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What one is the worst ever?
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What is the worst recession in US history?
- Thread starter Far right dem
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ask again when it's over...
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Hoover for sure. You can pick whatever current data point you want to say this is worst since or worst ever, but today, next week, next month, whenever, people will be back at work for the most part. There was no way to deal with the dust bowl and its sustained effect on our economy. I strongly suspect that is the primary reason the government still favors agribusiness to this day. Homesteaders absolutely destroyed the plains.
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The era of Reagan was tough.
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First off, I know Bush was President and he isn't totally absolved of responsibility, I'm certainly no fan of his, especially over Iraq, but to call it the Bush recession and claim he has sole responsibility over it is disingenuous as best.
The more you learn about it, the more you realize that it was a very complex disaster that would have had to involve the negligence of every level of government, but especially regulators, banks, ratings agencies and The Congress of both parties although Republicans push at deregulation certainly is a large hinge in the disaster.
The Great Depression is difficult to compare to any modern recession simply because the economy was different to todays as was economic thinking at the time.
This recession, or even great depression will be different in many ways, it could be double, triple, quadruple dip.
We have no idea what will happen with the virus, will it subside and come back with vengeance, will it continue to spread unabated as States attempt to reopen.
This will have a profound impact on consumers.
1. many will not have the disposable income.
2. Even if they do have disposable income, the uncertainty will force most to simply not spend and save in case they experience job loss or loss of income.
3. Economics is a social science, even if the virus ended tomorrow and people go back to work, it may have a profound psychological impact on consumers as they will not forget being on such an edge financially and may resolve to save more in the immediate future, you're a consumer based economy, this is a disaster from that perspective in the immediate future as consumers will simply spend less even under ideal circumstances.
4. You can't fix the demand side of the equation, physical retail for all but essentials will remain essentially dead for the foreseeable future and a lot of jobs with it, people will be highly unlikely to go out and spend and from the looks of things, physical retail operations that are attempting to switch to online retail are having a lot of issues with shipping, making it a less than ideal stop gap solution and in many cases they're getting nabbed twice and if Trump allows the US postal service to go under it will once again be a Republican nonsense move that will end up shooting business, consumers and the country in the foot, as is usually their way.
There are many other things that will make this profoundly different than anything that has come before.
This thing is an atomic bomb to the heart of the economy regardless of if you re-open or not, never in modern history has commerce and consumers ceased to function in this way ever, so not all things are foreseeable.
Perhaps we simply cannot go back to the way things were before, we are adaptable creatures and we find ways, but this virus will change the world forever in ways we can scarcely imagine yet or believe perhaps.
The more you learn about it, the more you realize that it was a very complex disaster that would have had to involve the negligence of every level of government, but especially regulators, banks, ratings agencies and The Congress of both parties although Republicans push at deregulation certainly is a large hinge in the disaster.
The Great Depression is difficult to compare to any modern recession simply because the economy was different to todays as was economic thinking at the time.
This recession, or even great depression will be different in many ways, it could be double, triple, quadruple dip.
We have no idea what will happen with the virus, will it subside and come back with vengeance, will it continue to spread unabated as States attempt to reopen.
This will have a profound impact on consumers.
1. many will not have the disposable income.
2. Even if they do have disposable income, the uncertainty will force most to simply not spend and save in case they experience job loss or loss of income.
3. Economics is a social science, even if the virus ended tomorrow and people go back to work, it may have a profound psychological impact on consumers as they will not forget being on such an edge financially and may resolve to save more in the immediate future, you're a consumer based economy, this is a disaster from that perspective in the immediate future as consumers will simply spend less even under ideal circumstances.
4. You can't fix the demand side of the equation, physical retail for all but essentials will remain essentially dead for the foreseeable future and a lot of jobs with it, people will be highly unlikely to go out and spend and from the looks of things, physical retail operations that are attempting to switch to online retail are having a lot of issues with shipping, making it a less than ideal stop gap solution and in many cases they're getting nabbed twice and if Trump allows the US postal service to go under it will once again be a Republican nonsense move that will end up shooting business, consumers and the country in the foot, as is usually their way.
There are many other things that will make this profoundly different than anything that has come before.
This thing is an atomic bomb to the heart of the economy regardless of if you re-open or not, never in modern history has commerce and consumers ceased to function in this way ever, so not all things are foreseeable.
Perhaps we simply cannot go back to the way things were before, we are adaptable creatures and we find ways, but this virus will change the world forever in ways we can scarcely imagine yet or believe perhaps.
Don't discount the business cycle in creating recessions
Tax and monetary policies also have a big play
And of course regulatory policies like the repeal of glass stegal and the commodities modernization act
And now we can throw in pandemics
Luck of the draw for presidents.
Bush lucked out but greed and no regulation on it killed the golden goose
Obama got a bum deal
Trump inherited an economy on the upswing but is being crushed by a virusin
Tax and monetary policies also have a big play
And of course regulatory policies like the repeal of glass stegal and the commodities modernization act
And now we can throw in pandemics
Luck of the draw for presidents.
Bush lucked out but greed and no regulation on it killed the golden goose
Obama got a bum deal
Trump inherited an economy on the upswing but is being crushed by a virusin
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Partisan hacks are destroying the country.