The Great Depression? A bit of perspective

Reprinted from: Daily Real Estate News September 23, 2008

This Is Not the Great Depression.

Comparing the current crisis to the Great Depression is just plain wrong, say historians and veteran financial experts.

"The nomenclature of the word 'crisis' has cheapened," says Roy Smith, a professor at New York University's Stern School of Business and former partner at Goldman Sachs .

“The Great Depression had thousands of banks failing and people losing their life savings, 25 percent unemployment and social unrest and tent cities of the poor," says Allan Sloan, Washington Post and Fortune magazine columnist.

"With just 6 percent unemployment, we are having a debate as to whether we are even in a recession," says Richard Sylla, professor of the history of financial institutions and markets at New York University.