“How to Remain Hopeful in the Midst of the Worst Financial Crisis since the Great Depression.”

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) January 12, 2009 --

According to the annual tradition of celebrating New Year’s Eve in Times Square since 1907, more than a million revelers flood the area on December 31, who seem oblivious to the cold weather during the time they are witnessing the descent of the New Year Ball atop One Times Square. . At the stroke of midnight, the New Year is welcomed in with the traditional song of “Auld Lang Syne played amidst the reveler’s joyful and earsplitting shrieks of Happy New Year, horn blowing, hugging, kissing, crying and tossing of tons of confetti. With the New Year, the familiar rings of new resolutions are heard across America, whether it is weight loss, pursuing a career, tackling unfinished projects, or just about anything that the individual needs to accomplish.

Unfortunately, the ending of the year 2008 and the beginning of the year 2009 has found America as well as the entire Globe in horrendous economic conditions which are sucking us into its chaos with a disturbing velocity making money scarce and credit more expensive.

For many, it is not a period of being in a “whoopee” mood, setting goals or to pursue careers, but a time when people are seeking employment, being fired, or trying desperately to hang onto jobs they already have. The catastrophic economic baggage from one year to another continues to be dragged, while people struggle with their normal overhead expenses of supporting themselves as well as their family.

The Panic of 1929 and the ensuing depression were the most terrible the nation had ever suffered. "The stock market crash on October 23, 1929 wiped out an average of more than a billion dollars worth of paper values a day. A staggering total of 15 million were unemployed, and those who continued to work did so under greatly reduced wage scales." The flow of capital into productive enterprise slowed down to a trickle. The country was suffering from under consumption not overproduction. Banks were weighted down with government bonds, real estate mortgages based on greatly appreciated valuations, and highly speculative securities.

However, once again, we find ourselves currently facing a new financial dilemma; this time, one of greater magnitude. “How to Remain Hopeful in the Midst of the Worst Financial Crisis since the Great Depression,” can be found in the What’s New section of thehistorybox.com.

In her capacity as the Website creator and administrator, Miriam Medina is a member of the following societies: The New York Historical Society, The New York Genealogical and Biographical Society, Urban History Association, American Association for State and Local History, the National Law Center On Homelessness and Poverty, the National Council for History Education, the Foundation For the National Archives and National Associate Member of the Smithsonian Institute.

History, in all its manifestations, is Miriam Medina's passion, and she loves nothing more than sharing what she learns with you.

catastrophe     credit expensive     depression     financial crisis     money scarce     unemployment