Leave it to the NYT to start talking the economy up as soon as a Dem gets in the WH.
It won’t work this time. This crisis is nothing like the recession of 81-82 (yes, I lived through it also).
We are just in the beginning of this crisis...it is going to get much worse before it gets better. In 82, there was money available, only at a high interest rate. Inflation was the foe.
We are facing deflation and no money to loan today...a far worse threat. Obama hasn’t figured out yet that there is not enough government money to get us out of this...a severe contraction of the economy is unstopppable.
No we're not. The only deflation we got is asset deflation and energy deflation. Consumer prices as a whole are still rising. OK, so nobody knows the future and you're saying it's bleak. Fine, but was there ever a time you've said it wasn't bleak?