Category: Think Tank

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data and lack of respect for scientific knowledge. Be sure to create straw men and argue against things I have neither said nor implied. If you could repeat previously discredited memes or steer the conversation into irrelevant, off topic discussions, it would be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

4 Responses to “Is the ‘Great Recession’ Really so Different from the Past?”

  1. DeDude says:

    If you pick a specific parameter you may find that this was similar to previous big recessions. Looking at peak unemployment this is no worse than the Reagan/Volker recessions of the early 80′ies. The thing that makes this more like the great depression is that it was precipitated by a huge world wide financial crisis. That type of downturn makes for very slow recoveries, because nobody want to let the banking system take a hit. So if you look at the speed of recovery suddenly this recession looks like nothing since the great depression.

  2. [...] Is the ‘Great Recession‘ all that different than past recession?  (Big Picture) [...]

  3. ashpelham2 says:

    I have no doubt that this recession was the most talked about, printed, televised, analyzed, and over-analyzed in the history of economics. How could it not be, with the constant 24/7 newsfeed? Add in our addictions to internet, smart phones, cable TV, and so on, and we were constantly bombarded with how “bad” things were. I feel very strongly that this added to conditions that were deteriorating. So, if the recession was going to be steep, it may have been increased by more panic spread through the airwaves, in my opinion.

  4. Looking similarly at the USA event, the TRI model reveals that when one looks only at Real GDP the Great Recession was slightly worse than the 74-75 Recession. However, when one adjusts for the influence of federal fiscal policy deficits, the event (-8.4% Structural GDP (was very similar to the Great Depression (-9.7% 1930-33). The recent Structural Greater Depression was broader (eight years and counting vs four years) but not as deep.

    60-yr SGPD & GDP charts: