©Oaklandlibrary.org |
Great Depression in Oakland, 1934 |
Summary: Bank runs, a plunging dollar, skyrocketing gold and oil accompanied rising stocks and a sharp U.S. interest rate cut by the Fed this week. The Fed was in a bind. It needed to respond to the banking crisis caused by the housing collapse by pumping liquidity (money it creates) into the system and restoring confidence. But it can only do that by lowering interest rates which reduces the value of the dollar at a time when the dollar is poised at the brink of an abyss. So it lowered interest rates more than forecast on Tuesday. Stocks rose, but the dollar fell to record lows against the euro and gold and oil rose sharply.
No new articles.
©AFP |
United Auto Workers members picket the General Motors Powertrain Plant. |
©Javno |
©n/a |
©Unknown |
©foxreno.com |
A mudslide triggered by a sudden cloudburst Saturday caused a hillside near Griffith Park to collapse, trapping as many as 14 cars in mud. |
©TSR |
©CBC |
Heavy rain flooded parts of British Columbia's Lower Mainland on Tuesday. |
©AFP |
A flurry of tornadoes caused damage in a number of towns in central and southern England. |
No new articles.
©Lorna Godden |
Lorna Godden took this picture on Saturday night |