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I apprenticed, as well as lived with, those who experienced the Great Depression and this recession is not even close. Because Bernanke "studied" the Great Depression means nothing to me as he, in all probability, studied under intellectual elites who didn't personally experience the conditions of the depressin that lasted up until Hitler's invasion of Poland bailed us out of FDR's horrible policies.
Dec 01 12:46 pm
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All Comments by Prudent Man CFA »Seeking an Historical Precedent for the Current Crisis [View article]
As far as I am concerned, this is not as bad as the Seventies. This is a financial leverage problem but don't tell me when consumers spend seven percent MORE than last year on Black Friday this is a severe recession. You have to have money or credit in order to spend, regardless of so-called "bargains".
Now that the NBER declared the recession startd last December (actually Feb. 2007 only they wait and rely on government bureacrats for their measurements) so it is unofficially over. Fifty years of professional experience tells me the NBER's designation of recession is a mark of its end, as in 2001.