Monday, March 31, 2008

"Food Stamp Use at Record Pace as Jobs Vanish"

The New York Times has reported the following:

"Driven by a painful mix of layoffs and rising food and fuel prices, the number of Americans receiving food stamps is projected to reach 28 million in the coming year, the highest level since the aid program began in the 1960s."


Remember this story the next time you see some teevee analyst wondering aloud whether or not we are in a recession. Stories like this are the handwriting on the wall.

The chilling truth is that the infamous crash of '29 was not at the heart of the Great Depression. It was the subsequent string of bank failures in 1930 and 1931 due to liquidity problems and a loss of confidence.

Let us hope that Lehman Brothers and their rotten ilk can remain tottering on their feet long enough for things to stabilize, lest we find ourselves subsisting on acorns in the immediate future.

No comments: