Great Depression II? Not Even Close.
Submitted by CARPE DIEM
According to the most recent (May 15, 2009) Philadelphia Federal Reserve Survey of Professional Forecasters, annual real GDP will decline by -2.8% this year and then increase next year by +2%. Assuming that is the case, the -2.8% decline in annual real GDP in 2009 during this recession won’t be anything close to the -25.6% cumulative decline in real GDP from 1930 to 1932.
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June 14th, 2009 at 5:12 pm
It won’t be close, since the TARP law bailed-out the country.
Thankfully, that the neocons in Congress weren’t in charge like they were in 1929.