it probably is not the great(est) depression

October 1st, 2008

I’ve spent a lot of time reading about our previous economic crisis and their causes – the 15% APR on mortgages in the 80s, the S&L scandal, and the Great Depression – in an attempt to better understand how we got into those situations and what they meant for people like me, but mainly so that I could have fuel in heated discussions with heartless Republican friends – they could use a little educated enlightenment.

The New York Times had an interesting editorial on how our current situation differs from the Great Depression, and how we should not expect a burgeoning shanty-class, as long as we actually do something to shore up the economy.