Yes, the financial markets are hurting. Yes, credit is contracting. Yes, earning are shrinking… But this is hardly the worst economy in 100 years.

A few things:

• The last time the stock market was at 10 earnings or less was during the 1970s into the early 80s
• At the peak inflation during that period was 14.8% during that period; today it sits at 4.94%
• Unemployment during that period reached 10.8% versus the 6.1% today
• The marginal top tax income rate was (peak) was 69.125% compared to the 35% today (read more money in the pockets of the consumer now)

I see the impact of economic conditions every day – people out of work, making hard decisions from one day to the next due to income related concerns – but this is nothing compared to about 30 years go, let alone the great depression.

I’m just sayin’

Related posts:

1. Panic and The Long Depression of 1873 comes knocking on our door
2. US loses just 345,000 jobs in May
3. Up to 15 UK retail chains expected to go Bankrupt in January but what about the US?
4. Credit cards companies may cut up to $2 trillion of credit
5. Look beyond our borders for economic data