Can we equate the present crisis with the Great Depression of 1929 or the dotcom bust of 2000?
The present crisis is not as bad as the Wall Street meltdown of 1929, even though it’s much worse than the dotcom one. The reasons are that the present economy is largely a service sector-based one unlike during the Great Depression. The gravity of the situation depends on how well the US government acts. The present crisis is either the worst in 25 years or in the past 75 years, but not the worst in the last 100 years. You saw this coming and had also warned the government… Yes, some economists like Paul Krugman (this year’s Nobel Prize winner for economics) and I had predicted the crisis at least three years ago. Sadly, the government didn’t listen to us. How long do you expect this crisis to last? You cannot answer that question without knowing what the government is planning to do. Europe is going into recession, and India is also having problems. So if it is a global slowdown, we won’t be able to export our way out of the downturn. I am rather pessimistic; I think it will last a
