CNN CommentaryBERKELEY, California (CNN) -- Every time the economy and stock market turn down, financial historians get predictable calls from reporters.
Could this be the start of another Great Depression? Could "it" possibly happen again? My stock answer has always been no.
However, reading through Barry Eichengreen's article, he never really affirmed his stock answer. In fact, as he continues on he implies, IMHO, that before the next President is inaugurated there must be action. To me he is saying it is quite possible the next great depression is just around the corner.
Also, while trying to note some of the major differences, he also points out some of the similarities.
I know this much; McCain is as ignorant about economic crises as the leaders back in the 20s and 30s were. If he gets in office, we are all screwed.
Also, while trying to note some of the major differences, he also points out some of the similarities.
The Great Depression resulted from a series of economic and financial shocks -- the end of a housing bubble in 1926 and the end of a high-tech bubble in 1929 -- but also from truly breathtaking neglect and incompetence on the part of policymakers.I hate to be a sour puss, but it seems we are facing a very similar situation, only the high-tech bubble of our economic situation was the .com bust at the start of this administration's watch, which it never really dealt with, and now, of course, the housing bubble that has taken Wall Street down. And let's not forget the damage done by September 11th, 2001 to our markets, which was right on top of the .com bust.
I know this much; McCain is as ignorant about economic crises as the leaders back in the 20s and 30s were. If he gets in office, we are all screwed.
There's no depression.... we're just a nation of whiners. What with having to pay through the nose for gas, groceries and health care. Silly us.