[MrIcky]

We are not in a Great Depression, at least not yet. You lack historical perspective. 24.9% of the nation was unemployed during the great depression, and that was at a time when women did not count to any significant degree in employment numbers. People weren't talking about not buying cars, they were talking about not eating.

The jobless rate was 7.1% during the first year of JFK (it's in the mid-6's right now). It peaked at 9% under Ford and that was not a recession. It was 7.8% under Carter and that was a recession. Under Carter there was a high inflation rate that made everything much worse. There were far fewer employees in this time frame too.

That's not to say that it isn't possible to have a Depression again. It would be almost impossible to have a Depression without the world joining in. The major powers of the G7(8) understand the mechanics of the Depression much better now than they did then. Insuring peoples bank accounts has made a large difference in preventing a run on banks. Stepping in to save several key banks quickly and shoring up a percentage of foreclosures will make a difference as well.

There has also been a significant period of increased unemployment as major military operations grind to an end in every major overseas deployment since WW1. The US is starting to enter a drawdown mode in Iraq.

For sure, the next several months (maybe years) will be very rough - however I take exception to the word Depression being thrown around loosely.

All that being said, I extend my sympathies to the effected employees of GM and other companies that have seen large layoffs lately. This will also be a tough time for returning soldiers coming home and trying to enter an already tough job market over the next 2 years.

(Sorry for the rant on that, personal issues I guess.)