Jan 2, 2009

Michael Flynn on the credit crisis

Let's be clear: This is a Wall Street crisis, not a national economic crisis. The overall economy, while a bit weak, is still growing. Some politicians are comparing the current environment to the Great Depression. But in 1932, when the federal government last moved to bail out the banking sector, economic output had fallen 45 percent and unemployment was a staggering 24 percent. Today, economic output is actually up and unemployment is a historically modest 6.1 percent.

~ Michael Flynn, director of government affairs at the Reason Foundation, "The Roots of the Crisis; How did Wall Street get into this mess?," reasononline, October 1, 2008

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