5 ms·
Calling 2008 the greatest economic disaster of all time doesn't strike me as accurate. Maybe it is by total dollars of market value lost or something like that,
by ams6110 8y ago
Calling 2008 the greatest economic disaster of all time doesn't strike me as accurate. Maybe it is by total dollars of market value lost or something like that, but we didn't see anything like the 25% unemployment, previously middle class families lined up around the block at soup kitchens, etc. that we saw in the Great Depression
- convivialdingo 8y agoTrue, but that’s mostly because we papered over the disaster with debt. Personal, student, sovereign and total debt are extremely high. Not that anyone minded - QE was considered a success and allowed the businesses it protected to stay afloat But I do think it could setup the next recession to be harsher. Recessions in the 70s and 80s were bad, but pretty short. Businesses went bust, assets were dumped for pennies, and then 18 months later it was done. There’s some healthy clean up and fresh starts that happen after a typical recession. I guess time will tell what works best. Personally I don’t think the business cycle of boom and bust can be solved with debt in the long run.