Search This Blog

Monday, June 28, 2010

I am calling it: we are in a depression

Kudos to someone who usually I don't agree with for calling this a year and a half ago, but I feel comfortable, now half-way through 2010 declaring that we are in a depression.

Economists have no quantitative definition of depression (which is ironic given that mainstream econ is nothing but a series of mathematical definitions and assumptions). Some say it's only when GDP fall by double-digit percent points, others have other definitions, still others have no real definitions - stating that the 1930s were the one and only 'depression'.

I would personally like someone to come up with the 'richter scale' for recessions...or at least the terrorist color grid: Code yellow, code orange, code red - defined by unemployment, underemployment, under-capacity, bank reserve hoarding...some combination thereof.

But, absent this, I would like to offer the following definition:

A DEPRESSION is "where unemployment or GDP growth is under typically defined 'full' levels for a period of time that exceeds the norm of the generation."

For my generation, the average economic recession lasts less than a year. This recession has gone on for 2.5 years SO FAR - with no turnaround yet projected for employment for months to come yet. Hence, we are in a depression. Maybe you are thinking, 'well duh.' If so, good for you. You shouldn't need someone like me pointing out the obvious to you.

6 comments:

oakleyses said...

tiffany and co, christian louboutin shoes, polo ralph lauren outlet, coach purses, nike free, longchamp handbags, coach factory outlet, louis vuitton outlet, tiffany and co, louis vuitton, gucci outlet, kate spade handbags, louis vuitton outlet, true religion jeans, tory burch outlet, kate spade outlet, prada handbags, air max, michael kors outlet, chanel handbags, burberry outlet, ray ban sunglasses, oakley sunglasses, burberry outlet, prada outlet, nike shoes, michael kors outlet, longchamp outlet, louis vuitton handbags, ray ban sunglasses, coach outlet, jordan shoes, michael kors outlet, louboutin outlet, michael kors outlet, polo ralph lauren outlet, air max, michael kors outlet, michael kors outlet, coach outlet store online, louis vuitton outlet stores, oakley sunglasses cheap, oakley sunglasses, true religion jeans, louboutin, longchamp handbags, louboutin

oakleyses said...

hollister, louis vuitton uk, michael kors, sac burberry, true religion outlet, nike tn, vans pas cher, abercrombie and fitch, nike roshe run, nike air max, michael kors, louboutin, oakley pas cher, timberland, nike free pas cher, north face, nike trainers, polo ralph lauren, mulberry, ray ban pas cher, michael kors pas cher, new balance pas cher, ray ban sunglasses, air max, air force, barbour, sac longchamp, sac louis vuitton, vanessa bruno, lululemon, sac guess, sac louis vuitton, air jordan, sac hermes, louis vuitton, true religion outlet, nike free, air max, longchamp, hogan outlet, nike roshe, hollister, ralph lauren, north face, polo lacoste, air max pas cher, converse pas cher, nike blazer

oakleyses said...

hollister, louis vuitton uk, michael kors, sac burberry, true religion outlet, nike tn, vans pas cher, abercrombie and fitch, nike roshe run, nike air max, michael kors, louboutin, oakley pas cher, timberland, nike free pas cher, north face, nike trainers, polo ralph lauren, mulberry, ray ban pas cher, michael kors pas cher, new balance pas cher, ray ban sunglasses, air max, air force, barbour, sac longchamp, sac louis vuitton, vanessa bruno, lululemon, sac guess, sac louis vuitton, air jordan, sac hermes, louis vuitton, true religion outlet, nike free, air max, longchamp, hogan outlet, nike roshe, hollister, ralph lauren, north face, polo lacoste, air max pas cher, converse pas cher, nike blazer

oakleyses said...

hollister, herve leger, canada goose, insanity workout, nfl jerseys, canada goose, soccer jerseys, north face outlet, p90x, ugg, uggs outlet, canada goose, marc jacobs, new balance shoes, ugg pas cher, canada goose outlet, ferragamo shoes, canada goose uk, celine handbags, jimmy choo outlet, abercrombie and fitch, reebok outlet, mac cosmetics, longchamp, wedding dresses, ugg boots, beats by dre, mcm handbags, asics running shoes, ghd, giuseppe zanotti, babyliss pro, soccer shoes, canada goose jackets, ugg boots, ugg australia, lululemon outlet, birkin bag, mont blanc, north face jackets, nike huarache, nike roshe run, bottega veneta, chi flat iron, rolex watches, instyler, vans shoes, valentino shoes

oakleyses said...

hollister, herve leger, canada goose, insanity workout, nfl jerseys, canada goose, soccer jerseys, north face outlet, p90x, ugg, uggs outlet, canada goose, marc jacobs, new balance shoes, ugg pas cher, canada goose outlet, ferragamo shoes, canada goose uk, celine handbags, jimmy choo outlet, abercrombie and fitch, reebok outlet, mac cosmetics, longchamp, wedding dresses, ugg boots, beats by dre, mcm handbags, asics running shoes, ghd, giuseppe zanotti, babyliss pro, soccer shoes, canada goose jackets, ugg boots, ugg australia, lululemon outlet, birkin bag, mont blanc, north face jackets, nike huarache, nike roshe run, bottega veneta, chi flat iron, rolex watches, instyler, vans shoes, valentino shoes

oakleyses said...

montre homme, iphone 6 cases, thomas sabo, swarovski crystal, hollister clothing store, swarovski, lancel, rolex watches, moncler, ray ban, wedding dresses, air max, hollister, ugg, ralph lauren, coach outlet store online, pandora jewelry, converse, baseball bats, oakley, louboutin, juicy couture outlet, moncler, gucci, air max, pandora charms, hollister, moncler outlet, timberland boots, louis vuitton, toms shoes, juicy couture outlet, canada goose, vans, parajumpers, moncler, ugg, pandora charms, canada goose, moncler, moncler, links of london, converse shoes, moncler, supra shoes, karen millen