Econopocalypse: We're Already Worse Off Than the Great Depression

Posted by Digby, Hullabaloo at 9:21 AM on February 23, 2009.

This is not good.

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Ok, now I'm officially freaked out. Jesus.

Renowned investor George Soros said on Friday the world financial system has effectively disintegrated, adding that there is yet no prospect of a near-term resolution to the crisis.

[George Soros listens to economists speaking at the "Emerging from the Financial Crisis" annual conference at Columbia University, February 20, 2009. (Reuters/Chip East)]George Soros listens to economists speaking at the "Emerging from the Financial Crisis" annual conference at Columbia University, February 20, 2009. (Reuters/Chip East)
Soros said the turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.

He said the bankruptcy of Lehman Brothers in September marked a turning point in the functioning of the market system.

"We witnessed the collapse of the financial system," Soros said at a Columbia University dinner. "It was placed on life support, and it's still on life support. There's no sign that we are anywhere near a bottom."

His comments echoed those made earlier at the same conference by Paul Volcker, a former Federal Reserve chairman who is now a top adviser to President Barack Obama.

Volcker said industrial production around the world was declining even more rapidly than in the United States, which is itself under severe strain.

"I don't remember any time, maybe even in the Great Depression, when things went down quite so fast, quite so uniformly around the world," Volcker said.

Tagged as: economy, depression, jobs, great depression, econopocalypse, no bottom

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The end is near [Report this comment] Posted by: ronatchig on Feb 23, 2009 5:08 AM Current rating: 5 [1 = poor; 5 = excellent] At some point in the near future, the working class/poor will realize what a travisty corporate America has become. One solution is to as completely as possible refuse to interact with corporations, deal only with other humans. Another would be for all who are able, get your asses up from the computer and into the streets and confront the vampires responsable for this mess. It is the only thing they fear. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] » No one is paying attention to this... Posted by: Fog » I'm with you Posted by: 2dogarage 'Flaws' In Logic and 'missteps' too advantageous to be mistakes [Report this comment] Posted by: Purple Girl on Feb 23, 2009 8:02 AM Current rating: 5 [1 = poor; 5 = excellent] Please this Long black train has been coming down the tracks for 3 decades. The Tracks have been being laid out in front of it by the Political moves of those who see Corp Global Control as the way to control Humanity. Who didn't recognize 'Trickle Down' as the economic strategy of those at the 'top'(5%) Who didn't recall how Afghanistan put the finaly stake in the heart of USSR. Who hasn't realized that if you dig away at the foundations of an economy it will collapse. Who hasn't realized the sociological 'Divide and conquer' at work in our Political system. These have not been mistakes but carefully crafted steps towards bringing down the only remaining 'superpower' in the world. That willful 'For the People and By the People' Doctrine. They've seized our 'Free Market' and called it 'Capitolism' instead. They taken our Rights and Called it national Security. They undermined our wealth producing class through taxation and wage stagnation to finally create a two tier Caste system, The financially protected and the financial devastated. I gotta laugh (or cry) when I hear my "Upper" middle class friends spout the Repug talking points about tax cuts and fiscal responsbility- They actually believe the Royal class gives a shit about them- or are so deluded they think they can miracluously become the elite class if the Talk the talk.Honey if you don't have millions, they are just yankin' your chain and are certianly Not talking to you when discussing Capital Gains or the woes of 'redistribution of Wealth'..You're just one of their 'Marks'.while your CEO walked away with Millions in bonus pay this year, I'm betting yours took a nose dive.These guys don't waste their time in Gated Communities- they have Gated EstateS,aka Castles. Do the math, 5% does not lend enough space for the numerous people who like to think of themselves as part of that number.You're part of the 95% - maybe a Noble, but not a Royal- still just a lowly Serf perhaps with a bit better digs, and a management title,But that is all, for the time being that is. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] I'll have a hemlock, straight up, and make it a double ... [Report this comment] Posted by: monkeywrench on Feb 24, 2009 9:44 AM Current rating: Not yet rated [1 = poor; 5 = excellent] I'm sitting here, using my keyboard to "spit into the wind" hoping someone is listening, while being unemployed at the worst time in, and thanks to, the most severe world-wide economic crash in history? Oh, God ... [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] No we are not [Report this comment] Posted by: Sister_Lauren on Feb 24, 2009 11:18 AM Current rating: 5 [1 = poor; 5 = excellent] My mother lived then, during the great depression. Her parents lost a house, a farm, and a business or two before it was all over. She walked to school when she couldn't see across the street for the dust. The great depression was coupled with the greatest ecological disaster we have ever had. Now if we poisoned the ocean, the gulf of Mexico, then I would say it was as bad, even worse. It could happen. But so far it is not bad now like it was then. We have lots of infrastructure, safety nets and assets we did not have then. People don't remember what it was really like. My mom told me she saw people camping in the river beds and under bridges, they had no other place to go. She asked her parents, where do they go when it rains? [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5] How funny [Report this comment] Posted by: 2dogarage on Feb 24, 2009 8:24 PM Current rating: Not yet rated [1 = poor; 5 = excellent] Probably the biggest story of the day and very few people read it. Sounds like things have gotten a little out of hand but maybe that's just me. The times they are a changin' but who could have predicted the changes we see today, maybe we should have been paying more attention to the canaries. [« Reply to this comment] [Post a new comment »] [Rate this comment: 1 - 2 - 3 - 4 - 5]

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