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August 11, 2007

Grow Up, Please!

Yes, I know that people like to get all millennial now and again but this is ridiculous:

Prof Spencer said the crisis was in many senses comparable to the Wall Street Crash.

He said: "When historians look back, I would imagine they will compare this credit market slump with the events in 1929."

A 10% fall in an already frothy Footsie, a widening of credit spreads, this is 1929 all over again? Gimmie a break, please!

August 11, 2007 in Finance | Permalink

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Comments

"A 10% fall in an already frothy Footsie, a widening of credit spreads, this is 1929 all over again?"

Your statement presupposes that the current turmoil is now over, and the situation is therefore incomparable with 1929. What makes you think there is no more turmoil to come?

Tim adds: Purely opinion. My 12 month stint as a stockbroker didn't exactly cover me with laurels, so the opinion is worth perhaps even less than you're paying for it.

Posted by: Kay Tie | Aug 11, 2007 11:47:51 AM

Kay Tie, that doesn't make any sense. 1929 is being compared with the events that have so far happened this week. And what might happen in the future does not form a part of those events.

Posted by: Blithering Bunny | Aug 11, 2007 2:32:54 PM

Not much like 1929 - Hoover was one of the most intelligent Presidents they've ever had. Not that that proved much help, of course.

Posted by: dearieme | Aug 11, 2007 3:19:22 PM