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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
Tuesday, December 23, 2008
Congressman Jerry Nadler told 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, the National Bureau of Economic Research, Spain’s central bank, 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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28 Responses to “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””
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December 23rd, 2008 at 1:09 pm
If anything he understates it. The depth of this default could just totally take down the country.
Now that could have a good side – just call me “Silver lining Alex”. If we sink the federal government, people will never again trust a huge central leviathan. We have a chance of killing this ting so it never ever comes back.
We have 48 functional state governments ( 50 minus California and Michigan ) that are perfectly capable of managing the affairs we think we need a state for. Better yet get enough distaste for government to reduce their size by 90% as a good start.
The big function I can see is for courts and a mutually respected extradition treaty with the rest of the world. so after it goes down we can indict the banksters and politicians and demand their extradition from wherever they hide. Then petition for a freeze of assets for reimbursements and damages.
After we rebuild we have to do like the Israelis did with the Nazis; hunt them down wherever they are. But we have to do one better, the Israelis let may of them go – see Operation Paperclip.
December 23rd, 2008 at 1:14 pm
First response: The engineered depression that is upon us is thanks to the central banks of the world, and here at home thanks to Bernanke, Greenspan, and The Fed. America is bankrupt, we keep printing our soon to be worthless dollars, making them worth more as kindling for a fire. Good luck to everybody…my only advice is to Prepare, Unite, and Revolt. If we take our country back from the banksters it will be a short depression, and freedom will be restored to where it belongs..here in the once great USA. Good luck to all.
December 23rd, 2008 at 1:54 pm
ALEX PLEASE LETS THE PEOPLE YOU INTERVIEW FINISH A SENTENCE!
December 23rd, 2008 at 2:32 pm
But we the Great and Fantastic Ruling Class of Manipulators will be Yachting and hanging
out in 1 of our 3 summer homes. We never lose we own the “FED”.
December 23rd, 2008 at 2:52 pm
The constitution was a wonderful working document, until the money trust were able to weaken the country with a central bank, an illegal income tax, and most importantly the subjugation of states rights by an amendment that took the power of state legislatures to appoint senators and gave to the people. The people are easily fooled, wereas before senators could be recalled for voting against the people’s best interest or wishes.
December 23rd, 2008 at 3:21 pm
Talk the talk all you pussies. Fuckin do somthing then!!!!! I am sick and tired of you conspiracy people just talking and talking. Look at the Greeks, the Thais, the Sweeds they have balls. Americans as a whole are yellow sheep, sucking pasifiers. While we all lay tucked warmly in our comfort cribs, only few of us realize the house around us is burning down. The crazy Americans, and i’m talking about all Americans, Chinese Americans, African Americans, Mexican Americans, Native Americans, Japanese Americans, Korean Americans,European Americans, Indian Americans etc., that fought trials and tribulations to rid themselves of tyranny are all but dead??? Keep talking
December 23rd, 2008 at 3:32 pm
http://www.jewishcrimenetwork.com
December 23rd, 2008 at 3:37 pm
The depression we are facing is orchestrated, and this place has pinned down the criminals involved. http://www.jcn-international-news.com
December 23rd, 2008 at 4:31 pm
We need to stop talking and do somthing its already to late but worth a try soon even these websites wont be allowed and who knows if there already being monitered . I hear alot of talk but no action myself included but then where do we start and whos the real enemy how can we take them down all very good questions with no real answers I will fight and probaly die but if you cant fight for REAL freedom then why live eveyones in there own bubble in a state of denial will it ever pop you tell me .
December 23rd, 2008 at 4:56 pm
End The Fed; Please!
December 23rd, 2008 at 5:02 pm
I bought tomato s yesterday for $3.00 a lb.
Inflation is here.
December 23rd, 2008 at 6:01 pm
Where has the Congressman been the last 8 years? We have had a huge bubble created by the Federal Reserve. The prevention of bubbles, and now collapses, were the original intent (mandate) behind the Federal Reserve. It will not be enough to jawbone this. The only real measure of reality in currency and on banking is a gold standard. Without this, the government and the Federal Reserve will continue to create bubbles and print money to monetarize their way out of the mess. Government meddling through huge increases in currency creation and spending has the potential to inflate prices. But, that does not mean we will have a recovery. The start to the recovery will be the abolition of the Federal Reserve and a return to a Gold Standard. More government intervention and spending will hasten the recovery.
December 23rd, 2008 at 6:04 pm
#6,
Are you doing something or are you one of the pussies?
I pulled all of my 401K funds.
I closed out my bank account and I am refusing to pay taxes.
I don’t buy anything unless I absolutely need to.
I am out of debt.
We could end this today if we wanted to. WE ARE PART OF THE BEAST.
December 23rd, 2008 at 6:11 pm
FeD established in 1913. Wonder how many bubbles they acctually have on their consionce?
Where there even “bubbles” before they where put in charge?
December 23rd, 2008 at 7:59 pm
#6
So you talk the talk the talk pretty big. I was wondering if you could answer a few easy questions?
1- Do you know why we are in the spot we are in? (be specific).
2- What solutions do you have in place to deal with the problems we have?
3- How do you plan on getting all of us “pussies” on the same page you are?
If you have solid answers to my questions I’d really like to hear what you have to say.
December 23rd, 2008 at 10:54 pm
I fear that things will get very much worse before they get better. We have no present leaders who know how to help us; they hardly know how to help themselves. If we are lucky there will be a revolution after which we will all move on.
December 23rd, 2008 at 11:37 pm
HAPPY HOLIDAYS!!!!
The situation that we all face in this world is very grave, and I have no intention of minimizing it. We all come here looking for answers, and comaraderie, and truth. (well… except for the USUAL SUSPECTS who have different intentions. You know who you are. And, so do we.)
In the spirit of play, and the spirit of this American season, I want to direct EVERYONE to this brilliant 4 minute video created by National Lampoon, if you have not already seen it yet. I believe that the resulting hearty, light, and free-spirited laughter will be universal. I can hear it now…
THEY win when they succeed in causing you to feel SERIOUS and SOLID.
(and, yes, I am going to copy and paste it all over this, and other sites. So, SUE ME!)
http://www.youtube.com/watch?v=sxBl9BXLom4
SANTA CLAUS BAILOUT HEARINGS
My gift to all of my fellow humans. Especially to fellow courageous truthseekers.
Happy Holidays, and may all the gods bless you and yours.
(I really think that 2009 is going to be the year that will go down in the history books… in a very big way. Who would have thunk it?)
December 24th, 2008 at 1:14 am
Relax people, your starting to feed on each other’s fears and since when did Congressmen say anything useful? Most are fucking idiots.
Things are going to get worse, but that doesn’t mean we are headed for a 10-15 year depression or the end of the world.
Nobody truly knows.
We just know this:
We are on a downward trend. Things can turn them around on a dime.
One thing is certain, when people start saying they “know”, that is when things turn around to prove them wrong.
And no, I am not some optimist either, I’ve just studied history enough to know that people have a tendency to over react.
December 24th, 2008 at 1:37 am
joe you’re right people over react.. that is exactly why false flag ops are so valuable.
December 24th, 2008 at 3:16 am
Cops and Robbers; Winter is here.
December 24th, 2008 at 3:26 am
Crisis? what crisis? went over to my neighbour last night to borrow four potatoes, he said no problem and gave them to me. So when he will need an onion or some drops of oil i`ll gladly give it to him too .I mean i`m still a bit angry for he ate up my dog last week but we shouldn`t be too picky these days specially around chrismas time.He let me his wife in exchanche for my car, i`m not sure jet if this was a good deal…startet lately to wipe my ass with dollar bills they`re getting cheaper every day and must be very soft on the skin for they`re made out of thin air.love lone wolf
December 24th, 2008 at 3:48 am
A line from the Jim Jarmusch movie down by law:AMERICA IS A BIG MELTINGPOT AND WHEN YOU BRING IT UP TO BOIL THEN THE SCUM RISES TO THE TOP SO THERE`S A CHANCE FOR YOU JET JACK.love lone wolf
December 24th, 2008 at 3:58 am
If people on mass gave up our almost religious belief in money,the powers that be would wither on the vine,as all would be forced to start having to grow their own food again and could not support a standing army to bully us, as they too would need to grow their own,i know it is idealistic,but ‘they’ are chomping at the bit for us to ‘take up arms’so ‘they ‘can put the next phase of the plan into action.your criticisms are joyfully appreciated,and a happy safe Christmas to you all.
December 24th, 2008 at 3:43 pm
Prepare for the Winter… and I ain’t talkin’ about a season!
December 24th, 2008 at 6:08 pm
war is coming. always does with depressions and public works projects…….when are the completion dates of these projects?……..2011-12. thats when war starts with….russia.
December 26th, 2008 at 2:45 am
I won’t be surprised if our so called government starts another war in 2009 to get American’s minds off the coming national depression!
January 16th, 2009 at 7:33 pm
Perhaps we all should start compiling lists of inquiry regarding who is in the know to affect such global trauma for everyone?
RESEARCH John Coleman’s 300 – members of family/corporate dynasties that need to be exposed for everyone to see…
Prepare to be more self-efficient (as best as you can) and Prepare to teach others the truth because once everyone WAKES up to the big surprise of the American Crash, they will need to know who has been driving our country into ruin!
Stop biting at each others heels – get mad if you need to but focus your anger with constructive tasks…
I’m not sure what everyone CAN do, but I’m preparing by compiling info, training, and independence with food/water support.
I’m just waiting for the rest of Amerika to wake up from the Obama kool-aid… then they will need us to learn some hard-to-swallow-TRUTH!! Do what you can to guide their anger too…
January 17th, 2009 at 9:09 pm
A recession started in late 2006 when the first foreclosures and the real estate bubble burst. It effected every single company in the US. By mid summer of 2008 or before it rapidly became a depression.
People that lived through the first depression never forgot it, as I believe we will never forget this one. Just give thanks to our really crooked so-called “elected” officials and their brilliant crisis management “experts” while they continue to make it even worse and longer lasting.
Yippee! The new President promises new jobs by 2010. Just how many sick, hungry, disheartened people, and their families do you think can make until then?