Krugman: ‘We’re not headed for Great Depression II’
Economist Paul Krugman told CBS News that the current recession wouldn’t lead to another Great Depression.
“Really, the only reason that we’re not headed for Great Depression II — at least I don’t think we are — is that we think we learned a few things since then. So we’re not trying to balance the federal budget in the face of a recession. But this is big stuff. This is the worst thing, you know, in two lifetimes,” he said.
This video is from CBS’s Face the Nation, broadcast Dec. 28, 2008.