Current recession is no Great Depression
December 8, 2008
To the Editor:
Ms. Muftic is in agony over the prospects of another Great Depression. She wrote about 35 column inches largely preaching gloom and doom. Using the “Great Depression” term about a half dozen times, “grinding to a halt, economic agony, verge of another depression,” and so on. The nattering nabobs of negativity are loving it.
She is careful to point out, however, that there is a savior on the march. In fact her Wall Street contacts tell her that they are delighted and reassured “that steady hands are at the wheel.” Never mind that Obama won’t be at the wheel until Jan. 20, he is already taking control.
Well, my Wall Street contacts tell me that the market has been generally on the downside ever since Obama was elected ” and before. I agree that on Jan. 20 things will begin to improve. Most importantly the Tory Media will find positive signs to write about. The negativity will suddenly screech to a halt. The wordy pundits will turn positive and all that will help. A good deal of the fear that the Tory Media has drummed up will disappear and public confidence will improve.
The current recession will be put into perspective as no worse than the recession that Bush inherited from Clinton (except for the housing market) and certainly nowhere near as bad as the Carter administration’s deeply negative years of the ’70s (both houses of Congress Democrat). Of course they could be doing that now, but Bush is actually still in office.
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