Married Man on 14Feb2010
Join Date: Jul 2001
Location: Fort Worth, Texas (North Side)
Possible Banana on the Horizon
WASHINGTON (AP) -- A Depression doesn't have to be Great -- bread lines, rampant unemployment, a wipeout in the stock market. The economy can sink into a milder depression, the kind spelled with a lowercase "d."
Alfred Kahn, a top economic adviser to President Carter, learned that lesson in 1978 when he warned that rampaging inflation might lead to a recession or even "deep depression."
When presidential aides asked him to use another term, Kahn promised he'd come up with something completely different.
"We're in danger," he said, "of having the worst banana in 45 years."