My Two Cents

How bad?

Chris Farrell Sep 23, 2008

A puzzle about the 1930s is how did a severe recession turn into a Great Depression. Much of the blame rests with the monetary authorities and, even more importantly, the powerful belief in the gold standard. So, if the Fed and the Treasury have averted a Great Depression, how severe will the recession be in coming months? My own feeling is that the downturn will be bad and long.

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