We are far short of a depression. We only have 5% unemployment, and the
economy is rather stable. A depression means our Gross Domestic Product
would shrink by over 75%. The stock market has done some shrinking, but
our economy is not. And even the markets have stabilized. The Dow is
staying above 8000. To be equivalent of the 1929 crash, it would have to
sink below 4000.
We aren't seeing runs on the banks. The only major companies going
bankrupt are the ones that did not show fiscal responsibility and
constraint during the Clinton economic boom, much of which was built upon
false exuberance (remember Clinton saying the economic cycle was forever
Are we at the end of the recession? No. Some areas are starting to
recover, but many are still slumping. Barring another massive attack on
the US, I would guess it will be another year or two before our economy
is growing at a decent rate and consumer confidence has returned.
Gerald/gary Smith gszion1 @juno.com http://www
"No one is as hopelessly enslaved as the person who thinks he's free." -
Johann Wolfgang von Goethe
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