Word: greate
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Dates: during 2000-2009
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...reaction to his statement feels more ritualistic than rational. After all, unemployment is still nudging 10%, and foreclosure rates remain high. Yet the Great Fed Shaman has pronounced the recession monster dead. Let us rejoice...
Despite predictions that the Great Recession would foment a wave of lawlessness, U.S. crime dropped 1.9% from 2007 to 2008, according to statistics compiled by the FBI. Violent crimes were down across the board, and rapes fell to their lowest level in 20 years. But the news is not all good: burglary spiked, and black men remained about six times as likely as white men to be murdered...
...going to have no paper, no printing plants, no unions. It's going to be great...
That brings us to lesson No. 2. Early in the Great Depression, powerful voices at Treasury and the Fed argued that financial crisis was a necessary corrective. "Liquidate labor, liquidate stocks, liquidate the farmers, liquidate real estate," Treasury Secretary Andrew Mellon advised President Herbert Hoover. "It will purge the rottenness out of the system." This time around, after Lehman went under, no one at Treasury or the Fed talked that way. Instead, policymakers in the U.S. and overseas agreed that the panic had to be stopped at any cost. And it was, through a bailout that placed trillions of taxpayer...
Mission accomplished--so far, at least. In the face of a financial shock probably worse than the stock-market crash of 1929, massive government intervention averted a second Great Depression. Yes, we still got the worst economic downturn the U.S. has seen since. But while there are surely lots of potholes and wrong turns ahead, the economy--both in the U.S. and worldwide--appears to be in the early stages of a rebound. We have decisions made by government officials to thank for that...