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But it depends on your definition of a depression. What is it? While at it, what is a recession?
That's why it's hard to say how long the Great Depression lasted. A recession is just a small depression but often they don't admit we're in either until it's too obvious to deny it.
Recessions can be turned around if the right policies are followed.
I'd rather not have a Great Depression that lasts 10-12 years.
It's the way history is taught but it's very likely if it weren't for FDR and his policities, the Depression would have ended much sooner and no one would have starved to death. You can still have the soup lines with out the Socialist programs that delay an economic recovery.
You guys do understand what is actually happening here. No matter how much we save or spend. The final result is very clear and quite simple. We were at the top, a monopoly have you. We embarked on the free trade thing. When that happens the only place for the top to go is down. In return those on the bottom come up. That's just the way it is an the US being the economic leader for eternity isn't realistic unless we kill everyone else which is possible...
You see the same thing happen when patents run out. Unless the company continues to be extremely innovative market share is lost. A one world economy (if it ever happens) requires money to be worth the same all around the world. Well that either means the ones on top come down or the ones on the bottom come up. Zimbabwe is our future... They print money to make the debt impact smaller. I wouldn't be surprised if we get into the 100's trillions of dollars within 100 years. Did we become more valuable than in the past where we produced more of the worlds goods? Or did everyone else around us become more valuable as we became less...
That's why it's hard to say how long the Great Depression lasted. A recession is just a small depression but often they don't admit we're in either until it's too obvious to deny it.
No, that makes the argument moot. If recession is negative GDP growth for two or more quarters, depression would be more severe, prolonged and substantial drop in GDP.
Along these lines, it makes no sense to question length of Great Depression unless motivation is entirely political.
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Recessions can be turned around if the right policies are followed.
Right policies don't necessarily mean everybody must agree. It must involve logic, accountability, transparency anda vision, of immediate, mid-term and long-term impact. I don't expect this to happen with a one-size-fits-all philosophy.
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Originally Posted by malamute
No but do we have to re-live it?
The only way to avoid not re-living a disaster to be proactive and pragmatic, working diligently to avoid getting in situation like we're in today to begin with.
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