David Kirkpatrick

November 18, 2009

Just in time for the holiday season …

Filed under: Business — Tags: , , , — David Kirkpatrick @ 2:45 pm

… tidings of, er, red flags and economic warnings.

From the Brad DeLong link:

For 2 1/4 years now I have been saying that there is no chance of a repeat of the Great Depression or anything like it–that we know what to do and how to do it and will do it if things turn south.

I don’t think I can say that anymore. In my estimation the chances of another big downward shock to the U.S. economy–a shock that would carry us from the 1/3-of-a-Great-Depression we have now to 2/3 or more–are about 5%. And it now looks very much as if if such a shock hits the U.S. government will be unable to do a d—– thing about it.

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