IN THIS NEXT WORSE RECESSION EVER WE RECALL, "BLACK FRIDAY", 1929.....THE DAY THE GREAT DEPRESSION STARTED..........

The 1920's were a time of wealth, excess, and speculation, on Wall Street in the United States.  The unbridled, laissez faire, free wheeling regulation of that decade, "The Roaring Twenties", very loosely led by the governance of Presidents Warren Harding and Calvin Coolidge, led to the most immense economic downfall in the history of the modern world, The Great Depression of 1929-1941.  The devastation of the Great Depression began on this day which was named, "Black Friday", October 29, 1929.  Also known as the, "Great Crash", the "Stock Market Crass of 1929", and the "Wall Street Crash of 1929", is mirrored in many ways by the Economic Meltdown of 2007-2008, caused by the latest and deepest recession since the Great Depression.  Again Wall Street excesses, Banking liquidity failures, Subprime Mortgages, a Housing Bubble, an Energy Crisis, an American Automotive Industry Crisis, and European Debt Crisis, indifferently responded to by the President George W. Bush Administration, led to a mushrooming economic carelessness careening into near total collapse of the capitalist system.  And here we stand four days before the 2010 midterm election in the United States, expecting an economic recovery from a crisis  that was eight years in the making before it struck.  If indeed this current Economic Recession and Meltdown, are the closest thing to the Great Depression we can possibly experience, and the Great Depression took twelve years and the onset of World War II, to overcome, what's makes us think it will automatically, magically occur now in a three year period.  One of my wisest and insightful college History and Social Science professors, Dr. Gerald G. Smith, taught me how the reforms of FDR'S New Deal, meant that we would seldom again see the kind of crash of 1929, in the same way, because it would be forestalled by changes made to shore up the American economy, by the government in the 1930's.  However when our government allows business interests to pursue solely what is best for their own profit margins and personal gains, not what is best for the citzenry and the country as a whole, just such as this current crisis would strike our nation and the world.  So I admonish you who are reading this blog column, do not despair, despite the economic hardship we continue to suffer.  An upturn has begun and reports released today show the Gross Domestic Product of the United States has grown the plas 5 quarters and 15 months at a rate of 2%.  It will take a  growth rate higher than 2%, according to economists, including President Obama's Chief Economic Advisor, for UnEmployment to drop and a full recovery of the economy to take hold.  With sound investment of the taxpayers money, sensible belt tightening, and responsible fiscal practices, sanity, and fairnes, returned to the thew stock market,  banking, and financial services industries, along with continuing reforms of government, business, and the realistic expectations of all citizens, we will survive and succeed...........In Prayerful Hope For All Who Are Economically Challenged And Adversely Affected By This Current Crisis,   Fr.  Troy