This Looks Like a Depression, Not a Recession

Until we have a vaccine, we are barreling toward economic catastrophe

A black and white archival photo of a man standing in front of a door. The sign on the door says: ‘NO WORK. DON’T APPLY.’

JJust weeks after the stock market crashed in 1929, President Herbert Hoover assured the country that things were already “back to normal,” Liaquat Ahamed writes in Lords of Finance, his Pulitzer Prize-winning history of the financial catastrophe. Five months later, in…