Here is a journey in photos and facts to compare the present Great Recession with the past Great Depression to gain perspective on where we might be headed.
Just as we had two great world wars, we might have two great depressions, the last of which we started out calling “The Great Recession” because, at the time, we didn’t know where it would end up or how long it would continue. Remember that World War I did not start off being called WWI. It was originally called “The Great War.”
If it turns out we have two phases of back-to-back great recessions, as I have always maintained we will, we may come to see the whole thing as one more Great Depression, propped up in the middle by the Fed with a fake recovery — fake in that neither the Fed nor the federal government did anything to solve all the underlying problems that caused the first phase, those problems being the elements in common that make both phases a single protracted period of collapse.
Before you write that off as too extreme, I’d like you to think about the most widely recognized forces that came together in the US to create the Great Depression and the length of time the Depression spanned and compare that to the past decade.
Read the rest here: The Great Recession
why you wanna keep sayin recession
Words are infinitely malleable these days. 🙄