4 ms·

I don't dispute there's a financial crisis but I've always believed this is maybe the most over reported crisis ever. I can't count the number of times I've he

I don't dispute there's a financial crisis but I've always believed this is maybe the most over reported crisis ever. I can't count the number of times I've heard "VC money is drying up." Someone ought to show those people these charts. Again, no doubt there's a financial crisis but this whole "next great depression meme" has been silly from the start. (For an example of how silly things have gotten look in the comments for "William Blanchard". He not only claims to have heard 60% of New Yorkers are unemployed but he actually believed that number)

UncleOxidant 17y ago
Perhaps, but news of "green shoots" has also been over reported for the last few months. This thing isn't over by a long shot. Great Depression II, though? Not likely. But I suspect we'll have unemployment around 10% for quite some time.
- RyanMcGreal 17y ago
  What concerns me is the question of what happens when economic growth finally does take off again. At what point will increasing demand for oil push prices into another economy-crippling super-spike?
fnid 17y ago
"Over" reported is yet to be seen. Perhaps the ease of reporting today makes this one seem more pronounced than others, but I think it is also worse than any since the great depression and we still don't know if it won't be worse. Some really depressing news today is that gold hit a record high. Many believe oil will be priced in another currency or basket of currencies. Such a move will take more wind out of America's sails. The journey isn't over.
MaysonL 17y ago
In terms of employment, this is the worst recession in the US since WWII. Unemployment has increased by almost 6% of the labor force since the start of the recession, worse than any other postwar recession. See: http://1.bp.blogspot.com/_pMscxxELHEg/SsdKai2JmWI/AAAAAAAAGgM/69Fd8pPGr0s/s1600-h/2007Revised.jpg http://1.bp.blogspot.com/_pMscxxELHEg/SsdKai2JmWI/AAAAAAAAGg... for a good chart.

UncleOxidant 17y ago

Perhaps, but news of "green shoots" has also been over reported for the last few months. This thing isn't over by a long shot. Great Depression II, though? Not likely. But I suspect we'll have unemployment around 10% for quite some time.

RyanMcGreal 17y ago
What concerns me is the question of what happens when economic growth finally does take off again. At what point will increasing demand for oil push prices into another economy-crippling super-spike?

fnid 17y ago

"Over" reported is yet to be seen. Perhaps the ease of reporting today makes this one seem more pronounced than others, but I think it is also worse than any since the great depression and we still don't know if it won't be worse. Some really depressing news today is that gold hit a record high. Many believe oil will be priced in another currency or basket of currencies. Such a move will take more wind out of America's sails. The journey isn't over.

MaysonL 17y ago

In terms of employment, this is the worst recession in the US since WWII. Unemployment has increased by almost 6% of the labor force since the start of the recession, worse than any other postwar recession. See: http://1.bp.blogspot.com/_pMscxxELHEg/SsdKai2JmWI/AAAAAAAAGgM/69Fd8pPGr0s/s1600-h/2007Revised.jpg http://1.bp.blogspot.com/_pMscxxELHEg/SsdKai2JmWI/AAAAAAAAGg... for a good chart.