“This [unemployment] is not a question of lag, this is a question of where we are... This recession is very different from any other recessions we had... most others were minor adjustments... This problem is that before the crisis we had an economy that was based on debt.... American living beyond their means... What's going to replace that debt-financed consumption that sustained the economy?”
-- Joseph Stiglitz, 25 September 2009
“The current global economic downturn is an animal that the world has never seen since the 1930s. This downturn is not caused by the central banks deliberately. This one is caused by the breakdown in the credit market even without the central banks doing anything to it. That's why they are all now in a panic and fire fighting mode, trying to reflate the banking and financial industry using the only tool they have -- money printing again.”
-- bhc investment, 9 January 2009 [1]
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