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What is even being counted here? In my lifetime, there was the 1987 savings and loan crisis, a downturn in the early 90s, the 2000 dot com bubble, and the 2008 “great recession.” Except 2008, each of these was relatively minor and followed by a long period of growth. (This comment does not adress how the Dow Jones Industrial Average does not represent the real economy)
Don’t forget COVID and whatever the fuck is going on right now ☝️
COVID was just a blip on the stock market, it was a huge drop then a quick recovery. I don’t think it even technically qualified as a recession. As for today, the DJIA is not very far off the all-time high as of yesterday
It accelerated inflation and had an outsized impact in certain sectors. Restaurants, tourism, and basically all in person business were pushed to the breaking point, and many businesses didn’t survive. There were supply chain issues that rippled for years, social changes with long term knock on effects, and over a million people were permanently taken out of the economy in the US alone.
Moreover, because oligarchic capture of wealth was so advanced, many traditional economic indicators didn’t reflect people’s actual material conditions. The popular economic wisdom overestimated the health of the economy, hurting the incumbent party and allowing fascists to retake the power they lost to the very same event. If Trump won his first reelection, not only would he have done less damage than he’s currently doing, he probably would’ve stepped down in 2024 and allowed us to move on from this era sooner.
There wasn’t a typical recession thanks to government intervention. However, it was a once in a lifetime economic event in the sense that it was a new experience for most people. I know literally everyone tries to forget about it and downplay the effect it had, but I’ve always thought that was foolish.
and whatever the fuck is going on right now
That’s not a recession (yet) because the billionaires are making more money than ever and propping up the GDP. That means on average people are doing just fine!
I hate living in interesting times, let me outtttt, covid fucked shit up
I’m okay with things getting interesting its everyone else being stupid and unwilling to fix shit I can’t handle like guys can we stop being evil and stupid please or even just pick one I’d be really okay with smart evil or benevolent stupidity but no its always both fuck this species posades was right the number of tomes in the past week people have told me you can’t have society without money is insane that’s not even the dumbest shit
girl I don’t want World War 3, this the sides are: genocidal fascist, war crime*2 vs eastern genocidal fascist and a eastern war criminal
Exactly imagine we had smart evil like stupid evil like last time and stupid evil just had a shit ton of fashion designers that was cool as fuck right or if we had smart evil vs stupid good that would be so cool I don’t even know what side I’d be on
What’s really fucked is real academic economists have been many of the people ringing the alarm bells for the last 40 years, while pop economists bought and paid for by capital are the only voices in the media.
For example, Jim Cramer isn’t an economist, but for a lot of rubes who know nothing about economics, they’ll follow him until they’re all penniless.
TV and newspaper economists generally support the status quo and academic economists have been pointing out how increasingly fucked we are for a long, long time.
Even Robert Reich, who actually does have an academic economics background and who is better than a lot of mainstream economists, still largely supports a capitalist system with restraints. You just won’t see more extreme viewpoints than that of Reich when it comes to the media.
The smart way to keep people passive and obedient is to strictly limit the spectrum of acceptable opinion, but allow very lively debate within that spectrum.
-Noam “I’m still stupid enough to have associated with Epstein” Chomsky
Doesn’t seem like economists are good at math…
I assure you will never see another 2008 crisis in your lifetime. Nor anorher 2020 pandemic.
Bet.
Easy win, the year 2008 and 2020 won’t come again as for every year that passes the number goes up.
But when we reach 2038 and computers get upset it’s easier to just start over in 1901/1970.
The US used to have recessions multiple times a decade. So it was pretty rare that a economic downturn would be very severe. Like simmering pot of water with lots of small bubbles. Now they do everything they can’t to keep the economy hot. When there’s a downturn its BIG. The size you’d maybe see once in a lifetime before. That same simmering pot with thick, hot chemical cheese product that build up a big ol bubble that finally bursts and coats your face with hot sticky queso.
Someone lost count at two?
Three if they’re in their mode 60s and were affects by the Asian financial crisis?
Or, are they confusing national economic crises with global ones?
Tbf they never specified global or national
