Shapes of Things
“These things I have spoken to you, that in Me you may have peace. In the world you will have tribulation; but be of good cheer, I have overcome the world.” Jn. 16:33
“The only ultimate disaster that can befall us, I have come to realize, is to feel ouselves to be at home here on earth. As long as we are aliens, we cannot forget our true homeland, which is that other kingdom You proclaimed”. – Malcomb Muggeridge
“Is it happening again?” That is the very disturbing question that many Americans are nervously asking on this, the eightieth anniversary of “Black Tuesday,” the date of the Stock Market Crash, October 28 & 29 1929. We are beyond discussions of whether we are in a recession and there are enough parallels between then and now to induce sleeplessness in many of us.
In the popular imagination, the Stock Market Crash eight decades ago caused, or at least started, the Great Depression. In fact, though, the downward spiral of the Depression was already underway a few months before “Black Tuesday.” The market crash reflected the economic problems; it did not cause them. The same is true today. Contrary to what Herbert Hoover said then, the economy was not “fundamentally sound”; contrary to what John McCain said at the beginning of the current crisis, the economy is not “fundamentally strong.” While people focus on a couple of terrible days in 1929, in fact the market collapse leading into the Depression was a long downward slide, punctuated by days of drastic drops and occasional gains–much like what has been going on for the last few weeks.
In both the 20s and the 00s, the economic effects of the misdistribution of income were masked and postponed by the extension of credit where credit wasn’t due, although the credit bubble on the current decade was far larger than that of eight decades ago. The market collapse in 1929 accelerated the downward spiral of the economy because it signaled to consumers that they needed to cut back on spending and to lenders that they needed to be much more cautious in extending credit. The current collapse is having similar effects.*
*Robert S. McElvaine, The Huffington Post, Internet newspaper, Oct, 2009
Since I started touring in the late seventies, the touring industry always seemed to be recession proof, there were always plenty of tours to choose from. Last year and this year, I think everyone will agree with me, that our trade is no longer exempt from the current recession that seems to be affecting not only our country, but the world as well. I have never seen so many tour people out of work, including myself. I know it is traditionally the slow season in the winter here in America, but there has always been international tours that kept us all working in other countries during this time. I am not writing this to discourage anyone, just want to assure you, I feel the same pain. I am fresh out of rhetoric and my answers are a little more thought out these days, all I can say is stand strong, you are not alone.
Just to end on a positive note, it is not all doom and gloom out there in the touring world, U-2 has no problem filling the seats on their current world stadium tour. Bon Jovi starts his world tour in Feb of next year and I expect him to do well.