Krugman: ‘We’re not headed for Great Depression II’

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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.

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