Editor, Gazette-Journal:

I am reading and hearing numerous varied opinions involving the markets and economy, many which offer exactly opposites in outcome. One such expression of concern involves a report of the conditions that prompted the 1929 crash.

Yes, there are similarities, but only to a point. What is not being discussed in comparing similarities (i.e., tariffs, protectionism and a decline in international trade) are the poor quality of the dollar and the burgeoning welfare entitlements, neither of which were present in 1929.

If anything, conditions are far worse today than the conditions preceding the 1929 market collapse. In 1929, we had a stronger dollar, few welfare entitlements, and virtually no debt. As compared to today, we might also factor in the trillion dollar budget deficits that are forecasted by the Congressional Budget Office for as far as the eye can see.

In a declining economy and a falling stock market, declining tax receipts are a given. Meanwhile, the w...