The 80Th Anniversary Of The Great Crash Of 1929: Law, Markets, And The Role Of The State

THE RISE AND FALL OF ARTIFICIAL WEALTH

By Dr. Michael Intriligator on October 14, 2009 - Comments(0)

Below is a Great article by Dr. Michael Intiligator, a presenter for the forthcoming Nexus Symposium.
The article can be found HERE The projections presented in this paper estimate that the GDP of $14.26T achieved in 2008 will not be achieved again until 2013 on an inflation-adjusted basis and that unemployment will not fall back to a level of 6.25% until 2016. Our recommendations for speeding this recovery are presented in the conclusion.

This recent evidence includes the large increases in unemployment in virtually every state; the major and growing fiscal deficits in many states, counties, and cities; the continuing bankruptcies of banks, corporations, and individuals; the ongoing foreclosures of homes; and the major economic declines worldwide. Ben Bernanke and others (including recently the National Association of Business Economists in a poll of their members) who see the recession as ending seem to ignore these facts, picking up only on a few miscellaneous items (that Bernanke calls "green shoots") supporting their view, They focus, for example, on a new factory opening with 100 new jobs, when in the same area several factories are closing ending thousands of jobs. Of course, overall unemployment has been increasing and is projected to increase even further.

Tags: 1929 economic downturn economy government intervention Great Crash Great Depression recession Roosevelt SEC The Great Crash unemployment Wall Street
Suggested Reading: Dow Breaks 10,000 (again), Wall Street Pays Huge Bonuses (again) Check out the Student Blog Section Los Angeles and Long Beach Ports Different Playing Field, Same Problems The Inflation Problem Every Recession Has Its Silver Lining Decisions, Decisions Great Depression 2.0: A Contrived Comparison of Academia or a Useful Historical Comparison? Bad Economy: It Does a Body Good Economic Recovery Seems Bleak as Consumer Confidence Falls Is the Recession Over? Responsible Americans: The real victims of the housing crash Economic Turnover THE HAND THAT FEEDS History Repeats Itself Questions Regulating Executive Pay Brother, can you spare a dime? I need to get the new ipod. After the Subprime Mortgage Crisis, Perhaps Some Relief?
Similar Entries: Every Recession Has Its Silver Lining THE GREAT RESET (The Great Depression Sequel) Decisions, Decisions Check out the Student Blog Section Government Intervention in the Economy

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