2016-08-28 I say: "The Greater Depression", New York Times says: "The Great Recession"
===========================
Starting 2009, after the banking melt-down of 2008, I called the period "The Greater Depression". Recently I notice that NYT has adopted "The Great Recession". From the technical perspective of Keynesian theory, I think that a decade long "Recession" is a misnomer...
Example:
At an elite gathering of the great and good at Aspen in 2007, shortly before the start of the Great Recession, those in attendance — haute bourgeois all, one assumes — were asked to forecast how the world would look in 2050. According to a reporter who was there, everyone predicted a grim future of “global warming, famine, unending terrorism, . . . a Mad Max movie, only without the style and thrills.”
===========================
Starting 2009, after the banking melt-down of 2008, I called the period "The Greater Depression". Recently I notice that NYT has adopted "The Great Recession". From the technical perspective of Keynesian theory, I think that a decade long "Recession" is a misnomer...
Example:
At an elite gathering of the great and good at Aspen in 2007, shortly before the start of the Great Recession, those in attendance — haute bourgeois all, one assumes — were asked to forecast how the world would look in 2050. According to a reporter who was there, everyone predicted a grim future of “global warming, famine, unending terrorism, . . . a Mad Max movie, only without the style and thrills.”
Steven B. Smith’s “Modernity and Its Discontents” is a survey of Western intellectual history from Machiavelli to Saul Bellow.
nytimes.com|By James Miller
No comments:
Post a Comment
All comments are welcome... especially any tips regarding corruption of the courts in Los Angeles. Anonymous tips are fine. One simple way to do it is from internet cafes, etc.