David M. Kennedy

Stanford Prof.: U.S. 'Not in Anything Resembling' Great Depression

By Paul Detrick | November 20, 2008 - 15:25

Pulitzer-Prize winning author and professor of history at Stanford University David M. Kennedy told Bloomberg radio Nov. 18 that the current financial crisis bears no comparison to the Great Depression.

"Well, we're not yet in anything remotely resembling the crisis, the scale of crisis of the Great Depression." When Franklin Roosevelt took office in 1933, 13 million Americans were unemployed. "That was 25 percent of the work force," Kennedy told Bloomberg host Tom Keene.

The professor laid out exactly what has changed since the troubled 1930s: