Commentary from Marron, here.
HT to Greg Mankiw. His commentary, here.
Of course, it’s not over, either.
Perspective from Donald Marron
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I note a lot of cognitive dissonance on the left. They are rooting for an extended recession/depression because it makes capitalism look bad. On the other hand, the longer this goes on, the worse it looks for Obama.
“the longer this goes on, the worse it looks for Obama.”
Did that help or hurt FDR?
Only 8.8% to go for the claims about “the worst downturn since the great depression” to be true!
Can we really trust any of these numbers? I’ve read that the post WWII numbers are completely unreliable, and the numbers since then are so ‘adjusted’ that you can hardly know what they’re telling you.
Does the 1945-7 downturn reflect an actual downturn from 1944, or merely a change in the meaning of the statistics following transition from a command economy? That is, does GDP mean the same thing in a command economy as it does in a market economy?
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We have avoided a second great depression thanks to the courageous actions of communist bureaucrats at the Federal Reserve. America might have been spared much suffering if a man of Bernanke’s caliber were chairman of the Fed in 1929.
We have avoided a Second Great Depression thanks to the courageous actions of the communist bureaucrats at the Federal Reserve. America would have been spared much suffering if a man with Bernanke’s keen insight were chairman of the Fed in 1929.
i thought that we have already agreed that WWII statistics are unreliable bunch of made-up numbers by bureaucrats. and here i see it again.
There was considerable debate over the dating of recessions in the early 1980s. NBER dated a downturn January-June 1980 and then another from July 1981 to November 1982. This decision received much criticism from Milton Friedman, among others, who argued it was actually all one decline. It would be interesting to see how much GDP declined dating the recession from January 1980 to November 1982.