Comparisons of our current predicament with the Great Depression of the 1930s are very misleading because both the personal and business debt levels then were less than 5% of what they are today. In the 1930s, most homeowners had 30-50% equity in their homes versus the 5-10% for tens of millions of homeowners today. Americans entered the 1930s with huge savings and little debt. Today they have zero savings and huge debt. The financial pain, delinquency, bankruptcies and impoverishment will be much greater in the current depression than in that of the 1930s.
Furthermore, the Americans of the 1930s were a hardened and resourceful lot. They had come through the “hard times” of World War I, and were tested by the “hard times” of the Great Depression, which then prepared them for the rigors of World War II. Their character, toughness, morality, ingenuity, resilience, and sense of community was a far cry from our population of today.
America today is not the America of the 1930s. We have lost our moral and spiritual moorings over the past four or five decades—ever since we ordered God out of our schools and public places. We have become a drug-saturated, divorce-plagued, greed-driven, promiscuous society where dishonesty from the White House to Wall Street, from the media to the grass roots, has become the norm. Billy Graham’s famous quip rings in our ears: “If God doesn’t judge America, He will have to apologize to Sodom and Gomorrah!”
Great Excerpt from an Article Written by Chuck Missler.
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