Friday, November 28, 2008

How bad is the economy (compared to the 1980s, when it was really bad)?

1 comment:

Anonymous said...

1) Home foreclosures at record high;
2) Wall Street lost almost 50% of its value in the last 6 months.
3) Fuel costs hit $4.00+ per gallon of gasoline before economy downturn brought price down;
4) Unemployment has not even topped out yet;
5) Big Three near bankruptcy;
6) Banks failing in record numbers with bailout costs pushing $8 trillion;
7) Treasury bill paying about 1%, lowest ever;
8) Credit locked up by banks who've accepted bailout funds and used them to buy other banks;

And you've used statistics? Lies, damn lies and statistics. I lived through the Carter years. This is a lot worse. And I've spoken to several individuals who lived through the Depression - and they believe we've entered Great Depression II. But, of course, the current administration won't even admit we're in a recession. If admitting you have a problem is the first step to rehabilitation, we've not taken the first step.