Well, the Great Depression did eventually come to an end, but that was thanks to an enormous war, something we’d rather not emulate.This comes after telling the reader that Obama's plan is a bunch of crap, only trying to mitigate the crisis, not actually doing anything about it. Is Krugman actually going to start to criticize the One now?
It leads to the question how will we get out of this?
The same story can be told for durable goods and assets throughout the economy: given time, the current slump will end itself, the way slumps did in the 19th century.Of course Krugman doesn't say it but how did your Great Grandfather's recession end? Without Government interference and through Market forces.
In a round about way Krugman is validating exactly what I have been saying.
The New Deal didn't end the Depression (only prolonged it) and only through Market forces (capitalism) will this recession end itself. Obama is only making the matter worse, thanks to his new New Deal stimulus package.
Obama keeps talking about the failed policies of the past, so what is he doing. Continuing the same failed policies of the past! Of course, it's change we can believe in.