Depressed but aware and a shout to Ali Rogers
I love Bloom County
One of the great comic strips of our time is Bloom County. One particular feature was the Anxiety closet Michael Binkley where his fears manifested by walking out of the closet. One particular strip two economists showed up and he begged them that whatever they do do not discuss the economy his words went unheeded because that is what they did. I wish I could find that strip because it relates to an article on Recessionwire
Harvard Economic Historian Says, ‘We’re in a depression’
After the debate, attendees had the chance to ask questions of their own. One audience member asked when the Recession would be over. For the first time during the evening, the two men largely agreed.
Ferguson took the question first. “We’re not in a recession,” he said. “We’re in a depression. I would say it’s a slight depression, rather than a Great Depression, but we’re looking at five years of subprime growth.” As the audience reeled from this announcement, Madrick commented that while he was not in the business of making predictions, he agreed with Ferguson that we were in for a long, tough road. “There are major obstacles to recovery,” said Madrick.
There’s been a lot of rosy talk about recovery lately, so it was a bit of a shock to hear these gloomy forecasts. Ferguson said that he, too, got excited everytime Jim Cramer (of CNBC’s Mad Money) came out with happy predictions about the economy - but so far, he wasn’t buying it.
From my understanding economists rarely agree and this is one of the instances that they do. Which makes this article very significant.
Honestly, I am not freaked out by this. In fact, I am relieved because I know where I stand which means I can determine the proper strategy to be more successful in life. It is similar to learning that the wailing horn is warning you of a tornado and not some person's car alarm. Because now whatever comes our way will not be a surprise.
Ali asked me to post a link of her's last week which I did not do because I am lazy. So I am going to do her one better and post 3 of her links.
A Peek Inside Madonna’s $40 Million Townhouse
Are 1 in 9 U.S. Homes Really Vacant?
Is It Legal to Advertise for a Gay Roommate?