Now as to how bad it’s going to get – you have to know what caused it in the first place to have any idea there. And this is again why you tend to get, “I don’t know” type answers from most economists—and that goes right up to and including people like Joseph Stiglitz and Paul Krugman.
The reason they don’t know is that their economic theory is the wrong one. They’ve got a model of how the economy operates and it’s got no relevance to the real world, you’re not going to understand what’s happening in the real world when somebody asks you a question about it.
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In that sense I’m saying that debt is the actual cause of the disease and the cause in the American case is pretty close to 1.5 to 2 times as bad as the Great Depression. So, I think it’s going to be… we’ll be lucky to come out of things as well as the Great Depression. We’ll certainly come out worse than 1990. People who believe we’re going to stop at less than double digit rates of unemployment are, I think, deluding themselves. And that’s unfortunately what economists normally do.
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