The Conservative Cave
Current Events => Economics => Topic started by: Ptarmigan on July 11, 2010, 01:02:28 PM
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The Third Depression
By PAUL KRUGMAN
Published: June 27, 2010
New York Times
Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions†at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.
Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
New York Times-The Third Depression (http://www.nytimes.com/2010/06/28/opinion/28krugman.html)
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Paul Krugman is normally very liberal, but when he says that a depression could be happening and goes against what Obama and MSM are claiming that the economy is recovering, I think he is on to something.
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preaching the need for belt-tightening when the real problem is inadequate spending
but because Republicans and conservative Democrats in Congress won’t authorize additional aid to state governments, that austerity is coming anyway, in the form of budget cuts at the state and local levels.
Sounds pretty liberal to me - spend our way out of the depression.
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Sounds pretty liberal to me - spend our way out of the depression.
Joe Biden said the same thing. That tells me that Krugman is an idiot.
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There was the Great Depression everyone knows about, the panic of 1873,, and then wasn't there another one? I can't remember the date for the life of me, but I think it was in the 40s. I believe Beck talked about it on his show Thursday, I think it was.
So with that in mind, would we as a people not be going into a 4th Depression?
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There was the Great Depression everyone knows about, the panic of 1873,, and then wasn't there another one? I can't remember the date for the life of me, but I think it was in the 40s. I believe Beck talked about it on his show Thursday, I think it was.
So with that in mind, would we as a people not be going into a 4th Depression?
If I'm not mistaken, the Great Depression pretty much lasted into the 40's, or until after wartime production for WWII was sufficient to bring us out. Maybe that was what he was referring to?
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I don't think so. If I'm not mistaken, he talked about a "Forgotten Depression." My mind is drawing a blank right now in terms of the date he specified.
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I don't think so. If I'm not mistaken, he talked about a "Forgotten Depression." My mind is drawing a blank right now in terms of the date he specified.
1920's
http://www.glennbeck.com/content/articles/article/198/38824/
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1920's
http://www.glennbeck.com/content/articles/article/198/38824/
Thanks for that, Rose. I knew about the Great Depression in '29-'31, and even a bit about 1873, but couldn't for the life of me remember the one pointed out. Knew Beck said something about it, so thanks for jogging my memory.
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Thanks for that, Rose. I knew about the Great Depression in '29-'31, and even a bit about 1873, but couldn't for the life of me remember the one pointed out. Knew Beck said something about it, so thanks for jogging my memory.
No problem! You got me curious.
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I sometimes have that effect. :-)
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Most recessions do not last that long. You have to wonder how they define a recession and depression. This recession has lasted a long time since late 2007.
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I was actually let go from my job in '08, (:() So it's been quite a long time. I say we SHOULD qualify these times as "Depression." Especially with what's coming down the pike.
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I do like your reply.....Though i had gone through a great depression during this period!!!