“Future Economic Historians” Will Probably Call the Period That Began In 2007 “the LONGEST DEPRESSION”

Saturday, January 9, 2016
By Paul Martin

WashingtonsBlog.com
January 8, 2016

Sure, last year was the first pre-election year stock market loss since the Great Depression. And admittedly, this week was the worst opening week of any year … EVER.

But that’s not the big news.

The big news is that a prominent economist – University of California economics prof Brad DeLong – wrote today:

Economist Joe Stiglitz warned back in 2010 that the world risked sliding into a “Great Malaise.” This week, he followed up on that grim prediction, saying, “We didn’t do what was needed, and we have ended up precisely where I feared we would.”

***

Joe Stiglitz is right.

***

In the aftermath of 2008, Stiglitz was indeed one of those warning that I and economists like me were wrong. Without extraordinary, sustained and aggressive policies to rebalance the economy, he said, we would never get back to what before 2008 we had thought was normal.

I was wrong. He was right.

The Rest…HERE

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