Damn. Cypress Hill. Partying hard and maintaining an almost perfect GPA in college. You took me back, man. I'm all nostalgic now.
The problem of technology leading to unemployment was well known in FDR's day and the better part of a century before that. One solution was to mandate less work hours per week. The French did that recently and I'm informed that it's working out well. FDR vetoed it and instead went for a bill that gave unions the right to strike and the unions handed us grief ever since as far as I'm concerned.... So the current admin is doing muchly the same stuff I guess.. genius is fleeting but brute stupidity rules the day usually.. Republicans would be mandating that everybody not employed gets stiff fines, that would have worked out much better. Revenue and full employment... :eek:
I think that current recession is also more widespread than any other since the depression.One of the main reasons why economists think another depression could be avoided is that it will take more than just a sharp decline in consumer spending and household wealth to spark a depression.
It's going to take time for wages around the world to even out. Fraid so, that means shopfloor wages are going to be much the same as India/China etc. if you keep going with the same old system of International Democratic Capitalism. What surprises me is that the rip-off merchants who caused this mess have been allowed to disappear off the radar. How about massive fines on dud CEOs ?? They have been filling their boots with public company money for years. They are just as guilty as Madoff !
The main problem with comparing this with the Great Depression is that we don't know how this ends yet, we're maybe in the 3rd or 4th inning of it by my guess. In ten years we'll see how they compare, I think the current one is going to get a lot worse than it is now.