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Wednesday, April 2, 2008 12:00 AM

The Great Depression: The sequel

Is it coming to a soup kitchen near you? Here's how we'll know if the current recession is turning into something much worse.
By Andrew Leonard

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  • Wednesday, April 2, 2008 03:39 PM

    Wrong question.

    For ten percent of the US population it's already a depression, and for another forty percent or more it's already a recession.

    So the question isn't whether we're in a recession, and it's not whether we're going into a depression, because at least half the country is already there.

    The question is How much more of the country will be going into recession or depression? The other question is What's going to turn it around when few economic conditions encourage it and most economic conditions discourage it?

    —walter_map Read walter_map's other letters

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