A Crisis of Confidence

  • Authors:
    Victor Zarnowitz
  • Publication Date:
    January 2009
  • Report Number:
    A-0295-09-EA

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Despite ongoing concerns that the current economic crisis could end up resembling The Great Depression, data so far shows that this recession is in far better shape than the circumstances of 1929, and that the current situation is not considerably worse than the three most recent recessions in 2001, 1990, and 1981. The Conference Board’s world-renowned economist Victor Zarnowitz, senior fellow and economic counselor, contends that this is partly due to the prompt government intervention since fall 2007, but that perhaps the biggest crisis is that of a crisis of confidence in the financial system, economy, and markets.

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