Apple-Selling...Then
A man sells apples in New York. At the height of the Depression in 1933, unemployment reached 15 million—one-fourth of the American workforce. Apple-selling was a common way for the jobless to make money.
...and Now
The day after Congress rejected the $700 billion bailout bill, a 13-year-old boy set up shop in front of the New York Stock Exchange.
Houses...Then
In the 1930s, the homeless built "Hoovervilles," shantytowns named for President Herbert Hoover. This one was constructed in the old Central Park reservoir.
...and Now
Suburban housing communities, built during the fervor of the housing boom, sit unoccupied and unsold as foreclosures increase and lending standards become more stringent.
Travel...Then
Migrant workers enjoy a free ride on a freight car to Southern California. During the Depression, illegal train hopping was rampant as hobos sought work far from home.
...and Now
Passengers left stranded at Los Angeles International Airport, after American Airlines canceled their flight. Getting from point A to B has become more difficult as airfares have risen and the number of flights has been slashed.
Crash...Then
The stock market crash of 1929 wiped out many fortunes. This Wall Street speculator, who lost all his money in the crash, put his car up for sale.
...and Now
A man carries his belongings out of Lehman Brothers' headquarters. Lehman, a 158-year-old investment bank, filed for bankruptcy two weeks ago, prompting Goldman Sachs and Morgan Stanley to convert to bank holding companies. The investment banking crash has left over 100,000 people jobless.
Banks...Then
An angry crowd gathered outside a closed and bankrupt Clarke Brothers, clamoring to reclaim their money. Thousands of banks failed during the depression, after a mad dash to withdraw taxed a system already short on cash because of losses in the stock market and loan defaults.
...and Now
Banks are feeling a similar crunch, having lost money on defaulted subprime mortgages. IndyMac Bank was taken over by the F.D.I.C. in July after it became clear the lender could not recover from losses incurred from defaulted mortgages. The Monday after the takeover, customers lined up at a Santa Monica branch.
Lines...Then
During the Great Depression, the unemployed waited in long lines for free bread.
...and Now
During the summer of 2008, almost a year and a half after the first rumblings of the subprime crisis, people were waiting in long lines for...the iPhone. These two entertained themselves by playing ping-pong outside the Apple store in Soho, New York.
