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€