Congressman predicts 15-year Depression!

WASHINGTON - December 23, 2008 - Congressman Jerry Nadler (D-N.Y.) told Democracy Now today:

“The economy is on the brink of an absolute catastrophe. I’ve been saying for six or seven months now that we’re in 1931. In 1931, a recession that started with the Crash of 1929 tipped into a fifteen-year Depression. We are on the precipice of that. If we are very lucky and if we do everything very right from now, we will probably have a two- or three-year very bad recession. If we’re not very lucky or if we don’t do everything right, we could easily have a ten- or fifteen-year Depression, a repeat of the 1930s.”

While many other people have warned of a Depression, including the International Monetary Fund, National Bureau of Economic Research, Spain’s central bank, and some of the economists who predicted the financial crisis, the length of a Depression discussed by Nadler is stunning.