We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.Nobel prize winning economist Krugman feels we are now in depression. We could have escaped it, had we just done more deficit spending. All mankind that has gone before has been but a bunch of idiots --- all their problems could have been solved by deficit spending as well. Exactly how much deficit spending, Paul is not clear on, other than "more". Oh, if only we could have faced the "tough choices" and spent even grossly more than we already did -- how sad, depression, all because of our failure to really pull out the stops and spend with complete and utter abandon.
Oh, the humanity.