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Worse financial crisis in 1500 years (Update1)
By Andreas Hippin
Dec. 6 (Bloomberg) -- The United States is facing the worse financial crisis in 1532 years, according to a survey of economist conducted by Bloomberg News. "One must look back to the fall of the Roman Empire in 476 A.D," said Charles Fatkins of RBS Financial Markets. "There is a real sense of fear that America is on the verge of collapse. Forget the Great Depression, we're facing a new Medieval Ages."
Fall of the Roman Empire
The traditional date of the fall of the Roman Empire is September 4, 476 when Romulus Augustus, the last Emperor of the Western Roman Empire was deposed by Odoacer.
The decay of trade and industry was a lead cause of Rome's fall. There was a decline in agriculture production as well as declines in land values, sometimes as a direct result of barbarian invasions. The chief cause of the agricultural decline was high taxation on the marginal land, driving it out of cultivation. Taxation was spurred by the huge military budget and was thus �indirectly� the result of the barbarian invasion.
Blood in the streets
Not everyone is concerned about the financial crisis. John Starnes, a 33-year-old stock trader based out of Glendale Heights, Ill, believes the bad news has already been priced in and that now is the time to buy stocks. "No one cares about the unemployment because it is only 6.7 percent, which is only 0.7 percent higher than the historic range of for to six percent," said the stock trader. Five hundred thousand claims is just chicken soup when you consider the American work force is over 150 million. Also, the market [has] priced this in already when stocks tanked last Monday."
By Andreas Hippin
Dec. 6 (Bloomberg) -- The United States is facing the worse financial crisis in 1532 years, according to a survey of economist conducted by Bloomberg News. "One must look back to the fall of the Roman Empire in 476 A.D," said Charles Fatkins of RBS Financial Markets. "There is a real sense of fear that America is on the verge of collapse. Forget the Great Depression, we're facing a new Medieval Ages."
Fall of the Roman Empire
The traditional date of the fall of the Roman Empire is September 4, 476 when Romulus Augustus, the last Emperor of the Western Roman Empire was deposed by Odoacer.
The decay of trade and industry was a lead cause of Rome's fall. There was a decline in agriculture production as well as declines in land values, sometimes as a direct result of barbarian invasions. The chief cause of the agricultural decline was high taxation on the marginal land, driving it out of cultivation. Taxation was spurred by the huge military budget and was thus �indirectly� the result of the barbarian invasion.
Blood in the streets
Not everyone is concerned about the financial crisis. John Starnes, a 33-year-old stock trader based out of Glendale Heights, Ill, believes the bad news has already been priced in and that now is the time to buy stocks. "No one cares about the unemployment because it is only 6.7 percent, which is only 0.7 percent higher than the historic range of for to six percent," said the stock trader. Five hundred thousand claims is just chicken soup when you consider the American work force is over 150 million. Also, the market [has] priced this in already when stocks tanked last Monday."
