“We’re not in a depression. But we are in a situation where the normal tools don’t work and we’re back to [a] 1930s-type environment”… “My great fear is not that we’re going to fall into a Great Depression in the next year,” he said. “My fear is that we’re going to have a lingering, major slump for two, three years.”
Paul Krugman - June 2010
“We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.”The Real Effect - September 22, 2005
I believe that we will see the economy start to stutter like a dying giant, staggering into a recession, if not a depression.
The Real Effect - June 15, 2009
This is not a recession, it is a depression. And a massive one at that. We are not at the bottom, we are on gaining momentum for the next plunge down. If you thought the last drop was bad, this one is going to strike fear into the hearts of men everywhere.The Real Effect
I know, I know...I like to rub your face in it. Isn't that how we learn? Now if you had to stake your life on it, who's track record would you trust? Because your life is on the line and you will need to make not only intelligent decisions, you will need to be ahead of the curve in order to keep afloat.
Still don't believe me? Perhaps I'll check back in six months when you're selling your car to pay your electric bill and we can talk then? These next two years are not only going to be bad, their going to destroy vast amounts of capital, land, buildings and people as we draw nearer to the dreaded phoenix event.
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