More Millionaires Were Created During The Great Depression Than In Any Other Period. Will History Repeat Itself?
More Millionaires Were Created During The Great Depression Than In Any Other Period. Will History Repeat Itself?
More Millionaires Were Created During The Great Depression Than In Any Other Period Will History Repeat Itself - To learn more about this author, visit jonathan jones's Website.
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The Great Depression was a difficult time for people. As someone who is part of Generation X I can’t comment on the situation first hand. I do remember hearing stories from my great grandmother as a child. Banks failed, the stock market crashed and unemployment was at an all-time high. Regulations were almost nonexistent back them. Banks were sending out notices to homeowners that they required payment in full for a mortgage and as a result foreclosures were happening everywhere. The FDIC didn’t protect your money up to $100,000. Many regulations that are in place now happened because of what occurrences that took place during the Great Depression. As a result any savings that people were able to accumulate was often stored under their mattress. After my great grandmother passed away in the late 80’s, we found money hidden in unique places all over her house. That tells me that the Great Depression had a serious impact on people. Not everyone suffered during this time though. More millionaires were created as a result of the Great Depression than in any other period in American history. Savvy entrepreneurs took advantage of low start-up costs and were able to capitalize on the mistakes that other business owners made. Equipment and supplies were so cheap they were practically being given away. Commercial rent was cheap and the demand for work was so high it drove down the wages that were paid out to workers. Employment was scarce and competition was very high. As the markets began to stabilize and strides were taken to build consumer confidence again, America was on it’s way to the second World War. Business’s that supplying goods and services to the military began to explode. Textile companies supplying metal, steel, iron and aluminum were knocking the cover off the ball. Companies making guns, ammunition, clothing, boots, belts, backpacks, were flourishing. The real estate market was yet another huge opportunity. Demand was low and as you may remember learning in your economics class that means that prices were also low. The smart entrepreneur new that the housing market and real estate would bounce back and when it did the investment that was made was large. As a result millionaires were created all over the place.
More Millionaires Were Created During The Great Depression Than In Any Other Period Will History Repeat Itself - To learn more about this author, visit jonathan jones's Website.
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