The good news is, I don’t believe we are entering another “Great Depression.”  Compared to 1929-1930, our government today has a much better understanding of how the economy works.  Yes, there has been wasteful spending and counterproductive “give-aways” imbedded in the huge economic bailout plan.  But the government also implemented some effective changes by rationalizing the mark to market accounting rules, injecting massive amounts of liquidity into the U.S. banking system (putting more cash into the economy), and guaranteeing bank and money market deposits. 

 In addition to these positive policies, there are three macro-economic factors that will prevent a repeat of an extended economic depression.  First, the U.S. government is already making better decisions than it did 80 years ago.  Second, the population is more economically informed.  And third, we have fairly free trade and peaceful relationships based on democracy with large countries all over the world.  Bad people are not ruling big countries the way they were in the 1930s.  Thomas G. Donlan, author of A World of Wealth: How Capitalism Turns Profits into Progress, confirms these trends in a spirited discussion during the first part of the program.  Tom reminds us there is an awful lot of value out there.  Despite this week’s historic panic, we all need to stay calm and keep our chins up.

 In order to provide some perspective, I describe the inspiring life of Klaus Rucker during the second half of the program.  Klaus grew up in Germany during the Great Depression and survived the death of his father and the rise of Adolph Hitler.  At age 18, he was drafted into the regular German Army.

 After surviving three years on the Eastern Front and several battlefield injuries, he was finally captured in the hospital by the American Army.  He then survived hunger and economic collapse in post war Germany while studying for his degree in Physics.  Once he had earned his degree, he emigrated to Canada and the United States.

 A former soldier (although never a Nazi), Klaus built a career as a highly successful engineer with Canadian Marconi and then with DuPont Corporation.  He was awarded seven U.S. patents and helped build a nationwide network of television broadcast towers.  He and his wife raised four extremely successful American children.

 Klaus was a good, courageous, smart, and hard working American immigrant, who survived and thrived through the most difficult of times.  He makes me proud of America and should be an inspiration for us all in difficult times.  He was born near Frankfurt, Germany on July 4, 1921 and died in New Jersey on September 11, 2008.  We at the Glen Meakem Program offer his family our most sincere condolences.

 

 October 11-12, 2008 - Let's Keep Our Chins Up!: Play Now | Play in Popup