The fact is that recent economic numbers have been terrifying, not just in the United States but around the world. Manufacturing, in particular, is plunging everywhere. Banks aren’t lending; businesses and consumers aren’t spending. Let’s not mince words: This looks an awful lot like the beginning of a second Great Depression.The good news, and I think there is some, is that Krugman appears to be attempting to scare the bejesus out of us to head off his nightmare -- that Congress and Barack Obama won't act boldly enough to stop Depression 2.0. If that's Krugman's plan, he certainly has succeeded with me. I hereby declare myself to be officially scared to death.
Monday, January 05, 2009
Monday Morning Downer: Paul Krugman uses the "D" word
OH, this is cheerful. Paul Krugman writes this morning: