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How fearful are you concerning the economy? It looks as if we never received out of the recession--can we call it a small-D depression but?
Thiel: It's certainly at the least an excellent Recession with a capital G and a capital R. I think it's a depression even if it isn't the good Depression. The '30s was the good Depression--it wasn't only a depression. I believe it undoubtedly puts the lie to the notion that there aren't any economic cycles left and we had been in a world of the good Moderation. That was type of the 2005 optimistic view that individuals had. It turns out that it's more like an incredible Stagnation.
Though in concept we would agree on both, we disagree on the weighting?
Thiel: We disagree on the weighting. You get to very totally different political outcomes. I feel that is what really occurs a great deal: People don't actually disagree that much on the issues. They disagree on how necessary different points are, the best way to weight them.