I'm assuming you're being sarcastic, Husar.
Anyways, here's Krugman saying the current situation resembles the Great Depression.
CROriginally Posted by That Site
I'm assuming you're being sarcastic, Husar.
Anyways, here's Krugman saying the current situation resembles the Great Depression.
CROriginally Posted by That Site
This statement shows either (1) that Krugman knows nothing about economic conditions during the Great Depression or (2) that he knows nothing about economic conditions at present. An unemployment rate of 20-25 percent is not comparable to an unemployment rate of 6 percent. A decline in real GDP of 30 percent is not comparable to ongoing growth in real GDP. Approximately 10,000 commercial bank failures are not comparable to a handful of such failures recently. Deflation of 20-25 percent is not comparable to the inflation we presently experience. Many other gross differences might be mentioned, as well.
Ja Mata, Tosa.
The poorest man may in his cottage bid defiance to all the forces of the Crown. It may be frail; its roof may shake; the wind may blow through it; the storm may enter; the rain may enter; but the King of England cannot enter – all his force dares not cross the threshold of the ruined tenement! - William Pitt the Elder
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