28 December 2008

Was 2008 the beginning of another Great Depression?

WASHINGTON — It wasn't 1929, but like that infamous year, 2008 is sure to be remembered by economic historians as one unlike any other.

"We had a much simpler financial system back then. The number of wild and crazy things that happened this year is completely without precedent in world history," said Alan Blinder, a Princeton University economics professor and a former vice chairman of the Federal Reserve.

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