The Cato Institute in Washington believes it is time to stop scaring the world and the crisis of 2008 will not have the magnitude of 1929:
Other experts such as economist Steve Hanke of the Cato Institute in Washington estimates it is an exaggeration to compare the two periods. "We are currently experiencing a huge slowdown will probably last until late 2009 or early 2010."
Hanke said that at the time of the Great Depression, unemployment rose from 3.1% to 24.7% in four years and the economic outlook was so bad that there were more people leaving the United States than those who settled there. "I think we should stop scaring the world and check the facts before talking about the arrival of a new Depression," he said.
I quite agree. See this:
... and this:
The "Hoovervilles" became "tent cities". In my opinion it would have been preferable for the modern version of "Hoovervilles" is called "Bushville," but still ... The Dispossessed of 2008 now have tents, Mylar, inflatable mattresses and plastic chairs. There is progress.
Thank billmon for the idea, I copied outrageously.
