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The Calgary Eye Opener Monday, October 26, 2020
 
!%@From the Long Bar at the Alberta Hotel@%!
Depression? Recession? What's the difference?
I drove the last spike on the CPR railroad in 1885. A fellow I fired wrote a book about me, full of vicious lies and insinuations and exaggerations ... trouble is though, it's mainly true
Capitalism is the astounding belief that the most wickedest of men will do the most wickedest of things for the greatest good of everyone.
John Maynard Keynes
23-Oct-08 -
ALL I CAN SAY IS --- AT LEAST WE'RE NOT IN A DEPRESSION   HOW WOULD YOU KNOW McGONIGLE? LORD STRATH - WHAT DO YOU SAY?   PRESS AND POLITICAL PALLAVER HAS IT THAT WE'RE ONLY IN A "RECESSION" --- LORD STRATH --- IS THAT MUCH DIFFERENT THAN A DEPRESSION?   THE ANSWERS ARE:
I DON'T KNOW, AND ...... I GUESS SO
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WELL, "THEY" SAY THAT A "RECESSION" IS WHEN YOUR NEIGHBOUR LOSES HER JOB --- A "DEPRESSION" IS WHEN YOU LOSE YOUR JOB LADY LOU --- THAT'S NOT JUST A WITTICISM -- BUT, REGARDLESS, SOME OF THESE HEAVY-THINKING ECONOMISTS HAVE A DEFINITION OF A "DEPRESSION" - IT'S WHERE THE "GROSS DOMESTIC PRODUCT" OR "GDP" GOES DOWN MORE THAN 10%
ON THE OTHER HAND, THEY CHEERFULLY PALLAVER ON THAT A "RECESSION" (A DECLINE IN GDP THAT GOES ON FOR SIX MONTHS) IS PART OF CAPITALISM'S "BUSINESS CYCLE" --- AS NORMAL AS A TRIP TO THE LAVRrrrrATORY --- SO LONG AS YOU DINNA' LOSE YOUR JOB IN THE PROCESS - THEY ARE SAYIN' THAT ANYTHING OVER 10% IS A DEPRESSION --- ANYTHING UNDER IS A RECESSION
I'LL TELL YA', LORD STRATH, IT'S WHAT PEOPLE THINK IT IS --- IT'S HOW PEOPLE REACT -- WHEN THE WORD'S ABOUT THAT IT'S ONLY A RECESSION AND THAT CAPITALISM WILL MARCH ON IN TRIUMPH --- PEOPLE'LL GRIN AND BEAR IT --- WHEN THEY THINK IT'S A DEPRESSION, PEOPLE GIVE UP ALL HOPE ---
IT TOOK A WHOLE GENERATION TO GET OVER THE FEAR AND NEGATIVISM OF THE LAST DEPRESSION (THE GREAT ONE FROM 1929 TO 1941) -- IT TOOK A 22-YEAR LIBERAL MAJORITY IN CANADA'S PARLIAMENT AND 20 YEARS OF DEMOCRATS IN THE WHITE HOUSE AND THE SECOND WORLD WAR TO PERSUADE PEOPLE THAT "HAPPY DAYS WERE HERE AGAIN "
I DON'T KNOW IF WE'RE IN A DEPRESSION OR NOT BECAUSE, IF YOU FOLLOW THE ECONOMISTS, YOU WON'T KNOW UNTIL THE U.S. GOVERNMENT AND STATISTICS CANADA PUBLISH THIS YEAR'S AND NEXT YEAR'S GROSS DOMESTIC PRODUCT FIGURES - AND THAT WON'T HAPPEN TILL 2010
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Scenes from the Great Depression
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Bob Edwards,
Editor
READ Jane Jacobs's
"The Death and Life of Great American Cities"
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