Deeper in the Hole

I read the article "This is your great-grandfather's recession. and no end is sight", by Paul Krugman in the San Jose Mercury News. This article is basically saying that this is the worst recession we have seen in decades, and it is not going to end any time soon. Krugman talks about what he calls our "father's recession" which lasted from 1981-1982. He says that this is far more severe than that. Our recession is on the brink of a depression, much like the Great Depression. He says that things are going south fast and we can't save ourselves fast enough.

Krugman also goes into detail about how pessimistic the government is being about this recession, and he says that they have a right to be pessimists. The only reason we pulled out of the Great Depression was because of a war, which no one wants to happen again. The unemployment rates are spiraling out of control. Everything is becoming a domino effect.
Krugman gives us some hope though. He demonstrates different ways that the economy will pick back up. Eventually housing demand will outweigh the economic troubles and people will start buying houses again. The same goes for automobiles and bigger purchases. This will create a turn around in these industries and more jobs will be created. Krugman compares this recession to the recession that came after the Panic of 1873, which lasted five years, followed by another recession. So yes, i agree the government does have a right to be a bit pessimistic about this all.
I agree with basically everything that Krugman said. Our economy is spiraling out of control. I have fallen into the same economic struggles as everyone else. I lost my job with only a one week notice and have been unable to find work since then. There is no doubt in my mind that it is going to take a VERY long time for us to pull out of this recession.

In the meantime, let's all move to Australia :)