Is this whole Czar thih=ng getting out of hand?

[buckman]

Originally Posted by scottw

you have to read the whole article because he goes on to claim that the reason will be due to the tendency of the recent G20 participants to want to "belt tighten" rather than continue to boost governement spending, as our esteemed leader is pushing them to do......


NY Times
The Third Depression By PAUL KRUGMAN
Published: June 27, 2010

Recessions are common; depressions are rare. As far as I can tell, there were only two eras in economic history that were widely described as “depressions” at the time: the years of deflation and instability that followed the Panic of 1873 and the years of mass unemployment that followed the financial crisis of 1929-31.

Neither the Long Depression of the 19th century nor the Great Depression of the 20th was an era of nonstop decline — on the contrary, both included periods when the economy grew. But these episodes of improvement were never enough to undo the damage from the initial slump, and were followed by relapses.

We are now, I fear, in the early stages of a third depression. It will probably look more like the Long Depression than the much more severe Great Depression. But the cost — to the world economy and, above all, to the millions of lives blighted by the absence of jobs — will nonetheless be immense.

From what I heard Obama said something to the effect " I will call their bluff and call for drastic cuts next year. Then we will see who's crying" ??????