Huffpost Business

How Great Recession Could Still Turn Into Great Depression

Posted: Updated:
US UNEMPLOYMENT
Print

When the financial system was on the edge of melting down back in the fall of 2008, there was much talk in the punditocracy of a second Great Depression. The story was that we risked repeating the mistake at the onset of the first Great Depression: allowing a cascade of bank failures that both destroyed much of the country’s wealth and left the financial system badly crippled. Instead, however, we acted, and these days the accepted wisdom is that the TARP and other special lending facilities created by the Federal Reserve Board prevented a similar collapse that saved us from a second Great Depression.

Read the whole story at The New Republic

Around the Web

The Latest Jobs Numbers and the Very Real Chance of Another Great Depression

Decline and fall of the American empire

Wonkbook: What a Nobel prize won't get you

Do Something, Anything to Save the Recovery