Monday, September 29, 2008

Great Depression of '09

Irwin Kellner writes:

...this is not a depression in any way shape or form.

While I am at it, I would like to take issue with the almost ubiquitous use of the word "bailout" to describe the government's rescue package.

Folks, this is not a bailout of anyone, not Wall Street, not Main Street, and certainly not the so-called "fat cats." It's an infusion of liquidity, designed to unclog the financial markets. In doing so, it will benefit everyone, business and consumers alike.

Being in a depression and being on the verge of going into a depression are 2 different things. Those who are talking of the depression are warning that the United States is on a verge of going into a depression. Let's hope that they are wrong, but I fear that they are right.