22 July 2013

The 70’s are back!!!

22 July 2013

The 1973–75 recession or 1970s recession was a period of economic stagnation in much of the Western world during the 1970s, putting an end to the general post-World War II economic boom. It differed from many previous recessions as being a stagflation, where high unemployment coincided with high inflation. The period was also described as one of “malaise”

Among the causes were the 1973 oil crisis and the fall of the Bretton Woods system. The emergence of newly industrialized countries increased competition in the metal industry, triggering a steel crisis, where industrial core areas in North America and Europe were forced to re-structure. The 1973-1974 stock market crash made the recession evident. The oil crisis was largely to blame for the downturn in the United Kingdom just as it was for the similar crisis in the States.

These factors are eerily similar to the U.S. subprime mortgage crisis was a set of events and conditions that led to a financial crisis and subsequent recession that began in 2008. It was characterized by a rise in subprime mortgage delinquencies and foreclosures, and the resulting decline of securities backed by said mortgages. Several major financial institutions collapsed in September 2008, with significant disruption in the flow of credit to businesses and consumers and the onset of a severe global recession.

Many analysis are expecting economic growth beginning in 2015 and this is expected to run throughout 2020 and beyond. If we can learn anything from history it is that history repeats itself and much like throughout the mid seventies and early eighties families will have less disposable income for things they don’t really need, however hopefully with having less for consumer goods this might help us appreciate more important things like quality times with the people that really matter in our lives and less time concentration on wealth accumulation. Gordon Gecko said: “Greed is good” Well we all saw where that got us. Let’s go Disco Duck!

Nexonta Technologies Inc