"The whole aim of practical politics is to keep the populace alarmed (and hence clamorous to be led to safety) by menacing it with an endless series of hobgoblins, all of them imaginary." ~ H.L. Mencken
Economic Therapy: Comforting Pointers for Turbulent Times
An economist in the Library of Economics and Liberty does not believe this is a Second Great Depresson.
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I disagree. Things are going to get worse because other countries don't want the dollar any more. This latest downturn might not be the next Depression - but that is inevitably coming at some point in the near future.
The author loses credibility when he admits: "I feel your pain. The market value of my financial portfolio has been halved over the last year or so"
So you lost money, eh? Well I know several folks who not only didn't lose, but they made money in 2008 and 2009. Richard Maybury chief among them. You can check out his website at http://www.chaostan.com if you want to start betting against the government and making money. The Austrian economic model is the correct model to follow. It explains precisely why all the government intervention we have can ultimately only make things worse.