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Post Info TOPIC: Bernanke says that we're having a severe contraction

Head Chef

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Bernanke says that we're having a severe contraction

The economy is contracting.  Well, with a severely contracting economy, and all these comparisons to the 30s, why do they still call it a recession and not a depression?

If ye love wealth better than liberty, the tranquility of servitude than the animated contest of freedom, go from us in peace. May your chains sit lightly upon you, and may posterity forget that you were our countrymen!
- Samuel Adams

Profuse Pontificator

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Posts: 876

Bernanke & Co. are calling it a recession and not a depression to keep the American people in the dark as long as possible.  People are anxious to believe what they want to believe. 

This reminds me of Hitler & Co. telling the German people right up to the last couple of seeks of WW2 in Europe that there were plans and weapons to turn the war around.

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