One of those days when depression may set in...
Not like many average people have not seen this coming. We have to honestly live this crap. This is the kind of thing that the typical beltway insiders and their elite welfare society friends are above noticing:
The Third Depression
By PAUL KRUGMAN
We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.
At a time when the elites met at the G20 and decided that we aren't suffering enough so they are going to force more cuts on us... Instead of them paying their share. Over 4 trillion in elite welfare last year (just for the banksters and Wall St. alone - not including the Halliburtons of the world in that) and these scum sucking financial elitists want to tell us about watching our spending. They just want to cut our social safety nets so they can increase their corporate welfare.From bobswern's diary at dKos a couple of thoughts from others as point and counterpoint:
I'm not as pessimistic as Professor Krugman, but I do think with almost double digit unemployment, the focus of policymakers should be jobs, jobs, jobs ...
And, here's University of Oregon economist Mark Thoma's lead-in to the Krugman story:
A failure of policy, in particular a "stunning resurgence of hard-money and balanced-budget orthodoxy," increases the likelihood that we are headed for a third depression...
Not a good day at all.