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The new great depression:

With all this talk of comparing our current economic woes to The great depression, I've been thinking all week, "man I gotta write a song about this "new Great Depression" until I remembered "Oh yeah I did already."

Since I lost this original chorded version, here's the transcript (with some edits) and what I seem to remember the chords being:

Woodrow Willson's aide de camp
said with a wry grin
maybe it ain't all that bad,
this freefall that we're in
   Dm                                                Am
Maybe we shouldn't work so hard to bail out the nation
cause when we're dead and gone-
the future will carry on-
F               E              Am
about the Greatest Generation

It's true that people will starve
but in our idle lives we've spoiled
Food will be short and work will dry up
but it's the needle that lances the boil
and in 50 years they'll look back on us with fervent veneration
at the children that died-
and the hungry babies that cried-
but survived the Greatest Generation

Our legacy will be seen over time
after the initial shock of derision
As a beacon to a more pious life
filled with heartbreaking decisions
No one will escape untouched except the heads of our Corporations
and it's hard to ignore-
We'll need another world war-
to forge our Greatest Generation

we are polished smooth by the world
like a rock at the rivers ledge
made sharp like a knife
the world's a stone that hones the edge
hardship will make big the smaller man and all our grief will lessen
The remedy of our situation-
to heal the wound of our nation-
we need another shot at the great depression

Re: The new great depression:

Marriner S. Eccles, was the Chairman of the Federal Reserve from 1934 1948

In his 1951 memoir Beckoning Frontiers, Eccles detailed what he believed caused the Great Depression.
Our current situation is eerily similar.

Eccles wrote:

"As mass production has to be accompanied by mass consumption, mass consumption, in turn, implies a distribution of wealth — not of existing wealth, but of wealth as it is currently produced — to provide men with buying power equal to the amount of goods and services offered by the nations economic machinery.

Instead of achieving that kind of distribution, a giant suction pump had by 1929-30 drawn into a few hands an increasing portion of currently produced wealth. This served them as capital accumulations. But by taking purchasing power out of the hands of mass consumers, the savers denied to themselves the kind of effective demand for their products that would justify a reinvestment of their capital accumulations in new plants. In consequence, as in a poker game where the chips were concentrated in fewer and fewer hands, the other fellows could stay in the game only by borrowing. When their credit ran out, the game stopped.