“Future Economic Historians” Will Probably Call the Period That Began In 2007 “the L-O-N-G-E-S-T DEPRESSION”
Sure, last year was the first pre-election year stock market loss since the Great Depression.
And admittedly, last week was the worst opening week of any year … EVER.
But that’s not the big news.
The bigger news is that the Baltic Dry Index has crashed.
And a prominent economist – University of California economics prof Brad DeLong – wrote last week: