One Guy Who Has Seen It All Doesn't Like What He Sees Now

[jeffrey]

Peter Bernstein has witnessed just about every financial crisis of the past century.

As a boy, he watched his father, a money manager, navigate the Depression. As a financial manager, consultant and financial historian, he personally dealt with the recession of 1958, the bear markets of the 1970s, the 1987 crash, the savings-and-loan crisis of the late 1980s and the 2000-2002 bear market that followed the tech-stock bubble.

Today's trouble, the 89-year-old Mr. Bernstein says, is worse than he has seen since the Depression and threatens to roil markets into 2009 and beyond -- longer than many people expect...

One Guy Who Has Seen It All Doesn't Like What He Sees Now - WSJ.com

[rob62521]

Interesting article...

My mom and dad grew up during the depression and hearing their stories and doing my own reading...it's people living beyond their means and all the credit that causes many problems. The same it true today -- we have people living beyond our means and I think that takes in about 90% of the our friends -- and no one seems to want to save, except for the folks on this forum! Unfortunately, it seems the savers are the losers with interest rates being cut and the feds bailing out the folks who bought more house than they can afford. Until our banking industry and credit industry says, hey, you need to buy what you can afford, I wonder how long we will, as a nation, have problems.