The slow down is already taking place. But what I see the depression will not be widespread as it was in the 30's. Right now everyday somebody is losing his good paying job. So what is not a depression to me it is to somebody with a wife and kids. This easy credit has gotten out of hand. People surviving on credit cards to live. Houses that needed a 20% down payment can be bought with 0% down and first payment not due til 2006. Give me a break.
Right. Even Ben Bernanke mentioned FED would use helocopters to drop money rather than go into deflation.