Yes, We’re STILL In a Depression

Washington’s Blog
Sunday, June 7, 2009

Given the soaring stock market, are we still in a serious slump?

Yes:

• Thursday, economics professors Barry Eichengreen and Kevin H. O’Rourke determined that today’s crisis is at least as bad as the Great Depression, world industrial production continues to track closely the 1930s fall – with no clear signs of ‘green shoots’- and world stock markets and world trade are still following paths far below the ones they followed in the Great Depression.

• On May 11th, U.S. News & World Report pointed out that bank loan loss rates will be much higher than during the Great Depression

• On May 7th, Investment advisor, risk expert and “Black Swan” author Nassim Nicholas Taleb said “The current global crisis is “vastly worse” than the 1930s because financial systems and economies worldwide have become more interdependent.”

Sorry, folks, we’re not out of the woods yet.

If you didn’t know we’re in a depression, see this.

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