So, just how bad is the economy?

(CNN) -- The stock market crashed. Wall Street panicked. People stashed silver and gold under mattresses while businesses shut doors across America. People in Detroit, Michigan, line up for food at the Capuchin Soup Kitchen. We're talking, of course, about the Great Depression ... of 1873. Full Story »

Posted by Michael Bugeja
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Subjects: U.S., Business
Topics: U.S. Economy
Editorial Help
Posted by: Posted by Michael Bugeja - Feb 20, 2009 - 12:07 PM PST
Edit Lock: This story can be edited
Edited by: Michael Bugeja - Feb 20, 2009 - 12:07 PM PST
Derek Hawkins
2.9
by Derek Hawkins - Feb. 20, 2009

Not the most sophisticated approach CNN could have taken to assess the gravity of the economic slump. This story looks mainly at whether rhetorical allusions to the Great Depression are accurate. It makes for a quick, easy story, but it's a shallow pursuit. Far more valuable would have been a disinterested comparison of this and previous recessions with the goal of showing what changes and trends brought us to where we are now. As it stands, this is about busting an historical analogy that's turned into a cliche. Lots of expert chatter and not enough factual evidence.

See Full Review » (11 answers)
Kenneth Sibbett
3.4
by Kenneth Sibbett - Feb. 20, 2009

An interesting article that seems to debate weather this is a depression or a recession. Why this matters the author doesn't explain. I do believe we are more prepared now than then, but who knows, maybe we will be hiding our silver and gold cards under the bed.

Ms. Heeney does have a point. The youth of this country, with some exceptions, have had it fairly easy. While I mowed lawns and shoveled driveways for extra money, I can't even get my kids to take out the trash.

See Full Review » (12 answers)
Jim Lang
3.3
by Jim Lang - Feb. 20, 2009

This is an interesting but very light weight story that makes some comparisons between today's economic situtation and previous recessions and depressions. Rather than marching through comparisons in an organized manner, it presents relatively isolated statements from sources.

See Full Review » (11 answers)
Michael Bugeja
3.8
by Michael Bugeja - Feb. 20, 2009

A competent story that comments on the current economic situation, with experts noting that times are different now than in 1929 and that comparisons with the Great Depression are being made out of historical context. However, one economist cited at the end of the article notes that this downturn is more ominous than any other: "This is a perfect storm: banks failing, stock markets declining and commodity prices dropping." Hard times, he says, are ahead.

I agree with the ominous forecast that references the Federal Reserve, as I have in other reviews on NewsTrust.net. Bernanke undermined economic fundamentals.

Yet Matheson says there is an ominous feature to the current situation: The Federal Reserve has already lowered interest rates as far as they can go, to around zero ... More »

See Full Review » (22 answers)

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