Quote of the Day – 01.07.09

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QUOTE OF THE DAY….From Megan McArdle:

I recently realized that over the past few weeks, without really noticing, I’ve slipped quite naturally into referring to the current crisis as “the Depression”. I also realized that no one I’ve spoken to has challenged that description.

It’s sort of stunning to step back from the daily minutiae once in a while and realize just how bad this economic crisis is. As near as I can tell, the underlying shock really is as intense as the one that kicked off the Great Depression, and the only thing preventing soup lines these days is that we’ve learned a helluva lot since the 1930s. Retirees all continue to have purchasing power and healthcare thanks to Social Security and Medicare. The unemployed are receiving unemployment insurance. Deposit insurance is preventing bank runs. The Fed has lowered interest rates to zero and is prepared to intervene massively to prop up the money supply. Barack Obama is readying a massive federal spending stimulus package. The Treasury is pumping capital into the banking system to prevent a complete collapse of the credit markets. Aside from tinkering around the edges, most countries have agreed (so far!) not to ratchet up protectionist tariffs and trade barriers. We aren’t hobbled by reliance on the gold standard.

Take that stuff away today and unemployment might already be in double digits and still heading up. Put this stuff in place in 1929 and we probably never would have had the original Depression (or World War II). So thanks, FDR! Thanks, modern mixed economy! Thanks, countercyclical policy measures! I sure hope it’s enough.

SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

payment methods

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