Another Depression?

by: Michael Panzner

Slowly but surely, a growing number of people - except equity investors and Wall Street "strategists," many of whom seem to lack the brainpower necessary to figure such things out -- are coming around to the idea that there is something highly unusual about what is happening on Wall Street and Main Street.

Instead of another brief crisis that quickly blows over - aided, perhaps, by the supposedly all-powerful Federal Reserve - and a garden-variety downturn that rumbles by without causing too much damage, we have a lingering and contagious disaster in the financial sector that is wreaking widespread havoc in an already unraveling economy.

Such circumstances bring to mind an earlier, more dangerous time. In fact, according to a report in the Scotsman, "Slowdown Echoes Great Depression, Says Bank's Deputy Chief," even central bankers are beginning to acknowledge that the once unimaginable is now a very realistic possibility.

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