||[Sep. 10th, 2009|06:57 am]
Here's a very good blog post with citations and charts about unemployment, where it is now, where it's heading, and how it compares with the great depression...|
How Bad Did It Get?
Unfortunately, many experts - including the following people - have said that the economic crisis which started in 2008 could be worse than the Great Depression:
* Federal Reserve chairman Ben Bernanke said on July 26, 2009:
A lot of things happened, a lot came together, [and] created probably the worst financial crisis, certainly since the Great Depression and possibly even including the Great Depression. 
* Economics professors Barry Eichengreen and and Kevin H. O’Rourke said that world-wide conditions are worse than during a comparable period during the Great Depression  (updated in June 2009 )
* Investment advisor, risk expert and bestselling author Nassim Nicholas Taleb said that the current crisis could be “vastly worse” than the Great Depression 
* Former Fed Chairman Paul Volcker believes the current crisis may be even worse than the Depression 
* Nobel prize winning economist Joseph Stiglitz said “this is worse than the Great Depression” 
* Economics scholar and former Federal Reserve Governor Frederick Mishkin said that conditions were worse than during the Depression 
* Well-known PhD economist PhD Economist Marc Faber believes this could be far worse than the Great Depression
* Former Goldman Sachs chairman John Whitehead thinks that the current slump is worse than the Depression 
* Morgan Stanley’s UK equity strategist Graham Secker predicts economic collapse worse than the Great Depression 
* Former chief credit officer at Fannie Mae Edward J. Pinto said in January 2009 that the current housing crisis was worse than the Depression, and that current efforts to rescue the mortgage industry are less successful than those used during the 1930s. 
* Billionaire investor George Soros said in February 2009 that the current economic turbulence is actually more severe than during the Great Depression, comparing the current situation to the demise of the Soviet Union.