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The return of the Great Depression?

April 25, 2010
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Glenn just got Vox Day’s new book in the mail, The Return of the Great Depression, so I picked it up and started reading. It is not for the faint of heart or the economically hopeful. Vox Day believes that though there are a number of cheerleaders saying that the recession is over, it has only just begun. Day ends his introduction to this depressing topic by reminding his readers that the old maxim about the value of keeping one’s head when everyone else is losing theirs applies as well to the field of economics as it does to the field of battle.

Day discusses the Japanese economic decline and lack of growth starting in 1988 and looks at where they are 20 years later. It’s really a fact-filled book with a lot of graphs and charts to back up some of his claims. If you are interested in where this recession might be heading, it’s definitely worth your time.

I have noticed that house sales (at least in the lower prices) in our area seem to be picking up and people seem to be out buying again–or at least, they are in the stores. I wonder if this is just the calm before the storm or whether things are improving?

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  • Kris W

    It depends. If the price of oil fall’s under supply and demand formula’s again we would have a quick boom, then a very real bust(cheaper oil is the cheaper it is to import Chinese goods). If oil and energy increases in price too much, well total economic collapse would be inevitable.

    Combined with the practice of newly emerging industrial job’s being filled by temp services(I do not know how they operate around the country but in Luzerne county, PA, many of the temp agencies either refuse to give white males applications or mess with their schedule to get them to quit)are by and large going to Hispanic males, most of which have a questionable immigration status.

    If you look at all the factors there is no way out of this mess for the average citizen of the USA. Even if the US “recovers” it will be nothing more than a devaluation of the American quality of life.

  • Virtue

    At a very high level….the cause of the housing crisis was simply supply and demand….we created artifical demand by giving loans to people who did not have the ability to repay them…..Lots of homes flooded the market and it drove prices down…..Banks STOPPED giving loans to people who could not repay them…..How would it be possible for home sales to pick up then?

  • Ken Richards

    Perhaps house sales in the lower prices have been picking up for the past several weeks because young first time buyers are hurrying to buy while they can still qualify for the $8,000 tax credit. The deadline in April 30. It will be interesting to see how house sales are in May and June when the credit is no longer available.






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