A Modern Great Depression

What would be the social and technological impact of an even worse Great Recession in the late aughts, on par with 1929? Ten years on from the crash, how different ITTL?
 

kernals12

Banned
There's too many safeguards in place now for another depression. Bank deposits are now insured, the Federal Reserve has far more power, we have an elaborate safety net that bolsters spending during economic downturns, and there's no more taboos about deficit spending.
 
Unlikely, reconstruction would fuel spending and create major job opportunities in the affected area.
I think that would be in the long-term economy would recover but in the short term it would go into great depression levels before climbing out.
 
I think that would be in the long-term economy would recover but in the short term it would go into great depression levels before climbing out.

Externally on a global scale the loss would be minor. The biggest loss would be the relatively wealthy people (although their wealth would be inherited) and valuable real estate. The systems and information that the place contained, would be largely decentralized in networks. no actual monetary value would be lost outside of the real estate destroyed. The functions that the city fulfilled would be rapidly replaced by other places eager to exploit the vacuum. You'd see a downturn in the local economy for the people supplying said city of course but this would be offset by rebuilding efforts investments.
 
The polarization and street fighting trend in the United States would be worse, with an outright Fascist mass movement thanks to the economic trouble and the die off of the Greatest Generation.
 
I think that could be a great depression if a major banking city is destroyed.

I feel like a nuke over New York would have so many other effects that a depression would be the least concern. Also, it's hard to have a depression in a war economy...
 
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