this post was submitted on 07 May 2025
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And here I thought The Great Depression started in 1929. I'm not saying tariffs in 1930 didn't make it worse, but they didn't cause it.
Yeah unregulated capitalist economy did that. Good thing we didn't deregulate the economy since then though.
/s
2008 happened for the exact same reasons as 1929, because some of the protections put in place because of 1929 had been rolled back many years before. It wasn't as deeply bad because (dare I say) the US had a reasonable executive branch very shortly after.
But none of those protections were reimplemented. Credit default swaps are still totally a thing, for example.
CDS markets are also, currently, right now, freaking the fuck out rofl.
Ive been saying this since Trump announced his tariff / deportation policies before he got elected:
Great Depression 2.0, with nukes and climate change this time!