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> The second crash this year has already started It was what, a little over 30% drawdown, that's a crash now? I've lived through 5 crashes then, hope to live t

> The second crash this year has already started It was what, a little over 30% drawdown, that's a crash now? I've lived through 5 crashes then, hope to live through a few more. > with worse unemployment than the great recession of the 1930s Great Depression, not recession, and nope. During the Great Depression the unemployment rate hit 25% and was over 15% for most of a decade, here's the graph: https://en.wikipedia.org/wiki/Great_Depression#/media/File:US_Unemployment_from_1910-1960.svg https://en.wikipedia.org/wiki/Great_Depression#/media/File:U....

grey-area 6y ago
It was what, a little over 30% drawdown, that's a crash now? I did say started, not finished :) Sorry Great Depression. We're in the first few months of this recession, which may well become a depression, and crucially is happening worldwide in almost every country and slowing trade at the same time. It's certainly been a much sharper shock than the Great Depression - the US has seen unemployment rise faster: https://www.pewresearch.org/fact-tank/2020/06/11/unemployment-rose-higher-in-three-months-of-covid-19-than-it-did-in-two-years-of-the-great-recession/ https://www.pewresearch.org/fact-tank/2020/06/11/unemploymen... And there has been nothing like these levels in the US since the Great Depression. https://www.cnbc.com/2020/05/19/unemployment-today-vs-the-great-depression-how-do-the-eras-compare.html https://www.cnbc.com/2020/05/19/unemployment-today-vs-the-gr... Since it usually takes these things several years to play out, I'm not convinced that the high water mark for unemployment has been reached yet. There are also hints that the true rate in early 2020 was more like 20% (department of labour statistics). We'll know in a few years, but this is certainly the sharpest recession on record (due to the imposed nature of it), and the only comparable is the Great Depression.

grey-area 6y ago

It was what, a little over 30% drawdown, that's a crash now? I did say started, not finished :) Sorry Great Depression. We're in the first few months of this recession, which may well become a depression, and crucially is happening worldwide in almost every country and slowing trade at the same time. It's certainly been a much sharper shock than the Great Depression - the US has seen unemployment rise faster: https://www.pewresearch.org/fact-tank/2020/06/11/unemployment-rose-higher-in-three-months-of-covid-19-than-it-did-in-two-years-of-the-great-recession/ https://www.pewresearch.org/fact-tank/2020/06/11/unemploymen... And there has been nothing like these levels in the US since the Great Depression. https://www.cnbc.com/2020/05/19/unemployment-today-vs-the-great-depression-how-do-the-eras-compare.html https://www.cnbc.com/2020/05/19/unemployment-today-vs-the-gr... Since it usually takes these things several years to play out, I'm not convinced that the high water mark for unemployment has been reached yet. There are also hints that the true rate in early 2020 was more like 20% (department of labour statistics). We'll know in a few years, but this is certainly the sharpest recession on record (due to the imposed nature of it), and the only comparable is the Great Depression.