Andrew Leonard writes in Salon that we are far from being in anything like the Great Depression that ravaged this nation in the last century. But he also warns that it could happen again if we continue along our current economic course. Here is his prescription for a "sequel" to the Great Depression:
1. Continue to ignore growing income inequality and govern the United States for the benefit of the rich at the expense of the many.
2. Continue to whittle away at the safety nets that exist to cushion Americans from economic ill winds.
3. Continue to weaken government oversight of Wall Street.
It seems to me that if we elect John McCain--that economically ignorant, by his own admission, bastion of "conservative values"--as our next president, this prescription will be followed right to the letter. If so, will another Great Depression be far behind? Stay tuned.
An Assessment of Financial Stability in the United States - An Assessment of Financial Stability in the United States Vice Chairman Stanley Fischer Federal Reserve, June 27, 2017 At the IMF Workshop on Finan...
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