Looks like the US is set for another great depression. It might not be as severe as the depression of 1930's.I just read this article from an newspaper in India and it shocked me!! Could this really happen?? If it happens what can we do?? this was the article that made me think negative http://www.hindu.com/2008/10/04/stories/2008100455380900.htm
The Great Depression happened in a times of a weak fed, also part of the reason the great depression happened is because funding was cut off from the banking system which is the opposite of what is happening now. That being said, the global economy is on weak footing and the thing that held up our economy so far has been exports with those slowing I could see that we will fall into a recession. How bad of a recession is anybodies guess but the fed interest rates cuts from a year ago with start filtering through the system and will start effecting the economy so the recession may not be as bad as otherwise would be.