Comments | the_recession: How Do You Spell "D-E-P-R-E-S-S-I-O-N" ?

cieldumort in the_recession

How Do You Spell "D-E-P-R-E-S-S-I-O-N" ?

Feb 23, 2010 04:39

I've said it before, and I'll say it again. Technically, the recession is over. Technically. But the REAL economy, having never really recovered after the 2001 recession, only to then be thrown into its worst recession since the 1930s, can only fairly be characterized to be in a "moderated depression."

We stopped it from becoming "Great," but this ( Read more... )

unemployment, double dips, u3, u6, depression circa 2009, unemployment rate, europe, united kingdom

Comments 2

capthek February 23 2010, 21:44:32 UTC

You are right about the economy never really recovering since the early 2000s. Any growth was an illusion due to mortgage extracted wealth and criminally low interest rates. Can we ever break the cycle? I had lots of hope, but now I am seeing so many things stalled I am increasingly unsure.

cieldumort February 23 2010, 23:29:27 UTC

Thanks for taking the blinders off, Cap. As there have been times you have had me come around to taking a less dire point of view, there are also times when I've found you stubbornly optimistic of a real turn-around.

I think that we entered a sort of lost decade about a decade or so after Japan, and that many decades of bubble building continues to unwind. Now we pay the price. Additionally, unfortunately, I submit that under Obama we've been repeating some of the same old practices that landed us here, not the least of which is his embrace of Goldman, et. al. Arguably not as pronounced as would have occurred under an R rule, but that is really small consolation.