Tuesday, November 04, 2008
An acquaintance with a thriving custom manufacturing business offered his views on the recent economic downturn the other day noting bluntly, "It's the media's fault". Given what's on the front page of the business section of USA Today on election day, there may be some truth to that argument.
Of course, the gist of the article is that the Great Depression will never happen again, but there must be some long-term impact from readers seeing these images over and over.
Failed banks. Panicked markets. Rising unemployment. For students of history, or people of a certain age, it all has an all-too-familiar ring. Is this another Great Depression? Not yet.The article is well worth reading in its entirety with lots of history from the 1930s and such, but you do have to wonder about the impact of reports like this.
By any measure, our current economic suffering pales in comparison with what the nation endured from 1929 through 1939. Still, most economists are predicting a long, difficult period ahead. Could it eventually become a depression? It's possible — but not likely.