And because we did, we can stand here just over a year later, and say that we prevented another depression, we broke the back of the recession, and the economy that was shrinking a year ago is growing today.
From the moment we first took action to prevent another depression, we knew the road to recovery would not be easy.
We averted a Great Depression because of the actions we took.
But by bumpy, we're not talking Great Depression bad, we're not talking end-of-our-way-of-life bad.
She is confident we haven't hit another Depression and that we've learned enough lessons from the past to avoid letting things get as bad as they were before.
CNN: Great Depression holds lessons for surviving tough economy
If we have a full blown depression, or, we end up like Japan where the stock market is still trading at a quarter of its high 23 years later?
Because of the bold, swift, and coordinated action we took, we can stand here today and say we prevented another depression.
One would hope that in the midst of the most drawn out economic downturn since the Great Depression we could take a timeout to deal with more pressing issues.
While we are still rebuilding our economy and working to recover from the worst crisis since the Great Depression, we are making progress and the last thing we should do is return to the economic policies that failed us in the past.
We were on the verge of going into a Great Depression, and we were able to yank ourselves out.
We toss the word "depression" around a lot, as if we all know what it feels like to be depressed.
At home, we are implementing the toughest financial reform since the Great Depression, and we are expecting the same sense of urgency, rather than complacency, among our G20 partners.
And then, it's as if we were in a manic euphoria before and now we're in a manic depression now, where everything is worse than we expected and everybody's depressed.
It was during the Great Depression that we built the Hoover Dam that brought electricity to rural America.
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Instead, in facing the stigma of depression, we become more assured and self-aware leaders, an asset to any type of workplace.
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Three quarters of a century after the Great Depression, we are still debating the role government and the Fed played in this catastrophe.
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When we consider the Great Depression, modern commentary from the left and right contends that bank failures were one of its major causes.
We might say that depression is caused by hyperactivity of body-brain danger pathways and not enough activity in brain areas that help us get a grip on our emotions.
Number two, there is almost uniform consensus among economists that in the middle of the biggest crisis -- financial crisis since the Great Depression, we had to take extraordinary steps.
This measure of state tax policy truly understates the state and local tax contribution to the tragedy we call the Great Depression, but I'm sure the reader will get the picture.
WSJ: Arthur B. Laffer: Taxes, Depression, and Our Current Troubles
So the key issue here is that had we not taken those steps, had we dipped into a depression, had unemployment gone up to 12 or 13 percent, then the deficit would have been even worse.
Just as a generation of investors became frightened of the stock market, just as people did after the Depression, we headed into one of the biggest rally periods of all times over the next twenty years.
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Are we headed for another depression?
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Of course, if we had spiraled into a depression, our deficits and debt levels would be much worse.
No one wants to see again the endless breadlines and starving children that we saw in the Great Depression.
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