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I'm not ready to "declare it healed", but the probability that our depression becomes anywhere near as severe as the 1930s Great Depression is very low. It has
by pw0ncakes 17y ago
I'm not ready to "declare it healed", but the probability that our depression becomes anywhere near as severe as the 1930s Great Depression is very low. It has created a lot of suffering, and will likely cause a lot more, and we may not get out of it until the 2020s, but I don't see it as likely that people will starve in this country, nor do I see widespread bank failures as likely.
- vlod 17y agoAgreed. People still seem to have enough money to fill up and drive their huge SUV. When they trade them for Camrys is when I pull my money from the banks.
- codexon 17y agoWe will never see another depression driving down living standards to the level of the 1930s due to technology. But a relatively similar percentage reduction? Quite likely. I would say that this depression looks quite similar to the beginning of the great depression when you consider unemployment percentages and debt as a percent of GDP.