On July 26th Ben Bernanke said, “”I was not going to be the Federal Reserve chairman who presided over the second Great Depression.” The quote and associated details can be found here:
I found the quote interesting primarily as it once again underscores the popularity (or should I say fixation) that many people, including prominent economists, have in comparing (and associating the characteristics of) our current period of economic weakness with that of The Great Depression. As I wrote in my July 13th post, I think that viewing the two periods similarly is not only incorrect but perilous.
SPX at 987.48 as this post is written