`Next year it (unemployment) will reach maybe 10% at worst. But during the Great Depression, U.S. unemployment hit 30%. The American and global economies are much stronger now.`
Meaningless comparisson of figures. Unemployment ststs are now so debased as to be meaningless. If pre- Clinton stats are used, unemployment rate presently would be around 15% as per shadow stats:
http://www.shadowstats.com/alternate_data
The difference is then they starved, today they get a little more help.
Comparisons to 1929 are meaningless for another reason. No CDO`s or CDW`s existed in 1929. Today we have $600 Trillion of derivatives and over $60 Trillion of Credit Default Swaps. In 29 ordinary folks were not buried neck high in debt. Today they are. Japan in the early 90`s is a better analogy. They are still recovering. |
|
