Thursday, December 25, 2008

A Lost Decade?

Get Ready for a Lost Decade -

Some excellent points on the fact that the Great Depression was "one off" at least so far. All this supposed confidence that we won't have another "Great Depression" is pretty meaningless. First of all, whatever we have, it likely won't be "the same"--we would hope it would be "better", but there is no real information to make those kinds of assumptions. There are indeed some very good reasons to make opposite assumptions -- we didn't enter the Depression with 50-100 Trillion of unfunded Social Security and  Medicare obligations!

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