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Are we in a Depression?

johnnyc · 2009-02-04 23:06:26

Just wondering peoples opinions are we in a depression...have an interesting link here where gordon brown has mention the word(out of mistake or not) What do u think http://edition.cnn.com/2009/BUSINESS/02/04/brown.world.depression/index.html

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#52 10-02-2009 9:48am

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SkepticOne wrote: »

IMF Chief says leading economies in Depression; Warns of failure to act on Banks; US and Ireland prepare new bank bailout plans

[link]

If he thinks Western Europe is in a depression then he probably thinks Ireland is in one.

To clarify before this is jumped on, he is probably taking depression as something from peak to trough (which is why most people say the great depression started in 1929 rather than 1931... at the end of 1930 unemployment was 8.5% in America) and feels certain that we will have a level of downturn exceeding 10% contraction.

This does not have to compare with the Great D, where GDP contracted well over 30%, but it would certainly be worse than the eighties.

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