[Marxism] Is this as bad as the Great Depression?
marvgand at gmail.com
Wed Dec 29 06:13:50 MST 2010
(Long article with many links)
Underneath the Happy Talk, Is This As Bad as the Great Depression?
WEDNESDAY, DECEMBER 29, 2010
The following experts have - at some point during the last 2 years - said that the economic crisis could be worse than the Great Depression:
• Fed Chairman Ben Bernanke
• Former Fed Chairman Alan Greenspan (and see this and this)
• Former Fed Chairman Paul Volcker
• Economics scholar and former Federal Reserve Governor Frederic Mishkin
• The head of the Bank of England Mervyn King
• Nobel prize winning economist Joseph Stiglitz
• Nobel prize winning economist Paul Krugman
• Former Goldman Sachs chairman John Whitehead
• Economics professors Barry Eichengreen and and Kevin H. O'Rourke (updated here)
• Investment advisor, risk expert and "Black Swan" author Nassim Nicholas Taleb
• Well-known PhD economist Marc Faber
• Morgan Stanley’s UK equity strategist Graham Secker
• Former chief credit officer at Fannie Mae Edward J. Pinto
• Billionaire investor George Soros
• Senior British minister Ed Balls
How could that possibly be, when the stock market has largely recovered? (Let's forget for a moment that the stock market rallied after 1929, but then crashed in a double dip).
To find out, we'll look at a couple comparisons to get an idea of what is going on in the rest of the economy. And then we'll compare the government's efforts in the 1930s to today.
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