety, depression and confusion. Victims eventually question their ‘version’ of reality. When they no longer trust their own perceptions, they rely on the manipulator to define reality and can no longer function independently. Having rendered the victim completely helpless and lacking any self-confidence, the manipulator is able to exercise total domination and get whatever it is they want, whether it is a feeling of superiority, financial control or sexual benefits.

Opinion polls showed that two-thirds of Greeks rejected the conditions attached to the bailout, but wanted to stay in the eurozone. Demonstrations spread throughout Greece advocating a “No” vote. So the Germans and French tried to frame the issue in a narrow way designed to get a “Yes” answer: Did voters want to be part of Europe? The aim was to avoid asking the really important question: Did Greek voters want to impose a decade of depression on themselves, cut public services, impose anti-union labor “reforms,” and sell off the Athenian water supply, its port, their beautiful islands and their gas rights in the Aegean to Germans and other creditors?

Most people today are not aware that British Prime Minister Neville Chamberlain helped restore Great Britain’s financial stability during the Great Depression and also passed legislation to extend unemployment benefits, pay pensions to retired workers, and otherwise help those hit hard by the slumping economy. But history does remember his failure to confront Hitler. That is Chamberlain’s enduring legacy. So too will Iran’s construction of nuclear weapons, if it manages to do so in the next few years, become President Barack Obama’s enduring legacy. Regardless of his passage of health care reform and regardless of whether he restores jobs and helps the economy recover, Mr. Obama will be remembered for allowing Iran to obtain nuclear weapons.

Dr. Zackson’s is a licensed clinical psychologist in Greenwich, CT and New York City, and her practice is in a private, confidential, therapeutic setting. She has modeled her practice in the style of an ‘old-time’ family practitioner, with the goal of getting to know you beyond presenting issue taking into account family, work, and financial constraints. She will customize therapy to best suit your needs, and will ultimately help you to become your own therapist by learning how to better deal with the challenges that come up in your life. Services:- * Therapy Trauma * Therapy social anxiety * Therapy Depression * Therapy for anxiety * Therapist Nyc Judith zackson * Psychologist Nyc Judith zackson * Psychologist Greenwich * Therapist Greenwich

The U.S. government stepped in during economic crises all the time. Less than five years earlier, the United States had used billions of dollars of taxpayer money to bail out Wall Street banks during the 2008 financial crisis. During the Great Depression the government had prohibited U.S. citizens from owning gold: in 1933, President Roosevelt had signed executive order 6102, requiring citizens to turn in their gold for cash. It wasn’t until 1975, when President Ford repealed this order, that it was again legal for Americans to own gold that wasn’t jewelry or coins. And all bank deposits were only insured to the tune of $250,000. “More than twenty thousand account holders at Laika, the second largest bank in Cyprus, are going to have half of their savings taken away,

Athletes, by and large, are people who are happy to let their actions speak for them, happy to be what they do. As a result, when you talk to an athlete, as I do all the time in locker rooms, in hotel coffee shops and hallways, standing beside expensive automobiles—even if he’s paying no attention to you at all, which is very often the case—he’s never likely to feel the least bit divided, or alienated, or one ounce of existential dread. He may be thinking about a case of beer, or a barbecue, or some man-made lake in Oklahoma he wishes he was waterskiing on, or some girl or a new Chevy shortbed, or a discothèque he owns as a tax shelter, or just simply himself. But you can bet he isn’t worried one bit about you and what you’re thinking. His is a rare selfishness that means he isn’t looking around the sides of his emotions to wonder about alternatives for what he’s saying or thinking about. In fact, athletes at the height of their powers make literalness into a mystery all its own simply by becoming absorbed in what they’re doing. Years of athletic training teach this; the necessity of relinquishing doubt and ambiguity and self-inquiry in favor of a pleasant, self-championing one-dimensionality which has instant rewards in sports. You can even ruin everything with athletes simply by speaking to them in your own everyday voice, a voice possibly full of contingency and speculation. It will scare them to death by demonstrating that the world—where they often don’t do too well and sometimes fall into depressions and financial imbroglios and worse once their careers are over—is complexer than what their training has prepared them for. As a result, they much prefer their own voices and questions or the jabber of their teammates (even if it’s in Spanish). And if you are a sportswriter you have to tailor yourself to their voices and answers: “How are you going to beat this team, Stu?” Truth, of course, can still be the result—“We’re just going out and play our kind of game, Frank, since that’s what’s got us this far”—but it will be their simpler truth, not your complex one—unless, of course, you agree with them, which I often do. (Athletes, of course, are not always the dummies they’re sometimes portrayed as being, and will often talk intelligently about whatever interests them until your ears turn to cement.)

Those are the moments I’m proud of. The times I saw through them. The times I made them work to break me, even though I knew they would. The times I questioned the lies being fed to me, though everyone around me believed. I learned early that if everyone around you has their head bowed, their eyes shut tight—keep your eyes open and look around. I’m reflexively suspicious of anyone who stands on a soapbox. Tell me you have the answers and I’ll know you’re trying to sell me something. I’m as wary of certainty as I am of good vibes and positive thinking. They’re delusions that allow you to ignore reality and lay the blame at the feet of those suffering. They just didn’t follow the rules, or think positively enough. They brought it on themselves. I don’t have the answers. Maybe depression’s the natural reaction to a world full of cruelty and pain. But the thing I know about depression is if you want to survive it, you have to train yourself to hold on; when you can see no reason to keep going, you cannot imagine a future worth seeing, you keep moving anyway. That’s not delusion. That’s hope. It’s a muscle you exercise so it’s strong when you need it. You feed it with books and art and dogs who rest their head on your leg, and human connection with people who are genuinely interested and excited; you feed it with growing a tomato and baking sourdough and making a baby laugh and standing at the edge of oceans and feeling a horse’s whiskers on your palm and bear hugs and late-night talks over whiskey and a warm happy sigh on your neck and the unexpected perfect song on the radio, and mushroom trips with a friend who giggles at the way the trees aren’t acting right, and jumping in creeks, and lying in the grass under the stars, and driving with the windows down on a swirly two-lane road. You stock up like a fucking prepper buying tubs of chipped beef and powdered milk and ammo. You stock up so some part of you knows and remembers, even in the dark, all that’s worth saving in this world. It’s comforting to know what happens next. But if there’s one thing I know, it’s that no one fucking knows. And it’s terrifying. I don’t dream of a home and a family, a career and financial stability. I dream of living. And my inner voice, defective though it may be, still tells me happiness and peace, belonging and love, all lie just around the next corner, the next city, the next country. Just keep moving and hope the next place will be better. It has to be. Just around the next bend, everything is beautiful. And it breaks my heart.

If you’re going to make an error in life, err on the side of overestimating your capabilities (obviously, as long as it doesn’t jeopardize your life). By the way, this is something that’s hard to do, since the human capacity is so much greater than most of us would ever dream. In fact, many studies have focused on the differences between people who are depressed and people who are extremely optimistic. After attempting to learn a new skill, the pessimists are always more accurate about how they did, while the optimists see their behavior as being more effective than it actually was. Yet this unrealistic evaluation of their own performance is the secret of their future success. Invariably the optimists eventually end up mastering the skill while the pessimists fail. Why? Optimists are those who, despite having no references for success, or even references of failure, manage to ignore those references, leaving unassembled such cognitive tabletops as “I failed” or “I can’t succeed.” Instead, optimists produce faith references, summoning forth their imagination to picture themselves doing something different next time and succeeding. It is this special ability, this unique focus, which allows them to persist until eventually they gain the distinctions that put them over the top. The reason success eludes most people is that they have insufficient references of succeeding in the past. But an optimist operates with beliefs such as, “The past doesn’t equal the future.” All great leaders, all people who have achieved success in any area of life, know the power of continuously pursuing their vision, even if all the details of how to achieve it aren’t yet available. If you develop the absolute sense of certainty that powerful beliefs provide, then you can get yourself to accomplish virtually anything, including those things that other people are certain are impossible.

The strongest evidence yet was published in 2010. In a painstaking long-term study, much larger and more thorough than anything done previously, an international team of researchers tracked one thousand children in New Zealand from birth until the age of thirty-two. Each child’s self-control was rated in a variety of ways (through observations by researchers as well as in reports of problems from parents, teachers, and the children themselves). This produced an especially reliable measure of children’s self-control, and the researchers were able to check it against an extraordinarily wide array of outcomes through adolescence and into adulthood. The children with high self-control grew up into adults who had better physical health, including lower rates of obesity, fewer sexually transmitted diseases, and even healthier teeth. (Apparently, good self-control includes brushing and flossing.) Self-control was irrelevant to adult depression, but its lack made people more prone to alcohol and drug problems. The children with poor self-control tended to wind up poorer financially. They worked in relatively low-paying jobs, had little money in the bank, and were less likely to own a home or have money set aside for retirement. They also grew up to have more children being raised in single-parent households, presumably because they had a harder time adapting to the discipline required for a long-term relationship. The children with good self-control were much more likely to wind up in a stable marriage and raise children in a two-parent home. Last, but certainly not least, the children with poor self-control were more likely to end up in prison. Among those with the lowest levels of self-control, more than 40 percent had a criminal conviction by the age of thirty-two, compared with just 12 percent of the people who had been toward the high end of the self-control distribution in their youth.

What are the health effects of the choice between austerity and stimulus? Today there is a vast natural experiment being conducted on the body economic. It is similar to the policy experiments that occurred in the Great Depression, the post-communist crisis in eastern Europe, and the East Asian Financial Crisis. As in those prior trials, health statistics from the Great Recession reveal the deadly price of austerity—a price that can be calculated not just in the ticks to economic growth rates, but in the number of years of life lost and avoidable deaths. Had the austerity experiments been governed by the same rigorous standards as clinical trials, they would have been discontinued long ago by a board of medical ethics. The side effects of the austerity treatment have been severe and often deadly. The benefits of the treatment have failed to materialize. Instead of austerity, we should enact evidence-based policies to protect health during hard times. Social protection saves lives. If administered correctly, these programs don’t bust the budget, but—as we have shown throughout this book—they boost economic growth and improve public health. Austerity’s advocates have ignored evidence of the health and economic consequences of their recommendations. They ignore it even though—as with the International Monetary Fund—the evidence often comes from their own data. Austerity’s proponents, such as British Prime Minister David Cameron, continue to write prescriptions of austerity for the body economic, in spite of evidence that it has failed. Ultimately austerity has failed because it is unsupported by sound logic or data. It is an economic ideology. It stems from the belief that small government and free markets are always better than state intervention. It is a socially constructed myth—a convenient belief among politicians taken advantage of by those who have a vested interest in shrinking the role of the state, in privatizing social welfare systems for personal gain. It does great harm—punishing the most vulnerable, rather than those who caused this recession.

Said the Broadway star Billie Burke, “The Roaring Twenties were very pleasant if you did not stop to think.” Most people didn’t stop to think. And still don’t, as they look back. If they did, they would see not just the pervasiveness of hardship throughout the decade, but the horrible prelude it proved to be—for at its opposite end, there was a different kind of explosion on Wall Street. The stock market crashed, and much of the United States crashed along with it. The value of investments dropped like never before, never since; the term “Depression” described not just the ruination of financial accounts, but the attitude of an entire nation, so many people so painfully victimized by a lack of income and, with it, a lack of opportunity. The New Deal helped, but it took another Great War, after yet another decade, to jump-start economic growth again. Ten years, it might have been, from Prohibition to stock-market crash, but they held a century’s worth of turmoil and jubilation, irrationality and intrigue, optimism and injustice. It all began in 1920.

If you look back in the 1930s, Leon Trotsky said that fascism was the inability of the socialist parties to come forth with an alternative,” Hudson said. “If the socialist parties and media don’t come forth with an alternative to this neofeudalism, you’re going to have a rollback to feudalism. But instead of the military taking over the land, as occurred with the Norman Conquest, you take over the land financially. Finance has become the new mode of warfare. “You can achieve the takeover of land and the takeover of companies by corporate raids,” he said. “The Wall Street vocabulary is one of conquest and wiping out. You’re having a replay in the financial sphere of what feudalism was in the military sphere.” The debauched ethics of all casino magnates, including Trump, define the dark, petulant heart of America. Our schools and libraries lack funding, our infrastructure is a wreck, drug addiction and suicide are an epidemic, and we flee toward the promise of magic, unchecked hedonism, and perpetual stimulation. There is a pathological need in America to escape the dreary and the depressing.

Ohio hadn’t gone through the same real estate boom as the Sun Belt, but the vultures had circled the carcasses of dying industrial towns––Dayton, Toledo, Mansfield, Youngstown, Akron––peddling home equity loans and refinancing. All the garbage that blew up in people’s faces the same way subprime mortgages had. A fleet of nouveau riche snake oil salesmen scoured the state, moving from minority hoods where widowed, churchgoing black ladies on fixed incomes made for easy marks to the white working-class enclaves and then the first-ring suburbs. The foreclosures began to crop up and then turn into fields of fast-moving weeds, reducing whole neighborhoods to abandoned husks or drug pens. Ameriquest, Countrywide, CitiFinancial––all those devious motherfuckers watching the state’s job losses, plant closings, its struggles, its heartache, and figuring out a way to make a buck on people’s desperation. Every city or town in the state had big gangrenous swaths that looked like New Canaan, the same cancer-patient-looking strip mall geography with brightly lit outposts hawking variations on usurious consumer credit. Those entrepreneurs saw the state breaking down like Bill’s truck, and they moved in, looking to sell the last working parts for scrap.

Depression: What depressed person doesn’t think of himself or herself as a miserable, unredeemable failure? Anger: As in “STAY AWAY or you will see me, and what you see won’t be pretty.” Look for the paradoxical combination of self-loathing and arrogant judgment. Men are specialists at this.       Anorexia: The deep logic of anorexia is that you are unworthy and deserve nothing, so you give yourself nothing. If you give yourself nothing, perhaps you will disappear, or at least less of you will be seen.       Fear and withdrawal: You might as well avoid other people since you feel like you don’t belong with them. You don’t want to be seen.       Exhibitionism: The person who is the life of the party acts shameless in the hope that such a thing is possible.      Addiction: This will both cause shame and cure it, at least temporarily.       Cutting: This seems like the perfect treatment. It punishes you for being “bad,” and the blood makes you feel punished and therefore cleansed. Of course cutting silences shame for only an hour or so, but at least that’s something.       Fears of being exposed: Among the socially or financially successful can lurk a persistent sense that they are only one misstep from being found out and humiliated.       Suicide: Sadly, some people who expect to be exposed and humiliated feel as if they have no alternative but suicide. Many others who live with shame wish they could take their lives, but they are too afraid of what death might bring.       Doubts that God could ever love you: Who could love something so gross?       “I can’t forgive myself”: You might be saying, “I believe God has forgiven me, but something is still wrong. I still feel dirty.”       “I’m just a failure”: Who hasn’t thought that? Of course, families remain the hotbed for shame.

KEYNESIAN ECONOMICS AND STIMULUS Keynesian economics is based on the notion that unemployment arises when total or aggregate demand in an economy falls short of the economy’s ability to supply goods and services. When products go unsold, jobs are lost. Aggregate demand, in turn, comes from two sources: the private sector (which is the majority) and the government. At times, aggregate demand is too buoyant—goods fly off the shelves and labor is in great demand—and we get rising inflation. At other times, aggregate demand is inadequate—goods are hard to sell and jobs are hard to find. In those cases, Keynes argued in the 1930s, governments can boost employment by cutting interest rates (what we now call looser monetary policy), raising their own spending, or cutting people’s taxes (what we now call looser fiscal policy). By the same logic, when there is too much demand, governments can fight actual or incipient inflation by raising interest rates (tightening monetary policy), increasing taxes, or reducing its own spending (thus tightening fiscal policy). That’s part of standard Keynesian economics, too, although Keynes, writing during the Great Depression, did not emphasize it. Setting aside the underlying theory, the central Keynesian policy idea is that the government can—and, Keynes argued, should—act as a kind of balance wheel, stimulating aggregate demand when it’s too weak and restraining aggregate demand when it’s too strong. For decades, American economists took for granted that most of that job should and would be done by monetary policy. Fiscal policy, they thought, was too slow, too cumbersome, and too political. And in the months after the Lehman Brothers failure, the Federal Reserve did, indeed, pull out all the stops—while fiscal policy did nothing. But what happens when, as was more or less the case by December 2008, the central bank has done almost everything it can, and yet the economy is still sinking? That’s why eyes started turning toward Congress and the president—that is, toward fiscal stimulus—after the 2008 election.

There is a particular kind of pain, elation, loneliness, and terror involved in this kind of madness. When you’re high it’s tremendous. The ideas and feelings are fast and frequent like shooting stars, and you follow them until you find better and brighter ones. Shyness goes, the right words and gestures are suddenly there, the power to captivate others a felt certainty. There are interests found in uninteresting people. Sensuality is pervasive and the desire to seduce and be seduced irresistible. Feelings of ease, intensity, power, well-being, financial omnipotence, and euphoria pervade one’s marrow. But, somewhere, this changes. The fast ideas are far too fast, and there are far too many; overwhelming confusion replaces clarity. Memory goes. Humor and absorption on friends’faces are replaced by fear and concern. Everything previously moving with the grain is now against—you are irritable, angry, frightened, uncontrollable, and enmeshed totally in the blackest caves of the mind. You never knew those caves were there. It will never end, for madness carves its own reality. It goes on and on, and finally there are only others’ recollections of your behavior—your bizarre, frenetic, aimless behaviors—for mania has at least some grace in partially obliterating memories. What then, after the medications, psychiatrist, despair, depression, and overdose? All those incredible feelings to sort through. Who is being too polite to say what? Who knows what? What did I do? Why? And most hauntingly, when will it happen again? Then, too, are the bitter reminders—medicine to take, resent, forget, take, resent, and forget, but always to take. Credit cards revoked, bounced checks to cover, explanations due at work, apologies to make, intermittent memories (what did I do?), friendships gone or drained, a ruined marriage. And always, when will it happen again? Which of my feelings are real? Which of the me’s is me? The wild, impulsive, chaotic, energetic, and crazy one? Or the shy, withdrawn, desperate, suicidal, doomed, and tired one? Probably a bit of both, hopefully much that is neither. Virginia Woolf, in her dives and climbs, said it all: “How far do our feelings take their colour from the dive underground? I mean, what is the reality of any feeling?

You’re afraid you have no talent. You’re afraid you’ll be rejected or criticized or ridiculed or misunderstood or—worst of all—ignored. You’re afraid there’s no market for your creativity, and therefore no point in pursuing it. You’re afraid somebody else already did it better. You’re afraid everybody else already did it better. You’re afraid somebody will steal your ideas, so it’s safer to keep them hidden forever in the dark. You’re afraid you won’t be taken seriously. You’re afraid your work isn’t politically, emotionally, or artistically important enough to change anyone’s life. You’re afraid your dreams are embarrassing. You’re afraid that someday you’ll look back on your creative endeavors as having been a giant waste of time, effort, and money. You’re afraid you don’t have the right kind of discipline. You’re afraid you don’t have the right kind of work space, or financial freedom, or empty hours in which to focus on invention or exploration. You’re afraid you don’t have the right kind of training or degree. You’re afraid you’re too fat. (I don’t know what this has to do with creativity, exactly, but experience has taught me that most of us are afraid we’re too fat, so let’s just put that on the anxiety list, for good measure.) You’re afraid of being exposed as a hack, or a fool, or a dilettante, or a narcissist. You’re afraid of upsetting your family with what you may reveal. You’re afraid of what your peers and coworkers will say if you express your personal truth aloud. You’re afraid of unleashing your innermost demons, and you really don’t want to encounter your innermost demons. You’re afraid your best work is behind you. You’re afraid you never had any best work to begin with. You’re afraid you neglected your creativity for so long that now you can never get it back. You’re afraid you’re too old to start. You’re afraid you’re too young to start. You’re afraid because something went well in your life once, so obviously nothing can ever go well again. You’re afraid because nothing has ever gone well in your life, so why bother trying? You’re afraid of being a one-hit wonder. You’re afraid of being a no-hit wonder . . . Listen, I don’t have all day here, so I’m not going to keep listing fears. It’s a bottomless list, anyhow, and a depressing one. I’ll just wrap up my summary this way: SCARY, SCARY, SCARY. Everything is so goddamn scary. Defending Your Weakness Please understand that the only reason I can speak so authoritatively about fear is that I know it so intimately.

Beauty Junkies is the title of a recent book by New York Times writer Alex Kuczynski, “a self-confessed recovering addict of cosmetic surgery.” And, withour technological prowess, we succeed in creating fresh addictions. Some psychologists now describe a new clinical pathology — Internet sex addiction disorder. Physicians and psychologists may not be all that effective in treating addictions, but we’re expert at coming up with fresh names and categories. A recent study at Stanford University School of Medicine found that about 5.5 per cent of men and 6 per cent of women appear to be addicted shoppers. The lead researcher, Dr. Lorrin Koran, suggested that compulsive buying be recognized as a unique illness listed under its own heading in the Diagnostic and Statistical Manual of Mental Disorders, the official psychiatric catalogue. Sufferers of this “new” disorder are afflicted by “an irresistible, intrusive and senseless impulse” to purchase objects they do not need. I don’t scoff at the harm done by shopping addiction — I’m in no position to do that — and I agree that Dr. Koran accurately describes the potential consequences of compulsive buying: “serious psychological, financial and family problems, including depression, overwhelming debt and the breakup of relationships.” But it’s clearly not a distinct entity — only another manifestation of addiction tendencies that run through our culture, and of the fundamental addiction process that varies only in its targets, not its basic characteristics. In his 2006 State of the Union address, President George W. Bush identified another item of addiction. “Here we have a serious problem,” he said. “America is addicted to oil.” Coming from a man who throughout his financial and political career has had the closest possible ties to the oil industry. The long-term ill effects of our society’s addiction, if not to oil then to the amenities and luxuries that oil makes possible, are obvious. They range from environmental destruction, climate change and the toxic effects of pollution on human health to the many wars that the need for oil, or the attachment to oil wealth, has triggered. Consider how much greater a price has been exacted by this socially sanctioned addiction than by the drug addiction for which Ralph and his peers have been declared outcasts. And oil is only one example among many: consider soul-, body-or Nature-destroying addictions to consumer goods, fast food, sugar cereals, television programs and glossy publications devoted to celebrity gossip—only a few examples of what American writer Kevin Baker calls “the growth industries that have grown out of gambling and hedonism.

How exactly the debt should be funded was to be the most inflammatory political issue. During the Revolution, many affluent citizens had invested in bonds, and many war veterans had been paid with IOUs that then plummeted in price under the confederation. In many cases, these upright patriots, either needing cash or convinced they would never be repaid, had sold their securities to speculators for as little as fifteen cents on the dollar. Under the influence of his funding scheme, with government repayment guaranteed, Hamilton expected these bonds to soar from their depressed levels and regain their full face value. This pleasing prospect, however, presented a political quandary. If the bonds appreciated, should speculators pocket the windfall? Or should the money go to the original holders—many of them brave soldiers—who had sold their depressed government paper years earlier? The answer to this perplexing question, Hamilton knew, would define the future character of American capital markets. Doubtless taking a deep breath, he wrote that “after the most mature reflection” about whether to reward original holders and punish current speculators, he had decided against this approach as “ruinous to public credit.”25 The problem was partly that such “discrimination” in favor of former debt holders was unworkable. The government would have to track them down, ascertain their sale prices, then trace all intermediate investors who had held the debt before it was bought by the current owners—an administrative nightmare. Hamilton could have left it at that, ducking the political issue and taking refuge in technical jargon. Instead, he shifted the terms of the debate. He said that the first holders were not simply noble victims, nor were the current buyers simply predatory speculators. The original investors had gotten cash when they wanted it and had shown little faith in the country’s future. Speculators, meanwhile, had hazarded their money and should be rewarded for the risk. In this manner, Hamilton stole the moral high ground from opponents and established the legal and moral basis for securities trading in America: the notion that securities are freely transferable and that buyers assume all rights to profit or loss in transactions. The knowledge that government could not interfere retroactively with a financial transaction was so vital, Hamilton thought, as to outweigh any short-term expediency. To establish the concept of the “security of transfer,” Hamilton was willing, if necessary, to reward mercenary scoundrels and penalize patriotic citizens. With this huge gamble, Hamilton laid the foundations for America’s future financial preeminence.

How lonely am I ? I am 21 year old. I wake up get ready for college. I go to the Car stop where I have a bunch of accquaintances whom I go to college with. If I'm unfortunately late to the stop, I miss the Car . But the accquaintances rarely halt the car for me. I have to phone and ask them to halt the car. In the car I don't sit beside anyone because the people I like don't like me and vice versa. I get down at college. Attend all the boring classes. I want to skip a class and enjoy with friends but I rarely do so because I don't have friends and the ones I have don't hang out with me. I often look at people around and wonder how everyone has friends and are cared for. And also wonder why I am never cared for and why I am not a priority to anyone. I reach home and rest for few minutes before my mom knocks on my door. I expect her to ask about my day. But she never does. Sometimes I blurt it out because I want to talk to people. I have a different relationship with my dad. He thinks I don't respect him and that I am an arrogant and self centered brat. I am tired of explaining him that I'm not. I am just opinionated. I gave up. Neither my parents nor my sis or bro ask me about my life and rarely share theirs. I do have a best friend who always messages and phones when she has something to say. That would mostly be about his girlfriend . But at times even though I try not to message him of my life. I do. I message him about how lonely I am. I always wanted a guy or a girl best friend. But he or she rarely talk to me. The girl who talk are extremely repulsive or very creepy. And I have a girl who made me believe that I was special for her.She was the only person who made me feel that way. I knew and still know that she is just toying with me. Yet I hope that's not true. I want to be happy and experience things like every normal person. But it seems impossible. And I am tired of being lonely. I once messaged a popular quoran. I complimented him answers and he replied. When I asked him if I can message him and asked him to be my friend he saw the message and chose not to reply. A reply, even a rejection is better than getting ignored. A humble request to people on Quora. For those who advertise to message them regarding any issue should stop doing that if they can't even reply. And for those who follow them. Don't blindly believe people on Quora or IRL Everyone has a mask. I feel very depressed at times and I want to consult a doctor. But I am not financially independent. My family doesn't take me seriously when I tell them I want to visit a doctor. And this is my lonely life. I just wish I had some body who cared for me and to stand by me. I don't know if that is possible. I stared to hate myself. If this continues on maybe I'll be drowning in the river of self hate and depreciation. Still I have hope. Hope is the only thing I have. I want my life to change. If you read the complete answer then, THANKS for your patience. People don't have that these days.

There’s a tendency for those unfamiliar with cooperatives to look down on them as the leftovers of the mainstream economy, implying that if these ideologically driven people simply reorganized themselves into “normal” private companies, they would be more efficient and productive. In fact, just the opposite is true: Cooperatives often enter into economic activities that private businesses will not take on. The most fertile period of cooperative growth was during the Great Depression. Rural electric cooperatives spread across the American plains when it became clear that other investor-owned and municipally owned utilities were uninterested in wiring up sparsely populated regions. Credit unions, as we’ll soon explore, have seen an upsurge during the recent financial crisis.

At the same time that “self-made” entered the nation’s lexicon, so did the notion of abject failure. Once reserved to describe a discrete financial episode—“I made a failure,” a merchant would say after losing his shop—“failure” in antebellum America became a matter of identity, describing not an event but a person. As the historian Scott Sandage explains in Born Losers: A History of Failure in America, the phrase “I feel like a failure” comes to us so naturally today “that we forget it is a figure of speech: the language of business applied to the soul.” It became conventional wisdom in the early nineteenth century, Sandage explains, that people who failed had a problem native to their constitution. They weren’t just losers; they were “born losers.

Dodd-Frank is the most restrictive financial regulation since the Great Depression—but it won’t stop another bubble.

Can ‘It’ – a Great Depression – happen again? And if ‘It’ can happen why didn’t ‘It’ occur in the years since World War II? These are questions that naturally follow from both the historical record and the comparative success of the past thirty-five years. To answer these questions it is necessary to have an economic theory which makes great depressions one of the possible states in which our type of capitalist economy can find itself.

inept or inflexible monetary policy in the wake of a sharp decline in asset prices can turn a correction into a recession and a recession into a depression.

THIS IS A book about financial crises. It is about the events that bring them about. It is about why governments and markets respond as they do. And it is about the consequences.     It is about the Great Recession of 2008–09 and the Great Depression of 1929–1933, the two great financial crises of our age. That there are parallels between these episodes is well known, not least in policy circles. Many commentators have noted how conventional wisdom about the earlier episode, what is referred to as “the lessons of the Great Depression,” shaped the response to the events of 2008–09.

Richard Russell — the godfather of financial newsletter writers — has recently made a stunning assertion about the gold markets. The 91 year-old, who lived through the great depression and fought in World War II, is very gentle and humane in his writing. He is not given to bouts of sensationalism.

And yet the end result is not always a happy one, even for those who wind up with a pile of money on the table. Despite having absolute financial security, often for the first time in their lives, many owners find themselves dealing with unanticipated regrets, fighting against depression, and desperately in need of a new identity and sense of purpose. For them, life after the exit is a bleak period, and it can last for years.

American households lost 16 percent of their wealth in 2008, driven by falling home prices and stock prices, a decline five times larger than the 3 percent loss of wealth during the financial shock that precipitated the Depression in 1929.

The Fed appears to be on track in achieving one half of its mandate, in maximising employment, but it is well short of its inflation goal as readings are dragged lower by the plunge in oil prices. Officials are also concerned about depressed inflation expectations in financial markets.

In many Western countries, the 1970s were the peak of both the average standard of living and income equality. Today we face a crisis of capitalism on the scale of the Great Depression — and that crisis only ended with the Second World War’s bonfire of value. Such crises are for some reason taken as an opportunity for the left, as if the backdrop of immiseration provides an impetus for action, rather than a millstone around the necks of those it intends to emancipate. It is no coincidence that labour militancy tends to correlate with economic security and a lack of indebtedness. As it is, we are stretched out upon the rack of financial discipline.

Building computer models based on years of historical data on corporate bonds, they concluded that this new device—a credit default swap—seemed foolproof. The odds of a wave of defaults occurring simultaneously were remote, short of another Great Depression. So, absent a catastrophe of that magnitude, the holders of the swap could expect to receive millions of dollars in premiums a year. It was like free money.

We had just finished the world’s greatest depression and there were many bankrupt companies. But a war causes a demand for almost every product, so during a war almost every company will prosper again. So

I’m a writer/director, my movie is a hit at Sundance, I have a wonderful loving boyfriend, and wow, I have financial stability. Why can’t I get out of bed still? It made it even worse, because there’s nothing else I want. This is what I’m born to do. I’m living my purpose, I’m paying my rent, what’s missing?

The Kochs were also directing millions of dollars into online education, and into teaching high school students, through a nonprofit that Charles devised called the Young Entrepreneurs Academy. The financially pressed Topeka school system, for instance, signed an agreement with the organization which taught students that, among other things, Franklin Roosevelt didn’t alleviate the Depression, minimum wage laws and public assistance hurt the poor, lower pay for women was not discriminatory, and the government, rather than business, caused the 2008 recession.

Do you sense a depression in the body of Christ in America, as if something is badly wrong? We’re losing influence within our culture as the anti-Christian sentiment grows, yet you’d never know it in most churches—the smoke, lights, loud music and preaching rolls on as if all is well…Too often people come to the church, are deeply disappointed and as a result are turned off from the gospel. The church promises solutions but only offers lip service. We’ve become excellent at giving people a show on Sunday but lousy at showing them how to actually live…I recently spoke with two businessmen friends about why it’s hard to find a good church. Both are successful financially and are passionate believers. On the surface, they’re what every pastor needs. Yet after being active in a local church, they both became disillusioned with what they saw and how they were treated. As they recounted stories of how pastors felt threatened by their powerful personalities and positions, I felt sorry for my friends (for never experiencing the community they sought) and for the insecure leaders they served. Countless other mature Christians have been so wounded by leadership that they stay home on Sunday and “go to church” by watching Charles Stanley or Jack Hayford. They get a good message, some good music and an opportunity to “tithe” to that ministry. Sometimes this is a transitional period. Too often it’s not. But this isn’t Christian community. Aren’t we supposed to assemble with other believers? Aren’t we supposed to bring a hymn or a Scripture or a prophetic word when we meet? In larger churches this need is met in small groups or in various ministries of the church. There are many examples of healthy churches where this happens. But too often it isn’t…Until this happens, people—like my businessmen friends—will feel as if they’re drifting. They’ll never really find their place in the body of Christ. And sooner or later, they will ‘vote with their feet’ by going somewhere else—or worse still, nowhere.

A person living in poverty can find themselves aging faster, a victim of many illnesses and many will discover they are not using their minds to the best potential because of depression or simply acceptance of their situation.Yet, Poverty can also be a substance to strengthen one's resolve to improve their situation. It can make you a voracious reader to educate yourself beyond where you are and beyond what your environment say's you can become. Poverty can make a person creative and industrious in finding ways to solve problems that others would simply ignore or those with financial means would purchase from stores or hire the assistance of the skilled. Poverty is not a blessing but it can make a person wiser and more appreciative. It can garner gratitude and make you humble. It can definitely make you more determined to have the best life you possibly can and can empower you ethically and morally.

Within weeks of his arrival, the planet was hit by the most serious financial crisis since the Great Depression. The crisis posed a conundrum for Lin: Officials from the United States, Europe, and the IMF called on China to raise the value of its currency, to boost the buying power of Chinese consumers and make products from other countries relatively cheaper. Sen. Charles Schumer, Democrat from New York, told reporters, “China’s currency manipulation is like a boot to the throat of our recovery.” But Lin saw the issue very differently. Forcing China to raise its currency “won’t help this imbalance and can deter the global recovery,” he told an audience in Hong Kong, arguing that such a move would only depress U.S. consumer demand, because raising the value of the currency would make Chinese exports more expensive, and it would not help the U.S. economy, because Americans don’t produce many of the things they buy from China.

On January 7, 1973, the New York Times featured an interview with one of the nation’s top financial forecasters, who urged investors to buy stocks without hesitation: “It’s very rare that you can be as unqualifiedly bullish as you can now.” That forecaster was named Alan Greenspan, and it’s very rare that anyone has ever been so unqualifiedly wrong as the future Federal Reserve chairman was that day: 1973 and 1974 turned out to be the worst years for economic growth and the stock market since the Great Depression.

God not only wants to forgive us of our sins, He also loves us dearly and desires to heal our bodies, bless us financially, and deliver us from discouragement and depression

Page 207 In the inner cities of all the major metropolitan areas across the United States, ethnic Koreans represent an increasingly glaring market-dominant minority vis-à-vis the relatively economically depressed African-American majorities around them. In New York City, Koreans, less than .1 percent of the city’s population, own 85 percent of produce stands, 70 percent of grocery stores, 80 percent of nail salons, and 60 percent of dry cleaners. In portions of downtown Los Angeles, Koreans own 40 percent of the real estate but constitute only 10 percent of the residents. Korean-American businesses in Los Angeles County number roughly 25,000, with gross sales of $4.5 billion. Nationwide, Korean entrepreneurs have in the last decade come to control 80 percent of the $2.5 billion African-American beauty business, which—“like preaching and burying people”—historically was always a “black” business and a source of pride, income, and jobs for African-Americans. “They’ve come in and taken away a market that’s not rightfully theirs,” is the common, angry view among inner-city blacks. Page 208 At a December 31, 1994, rally, Norman “Grand Dad” Reide, vice president of Al Sharpton’s National Action Network, accused Koreans of “reaping a financial harvest at the expense of black people” and recommended that “we boycott the bloodsucking Koreans.” More recently, in November 2000, African-Americans firebombed a Korean-owned grocery store in northeast Washington, D.C. The spray-painted message on the charred walls: “Burn them down, Shut them down, Black Power!

Alienated anti-authoritarian adults are often diagnosed with anxiety and depression. Often a major pain of their lives that fuels their anxiety and/or depression is fear that noncompliance with illegitimate authorities will cause them to be financially and socially marginalized; but they fear that compliance with such illegitimate authorities will result in humiliation and loss of integrity. All this can result in anxiety and depression—created not by biochemical defects but by existential realities.

And yet contrast is a beautiful thing. When you get around people who are playing the game of life at a higher level, you either get depressed, pissed off, or inspired.

Gold standard” is a common phrase meaning that something is good and trustworthy — but the actual gold standard, which started in the 1790s, didn’t work well at all. Gold standard economies went through manic boom-and-bust cycles and financial crises. Countries came out of the Great Depression of the 1930s as they moved off a rigid gold standard, and the last traces of the gold standard were abandoned in 1971. Real economies need credit and monetary policy for any sort of stability. Bitcoiners think that this is incorrect and immoral, and that bad ideas that didn’t work before will surely work again if they’re programmed well enough.

Today, in 2020, I cannot see the future, but my instincts tell me that we are going to experience a replay of the first Great American Depression of the 1930’s, and that it will happen before the 100 year anniversary of that last one. (Keep in mind the uselessness of such personal premonitions) (Update September 2020 in light of record setting stock market valuations (for some companies) while economies were still under water) The above made so little sense, it became possible to imagine that certain companies had a pipeline to free Federal reserve cash.

Some of the great category kings have been built during some of the “worst” times—Google in the early 2000s right after the dot-com crash; Airbnb in 2008 as financial markets melted; Birds Eye amid the Great Depression.6

The Global Financial Crisis shows the credit cycle at the greatest extreme since the Great Depression. Debt markets historically had been marked by general conservatism, meaning excesses on the upside were limited and most bubbles took place in the equity market. Certainly it was the site of the Great Crash of 1929. But the creation of the high yield bond market in the late 1970s kicked off a liberalization of debt investing, and the generally positive economic environment of the subsequent three decades provided those who ventured in with a favorable overall experience. This combination led to a strong trend toward acceptance of low-rated and non-traditional debt instruments. There were periods of weakness in debt in 1990–91 (related to widespread bankruptcies among the highly levered buyouts of the 1980s) and in 2002 (stemming from excessive borrowing to fund overbuilding in the telecom industry, which led to prominent downgrades that coincided with several high-profile corporate accounting scandals). But the effects of these were limited because of the isolated nature of their causes. It wasn’t until 2007–08 that the financial markets witnessed the first widespread, debt-induced panic, with ramifications for the entire economy. Thus the GFC provided the ultimate example of the credit cycle’s full effect.

In an ideal world, the intelligent investor would hold stocks only when they are cheap and sell them when they become overpriced, then duck into the bunker of bonds and cash until stocks again become cheap enough to buy. From 1966 through late 2001, one study claimed, $1 held continuously in stocks would have grown to $11.71. But if you had gotten out of stocks right before the five worst days of each year, your original $1 would have grown to $987.12.1 Like most magical market ideas, this one is based on sleight of hand. How, exactly, would you (or anyone) figure out which days will be the worst days—before they arrive? On January 7, 1973, the New York Times featured an interview with one of the nation’s top financial forecasters, who urged investors to buy stocks without hesitation: “It’s very rare that you can be as unqualifiedly bullish as you can now.” That forecaster was named Alan Greenspan, and it’s very rare that anyone has ever been so unqualifiedly wrong as the future Federal Reserve chairman was that day: 1973 and 1974 turned out to be the worst years for economic growth and the stock market since the Great Depression.2 Can professionals time the market any better than Alan Green-span? “I see no reason not to think the majority of the decline is behind us,” declared Kate Leary Lee, president of the market-timing firm of R. M. Leary & Co., on December 3, 2001. “This is when you want to be in the market,” she added, predicting that stocks “look good” for the first quarter of 2002.3 Over the next three months, stocks earned a measly 0.28% return, underperforming cash by 1.5 percentage points. Leary is not alone. A study by two finance professors at Duke University found that if you had followed the recommendations of the best 10% of all market-timing newsletters, you would have earned a 12.6% annualized return from 1991 through 1995. But if you had ignored them and kept your money in a stock index fund, you would have earned 16.4%.

It was the influence of the Great Depression, recycling, thriftiness, stocking up to the point of hoarding for fear of being without. ... She [Rhea Leen] remembered coming home from school before Jean [Billie Jean Parker] got off work to a cold, empty house, and finding only one can of soup in the cupboard, heating the soup and eating only half of it, saving the rest for he aunt. Rather remembered ... when her father took a job as a janitor because his savings had been wiped out in the crash of 1929 and there were no other jobs. He always distrusted banks thereafter, refusing to do business with them, preferring to bury his money in the yard. He was not alone.

As a result, tax revenues and state budgets shrink, at least in relative terms per capita. National debt inevitably grows in order to at least partially cover the shortfall. Of course, it grew enormously after governments bailed out the banks in the wake of the financial crash. The British government did so to the tune of 136.6bn and has admitted that it will never recoup at least £27bn of that amount. In the US the bailout cost at least $14.4 trillion.[56] At the start of of 2019, the US’s national debt stood at nearly $22 trillion, having increased by 10% since Trump took office two years earlier. Under his predecessor Barack Obama, the national debt increased 100%, from $10 trillion to $20 trillion. National debt has to be repaid to the government’s creditors: bondholders, ie people, companies and foreign governments; international organisations such as the World Bank; and private financial institutions. If debt is not or cannot be repaid it becomes increasingly difficult to attract creditors. US national debt when the Great Depression kicked off stood at 16% of GDP and rose to 44% when the depression ended at the end of World War Two. Before the The Great Recession it stood at 65% and by 2013 had exploded to over 100%.[57] Gross national debt and household debt have been at record highs at the same time for the first time ever. Austerity, the socialisation of national debt, therefore becomes an economic necessity, not simply an unfair and immoral ‘political choice’, as is claimed by democratic socialists. That public spending as a share of national income in Britain in 2017 (39.6%) was at the same level as in 2007 (39.6%) after seven years of debt servicing via savage cuts to state welfare and public services suggests national income must have fallen per capita. Indeed, official forecasts suggest that GDP per adult in 2022 will be 18% lower than it would have been had it grown by 2% a year since 2008 – it has averaged 1.1% – broadly the expected rate of growth at that time.

Since The Great Recession, the global financial crash of 2008-09, the debt-fuelled post-recession recovery has been the weakest in the post-war era (since the end of World War Two). Whereas total outstanding credit in the US after the Wall Street Crash grew from 160% to 260% of GDP between 1929 and 1932, the figure rose from 365% in 2008 to 540% in 2010. (And this does not include derivatives, whose nominal outstanding value is at least four times GDP).[34] A long depression and rising right-wing populism have followed, including the stunning ascendency of property tycoon and TV celebrity demagogue Donald Trump as the President of the US in 2016.[35] The British public’s vote in June 2016 to leave the EU delivered another shock of global significance. A chronic drift towards trade wars and protectionism is accelerating and in January 2018, US Defence Secretary Jim Mattis said that “great power competition, not terrorism, is now the primary focus of US national security”, putting Russia, China and – yes – Europe in the crosshairs of the world’s long-time dominant economic and military power. Adding to this age of anxiety is the accelerating automation revolution. What should be an emancipatory and utopian development only generates insecurity at the prospect of unprecedented mass unemployment. It can be no coincidence that all these crises are converging at exactly the same time. They cannot be explained away by cynical and shallow generalisations about ‘human nature’. In the course of this investigation we will see that in fact all of these crises have a common root cause: the decaying nature of capitalism and its tendency towards breakdown. Indeed, average Gross Domestic Product (GDP) growth rates in the world’s richest countries have fallen in every decade since the 1960s and are clearly closing in on zero. Rates of profit, manufacturing costs and commodity prices are also trending towards zero. Drawing on Henryk Grossman’s vital clarification of Karl Marx’s methodology, we shall see that capitalism is heading inexorably towards a final, insurmountable breakdown that is destined to strike much earlier than a zero rate of profit. Indeed, we shall also see that the next, imminent economic crash will result in worldwide hyperinflation. We will also show that the economic crisis is intensifying competition between nation-states, forcing them into a situation which threatens the most destructive world war to date.

If you steal $25707, you’re a thief. If you steal $250,000, you’re an embezzler. If you steal $2,500,000, you’re a financier,” wrote the magazine the Nation.

A Good Start in Financial History You really can’t learn enough financial history. The following, listed in descending order of importance, are landmarks in the field. Edward Chancellor. Devil Take the Hindmost. New York: Farrar, Straus, and Giroux, 1999. What manias look like; how to recognize—and hopefully avoid—irrational exuberance. Benjamin Roth. The Great Depression: A Diary. New York: PublicAffairs, 2009. What the bottoms look like; how to keep your courage and your cash up. Roger G. Ibbotson and Gary P. Brinson. Global Investing. New York: McGraw-Hill, 1993. Five hundred years of hard and fiat money, inflation, and security returns in a small, easy-to-read package. Adam Fergusson. When Money Dies. New York: PublicAffairs, 2010; Frederick Taylor. The Downfall of Money. New York: Bloomsbury Press, 2013. What real inflation looks like. Be afraid, very afraid. Benjamin Graham. Security Analysis. New York: McGraw-Hill, 1996. You’re not a pro until you’ve read Graham “in the original”—the first edition, published in 1934. An authentic copy in decent condition will run you at least a grand. Fortunately, McGraw-Hill brought out a facsimile reprint in 1996. Charles Mackay. Extraordinary Popular Delusions and the Madness of Crowds. Petersfield, U.K.: Harriman House Ltd., 2003. If you were smitten with Devil Take the Hindmost, you’ll love this nineteenth-century look at earlier manias. Sydney Homer and Richard Sylla. A History of Interest Rates, 4th ed. Hoboken, NJ: John Wiley & Sons, 2005. Loan markets from 35th-century B.C. Sumer to the present.

future. After The Worldly Philosophers, I recommend reading The Creature from Jekyll Island by G. Edward Griffin, Paul Zane Pilzer’s Unlimited Wealth, James Dale Davidson’s The Sovereign Individual, Robert Preacher’s The Crest of the Wave, and Harry Dent’s The Great Depression Ahead.