Welcome to The Great Regression
July 13, 2010
This past weekend my good friend and neighbor Irwin Stelzer (the noted financial writer) and I were discussing the present national and global economic malaise. I suggested that perhaps this phenomenon should no longer be termed “The Great Recession,” but more correctly “The Great Regression.”
In what way does this term of financial circumstance differ from The Great Depression? Actually, it is the exact same economic condition as defined by the consensus of economic theorists and philosophers, but since the term “depression” is not politically (or psychologically) correct, we are suggesting the new title of “The Great Regression.”
How is that for a great “Aspen Idea”? Thanks, but no festival, please. Remember, you read this first in The Aspen Times.
As my old friend Kenny (KNCB) Moore would say, “Be brave, Comrades!”
Jay Pierce Webster
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