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.