A Great Depression?

Monday, November 24, 2008

By Steve Hanke

Steve HankeThe financial crisis of 2008 has prompted many commentators to claim that we are about to enter another Great Depression. Yes, we are entering a serious slump— one that will probably last until late 2009 or early 2010. That said, the current slump is not (and will not be) comparable to the Great Depression of 1929-1933.

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Steve H. Hanke is a Professor of Applied Economics at The Johns Hopkins University in Baltimore and a Senior Fellow at the Cato Institute in Washington, D.C