Okay, here are some quotes of mine:
I don't think we're looking at a recession here - we're looking at a long term economic downturn, maybe the equivalent of an economic depression if some oil experts are to be believed. One thing is for sure - while this perfect storm will hit America hard, it will have knock on effects for the rest of the world. We won't survive unscathed. - A Perfect Storm Approaches America, August 16 2005.
As a Peaknik I am convinced that the coming scarcity of oil will lead to a major economic readjustment - and that one of the results of this adjustment will be major unemployment levels. No one can ever accurately predict what these levels may be, but it is obvious from my point of view that the readjustment will be at least as bad as the 1930s depression - at least. Therefore I would argue that unemployment levels during this readjustment will reach levels never before experienced by anyone living in this current generation. - Peakniks Must Embrace Conventional Economics, December 10 2005.Now today we have this:
Let’s not mince words, here - (things are) bad. Our take is that this is the worst financial crisis since the Great Depression. Folks should not be the least bit surprised by last week’s horrendous drop-off, nor should they be surprised to learn that the Dow Jones Industrial Average has endured its worst June since 1930.Of course the only time when I'll be in full-on Cassandra mode is during the Great Economic DownturnTM that is approaching. Then I'll be wringing my hands with joy and gladness at the suffering of the world (not).
The sad thing is that it didn’t have to be this way.
For nearly 20 years, the U.S. Federal Reserve under former Chairman Alan Greenspan flooded the markets with cheap money and easy credit that encouraged individuals and institutions alike to take hugely imprudent risks with their money. The Fed should have opted to “stand pat” and allowed the greenback to strengthen; instead, it created all that cheap money and allowed the dollar to sink to Third World debtor status.
Unfortunately, it doesn’t look like current Fed Chairman Ben S. Bernanke is going to “get with the program” and see the light anytime soon. - Keith Fitz-Gerald, Market Analyst. July 1 2008.