Forget Recession...We're In A Depression

The fundamentals were "great," then we had a crisis, then we had a "recovery," and now we're in a depression. What next, the Second Coming!

"I'm saying 'depression' because a depression is a long recession. And that's what we have on our hands right now. I mean, it's just coming to grips with the facts. The facts are if this was just a recession that we grew to understand in the context of a post-world war two cycle, eighteen months after the Fed cut the funds rate to zero, eighteen months after we have a $1.5 trillion government deficit, and a year after the Fed tripled the size of the balance sheet the economy should be ripping right now…