Tuesday, December 2, 2008

Depression Deception

The AFP reports that Federal Reserve Chairman Bernanke says that today's situation is "no comparison" to the Great Depression. I agree that there are many fundamental differences.

However, earlier President Bush was told by Bernanke (and Paulson) "if we don't act boldly, Mr. President, we could be in a depression greater than the Great Depression." I am not surprised that persons in the finance industry used scare tactics to increase their power and subsidy rate. I am surprised that they admitted it, and the admissions came so quickly.

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