Every Recession and Depression in American History
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- Опубликовано: 10 май 2024
- Mr. Beat goes through every single recession and depression in American history. He really does. It's kind of nuts.
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Produced by Beat Productions, LLC and Matt Beat. All images and video by Matt Beat, used under fair use guidelines, or found in the public domain. Music by @ElectricNeedleRoom, @badsnacks, @Kwon, and @QuincasMoreira. Creative commons credits: Bestbudbrian, Science History Institute, and pwbaker.
Here's an annotated script with footnotes: docs.google.com/document/d/1g...
Sources/further reading:
From the American System to Mass Production, 1800-1932 by David A Hounshell
Purchase here: amzn.to/3F2RU3C
www.businessinsider.com/the-e...
www.news9.com/story/5e8cf99cf...
en.wikipedia.org/wiki/List_of...
en.wikipedia.org/wiki/Economy...
en.wikipedia.org/wiki/Economi...
Related videos:
• What Really Caused the...
• I found the least bad ...
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• The James Monroe Song
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Because the United States has had the world’s biggest economy going back all the way arguably to the 1890s, that means this video kind of also went over every recession and depression in WORLD history since then. “But Mr. Beat, what about the Panic of 1792??” You know what, FORGET the Panic of 1792! (gasp!) And forget Panic at the Disco! They were an overrated band anyway. But seriously, obviously historians say there were more recessions than I mentioned.
#apush #ushistory #economichistory
0:00 Introduction
3:19 Sponsor (Home Title Lock)
4:39 Introduction again
4:53 The Panic of 1785
6:24 The Copper Panic of 1789
7:44 The Panic of 1796-1797
9:15 The 1802-1804 Recession
9:43 The Depression of 1807
10:33 The 1812 Recession
10:51 The 1815-1821 Depression
12:35 The 1822-1823 Recession
12:46 The 1825-1826 Recession
13:21 The 1828-1829 Recession
13:43 The 1833-1834 Recession
13:51 The 1836-1838 Recession
16:04 The Late 1839-Late 1843 Recession
16:27 The 1847-1848 Recession
16:54 The 1853-1854 Recession
17:11 The Panic of 1857
17:54 The 1860-1861 Recession
18:34 The 1865-1867 Recession
19:24 The 1869-1870 Recession
20:00 The Long Depression
22:05 The 1902-1904 Recession
22:25 The Panic of 1907
23:25 The Panic of 1910-1911
24:28 The Recession of 1913-1914
25:03 The Post-World War One Recession
25:21 The Depression of 1920-1921
25:22 The Great Depression
27:12 The Recession of 1945
27:28 The Recession of 1949
27:47 The Recession of 1953
28:27 The Recession of 1958
28:34 The Recession of 1960-1961
28:43 The Recession of 1969-1970
29:04 The 1973-1975 Recession
29:49 The 1980 Recession
30:10 The 1981-1982 Recession
30:25 Early 1990s Recession
31:15 Early 2000s Recession
31:46 The Great Recession
33:16 The COVID-19 Recession
34:00 Conclusion
Are we currently in a recession?
To regular people in terms of wages and cost of living it definitely feels like a recession, meanwhile corporations are pulling in record profits and media says everything is back to normal. Feels like being gaslit, there's probably a depression joke in there somewhere but i gotta go clock into the factory or the kids go hungry again
I think so. Young people cannot afford to live alone. Everything costs more while wages haven't increased.
Yes obviously
Technically no, since we're in a low rate of unemployment. Our economy still isn't pretty right now though, since we no longer have access to Russian oil
@@dg-ov4cf I'd say the big thing is whether you own or rent. I purchased my condo in 2019 (and lucked out, getting it at a decent price even then) and I feel like the inflation going on now really hasn't hit me all that hard. My grocery bills are higher, but I'm not struggling. Same seems to go for my parents, who also own their home and are approaching retirement. But when I talk to some coworkers who rent, it definitely seems like they're struggling to make ends meet.
If you think a recession is coming, just say no. Recessions cannot legally affect you without your consent
It's that easy...
"Vampire entering a house" type rules. @@iammrbeat
I reject the existence of economic downturns, which means I'm going to be rich.
@@mism847 Remember: If you think that your investments will lose value, just say no. They cannot legally lose value without your consent
i want prices to go down
Recessions are an unavoidable part of the economic cycle; all you can do is prepare for them and plan accordingly. I graduated into a slump (2009). My first job after graduating from college was as an aerial acrobat on cruise ships. Today, I work as a VP for a global corporation, own three rental properties, invest in stocks and businesses, run my own company, and have increased my net worth by $500k in the last four years.
It's a delicate season now, so you can do little or nothing on your own.
Hence I will suggest you get yourself a professional that can provide you with entry and exit points on the securities you focus on.
I've been in touch with a financial advisor ever since I started my business. Knowing today's culture The challenge is knowing when to purchase or sell when investing in trending stocks, which is pretty simple. On my portfolio, which has grown over $900k in a little over a year, my adviser chooses entry and exit orders.
incredible, a fantastic start to financial independence! How can I contact your FA.
'Melissa Terri Swayne is the coach that guides me, you probably might have come across her before I found her through a Newsweek report. She's quite known in her field, look-her up.
Thank you for this tip. It was easy to find on web your coach Melissa Terri Swayne Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her résumé.
My big takeaway from this: economies change; recessions are fairly common; depressions happen more frequently than I realized; and economics is not an exact science, and never will be, because it relies on human input-which is also unpredictable.
That's an apt breakdown.
Look dude i have an advanced economic education from a thousand different universities and im telling you its all black and white. 👍🤔
Recessions can reliably be predicted when yields invert.
@@supersleepygrumpybear that used to be the case but not so much anymore
Repent and trust in Jesus. We all deserve Hell for our sins, such as lying lusting coveting and more. We can't save ourselves, but Jesus can save us. He died on the cross to save us for our sins and rose from the grave defeating death and Hell. You must put your faith in him only. He is the only way to Heaven. Repent and trust in Jesus.
Romans 6:23
John 3:16
In order to fix inflation, we must pass a bill outlawing inflation.
Ah but some inflation is actually good.
Zimbabwe actually did that. It didn't work. :(
@@iammrbeat Is it though?
@@bj.brunerAn inflation of say 2% is generally considered good because it encourages consumer spending leading to higher economic growth but high inflation is terrible for an economy.
Inflation is caused by passing out bills and can be solved by passing a bill
As someone who lived through two “once in a generation” recessions (plus the 2001 recession) before even reaching 25, thanks for making this. Really puts things in perspective. It gets real exhausting hearing people who grew up in stabler times telling you to “pull yourself up by your bootstraps” when your generation has been hit so hard economically.
Also, though, recessions used to be way more common in the 1800s!
"Pull yourself up by your bootstraps"
"But, sir, I can't even afford boots!"
That saying is so boomer. It's impossible to sit with your boots near your butt and pull yourself up by said strap. You can with some help from a person, chair, couch, etc. but nah... "Help" is communism.
The 1970's oil crises and stagflation, the 1980's full embrace of neo-liberal policies, the destruction of the labor movement, 1990's recessions, immigration crises. Sure it looked stable according to the stock markets and boardroom meetings on the up slope, but if you were poor, it sucked. Please tell me when the stable times were for America? In Ye Olden Days, the crises would pass for the wealthy and powerful more rapidly, just like today. But for those of us on the ground level things only got better once the next recession was about to start. That was a good week. And I went through everything you did. I understand your anger so very well and agree, but don't point your anger backwards, point it up (rather at) the wealthy and powerful who let or made it happen.
"Pull yourself up by your bootstraps" was to describe something impossible, later it became to mean to help oneself out by oneself, usually by someone who had a hand up in life. These days it is a more verbose way of saying "go &$*@ yourself".
Sorry for being ranty, just getting tired of hearing how we had it easier.
@@megarural3000 amen to that
Imagine being a rich man in the 1820s and getting conned into investing in a fake country by a man named Gregor MacGregor.
Thinking you can leverage what you have to take advantage of others sometimes makes you blind to others doing that to you.
Well about half the country got conned into voting against their interests in 2016 and it still happened. :)
@@iammrbeat slightly different, but sadder.
Which is puzzling as even in the 16th century there are explorers being sent to verify mysterious lands.
@@iammrbeat slightly more than half, but then, I keep forgetting, if there's multiple colors and some appropriately curated people selling it, what Thomas Piketty called the Brahmin Left will EAGERLY vote for Fascism. Speaking as the Albertan politician who made the Alberta Liberal Party implode by rigging its election so it could keep pretending its stance on transition access was unproblematic and trans-inclusive, I'm SO GLAD that people like you didn't listen to people like me. While I personally may never enjoy high office, I know what you did was good for the civic values of the Human Genome, bigot.
Since the debt crisis could unleash carnage on the stock market leading to economic downturns. We need to be prepared for potential market volatility. how can I secure my $200K stock portfolio against declining?
Everyone needs a Margin of Safety in their portfolios and just remember, It's time in the market versus timing the market.
De-risk your portfolios, shore up your core holdings, and take some profits while balancing your portfolio allocations. I’d also suggest you go with a managed portfolio, but even those don’t perform so well, so it’s best you reach out to a proper fiduciary to guide you, that’s what works for my spouse and I. We've made over 80% capital growth minus dividends.
Pls who is this coach that guides you? I’m in dire need of one, my stock portfolio is declining even in a bulll market.
There are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’AMBER KAY WRIGHT” for about five years now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
I appreciate this. After scrolling down i found her web page online and reviewing her credentials, I'm quite impressed. I've contacted her as I could use all the help I can get. A call has been scheduled.
I love oversimplified's explanation on economic depression:
"Buy! Buy! Buy! Wow! The economy's gonna grow forever!"
"Cool! Hey, what if it doesn't?"
"Oh snap I didn't think of that. Sell! Sell! Sell! Oh snap you were right!"
:)
It’s wild how complicated something as simple in concept as “money” has become
Longing for the day that I can buy my milk in cattle again.
@@erikeriksOf all things to buy milk with, maybe it’s a bad idea to do so with the thing that produces the milk,no?
@@12D_D21maybe sell just the bulls for cows.
Keep at least one bull, though. You’ll be able to maintain a long-term milk supply for yourself, then.
Sad to say it was always complicated
I’d love to trade my daughter for a dairy products like our great, great grandparents did. Clearly a much simpler time
Your videos are some of the best history and political lessons online especially your Supreme Court series. You are an amazing teacher never change and keep up the good work
You are too kind. Thank you so much, Luis!
@@iammrbeat you deserve it. Your students must love you
The fact that we get free videos from Mr. Beat on RUclips is priceless, keeping the education and knowledge alive. 🙏🙏🙏
Names for future depressions (following the “great” nomenclature):
Great Panic
Great Downturn
Great Collapse
Great Worry
Great Scare
Great Terrifier
Great Slow Down
Great Crash
Great Sad
Great Melancholy
Great Really Bad Economic Time
Great Depression 2: Electric Boogaloo. Jazz it up some.
The Great, The Worst, and the gross
Now go back and name past recessions! :)
Th Great Bemoan?
The great no money
34.9% of our time as a country has been in recession. That's 83yrs 10mo of recessions in our country's 240yrs 4mo since hostilities ceased in the revolutionary war (if I added up all the durations of all the US recessions correctly from Wikipedia).
edit: corrected math error. earlier I wrongly said 94yrs 4mo and 38.4%
That's a wild statistic 😳
Gotta love capitalism... 🤦🏼♂️
Yeah, this clearly feels like another topic which would do our kids good to learn about in schools, on top of explaining just how many wars we have actually been in since we gained independence- and I'm still learning about new ones. Fucking Quasi-War?
@@MrChristianDT don't forget all the "police actions." ya know, the wars that weren't officially declared. Oh, and all the CIA conflicts... 🤫🤫
I love the "mic drop" and walk away at the end.
We really do need to stop making the same mistakes, over and over and over again. In all aspects of life. Not just economically.
Good video as always Mr Beat
Thank you so much. And yeah, I kind of went off script there at the end because it's like I can see all these mistakes happening all over again in the coming years.
Happening every... every 85ish years (length of one human life)? The Fourth Turning is Here by Neil Howe is a interesting read
7:13 I just love the idea of some guy running around with a microphone in public yelling about copper coming from his butt. Great times.
To be fair, since copper, as a highly ductile metal, has many practical applications, such a guy could make a good living from selling it.
Facts@@DiamondKingStudios
Shoutout to Mr. Beat! I drive trucks so I love these longer episodes. Good to listen to while driving 🚛
Actually a pretty good idea.
Great video idea. You're always coming up with good topics that I dont see other history channels discuss as much. I always enjoy your creativity as well. You inspire me as an educator to apply my personality and some good fun to topics in the classroom.
This comment means a lot. :)
THANK YOU! IVE BEEN WANTING THIS VIDEO FOR SO LONG!
Love this style of video Mr. Beat! 🤙
It's almost like boom and bust cycles are a feature of capitalism.
yes. the c word i watched this video for, and not a single mention.
It happens sometimes but still it makes great progress.
it literally happens to every economic system. economies cannot keep getting higher forever
@@alberthoffman5297 so you're saying we live on a planet with finite resources, and the neoliberal concept of constant exponential growth is a delusion that allows those at the very top to concentrate capital.
Couldn't agree more.
Based af
A very informative video, by a very well-versed person. Well done Mr Beat!
Thank you so much!
Thank you for making amazing content Mr. Beat
Mr. Beat needs to do a lengthy video on the Federal Reserve. So many misconceptions are out there about it.
Like what? Like how it is a private institution, with basically no government oversight, that controls the money supply? Like how their policies directly cause inflation, recession and the unemployment rate?
Oh definitely. And I completely understand WHY there are so many misconceptions.
@cbrindle91 yep!
The financial system has been artificially pumped for over a decade to ensure big pockets were lined; and now those same hands will make a fortune in the largest transfer of wealth in human history by shorting it on the way down. Inflation does have a roll, but that's to keep everyone panicked, and focused on their bills and expenses, rather than focus on the capital crimes of politicians and corporations,I'm still at a crossroads deciding if to liquidate my $338k stock portfolio, what’s the best way to take advantage of this bear market??
Find stocks with yields that exceed the market and stocks that, at the very least, follow the long-term market trend. However, you should get guidance from a financial advisor if you want to create a successful long-term plan...
Even though there will probably be more pain in the future, investors should look for stocks like Royal Philips NV and Alstom SA that have been sufficiently battered down to be a bargain or get a great portfolio manager.
Most times people with little or no knowledge of the stock market try investing by themselves. It once happened to me, then I learned my lesson and contacted a US-based finance consultant by name “ Vivian Carol Gioia” and everything changed. In the first quarter of this year i made $370k and counting.
i really need help with the way the market is going lately, how do i find the lady you just mentioned? i hope she might be able to provide assist
Vivian has a web page, look her up you'll find her, she's good at what she does and i believe she'd be of great assistance
Very informative as per usual thanks!
Learning a lot from you about American history Mr Beat 👏 your videos are entertaining and informative.
Thank you James!
Man, I have no idea how you'll cover every single depression, especially with newer generations struggling more with mental health than ever before...
A depression joke? Oh I get it. Because its the same word. What a funny guy.
I’ve been living in my car for months, and I work full time. This world is no longer financially viable for me… thank you for your help on sharing the truth about the state of our land.
What are you doing? You’re monthly living expense couldn’t possibly be more that 1000ish a month for food, gas, the occasional hotel stay or splurge unless you’re doing drugs.
@@clintbustwood4800wow. You must be living in some fantasy world. Have you bought a vehicle recently? Have you seen what rent prices are? Have you seen mortgage rates? Have you been grocery shopping? You do realize minimum wage in most states is STILL $7.50. Even $15/hr isn't enough for many to afford the basics these days...
@@clintbustwood4800 well, I don’t have any wealthy family members (or non wealthy family members) to rely on. Whatever they call a ‘living wage’ is not livable at all for a single adult in a world where even trivial things are expensive.
Damn bro sounds like you don't do your due diligence into finding a better life. Rather complain and point fingers when your to blame
@@brandoncontreras2917 spoken like a true person of privilege who has never had to truly struggle their whole life, yeah you have no idea what you are talking about, perhaps rewatch this video and understand how individuals don't have control over the greater environment of the economy in which they live....
One of my grandmothers was 3 when the Great Depression (1929) began. The other grandmother was 13. They explained how hard the 1930s & WWII were. My Dad was born a few months before Pearl Harbor was bombed. Had Dad lived, he would be 82.
Love your sense of humor while sharing History. 😊
These videos are so much better as it's obvious you love making them :)
The next one should be called the Great crippling depression.
Now I just think of that older vine…
Mr. Beat. you are amazing, you inspired me to begin with the university master 'American Studies' next year. Greetings from the Netherlands
My all time favorite channel on RUclips. Keep up the great work Mr. Beat!
Woahness. Thank you so much!
This channel is a gem❤ why haven't this blown up yet🎉
I’m surprised a lot of early American history was characterized by deflation, not inflation. The more you know
And that it hurt a lot of people!
Living standards improved.
Hey, Mr. Beat. History teacher here. I hope you don't mind, but I sometimes use your videos in my class. They're very informative.
Really informative. Puts our current time in perspective. MERCI, Mr. Beat :)
Glad you thought so!
Amazing video, as always. Thanks for the great source of inspiration.
Thank you Jacob!
Yo he replied@@iammrbeat
AWESOME VIDEO MR BEAT THIS WAS SUPER INTRESTING!
YES!!!! MR.BEAT WITH THE ANSWERS TO ALL OF MY QUESTIONS AGAIN!
An EXCELLENT presentation!
Hey Mr Beat! I want to thank you because of your great work! Because of you, I feel now that I became an expert in American history (even though I’m not American but I find that stuff interesting) It would be good if you also made videos about other countries, like France or Lebanon, I would appreciate it!
Thank you for the kind words.
Why would you want an American making videos about other countries?
@@iammrbeat I hope the view for both of you is nice from High Atop Dunning-Kruger valley. You certainly understand your own interests, they're just not those of a child abused in a state school, a family in the Global South, or anyone who will need to drink water in 2100.
I had a social studies teacher in junior high that taught us that war was great for the economy and helped end most of the recessions in our country's history
Your teacher should have stopped using 20th century America as a sample. Countries usually experience economic decline when the war happens in their country, because it destroys industry and infrastructure and kills huge numbers of workers/consumers. The Americas and Australia have just been lucky.
That would be quite something to broadcast to people whose cities are caught up in battles while the teacher talks about war as an economic stimulus.
@@DiamondKingStudiosExactly.
@@SamAronow pleasant surprise to see you here.
Just watched your latest video. Excellent as always.
Your social studies teacher was wise.
Hey Mr. Beat, I really love these videos recounting ever instance of something happening in U.S History and I adore your U.S. Presidential Biographies of Jackson and Hoover, would love to see one for Kennedy or Clinton. Thank you for the Great fun!
Love this Mr. Beat! Subscribed! 🫡
Great topic & video!
To prevent recessions, the US government should pass a constitutional ammendment that outlaws recessions and depressions.
Or take some common sense steps to stop or highly reduce depression and other issues!
This is ridiculous lol
Hello there Mr. Beat, I would like to say that your history videos were great and it felt like you may be my history teacher although your from another state which is fine with me. I'm only 16 and has autism, keep it up with your history videos since your really an expert!
-From the state of Nevada
This country would rule if Mr. Beat was the history teacher for every school
@@cyrollan true that, it would be a hard work for him if he was a history teacher in every schools in the whole world. He'll probably be tired if he was the history teacher for any schools. And yes, it will be insane for him to do that
Nice job on this video.
Ive had a teacher like this before; it was the best time i ever had in high school. Thank you Mr. Doran ❤️
I got luckily during the Great Recession that I happened to live in Wyoming as a coal miner at this time. The are was going through an oil and gas boom, the trona industry was going strong, and coal was still rocking it. The whole area seemed wholly unaffected by the national recession and the economy there grew.
But the people born and raised there don’t seem to understand how the economics and pay works in anywhere else in the country, so they have horrendous world views about how other areas and economies work. They don’t understand at all how good they have had it in that area over the past 40 years.
Living in other parts of the country throughout my life, including today, I understand how different regions have vastly different economies.
I got lucky.
I hope to keep being lucky in that way in my life.
It explains the rise of protectionism. Protectionism ultimately hurts us all more than it helps us, yet it's often appealing due to us not understanding economics.
I'm also from Wyoming and it has struck me as odd that when the state is booming, the rest of the nation is in an economic slump, and when the rest of the nation is doing well, we are in a down cycle. But the wages in the energy and mining sectors are great.
Wow! This retired uni prof learned a hella lot in this vid... Thanx
Excellent. Well done.
Awesome video!
Great video, but I wished you included corporate price gouging. No one is addressing that issue
As that talking point (or as some understand it “fact”) doesn’t help the narrative and might make people realize the real problem. With the majority of politicians being bribed the continuing wealth transfer up will only be amplified .
Tons of people are talking about it
For a video about depressions I'm disappointed you didn't mention Badwater Basin! (Little geology joke there for ya)
Great video, Matt!
Awesome video. Learned a lot and gained some perspective on the economy. I learned there will be many ups and does in my own lifetime
Local kansas city-an here, love your videos man!
_Gotta love that thumbnail._
Great video as always! Know it’s sounds cliche but I appreciate the effort you’ve put in
😆 I couldn't resist
Thanks for your high quality videos man. You have taught me a lot about my constitutional rights and history overall.
Do you think it would be possibly for you to make a video on the case, United States v. Zubaydah, 20-827? Or could you tell me your opinion on the case?
Thank you for your time,
Sandro Veliz.
I'm early for a Mr. Beat video? A joyous day!
Just another w video by Mr Beat!
I love how even in the great depression beggar's signs specified that they wanted a 'decent job'. In 2009 us young people were down on hands and knees begging to be hired to clean toilets for minimum wage and no benefits.
Granted, their standards for a decent job are lower than ours
Back in the days before the cold war, worker's rights future prospects were looking a lot better than they do now. Corporations basically convinced everyone after 1950 that having living standards for a job is communist.
I'm starting as a mail carrier which pays the same everywhere and with a little senority is transferable anywhere in the country. Hoping to take advantage of that in a few years.
YESSSSS MR BEAT COSIGNS THE BIG SHORT LET'S GOOOOO!!!
This is a very good video, thanks for putting this together! So recessing 😂
lol and thank you!
Please do a video history of all us political parties. I don't care if it's a long video I would watch it all the way to the end.
That was an excellent video! As an extemporaneous speaker, this is amazing material for me to retain. Could we possibly get the flip opposite of this video? Every economic boom in American history?
Oh wow...so you want me to be positive and uplifting a whole video? I don't know if I can handle that. lol
@@iammrbeat I believe in you Mr. Beat! lol thanks for what you do.
Gotta say Mr. Beat, the editing for this video is your best yet! Keep it up!
Well Explained
Mr. Beat never disappoint.👍
Thanks for the encouragement!
It should be noted that while the Fed hasn't eliminated recessions (and has even caused some) they have generally become shorter, milder, and more rare, especially since the Fed adopted interest rates as its main policy tool in the 80s. Also recessions now mainly occur because of events or trends largely outside the Fed's scope (speculative bubbles, oil supply issues, a pandemic, etc.) whereas many recessions in the 19th and early 20th century could have been prevented or a least mitigated by a strong central banking system
FDIC has helped a lot, as well. It's hard not to have confidence in FDIC insured banks (almost all of them these days) when you'll get up to $200,000 back (per bank) even if your bank does fail.
@@Compucles 100% agree!
Your comment is spot on. Also - the Fed can only regulate banks according (for the most part) to laws made by congress. Guess who successfully lobbies congress about as well as anyone except for the National Realtors Association? Banks!
Perfect timing with the inverted yield curve
Very interesting and informative
Mr. Beat, can you do a compared video on Vietnam and Cambodia? Thank you for all your content my friend
The copper coming from butt joke should have been a reference to butte montana one of the largest copper mines in the United States
The Butte, Anaconda & Pacific should be a more common rebuttal for “we can’t electrify the US railroad network it’s not dense enough out west”
Hey Mr. Beat I know you included Dobbs v. Jackson in your book (I read the whole thing lol) but for your next video can you make it?
Yowza! Did you shoot that intro in Penn Valley park or the northwestern side of MCC?
"Copper can come from my butt and still be worth the same" that was not a sentence I expected to hear today. Love it.
I don’t consider the 1930’s a recession, I feel like we throw that definition around too much. I believe it should’ve been called “the great soft landing”
You mean the mid to late 1930s?
with so many depressions, panics, and recessions, it seems like something bad is always happening. I don't think pointing fingers about them is any use anymore. Just gotta prep for them, and take advantage of growth periods to save up.
Great vid
A big shoutout to Mr. Beat for going through every Man's hair recession and subsequent depression.
Hey Mr beat, I’m almost done with my novel. It’s a political thriller set in an alternate 1995-2012 timeframe with a different democrat winning the presidency of 2008 and they take a different approach to the 08 Great Recession. Would you like to know more?
Political fan fiction.
great video,
to answer the end of the video question, 100% yes we are in a recession but loved the video. A nice history of the ups and downs of the economy that like you said... just isn't easily available.
Everyone MR. BEAT POSTED GET IN HERE!!!!!
Who were worst att handling crisis? Herbert Hoover or Martin Van Buren?
My Dad, a skilled machinist, lost his job in about 1958. I recall what was probably a very skimpy Christmas, but in another part from my toddler memory (which seems to fade year by year), it was THE BEST CHRISTMAS EVER! (Maybe not since the First One was the best!)
Love the background beats 🎼
Mr. Breast can stop the next recession by giving me money.
Mr. Breast please stimulate the economy. Ok that sounded bad. 😄
I wonder how many panic/depression/recessions there are pre-fed vs post-fed...
Thank you 😎
I had to stop the video and walk away when you said "A central bank is not bussin'" 14:31
amazing work
A couple points:
The 2007 subprime crisis being caused by "people buying houses they can't afford" is badly worded.
Rather, banks found it really convenient to gamble with mortgages, leading real estate developers to build houses that were too expensive for most people but generated good mortgages. So, from the point of view of a buyer in 2006, the houses for sale are too expensive but the mortgage terms are suspiciously attractive, so you sign.
Add speculators on top of that, people just bought houses to sell later.
So yes, people *were* technically buying houses that they couldn't afford, but saying it like that ignores how much choice they had in the matter and why such houses were for sale in the first place.
And
There's a political/economic debate around whether recessions are inevitable or caused by the structure of capitalism as we understand it today, i wish that part was stated as a controversial point rather than as fact.
Is nit picking your hobby?
@@eugenecrawford14 I wouldn't say this is nitpicking, it's fairly important. Framing it this way changes how much we blame 2007 on people's bad financial habits vs blaming the system that it happened within.
@@BvousBrainSystems was the result any different?
@@eugenecrawford14 The takeaway is different, which changes what policies we support in the present and future.
I agree for what its worth (sadly im just some prick from youtube)
One question that I tend to ask myself is when talking about the Great Recession I do sometimes wonder. Was the Recession preventable or inevitable?
seriously. why didn't they even touch on the most popular question we all have.
Sometimes they are unavoidable but there are steps to help prevent it from affecting so many people.
@@A_reasonable_individual42the problem is they are just another financial game at this point. Way too many use it to vacuum up wealth from those unable to play the game at a massive discount.
I was born in 1951 and my dad would talk about the 1954 recession. We had just moved to San Francisco and he couldn't find work for 6 months, even though he was a licensed electrician and radio/radar repairman. Funds got so tight that my 4th birthday cake was a cupcake and the previous Christmas he didn't have a dollar to pay for a picture of me with Santa. It was a tough time for him.
You remind me of my World History teacher, passionate but your a calm guy