On October 24th to 29th, 1929.... most Americans didn't know what it would mean at the time

[scheming daemons]

Thursday, October 24th was the initial crash. Black Monday and Tuesday (the 28th and 29th) we're the devastating second and third blows.

When people are in the midst of history, they sometimes can't see it for the remarkable moment that it is. I think today might be the beginning of one of those moments.

Years from now, I think we'll look back at the week of September 15 to 19 as the week the 2008 election was decided. This week will prove to be the week that "supply-side, deregulation economics", as a theory, reached its breaking point. It took America 3 years before they could elect FDR to fix the problem back in that dark fall of 1929.

This time... it will only take 50 days.

Unfortunately, it took something like this to wake America out of it's stupor.

Dark days ARE ahead for the country.... but there's a very shiny silver lining:


Barack Obama won the election today. You don't see it yet, because you're in the middle of it. But years from now, when they are writing the history of this election, they will talk about today as a turning point in the election... and a turning point for our country.

[MichiganVote]

1. I hope so.

[nadinbrzezinski]

Just one correction, our Black Monday was last night

otherwise, you are correct

[Sanity Claws]

2. I agree; we are living in a historic moment

You say it will be remembered as the week that supply-side economics died. I think it may be more significant than that. I'm thinking, it could be remembered as the end of capitalism, at least as it's been known in this country, or the end of the American Empire.

[Waiting For Everyman]

3. OMG! YES YES YES YES YES...

THIS IS IT!

SEIZE THE DAY!

[Demi_Babe]

4. I pray to God for this to be true

[SheilaT]

5. It's also very important to understand

that the country's economy was in poor shape by the time of the stock market crash.

Some years back I decided to ask every adult I could find who was old enough to remember 1929, and to a person they said that the economy was terrible and the Depression was clearly coming. Okay, so they had the benefit of hindsight when I spoke with them, but the uniformity of the responses was striking.

I have no idea to what extent the situation today is truly analogous to 1929.

[FrenchieCat]

6. I don't pray for this to be devastating to this country.....

but all signs points to a house of card falling apart, unfortunately.

What I hope people here don't do is gloat on this tragedy. It will hurt a lot of people. That is never a good thing. :(

But if this monumental failure on the part of Republican Economic Theories doesn't get Obama elected, than might as well just skip over to rapture.