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Quote: If you had to date the Great Recession, you might say it started in September 2008 when Lehman Brothers vaporized over a weekend and a massive mortgage-based Ponzi scheme began to go down. By 2008, however, the majority of American workers had already endured a 40-year decline in wages, security, and hope -- a Long Recession of their own.
In the 1960s, I met a young man about to be discharged from the Army and then, by happenstance, caught up with him again in each of the next two decades. Though he died two months before the Lehman Brothers collapse, those brief encounters taught me how the Long Recession led directly to our Great Recession.
2 comments:
Tom,
An excellent interview with Barbara Garson by Richard D. Wolff.
Barbara Garson wrote a book Down the Up Escalator: How the 99 Percent Live in the Great Recession
She also has an excellent article in the Huffington Post Down Is a Dangerous Direction: How the 40-Year "Long Recession" Led to the Great Recession
Quote:
If you had to date the Great Recession, you might say it started in September 2008 when Lehman Brothers vaporized over a weekend and a massive mortgage-based Ponzi scheme began to go down. By 2008, however, the majority of American workers had already endured a 40-year decline in wages, security, and hope -- a Long Recession of their own.
In the 1960s, I met a young man about to be discharged from the Army and then, by happenstance, caught up with him again in each of the next two decades. Though he died two months before the Lehman Brothers collapse, those brief encounters taught me how the Long Recession led directly to our Great Recession.
Thanks, Clonal. Up.
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