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View Diary: The Great Depression Pt. IV (187 comments)

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  •  That's pretty close (2+ / 0-)
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    Sparhawk, NCrissieB

    Up until the "great depression" we were averaging one depression every 10 years or so.  Following the policies of the New Deal protections we have had zero.

    •  but NONE of them were the magnitude (1+ / 0-)
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      Ice Blue

      of 1929-33.  Nor were they worldwide, I don't believe. I could be wrong, after all, IANAE.

      Article 6: "...no religious test shall *ever* be required as a qualification to any office or public trust under the U.S."

      by billlaurelMD on Thu Jan 08, 2009 at 07:06:59 AM PST

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    •  we've had them. we just stopped calling them (2+ / 0-)
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      Ice Blue, liberalconservative

      depressions. JK Galbraith used to do a little rhetorical riff on this: how the term Panic was replaced with Depression which was replaced with Recession which was replaced with Market Correction.

      i'll note that you are basically buying Shlaes' argument: all of the other metrics don't matter, because the unemployment rate was still 10%. yet, the trend line is indisputable. unemployment fell steadily until 1937, when there was an uptick (whose cause is evidently subject to some dispute), and then continued to fall steadily, and was trending downward right through 1940. the fact that it had not yet reached a level "acceptable" to you is not proof that it would not have had the war not rendered the entire discussion moot.

      i'm willing to admit, however, that 10% might be the "natural" level of unemployment that one would have in a "New Deal Economy" functioning at equilibrium. whether you find that figure acceptable or not is evidence of nothing other than where you like to draw lines. somebody who had been through 20% unemployment (with no UI) might find your argument pedantic at best.

      I am further of the opinion that the President must be impeached and removed from office!

      by UntimelyRippd on Thu Jan 08, 2009 at 07:08:59 AM PST

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