THE REAL ECONOMIST: MINI DEPRESSION VERSUS (GREAT) DEPRESSION

Monday, February 9, 2009

MINI DEPRESSION VERSUS (GREAT) DEPRESSION

Astoria, New York
Last winter, I had tossed the idea of a possibility of a mini depression looming ahead. During the summer, I was convinced that we were heading towards one. What is the difference between mini and GREAT? A lot. In a Great Depression, people will be struggling to put food on the table. Most banks will be going bankrupt, and urban areas could become vacant lots because there are no jobs available. That doesn't sound nice. It did happen in the Great Depression of the late 20's and early 30's. The inaction of the government as well food shortages and calamaties could create another one. In a mini depression, instead, the government is more efficient in allocating its resources quickly and swiftly to deal with any rising problem. Food is available as well as housing. Credit becomes scarce and unemployment rises due to cost efficiency programs implemented by companies. Today, we have resources that can help us thwart another Great Depression. These resources were not available back then. We have computers that could give us information instantly. We have better technology and communication across agencies. We have security. We have food and transportation availability. We have medical resources availability. We have cooperation among foreign governments. And we have the spirit of moving forward. So, you may ask: " Can we head towards another Great Depression ?" And I would reply: " YES, WE CAN".
But we won't , if we can stick together and we tell the powerful fat cats to do the right thing. Government bailout money to bonuses for the fat cats??? That is a no no. I don't want to think about the idea of those fat cats living 2000 years ago in Rome if they were able to get away with it, if caught.
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ALERT<> SENATE TEST VOTE IN FAVOR OF STIMILUS
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THE NEXT BLOG > MICRO CAPS HUNTING (Part 2 )

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Monday, February 9, 2009

MINI DEPRESSION VERSUS (GREAT) DEPRESSION

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