The ‘Winter of Our Hardship’ are the words of President Obama in the inaugural address. He refers to the common dangers that we face in his somber message.

The common danger is that this recession turns into a depression.

In this video blog shot on January 22, 2009, I explore the economic death spiral. It goes something like this. Corporations cut back more than they need because they want to be sure they are safe. But in doing so, there is additional unemployment and the demand for the corporation’s goods decreases leading to even more cutbacks in employment. This is the death spiral.

Watch on YouTube

or

Streaming Video from Duke University

Image courtesy of flickr/Wayne MacPhail