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If Pelosi doesn't get her green-new-deal piggy-backed on the Covid-19 bill, it might. Because you know in a crises like this we must look forward to better emissions by 2025
^^ Piggybacking off of Astrals post above: Could we go into a depression from this crisis? Of course. However, I wouldn't take the articles author seriously as to why HE THINKS we will go into one. Why? Because he has an inherent interest in making you believe a depression is coming. His book, business and financial interests lie in making you believe so. As Astral said, he has predicted this "doom and gloom" many times since 2008 and has always been wrong. But he will keep doing so because he makes money from his books and business which are centered around helping people prepare for a financial collapse. Its like climate change and taking the word of experts hired by the oil industry regarding if its true or not. The point is not whether climate change is real or fiction; the point is knowing that opinions from a source that has a vested interest in denying climate change has no real value.
Once the inertial of a vibrant economy got killed, which is our present state, it meant recession. But now these governors are killing most of whats left. Giant Depression coming to a town near you.
This isn't going to be as bad as the 2008 crisis. No no no, there's no way we're getting off that easily. This is going to be many times worse than the 08 crisis.
The 08 crisis was not the real crash. What's coming next is the real crash. Back in 08 we made a deal with the devil to delay the pain and we kicked the can down the road for another decade+. Well guess what, now the devil has come to collect, and the can has grown too heavy to kick anymore.
What's going to make this worse than the depression of the 1930s imo is that this time, instead of the cost of living sharply falling, it will massively rise because of runaway currency devaluation.
A great depression like the 1930's is unlikely, mainly because of measures passed then like FDIC and Social Security. The short-term future may look more like 2008, but I think it's hard to draw a parallel. There have been growing cracks in the economic infrastructure underneath what was a strong economy like there was in 2008, but the 2008 recession was triggered by self-inflicted financial decisions. Now, we have had an external trigger. Whether that means recovery will be faster or slower, I have no idea. A case can be made both ways.
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