Beta
×

Welcome to the Slashdot Beta site -- learn more here. Use the link in the footer or click here to return to the Classic version of Slashdot.

Thank you!

Before you choose to head back to the Classic look of the site, we'd appreciate it if you share your thoughts on the Beta; your feedback is what drives our ongoing development.

Beta is different and we value you taking the time to try it out. Please take a look at the changes we've made in Beta and  learn more about it. Thanks for reading, and for making the site better!

Turning the Recession of 2008-9 into the Second Great Depression

Stargoat (658863) writes | more than 2 years ago

User Journal 4

It requires government interference to turn a recession into a depression. That is to say, a government must interact with an economy, changing the fundamental landscape of that economy in a negative manner to cause a depression. The First Great Depression started because of land speculation. It turned into a depression when the various nation-states of the world enacted tariffs, reducing the complexities of the overall global economy. The Second Great Depression started because of housin

It requires government interference to turn a recession into a depression. That is to say, a government must interact with an economy, changing the fundamental landscape of that economy in a negative manner to cause a depression. The First Great Depression started because of land speculation. It turned into a depression when the various nation-states of the world enacted tariffs, reducing the complexities of the overall global economy. The Second Great Depression started because of housing speculation. It turned into a depression due to the high cost of education, drastically shrinking the overall adult population of the country capable of borrowing credit.

cancel ×

4 comments

Sorry! There are no comments related to the filter you selected.

You missed one small hallmark (1)

Marxist Hacker 42 (638312) | more than 2 years ago | (#40010321)

It also requires a government of, by, and for international corporations against the people.

Re:You missed one small hallmark (1)

smitty_one_each (243267) | more than 2 years ago | (#40029225)

When the government becomes a corporation, instead of a proper role of refereeing corporate interactions, things go pear-shaped.

Wait, what? (1)

Qzukk (229616) | more than 2 years ago | (#40011245)

I'm sure that the things the government has fucked up on can be printed out on a stack of paper that will reach to the moon, but the cost of high-prestige education causing a depression? It's putting the cart before the horse: what good is an education if you're stuck in a house in a dead-end city that nobody will buy, and even if you could sell it, you couldn't get half of what you owe on it? You walk away from it and immediately fail every potential employer's credit check, never mind trying to find a place to live where you can get a job.

Re:Wait, what? (1)

Stargoat (658863) | more than 2 years ago | (#40012813)

Yeah. Because you enter life $50000 in debt. You already have a mortgage. You can't walk away from it. It's illegal. No bankruptcy is possible. I mean, what's next, debtors' prisons?

This has effectively destroyed a large population of society that should be buying houses, new cars, and the rest of the crap that a complex economy requires. It's as bad as a plague going through, but worse, because those folks still draw on society, still suck resources, and it's still crowded. All to pay for what should be mostly free.

Even worse - Universal education is the greatest gift of the American republic to world culture. When the English were dying in Manchester smoke, when the French and the Germans were at each other's throats, when the Chinese were involved in the biggest civil war the world has ever seen, when no one cared about Russia except to take some of it's land, the American farmer was getting an education. He is the most productive man in the world, not because of the arable land he lives on, with effort there's good land everywhere, but because he's the best educated class of man in history.

Check for New Comments
Slashdot Login

Need an Account?

Forgot your password?

Submission Text Formatting Tips

We support a small subset of HTML, namely these tags:

  • b
  • i
  • p
  • br
  • a
  • ol
  • ul
  • li
  • dl
  • dt
  • dd
  • em
  • strong
  • tt
  • blockquote
  • div
  • quote
  • ecode

"ecode" can be used for code snippets, for example:

<ecode>    while(1) { do_something(); } </ecode>