How Bad Might it Get? Think Great Depression

[marmar]

(Bloomberg) As the economic carnage from the coronavirus pandemic continues, a long-forbidden word is starting to creep onto people’s lips: “depression.”

In the 19th and early 20th centuries, there was no commonly accepted word for a slowdown in the economy. “Panic” was the term typically used for financial crises, while long slumps were commonly called depressions. Presidents such as James Monroe and Calvin Coolidge used the d-word to describe downturns during their administrations. There was even a slump in the 1870s that many referred to as the “Great Depression” at the time.

But then 1929 came, and there was no longer any doubt as to which depression deserved the modifier “great.” The crash hit the entire world, reducing economic output 15%. And it ground on mercilessly for years -- by 1933, unemployment in the U.S. was at 25%. The Great Depression was so severe that governments permanently expanded their role in the economy.

Since the 1930s, economists and commentators have used the word “recession” to describe economic slumps, and none of them have been nearly as severe as the Great Depression. The only time this convention was really challenged was after the financial crisis of 2008. The global nature of the downturn, sparked by troubles in the financial industry, led many to draw parallels with the Great Depression. In the end, the term “Great Recession” stuck. ............(more)

https://www.google.com/amp/s/www.bloomberg.com/amp/opinion/articles/2020-04-22/the-coronavirus-recession-will-rival-the-great-depression

[duforsure]

1. I think trump knows it's coming

The great trump depression, and is desperately trying to manipulate the media into reporting his attention grabbing claims to redirect away from it. He floods the media with stuff when it's bad , and he's at it again with his latest claims, but the media continues showing him repeat lies and dangerous stuff. CNN and MSNBC should be ashamed for helping promoting this dangerous propaganda, and I'll never forget what they've done. Shame on the media for this!

[SCantiGOP]

2. What turned a recession into the 1929 Depression?

Trade and tariff laws initiated by the GOP.
Google “Smoot Hawley Act” for more info.