Paul Krugman Says Economy in "Steep Steep Decline"

[RedEarth]

A brief and grim interview with Paul Krugman on CNBC (hat tip reader Dwight). Some key points:

The indicators are worse than any point during Japan's contraction

Spending is in free fall

Unemployment could exceed 10%, meaningful employment recovery may not occur before 2011

........video.....

http://www.nakedcapitalism.com/2008/12/paul-krugman-says-economy-in-steep.html

[NMDemDist2]

1. we knew it was coming (by 'we' I mean us folks who read DU Economic forum) n/t

[xchrom]

2. recommend

[Mojorabbit]

3. I wish we knew

what the real unemployment numbers are. They have to be much more than what the govt puts out as a number.

[judasdisney]

4. "The Obama Great Depression"

get ready. Blaming Barack was all so foreseeable

[JHB]

5. They're already doing that. n/t