Posted on 09/29/2008 11:43:01 PM PDT by Tempest
Is there any possibility of repeating a period in history when the nation's jobless rate reached 25 percent and economic output fell by one-third, as it did during the Depression?
"Zero, just zero," said Kenneth Rogoff, a Harvard University economics professor. "Ten percent, that could happen. If we got to 10 percent, that would be pretty spectacular for the U.S. But it would take a lot of mistakes (by Congress) for a long time . . . if Congress takes the ball and it fumbles."
(Excerpt) Read more at mercurynews.com ...
AWESOME! I mean, what's the chance of THAT happening???
Oh...
Deceptive number — what region is the 10% concentrated and what happens to wages?
At the rate it’s going, it’s looking like the Southeast.
With all the financial services job loss, if it doesn’t hit %10 in New Jersey I’ll eat my hat.
I thought the Midwest was going to be able to escape a real nasty recession, but it is looking more and more like this won't be the case.
But there is nothing to fear in Illinois. Unemployment insurance is just a cell phone call and a smile away..
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