190,452 New Listings - March 2010 - Last update March 20, 2010 6:15 AM ESTPresent Foreclosure Crisis Causes Seniors To Recall Memories Of The Great Depression
The present foreclosure crisis is causing many seniors to recall vividly memories of the Great Depression.
Marcelle Uptain has vivid memories of growing up during the days of the Great Depression. Her response to the present foreclosure crisis is simple – she plans to take the money out of the banks and stash it away in a hidden corner in her home. It needed all the persuasion of her son to prevent her from following up her plans. Marcelle confided that she has a small box made of steel that has a lock to it. She said “I was thinking about taking my checking account out and putting it in there.” Marcelle is 83 today and lives in a senior center in Alabama.
There are many like Marcelle who are associating the foreclosure crisis of today with the Great Depression of yesterday. Many are taking the money out of the banks, hunting around for discounts and sending out dire warnings to the next generation about darker days just lurking around the corner.
Nonagenarian George Eckhoff thinks that the latest foreclosure related crisis would be worse than what happened when he was young because of the escalation of food prices. Today he lives in his assisted-living apartment in Seattle but he vividly remembers the bread queues and the long lines in front of the banks. He commented that he did not know how this generation would cope with the crisis since the cost of food is increasing rapidly.
Although no precise figures have been noted, the banks say that more seniors are taking out their money. The sale of safes has gone up by as much as 50% according SentrySafe – the topmost safe manufacturer in the country.
During the time of the Great Depression the federal government did not back the bank deposits. This led to the panic withdrawals. Those who came late saw that their savings had vanished. Today the federal government guarantees the individual bank accounts up to $250,000. But seniors are unwilling to rely anymore on such assurances.
Robert Binstock of Case Western Reserve University who is a professor dealing with the problems of aging and health in the society, said that if one has lived through the days of the Great Depression there is ingrained in the psyche that it is going to happen again. Horrendous memories come back of bank failures and they still think that it is safer to hide the money in an old teapot than keeping it in the bank.
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[...] policymakers are now rethinking as to the basic way America does business. The foreclosure crisis is the only topic of discussion in town now – in café’s, around street corners, around kitchen [...]
November 13th, 2008 at 3:58 pm
[...] Now that they’re losing their homes and most of their wealth along with it, Americans are cutting down on their costs due to foreclosure crisis. [...]
November 14th, 2008 at 3:59 pm
[...] to guide the leaders of today about what to do and not to do in the face of a similar crisis. The foreclosure crisis is mirroring [...]
November 21st, 2008 at 3:49 pm
[...] Obama has been elected the next 44th President. Promises have been made. Now is the time for the foreclosure crisis to get top priority without humming and hawing any further. The people are waiting. Obama in his [...]
November 24th, 2008 at 6:39 pm
[...] urgent necessity of President elect to tackle the foreclosure related crisis couldn’t be over stressed. It is not about statistics and figures but real people who are in [...]
November 26th, 2008 at 2:21 pm
[...] foreclosure related crisis is making Michigan Governor Jennifer Granholm seek federal help. The state is gearing up for budget [...]
December 8th, 2008 at 4:03 pm
[...] has changed with a rush in numbers. It shows that Minnetonka in Minnesota is not immune to the foreclosure crisis. This year there has been 231 foreclosures. Since 2006 foreclosures have been creeping in – [...]
December 11th, 2008 at 7:11 pm
[...] the federal regulators shut down two jumbo thrifts in California. This is all a fallout of the foreclosure crisis. U.S. Bank of Minneapolis acquired the deposits of both. The Federal Deposit Insurance Corporation [...]
December 12th, 2008 at 2:19 pm
[...] gobble our homes.” The activists are highly critical of the way the bank has been handling the foreclosure crisis. Sarcastically it has given “Turkey of the Year Award” to Wachovia Bank last Tuesday. The [...]
December 15th, 2008 at 5:27 pm
[...] common factor in 9/11, Hurricane Katrina and the present foreclosure crisis is lack of risk management. All three show up how the risk factor, whether man-made or natural, has [...]
December 16th, 2008 at 2:44 pm
[...] 20,000 of them converged from around the country. The conference was aimed at addressing the foreclosure crisis hitting the housing industry. The theme of the conference was “Full Speed Ahead” – a theme [...]
December 17th, 2008 at 6:40 pm
[...] national foreclosure crisis is bringing together people from different faiths. A coalition has been formed that is putting [...]
December 18th, 2008 at 1:35 pm
[...] full magnitude of the foreclosure crisis remains gray but already fresh ominous clouds are gathering. A new foreclosure crisis is looming as [...]
December 22nd, 2008 at 2:42 pm
[...] all levels – federal, state and local have been undersized. Donations are also dwindling as the foreclosure crisis has affected people horizontally and vertically across all socio-economic [...]
January 6th, 2009 at 1:50 pm
[...] birth till the age of five as well as their families. These families have been badly mauled by the foreclosure crisis and related job losses. The agency initially had not expected that extra funds would be available, [...]
January 8th, 2009 at 1:37 pm
[...] the country the foreclosure crisis has created this atmosphere of distrust and tension [...]
January 14th, 2009 at 2:02 pm
[...] dominating view of the media and thinkers is that the foreclosure related crisis is the product of random de-regulation and the greed of Wall Street giants. These are but [...]
January 19th, 2009 at 2:22 pm
[...] any other American city it is reeling under the foreclosure related crisis. The value of houses have nose dived as reo properties have spiked. Unemployment is the highest [...]
January 27th, 2009 at 6:01 pm
[...] Room that had debuted during the worst days of the Great Depression is now feeling the heat of the foreclosure crisis. Visitors to Manhattan take the lifts to the 65th floor of Rockefeller Centre to drink in the [...]
February 4th, 2009 at 6:06 pm
[...] investors were not happy with these proposals and the Dow Jones tumbled by over 215 points. The foreclosure related crisis has forced financial companies to accept huge losses on mortgage investments that had turned sour. [...]
February 6th, 2009 at 2:18 pm
[...] best way to tackle the foreclosure crisis is to emulate the path taken by IndyMac under the stewardship of Sheila [...]
February 19th, 2009 at 4:49 pm
[...] grief. Perhaps the slaughter that took place on McFarland Avenue cannot be directly blamed to the foreclosure crisis but the neighbours of Ervin Lupoe felt a bond with the man who claimed that the desperation of the [...]
March 5th, 2009 at 3:59 pm
[...] has learnt its lessons from past mistakes and is now responding with grit to the foreclosure related crisis. It has stopped relying on only one source for the health of its economy and his diversified from [...]
March 18th, 2009 at 4:25 pm
[...] foreclosure related crisis that has led to the bank failures would ultimately cost the deposit insurance fund by over $40 [...]
May 22nd, 2009 at 4:29 pm
[...] feel that the foreclosure crisis is not nearing its end. The price of houses throughout 2006 and the early part of 2007 were holding [...]