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I have nothing but respect for Ben Bernanke. He is recognized as one of the world's best authorities on the great depression so if he says that 2008 was worse, then it was worse.
But at least from my perspective, 2008's recession only lasted a few months. The great depression lasted something like 10 years right?
I was in school getting my MBA in 2008 and my economics Professor was a personal friend and colleague with Ben Bernanke (they co-wrote the textbook that I studied in that class). My professor said that he was visiting Washington DC and on the ground there was a bronze engraving commemorating some fallen soldiers and it said that they died in "THE WORLD WAR."
He said that he was a bit confused as he wondered if that was WWI or WWII? He then realized that it had to be WWI because at the time the engraving was made, there had only been one world war.
He said that in 2008 to say "hopefully in a few decades we don't look back to 2008 and refer to this as The Great Depression II"...
I think we're due for another big fall...but I've been saying that for at least the past year and I've been wrong.
As far as the bolded, that is technically incorrect.
By the official definition, a recession is two or more consecutive quarters of GDP decline. After the decline began in 1928-1929, the GDP was already rising (thanks to New Deal spending) by 1932-1933.
And it's funny that you reference David Stockman to back yourself up, the same guy who was once a huge shill for Reagan's "voodoo economics" who has now come out and completely trashed Reaganomics for the foolishness it is/was...
Proving one thing .... unlike most of the Democrats' pointing, grunting robots, Stockman thinks independently!
He has also advocated continuing the "safety net" ... but with a means test, BTW.
It is the people in Left Field who sink to stereotypes and a blind pursuit of power.
It is worse in some senses. Back then, many rural folks lived off the land and didn't have much in the way of material worth anyway. Today, those rural folks are out of work, with no way to take care of basic expenses, and are often stuck on government assistance. Most people also weren't leveraged to the hilt like they are today.
The flip side of this is people have been largely kept out of terrifying poverty and starvation due to social assistance programs.
As far as the bolded, that is technically incorrect.
By the official definition, a recession is two or more consecutive quarters of GDP decline. After the decline began in 1928-1929, the GDP was already rising (thanks to New Deal spending) by 1932-1933.
you're probably right on the official definition.
i guess i was referring to general sentiment and how long it took to get back up to pre-1929 levels.
I have nothing but respect for Ben Bernanke. He is recognized as one of the world's best authorities on the great depression so if he says that 2008 was worse, then it was worse.
But at least from my perspective, 2008's recession only lasted a few months. The great depression lasted something like 10 years right?
I was in school getting my MBA in 2008 and my economics Professor was a personal friend and colleague with Ben Bernanke (they co-wrote the textbook that I studied in that class). My professor said that he was visiting Washington DC and on the ground there was a bronze engraving commemorating some fallen soldiers and it said that they died in "THE WORLD WAR."
He said that he was a bit confused as he wondered if that was WWI or WWII? He then realized that it had to be WWI because at the time the engraving was made, there had only been one world war.
He said that in 2008 to say "hopefully in a few decades we don't look back to 2008 and refer to this as The Great Depression II"...
I think we're due for another big fall...but I've been saying that for at least the past year and I've been wrong.
Really......you have nothing but respect for the man who was at the helm during the 2008 recession......
My parents lived during the great depression, there was no unemployment , no free medical clinics. There were soup lines and homeless camps setup all over the place. My mother told me that things were so bad that she ate lard sanwitches. Also there was no help in paying your gas or electric bill. My grandfather use to bring home coal that fell off the trains boxcar so he could keep his family warm. So please don't tell this story to the people that lived through the great depression. Because at least there is unemployment and foid stamps during the slowdown of 2008. They had nothing back then.
This.
Did we see bread lines during 2008-2009?
Did we see unemployment rates over 25%?
Did we have "Bushvilles" like they had "Hoovervilles"?
No.
Did it last for years?
No. By March of 2009, the economy began to recover.
Please this 2008 was no where near as bad as the Great Depression. My father told me such horror stories. People would go into a dining establishment and order hot water. Then they would add ketchup and salt (free on the table) and make tomato soup. It was a picture that no one could imagine today!! Lines and lines of people looking for food and work. Suicide thru the roof. It was terrible from the real stories I hear. This recession had so many safety nets, extensions of beneftis and bailouts. NO way!!
Please this 2008 was no where near as bad as the Great Depression. My father told me such horror stories. People would go into a dining establishment and order hot water. Then they would add ketchup and salt (free on the table) and make tomato soup. It was a picture that no one could imagine today!! Lines and lines of people looking for food and work. Suicide thru the roof. It was terrible from the real stories I hear. This recession had so many safety nets, extensions of beneftis and bailouts. NO way!!
I agree. I mean, people lost things in 2008, but not at the same intensity. I think if we have a few more, then MAYBE. I really hope we don't.
I agree. I mean, people lost things in 2008, but not at the same intensity. I think if we have a few more, then MAYBE. I really hope we don't.
I didn't read the statements by Bernie, but I could see why he was saying what he was saying.
The underlying problems themselves may have been worse than what caused the Great Depression but at least we had a safety net to lessen the pain and suffering of the masses.
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