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  • From: Don Bowen <don.bowen AT earthlink.net>
  • To: homestead AT lists.ibiblio.org
  • Subject: Re: [Homestead] Falling dollar
  • Date: Thu, 02 Dec 2004 12:20:25 -0800

At 12/2/2004, you wrote:
recession to depression?

Those are just words that tend to get redefined. When they first started keeping track of economic events, a sever down turn was called a "panic". That was because people panicked and ran to the banks to get their money out. The panic of 1873 was the worst so to make people feel better, they no longer used the word panic to describe a severe economic downturn, they used a less threatening word "Depression." Well, along comes the severe economic down turn of the late 20s lasting into the 30s. After it was over the economists decided that depression was too harsh a word so they started calling them recessions.

Don Bowen
Awl Knotted Up Woodworking
Valley Center, CA http://www.braingarage.com






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