By GottaLaff
Helen always tells it to us straight:Few prominent economists will say it, but to me it looks and feels like we are in another Great Depression or a reasonable facsimile. The current meltdown is dubbed a "financial crisis." But a rose by any other name would still inflict the same hardship and suffering on most people and businesses.
Clearly, the lessons have not been learned from the Herbert Hoover era. Nobel Prize-winning economist Paul Krugman, a columnist for The New York Times, says the current banking crisis is "functionally similar to that of the Great Depression."
"Many of the symptoms" are the same, including the impotence of monetary policy -- like cuts in interest rates -- that has not halted the economic downturn." [...]
It's all going to get worse, according to the experts. We have had recessions before but nothing like this, with massive layoffs, hundreds of foreclosures, retail stores closing, stock market losses, and widespread fears about the future.
I grant you I have yet to see former wealthy men selling apples on the street corner as I did during the Great Depression in the early 1930s but the current uncertainty is cause for worry. [...]
Obama will have the customary honeymoon and some political running room, at least at the start. But he has to move fast to restore confidence in the market place and trust in the banking system.
His heady presidential campaign is over but prosperity is not just around the corner.
Depression now describes my mood as well as the state of the economy.