Hard Times

When I looked at these pictures published in the Newsweek, I was really amazed how resilient is our civilization survived financial crisis after crisis. (Click for larger image)

Recent collapsed of Indy-Mac taken on the same street taken when United Stats National Bank failed in 1931 during the Great Depression.

Tulip Mania, 1637.

The South Sea Bubble, 1720

The Panic 1837, people were jobless and children have nothing to eat.

The Bankers' Panic, 1907. The Fed, Lender of the last resort. Of course many are very critical of them for responsible for may bubble creations and moral hazards.

The Great Depression, 1929. Almost 50% banks closed.

Black Monday, 1987. S & P crashed by 20% in a single day.

The S & L Crisis, 1990. US $ 500 billion bailout.

The Japanese Housing Bubble, 1996. Japan stuck in more than decades long of deflation.

Dot Com bust and Enron scandal.

The Argentina Banking Crisis 2001-2002. One of the most successful South America countries sinks into poverty overnight.

Source: http://www.newsweek.com/id/146945