The second quarter Gross Domestic Product (GDP) was revised upward Thursday by the Commerce Department from the initially estimated 1.9 percent to a robust 3.3 percent, but neither the CBS Evening News nor NBC Nightly News mentioned the good news…NBC News veteran Tom Brokaw, however…asserted from Denver:
Beyond this arena, and this city, the American people are facing some of the greatest problems that they have faced, certainly in our lifetimes. Financial crisis, greatest since the Depression; energy crisis; two wars in two different countries; the Russian bear is crashing around in the woods again.
Russia and war aside – can we mention the fact that in 1992 we were also being told that the economy was in “the greatest crisis since the Depression”…as though the presidency of James Earl Carter, with its double-digit inflation, it’s 17% home mortgages and 9% unemployment had never happened?I know Brokaw is older than me. Perhaps he was already rich enough back when Carter was president to not have felt the economic repercussions of that 4 year term. But surely, he must remember the Carter ENERGY crisis of 1979 – with the long gas lines, the shortages? The Malaise?
No? Any of that ring a bell, Mr. Brokaw? Maybe you weren’t paying attention to all of that, what with the American hostages being held in Iran for 444 days of that presidency.
Yeah. That must be it!
Yeah…Worst financial crisis in our lifetime – since the Depression.