Word: depressionitis
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In fact, gone may be too strong a word. The Fed, and the rest of us, are in uncharted territory. We've just been through a financial shock that was in some ways worse than the one that set off the Great Depression. The policy response from the Fed and...
The early years of the Depression, in fact, were marked by repeated periods during which the economy seemed to stabilize, only to careen further downward - usually as the result of some new spate of bank failures. Since March, the economy has clearly been stabilizing, but there's no guarantee that...
The retired detective from nearby Fukui City has patrolled the cliffs two or three times a day since 2004, wearing white gloves and a floppy sun hat, carrying binoculars to focus on three spots on the cliffs where suicides are most common. He has set up a nonprofit foundation to...
Well, maybe not the whole edifice. For all its flaws, Fisher's economic approach delivered genuinely important insights. He proposed in 1911 that the government issue inflation-linked bonds; in 1997, the Treasury Department finally got around to doing so. If anybody in power in Washington had been willing to...
A key figure in the revival was the University of Chicago's Milton Friedman--and his libertarian ideological bent was certainly a factor. Friedman never believed markets were perfectly rational, but he thought they were more rational than governments. Friedman saw the Depression as the product of a Fed screwup...