On Jun 17, 2009, at 12:49 PM, C. G. Estabrook wrote:
> Martin Wolf in the FT this morning summarizes work on the comparison
> of the 1930s and the present: "The recession tracks the Great
> Depression"
> <http://www.ft.com/cms/s/0/b31c06a2-5a7a-11de-8c14-00144feabdc0.html>.
>
> "The question is whether today’s unprecedented stimulus will offset
> the effect of financial collapse and unprecedented accumulations of
> private sector debt in the US and elsewhere. If the former wins, we
> will soon see a positive deviation from the path of the Great
> Depression. If the latter wins, we will not."
>
> Is that right? --CGE
> ________________________
Yeah.