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Depression analogies
Paul Krugman —
Daniel Gross pushes back against analogies with the Great Depression: Instead of workers with 5 o’clock shadows asking, “Brother, can you spare a dime?” we have clean-shaven financial-services executives asking congressmen if they can spare $100 billion. But I think he misses the point. The reason we’re making analogies with the Great Depression — and the reason I’ve come out with a new edition of ...
Fleeing the Blame
The Glittering Eye —
... In an article in Slate this morning Daniel Gross makes a significant point, one I’ve made here from time to time, and one that seems to elude a lot of people who should know better: the financial crisis that’s going on now isn’t the Great Depression, revisited. ...
58 Days
The Mahablog —
Our economic house of cards continues to fall. Citigroup is next, they say.
Daniel Gross argues that we’re not reliving the Great Depression all over again:
Ironically, the differences between the two eras can be summed up in a few sound bites. The world of 1929-33 was one that lacked shock absorbers such as Social Security and deposit insurance to insulate people from economic disaster. In the 1930s, some of the world’s largest economies—Germany, the Soviet Union, Japan, and Italy—were run by leaders hostile to the ...
Voice of reason
the talking dog —
... That would be, perhaps, Daniel Gross writing at Slate , that it is not time to party like it's 1929, because it isn't 1929. Many of the institutions that exist now (as a result of the Great Depression), such as FDIC and Social Security, serve as ultimate economic shock absorbers, and further, unlike the 30's, when in one year alone over 4,000 banks failed , things are bad, but not like that. (Mr. Gross fails to mention the perennial economic demand machine known as "the military industrial complex," so I will, though of course, spending on the refurbishment of the bridge of ...
IS ALL THE ECONOMIC DOOM AND GLOOM JUSTIFIED?
Right Wing Nut House —
If you’ve been reading a lot about the economic situation here and around the world, you can’t help but be struck by how terrible the future looks to a lot of “experts.” Is this a function of the media realizing that apocalyptic news sells and less dire forecasts are given short shrift? Or is there really a consensus that we are in for horrible times? I honestly don’t know enough to say one way or another. Here at home, the massive trouble that CITI is in promises to give us the biggest bailout yet. And there are some “experts” saying that the entire financial industry of the United States will soon be ...
DANIEL GROSS: Don’t Get Depressed: It’s Not 1929. “Financial executives invoke distant history in…
Instapundit —
DANIEL GROSS: Don’t Get Depressed: It’s Not 1929. “Financial executives invoke distant history in part to make up for their own recent shortcomings. If a force as powerful as the Great Depression has been unleashed on the global economy, how can a mere mortal like Merrill’s John Thain be held responsible? The specter of the 1930s has also been deployed by political leaders to create a sense of urgency.”
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The First New Deal Didn't Work But Libs Want Another One Anyway
Gateway Pundit —
Here's some advice for the libs... We're not in a depression. Barack Obama is not Lincoln... or FDR. ...Except Obama is still smoking. And, as George Will says, the New Deal Didn't Work: Hat Tip Think Progress. Yid with Lid reported: As late as 1938, nine ...
Dazed and Confused
N/A —
Depression? What depression? What’s really depressing?
The reason we’re making analogies with the Great Depression [ ] is the collapse of policy certainties. In particular, the Fed’s sudden impotence — its inability to cut rates any more, because they’re essentially zero — is a very real parallel with the Depression, and necessitates drastic responses.
Great Depression? What is so great about any depression? Just asking. Must be the oxymoron of all ...
