Thread: Chief Economist: It’s A Depression

Chief Economist: It’s A Depression

Morici one of first senior analysts to admit U.S. faces 1930’s style collapse

Paul Joseph Watson
Prison Planet.com
Monday, January 12, 2009

Professor Peter Morici, a former chief economist at the U.S. International Trade Commission, has become one of the first senior economists to admit that the U.S. is facing a 1930’s style depression.

Noting that 2.6 million payroll jobs have been lost since December 2007, Morici told financial publication Kiplinger that a 5 per cent contraction in the fourth quarter made the crisis “worse than a recessionâ€

We still haven't hit the lows of the Carter years!

I wouldnt listen to this guy.

[quote]“The economy will not recover without fundamental changes in banking and trade policy,â€

A doomsday scare tactic to get another taxpayer Bailout money introduced...

Originally Posted by LuvMyCountry

I wouldnt listen to this guy.

If you just do a google search you will see that his credentials are sound, that he called the recession long before it was official, and that he correctly diagnosed the problems.

http://angrybear.blogspot.com/2008/03/p ... ssion.html

Yes this country is in a depression, and not necessarily financial one; for many it is an emotional depression about their personal situations, job, small business and housing losses. And many workers have been insulted by losing their jobs to foreigners and having to train their replacements. Worry about the job, and you start not going out and buying the latest fashions; you concentrate the budget on necessary things like food and paying the mortgage and rent. The days of running out and charging non-necessities are over, and we haven't even really started to see the numbers of defaults from major credit card companies.
You don't visit the gas station often because there is no work to drive to, you don't shop at the clothing store and you don't go out an buy a new car. What you don't do has as much of a domino effect as that which you do, like hitting the grocery store for the essentials.
Yesterday on History Channel I saw a great program about the Dust Bowl and the Depression, and they way they ended it was that so many areas of our breadbasket have had a drought for years and instead are reducing groundwater to irrigrate crops about 3-feet per year in some basins. What was also interesting was that so many that moved to California for farm work, wrote back home: "Don't come" as there was an over-supply of labor for jobs. I think we have an oversupply of labor, not from Americans, but illegals and visa-holders because they are cheap and are preferable hires to so many.