Economics

This Global Recession will be the Worst since 1930s

It is a very significant statement, so I wanted to make sure I capture it. Former Fed Chairman has said… NOW.. that the current global recession will “surely be the longest and deepest” since the 1930s. Huh! It must take a lot from a guy who CREATED this mess to come out and speak like that?!!!

He further said:

“To stabilize the American banking system and restore normal lending, additional TARP funds will be required,”

And then said that the housing recovery is central to ending the crisis.

Now, I am not a Neo-Con Republican who just pretend they live in a Capitalist society and NOT in a democracy.. for democracy has its own pressures. I do believe that the input of money into the economy is necessary to save the world and economy from complete social collapse. The social cost of letting, say AIG fail or even GM fail is HUGE!

But for this clueless idiot to say that taking care of the housing will take care of the economy is nonsense! He and others keep talking about consumption, as if once people start buying.. things will be fine again. But, like Peter Schiff, I too believe that this is utter nonsense! How can you not produce enough and still want to consume!?? This is precisely what has landed this country and the western economies in such a mess. The more we go on like this without production and only emphasizing on consumption.. we will remain in this ditch… worse still, the ditch will get only deeper!

Reference LInks:

Also read:  Milton Friedman passes into History

1. Recession will be worst since 1930s: Greenspan

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Desh Kapoor

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2 thoughts on “This Global Recession will be the Worst since 1930s”

  1. A number of countries,including the US and South Korea, have included forestry in their economic stimulus plans since the global economic meltdown,theForestry department of UN Food and Agriculture Organisation is creating millions of green jobs. farming is an important component of Indias rural employment guarantee programme too!
    man always comes down to their basic needs curtailing all their wants,so what if millions of job is lost due to economic crises?

    There is no recession
    In the treasury of Lord
    There will be a sure sort income
    Where ever you put your efforts
    They gonna pay
    Why there is so much noise?
    What has changed?
    Nothing I suppose
    Sun still rise
    In east and sets in west
    As usual, before the recession too
    Winds blow ,rain pours
    Four seasons cycles globally
    Our Mr Greenspan must have failed
    But HIS is vast and large
    Where there is enough for everyone
    Go Produce and consume

  2. A number of countries,including the US and South Korea, have included forestry in their economic stimulus plans since the global economic meltdown,theForestry department of UN Food and Agriculture Organisation is creating millions of green jobs. farming is an important component of Indias rural employment guarantee programme too!
    man always comes down to their basic needs curtailing all their wants,so what if millions of job is lost due to economic crises?

    There is no recession
    In the treasury of Lord
    There will be a sure sort income
    Where ever you put your efforts
    They gonna pay
    Why there is so much noise?
    What has changed?
    Nothing I suppose
    Sun still rise
    In east and sets in west
    As usual, before the recession too
    Winds blow ,rain pours
    Four seasons cycles globally
    Our Mr Greenspan must have failed
    But HIS is vast and large
    Where there is enough for everyone
    Go Produce and consume

Get Drishtikone Updates
in your inbox

Subscribe to Drishtikone updates and get interesting stuff and updates to your email inbox.

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