Monday, January 19, 2009

Interesting Comparisons - The Current Financial Mess

Comparisons are always interesting. Here are a few that may provide an interesting perspective on the current financial mess.
  • “Bank Closures at an All Time High in 2008”. Wrong - In 1989 there were 1,004 bank closures. In 2008 there were 30 bank closures. On average there are 94 bank closures per year
  • “Foreclosure Rates Show No Sign of Slowing”. Wrong - During the Great Depression Foreclosure Rates were 50%. Nationally today our Foreclosure Rates are 3%
  • Unemployment Sky-High. Wrong - During the Great Depression Unemployment ran at 25%. Nationally today our Unemployment is 7.2%

These figures were shared in a recent speech by the Lt Governor of Utah, Gary Herbert. This doesn't mean we have nothing to worry about, but the current hole isn't as deep as we've seen.

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