Glia
02-19-2012, 10:05 PM
'The trauma we're experiencing right now resembles the
trauma we experienced 80 years ago, during the Great
Depression, and it has been brought on by an analogous
set of circumstances. Then, as now, we faced a
breakdown of the banking system. But then, as now, the
breakdown of the banking system was in part a
consequence of deeper problems. Even if we correctly
respond to the trauma-the failures of the financial
sector-it will take a decade or more to achieve full
recovery. Under the best of conditions, we will endure
a Long Slump. If we respond incorrectly, as we have
been, the Long Slump will last even longer, and the
parallel with the Depression will take on a tragic new
dimension.'
Economist Joseph Stiglitz in Vanity Fair, January 2012
https://tinyurl.com/84jvp9g
trauma we experienced 80 years ago, during the Great
Depression, and it has been brought on by an analogous
set of circumstances. Then, as now, we faced a
breakdown of the banking system. But then, as now, the
breakdown of the banking system was in part a
consequence of deeper problems. Even if we correctly
respond to the trauma-the failures of the financial
sector-it will take a decade or more to achieve full
recovery. Under the best of conditions, we will endure
a Long Slump. If we respond incorrectly, as we have
been, the Long Slump will last even longer, and the
parallel with the Depression will take on a tragic new
dimension.'
Economist Joseph Stiglitz in Vanity Fair, January 2012
https://tinyurl.com/84jvp9g