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Wednesday, February 11, 2009

Congress / Kotz / Politics / The Economy The Day the Economy Almost Collapsed

Posted by Pete Kotz on Wed, Feb 11, 2009 at 1:39 PM

The Wall Street bailout has left a bitter taste. President Bush and Congress passed it with virtually no strings attached, paid way over market rates for the assets they purchased, and did nothing to halt executives from spending like trust fund kids in Aspen. But it did keep the U.S. from becoming a Cambodia with SUVs. The above video from C-SPAN features Pennsylvania Congressman Paul Kanjorski talking about a day in September when our financial system nearly collapsed. He says that over a two hour period, there was a $550 billion run on money market funds. Left unabated, it would have crushed America as we know it. So, is anyone still worried about the semantics of calling this a depression?

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Well, the unemployment rate is about 20 points lower now than it was during the Great Depression. That's not a minor difference.
Having said that, if we listen to the House and Senate GOP, this really will become an issue of semantics.

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Posted by SF on February 11, 2009 at 1:55 PM

"So, is anyone still worried about the semantics of calling this a depression?"
Nope. Not at all since it's far from one.
But you seem intent on doing so.
Knock yourself out...please.

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Posted by Emmett Flatus on February 11, 2009 at 3:05 PM

So, is anyone still worried about the semantics of calling this a depression?

Doesn't Woods alone more than fill the hyperbole quota here?
Speaking of semantics, did you choose the qualifiers "Almost," "did keep...from," "nearly collapsed," and "would have crushed"? With those, I think it's still open to debate. Talk to us in six months and we'll see.

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Posted by NashTeach on February 11, 2009 at 3:29 PM

paulson sold our representatives a genuine, bona-fide, electrified six-car monorail, and with it my last gossamer inkling that i had a say in government. i trust some c-span talking head's explanation of what might've been about as much as i trust jon stewart to tell me what needs to happen in israel.

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Posted by alum on February 11, 2009 at 5:05 PM
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