The Financial Crisis Inquiry Commission has been called upon to examine the financial and economic crisis that has gripped our country and explain its causes to the American people. We are keenly aware of the significance of our charge, given the economic damage that America has suffered in the wake of the greatest financial crisis since the Great Depression.
Our task was first to determine what happened and how it happened so that we could understand why it happened. Here we present our conclusions. We encourage the American people to join us in making their own assessments based on the evidence gathered in our inquiry. If we do not learn from history, we are unlikely to fully recover from it.
Abstract: Brazil’s economy was diversified with well-developed agricultural, mining, manufacturing and service sectors. But during the Great Depression in the 1930s, the prices of Brazil’s exports fell. In the later years, Brazil experienced an increase in inflation.
To control the inflation, the Minister of Finance, Fernando Henrique Cardoso launched the ‘real’ plan in January 1994. A new currency, the real, was introduced and it was pegged to the US dollar. Under the ‘real’ plan, the economy became stable. But the devaluation of the Mexican peso, the Asian crisis and the Russian crisis affected Brazil’s economy. Keep reading
Brickworks Limited is proud of its history – a long, unbroken tradition that stretches back to the days of the Great Depression. It was in 1934 that a group of leading Sydney brick manufacturers formed a company to ensure the ongoing viability of the local brick industry. The expansion of the company was rapid and its success assured through technological innovation and strong management. Read more..
Harley-Davidson Motorcycle Company was established in 1903 by William Harley and Walter, William, and Arthur Davidson, who built their first three motorcycles in a shed in Milwaukee. In 1909, the company introduced its trademark bike; a 2 cylinder, v-twin engine (the fastest motorcycle at that time), able to reach speeds of 60 mph. However, a few years later the competition was becoming stiffer.
During World War I, the demand for United States motorcycles overseas grew tremendously. As a result, Harley-Davidson became a leader in innovative engineering in the 1920′s. With the introduction of the front brake and “teardrop” gas tanks, Harley was quickly developing its mystic appearance. The industry, which was thriving after World War I, was diminishing quickly as a result of the Great Depression. As one of only two remaining motorcycle companies, Harley-Davidson survived because of exports and sales to the police and military. Click here to read more…
On Tuesday October 29th, 1929, Wall Street witnessed a 13% decline in the Dow Jones, an episode that became known in financial mythology as “Black Tuesday.” It is generally recognized that Black Tuesday was the beginning of the Great Depression. Between early September and the end of October 1929 the market lost a total of 40% in less than 8 weeks. In reality Black Tuesday was just the end of the beginning of the crash on Wall Street.
As you can see from the graph below, the market continued to fall for several years after Black Tuesday. By the end of the slide some pundits conjectured that the market might actually go to zero. From its high of 386.10 in September ’29 to its low of 40.60 on July 29, 1932, the market had lost a total of 89%! Click here to download the article….
Ask an Australian what he or she thinks of the World’s Worst Financial Crisis Since the Great Depression and the response just might be, “What crisis?”
Americans, Europeans and Japanese watched, enviously. Not only did the Aussies have the easiest time during the recession; they were the first to escape. What did Australia do right that the rest of us did wrong? Read more to know…