Wednesday, December 29, 2010

Another Great Depression?

Underneath the Happy Talk, Is This As Bad as the Great Depression?

According to the post author, Ben Bernanke, Alan Greenspan, Paul Volcker and host of other Very Serious Economists "have - at some point during the last 2 years - said that the economic crisis could be worse than the Great Depression." Today's housing crisis rivals that during the Great Depression. States and cities are in worse shape. Loan loss rates are higher. Unemployment is near Great Depression levels. Wealth and income inequality are worse. One out of every seven Americans now rely on food stamps.

If you're not in the top 1%, or hanging on by your fingernails in the top 10% (don't get too cocky: you're next on the chopping block), things are looking pretty fucking grim.

(via Naked Capitalism)

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