Paul Krugman: Economy under Obama in a Depression

Washington Examiner ^ | 6/11/12 | Charlie Spiering

[Nachum]

Economist Paul Krugman had bad news for liberals Netroots Nation on Saturday. During his keynote speech the New York Times columnist admitted that the United States economy was suffering a depression. "We don't have a formal definition, I'd say that a Depression is when things are down, when things are terrible for an extended period of time," Krugman said, reminding them that were even "official" periods of recovery during the Great Depression. "So it is again today," he said. "It's not as bad as the Great Depression - there's a winning slogan," he added cynically.

[shotdog]

Nah. It was the waters from the Hudson River. The elves were carrying water for..eeh ...never mind. sd

[ssaftler]

Who are your favorite Congressmen?

You might just as well have asked who are your favorite Nazis, or favorite Al-Qaeda members.

[LibLieSlayer]

Please do not attempt to speak for me... I work 6 days a week and I have for almost 40 years and I presently run two businesses. I am telling it like it is and NOTHING in what I said says, “I quit”. We are in a depression... we have been in a depression and we may never get out of it. You seem to not understand just how tenuous the world economy is and how deeply in debt the EU is to our banking system, as well as 8.8 TRILLION dollars in debt to the Federal Reserve. Not one single leader in either party are talking about the kind of spending cuts and tax reductions that are necessary to save our economy... not one. They just talk about more actions as we saw under GW Bush... and that will not save our Republic... not this time.

LLS

[kenavi]

OK. Who are yours?

[mo]

Somebody just threw ‘Bammy under the bus....

[liberalh8ter]

He's either off his meds or he had a fight with Obungler. We'll know if they kissed and made up if Krugman follows this up with his usual fawning.

[okie01]

Had in 1929 and 2008 the U.S. government kept to its own business as it did in the 1890s and 1921 the economy would have corrected itself. It always does, and even now that’s what Washington is waiting around for it to do.

So, what's the difference between "The Great Depression" and "The Panic of 1929"?

Government intervention vs. inaction.