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Wednesday, April 2, 2008 12:00 AM

The Great Depression: The sequel

Is it coming to a soup kitchen near you? Here's how we'll know if the current recession is turning into something much worse.
By Andrew Leonard

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  • Wednesday, April 2, 2008 08:11 AM

    Its the Interventions...

    A minor error in the article:

    "Between 1929 and 1933, U.S. GDP growth declined by around 30 percent..."

    I bet he meant that GDP declined 30%. GRP GROWTH declining 30% would be, e.g., growth went from 10% to 7% per year.

    The worse problem: The author completely ignores the fact that the "fragility" of the system stems largely from the repeated government bailouts of the rich bankers, convincing them they can take any risks they want.

    It makes me wonder: Is the author really on the side of the poor, or just on the side of expansive government?

    —NickDanger3 Read NickDanger3's other letters

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