What's Ahead for the Lesser Depression in the US?

Here are some graphs from a paper by Carmen Reinhart and Kenneth Rogoff, the leading experts on financial panics and their ensuing depressions. These graphs are from an update of a paper from the Oregon Office of Economic Analysis entitled "This Time is Different, An Update".

The first graph show how the 2008 financial panic has not created a traditional recession, something caused by the Federal Reserve raising interest rates to cool off an overheated economy.

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The second shows how this 2008 "Lesser Depression" in the US compares to other depressions caused by bank panics:

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The above should put fear into Obama and the Republicans. But they don't read economics, at least no the stuff written by honest & intelligent economists.