(crossposted from Cobalt6)
Yes that’s right. There never was supposed to be another great depression. It was never gonna happen. The rich guys were way too smart to ever let anything like that happen. This was part of the first advice I ever received about how to plan my finances for life. Sitting on the front porch in Bridgewater in the Spring of 1975 at the ripe age of 23, my new financial guru, kindly providing his services as a benefit of my employment, went on for quite a while about how the bankers and politicians had learned their lesson very well and that there would “never, no way, ever, be another Great Depression.”
He is in grave danger of being wrong. Thirty-three years later we find ourselves at the precipice. We are in an economic crisis that is looking so deep and so wide that no one really understands it, and no one knows how to get us out of it. Our leaders have a plan and they are trying to implement it but the going is slow. Will the new law now going into affect slow the fall enough so that we can pull ourselves out of it? The reviews are mixed. There is a lot of debate and shouting on both sides. Can we spend ourselves out of the ditch we’re in?