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Politics : RAMTRONIAN's Cache Inn

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From: NightOwl	7/2/2010 3:57:17 AM
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I guess we can look at The Past: Op-Ed Columnist The Third Depression By PAUL KRUGMAN Published: June 27, 2010 comments (805) Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31. Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses. *** nytimes.com And from reader comment #770: Julian Fernandez Dallas, Texas June 28th, 2010 5:43 pm To all who see the economic nightmare before us yet wryly smile and spew again their hatred of the President and his policies: Economies and the economic cycle react to policy over a matter of years. The destructive acts of the Bush/Cheney years are still bearing fruit. I dislike re-re-re-restating the obvious, but Republican controlled Congresses and the Republican controlled White House destroyed our economy with unnecessary and bankrupting wars that have accomplished nothing and again left American blood on foreign fields in defense of our Corporate masters. Simultaneously, they fed this economic collapse and created the vast majority of our National Debt by starving the government of tax revenue formerly paid by the richest of the rich. Here is the harvest of your "Morning in America", your "Thousand Points of Light" and the treasonous and mercenary actions of the last administration. Will there ever come a day when we can bury the Ayn-Randian, laissez-faire, trickle-down theories that brought us to this pit as the bald lies that they are? Uh... in short? No. It's in the genes Julian. Really. It is. 0\|0

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