Commentary: The causes of the great depression were greedy Wall Street operators encouraging people to buy stocks on margins, trade wars, unregulated banks that went bankrupt and lack of demand coming from low wages and unemployment approaching 30%.
Today, the economic actors have different names—but are no less damaging. There the corporate CEO’s and their supporters that control most of the economy and the Federal and State governments that result in laws and decisions which primarily support conservative values and the wealthy—resulting in ultra conservative Supreme court nominees and recent tax laws.
They have deregulated the financial institutions so they can put college students in lifelong debt, destroyed effective labor unions, sell cars and four-wheel trucks to people that can’t afford the payments, and allow payroll loans of 300% or more, that desperate people can’t get out from under. I could go on.
However, one element they didn’t have in the 1930’s is President Donald Trump—the most chaotic leader in the history of the Republic. He is starting trade wars, deregulating everything, lies consistently, infuriates our friends and cozzes up to our enemies.
With the debt we’re accumulating (both government and private) and lack of trust in our leaders, it is only a matter of time when we will have another recession or even a depression. But of course—Donald will blame Obama and the Democrats.