When economists say “slowdown”

If there’s one reliable sign that a recession is coming, it’s when the experts say they see none coming. I’ve survived four. “Oh, maybe a slowdown, yes…” they say. Now, in today’s New York Times, Charles Duhigg argues that what’s unlikely is a “full blown depression.” Quoth Duhigg:

Why? Because so many of them have spent so much time studying the Great Depression and trying to figure out how to react more effectively if things turn really bad again.

Would that be the same kind of study France and Britain did after World War I to avoid World War II? The kind General Motors did to sustain its dominance over the pre-hybrid Toyota?

Quick, buy gold!

Really, to infer from this that a depression is likely could be just as silly as the people who take official denials about Martian spaceships as proof that they really exist.

I don’t infer anything. I just don’t remember hearing the D word during past recessions.


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