The Panic of 2008: How bad is it?

panic button

After reciting a litany of horrifying statistics, Newgeography ends with a surprising conclusion.

The reality is that the country achieved astounding economic and social progress since World War II. The reality remains that even after the losses we are not, objectively speaking, experiencing Depression like conditions. Critically, the answer to the question, are you better off today that in 1950, 1960, 1970, 1980, 1990 and even 2000 is “yes”. This is a critical difference with the situation in the 1930s when the country overall was much poorer, and far less able to withstand such punishing losses.

Even so, it seems premature to predict that the economy will turn around soon. Some Panglossian analysts predict recovery later in the year or in 2010 seem likely to miss the mark by years.

I think this qualifies as a Closet Perkypants view. (“Mr. Perkypants” being what Sue dubbed me after I posted saying Disaster Chic was way overrated.)