Stargoat's Journal: Depression

It's time to stop calling the economic downturn a recession. It is a depression.

Don't hold your breath on that one

[damn_registrars]

If President Lawnchair called it a depression, he might have to do something about it - as in, something different from everything his immediate predecessor did. If he instead calls it a recession it sounds like something less worthy of changing course.

It's time to stop calling it an economic downturn

[countertrolling]

It's grand larceny

Re:

[Stargoat]

Nonsense and bunk. The Great Depression was turned into the Great Depression when Herbert Hoover instituted protectionist trade laws, killing trade and the growth that economic complexity creates.

The New Depression was caused by George Bush and Barack Obama overspending, destroying the strength of the dollar. Secondary causes include a change in the legal landscape following the banking crisis with so many new regulations that no one knows what is legal any longer.