Roberts defines a "depression" with technical precision — not simply a downturn, but a slump whose recovery never returns to the prior growth trend. He walks through the two historical precedents, the depression that followed the 1873 crash and the Great Depression of 1929–41, before turning to 2008: arguing that the Great Recession opened a new depression that, interrupted only by the COVID slump, has persisted into the 2020s.
[Full episode: https://youtu.be/OiXsTYYsJBw]
#MichaelRoberts #2008FinancialCrisis #LongDepression
