Pio
+856 others
5 years ago
The great recession was driven by the narrative of "Great Depression"
"And can you give me examples of something recent that happened because of a narrative? A strong narrative? Yeah. Uh, okay, The great recession. We named it the great recession in honor of another narrative, which is the Great Depression. Now you would think that people would be forgetting about the Great Depression that was 1929 and into the well into the thirties, like 10 years of economic slowdown. But it's a long time ago. You think people are forgetting about it, but they're not. And in fact, in the in the early two thousands references to that exploded. I account accounting. See how often they come back in the news media. So and then we named it The great Recession is obviously a reference to the Great Depression. And so people became scared and they stop spending. They didn't stop spending, but they cut back. You think? Should we go on a cruise this year? Well, maybe not. You know, I feel a little unsettled across a lot of money. People cut back on their consumption enough that we have a recession." source: video 
