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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”

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.