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Paul Krugman: 'Third Depression Watch'

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Paul Krugman: 'Third Depression Watch'

Post by Guest on Fri May 27, 2011 11:47 am

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.

http://krugman.blogs.nytimes.com/2011/05/25/third-depression-watch/?smid=tw-NytimesKrugman&seid=auto

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Re: Paul Krugman: 'Third Depression Watch'

Post by americatheneedy on Fri May 27, 2011 12:00 pm

I have known this for well over a year although the word depression will never slip out of the media's mouth. We would have the visible signs if not for unemployment which as you well know is under attack. I am young but grew up with an elderly father who lived through the Great Depression and my grandmother lived next door. Ironically, when he died in 2008, some of his final warning were there was going to be another depression. He warned of gas lines (which happned just a few months later) and of people losing everything. He preached it and he was right. I am glad he isn't here to see this sham we call a government or his educated daughter not being able to get a job as a cashier, I don't think I could handle to heartbreak he would experience.

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