Is this recession another Great Depression?

Salon by Andrew Leonard | Apr. 2, 2008 (Opinion)
Is it coming to a soup kitchen near you? Here's how we'll know if the current recession is turning into something much worse.

... we could get there. In fact, it would be all too easy. All we have to do is ignore what the markets and other economic indicators are telling us right now and continue down the disastrous path we've been merrily skipping along for the last 25 or so years. Want to see "The Great Depression: The Sequel"? Here's a handy three-step do-it-yourself action plan. Full Story »

Posted by Kaizar Campwala

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Naomi Isler
3.8
 by Naomi Isler - Oct. 1, 2008

Yes, it's a good piece, presenting the possibilities of further massive worldwide economic collapse and the factors that might mitigate against it. Maybe the question really should be the extent to which the 80s and 90s resembled the 20s? And maybe the countercyclical moves the New Deal was able to make were possible because the country and its citizens weren't already trillions in debt? And maybe, ultimately, what pulled us out of the depression was a major war? And, if the US doesn't hit economic bottom and pull the rest of the world with it, the rest of the world will discover that it can do okay without us?

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Naomi's Rating

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3.8

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