From gold rush to depression in a week
This is just getting ridiculous.
Just last week, McCain tells the world that the American economy is fundamentally sound. Now his flacks are claiming that we are in whole new territory (after the markets stabilized):
McCain advisors say they will do all the debates but the schedule is up in the air.
They also deny that there is a political calculation in this and say without action the country could slide into a Depression by Monday and added “we’ll see 12 percent unemployment” if action is not completed. GOP sources say they believe the current deal is dead on the Hill and reject suggestions that without McCain’s vote Democrats would not support a package.
By the way, The Economist, defines “depression” as such:
A bad, depressingly prolonged RECESSION in economic activity. The textbook definition of a recession is two consecutive quarters of declining OUTPUT. A slump is where output falls by at least 10%; a depression is an even deeper and more prolonged slump.
Tags: depression, mccain, obama
