but for some apparent Austrians posting here it is credit crunch followed by a depression as the bond vigilantes are about to restore the primacy of the markets (the good) over central bank monetary policy intervention (the evil).
For god's sake will you stop imposing your Austrian school theory onto others?
I'm not an Austrian, not even an apparent one unless you're really bad at spelling Australian.
We're exploring possible economic dynamics here and nothing is more annoying than being misinterpreted or told what you're supposedly thinking.
But more importantly, the investor money goes out of productive and into housing speculation.
Not every cycle repeats identically. Great you're discovering it's not necessarily binary on inflation vs deflation.
Also an important qualification, during the Great Depression, unemployment was around 24%.
Right now, the adjusted unemployment rate is around 20%, taking into account people who've given up looking and with small unreliable contracts.
That's a LOT of hidden unemployment that nobody wants to talk about. This is structural.
To put the implications another way, the official unemployment rate might purportedly be 4-5%, but to someone unemployed the rate is 100%.
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