Monday, December 1, 2008

He's right, you know.

Federal Reserve Chairman Ben Bernake states that our current economic difficulties bear "no comparison" to the Great Depression of the 1930s. He claims that there is an "order of magnitude difference," that the 1930s Depression was a "world-wide depression" ended by a war.

Hmm. Worldwide economic issues? Check.

Long-term recession? Check.

Banks failing? Check. Multiple times.

Stock market tanking? Oh, yes.

I will, however, agree that our issues bear "no comparison" to the Great Depression, and that there's an "order of magnitude difference." I do believe that, since this is the government's fault, in many ways, that the government interference will do nothing but make the current downturn far longer and deeper than the first Depression.

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