“During that time, the unemployment rate went to 25 percent, at least, based on the data that we have. The real GDP (gross domestic product) fell by one-third. About a third of all of the banks failed. The stock market fell 90 percent.”
Bernanke said the situation at that time represented “very difficult circumstances,” because “we didn’t have the social safety net that we have today. So let’s put that out of our minds; there’s no — there’s comparison in terms of severity.” – Fed Chairman Ben Bernanke On How This ISN’T like the Great Depression
What a bunch of bullshit.
I’m sick of rich guys in suits trying to explain to me how good or bad our current economic situation is.
How would you know? Because your fucking pie graph tells you so? Or cause Suze Orman told you so?
Let me tell you something, they dont know shit!!!!
No one does.
Frankly, I was one of the few people out there who called this recession months ago.
So how credible is Devonte Smith on economic affairs?
Well, despite me being 1 for 1…I’d be willing to guess the vast majority of any of you reading this wouldnt trust me with balancing your checkbook, let alone with all of your economic knowledge…
So why trust them? All they are doing is reading a bunch of books on how the economy used to work and coming up with a hypothesis on how that would relate to Wall St. in 2008.
And we are supposed to treat that shit as the gospel???
Oh well, if its printed in the Wall Street Journal or New York Times it must be true…
Lets be real – one thing everyone overlooks when turning to the Journal or the Times is that while they are great resources for reporting the news AFTER it happens, they are horrible at predicting what is going to happen next.
I never heard anyone say “Oh I just read this article in the Times that said there is going to be a terrorist attack in September” or “Hey, did you read that article in th WSJ that says Louisiana is definetly going to get a Hurricane that wipes out all of their wealth and resources”
So why would a newspaper be that insightful now?
Like I said, what a bunch of bullshit.
Thats exactly why these so called economists dont know shit
They are analyzing precedent to give them the answer to the future…
You cant fight a modern day war with the strategy of a caveman
If these guys were so smart, wouldnt they have been able to predict that THIS recession was coming?
Wouldnt they have been able to see this coming and know what measures to take to prevent shit from getting worse?
– Silence –
To me, I see this as totally up in the air.
I just heard today that my current employer could possibly be filing for Chapter 11 as early as Christmas…
That right there is by far the most accurate economic indicator in my opinion
So quite frankly, yes, we very well could be heading for another depression…why?
Because we are still witnessing the free fall of the economy – until there is some sort of stabilization for more than a day or so no one can prove that we aren’t heading for a depression…
See…I told you so…