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Congressman: “If We’re Not Very Lucky Or If We Don’t Do Everything Right, We Could Easily Have A Ten- Or Fifteen-Year Depression”

Posted By admin On December 23, 2008 @ 5:44 am In Featured Stories | Comments Disabled

George Washington Blog [1]
Tuesday, December 23, 2008

Congressman Jerry Nadler told [2] Democracy Now today:

The economy is on the brink of an absolute catastrophe. I’ve been saying for six or seven months now that we’re in 1931. In 1931, a recession that started with the Crash of 1929 tipped into a fifteen-year depression. We are on the precipice of that. If we are very lucky and if we do everything very right from now, we will probably have a two- or three-year very bad recession. If we’re not very lucky or if we don’t do everything right, we could easily have a ten- or fifteen-year depression, a repeat of the 1930s.

While many other people have warned of a depression, including the IMF [3], the National Bureau of Economic Research [4], Spain’s central bank [5], and some of the economists who predicted the financial crisis, the length of a depression discussed by Nadler is stunning.

The government is obviously not doing “everything right”, so Nadler’s warning doesn’t really contain much wiggle room.


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URLs in this post:

[1] George Washington Blog: http://georgewashington2.blogspot.com/2008/12/congressman-if-were-not-very-lucky-or.html

[2] told: http://www.democracynow.org/2008/12/23/rep_jerrold_nadler_d_ny_calls

[3] IMF: http://www.google.com/hostednews/afp/article/ALeqM5h6Os57hYEifFkfS0_4tWaYPMVJxQ

[4] the National Bureau of Economic Research: http://gulfnews.com/business/Economy/10268818.html

[5] Spain’s central bank: http://www.breitbart.com/article.php?id=081221154025.lrwl34xi

[6] Poll: 60% say depression ‘likely’: http://www.prisonplanet.com/poll-60-say-depression-likely.html

[7] The Second Leg of the Great Depression Was Caused by European Defaults: http://www.prisonplanet.com/the-second-leg-of-the-great-depression-was-caused-by-european-defaults.html

[8] “The Prevailing Debate Among Economists and Historians is Whether the World Economy Faces the ‘Great’ Depression of the 1930s or the ‘Long’ Depression of the 1870s”: http://www.prisonplanet.com/%e2%80%9cthe-prevailing-debate-among-economists-and-historians-is-whether-the-world-economy-faces-the-%e2%80%98great%e2%80%99-depression-of-the-1930s-or-the-%e2%80%98long%e2%80%99-depression-of-the-18.html

[9] US credit shrinks at Great Depression rate prompting fears of double-dip recession: http://www.prisonplanet.com/us-credit-shrinks-at-great-depression-rate-prompting-fears-of-double-dip-recession.html

[10] Congressman Denies NSA Is Doing More Than Collecting Metadata: http://www.prisonplanet.com/congressman-denies-nsa-is-doing-more-than-collecting-metadata.html

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