Well, I don’t know about the sky falling..., keeping in mind that we did “make it through” the last Great Depression. We do survive.
I think the point here is not whether the sky is falling, but whether we’re going to have a Great Depression that will be compared (in severity) with the last one that we had.
I think — indeed — this is going to be compared, in severity, with the last Great Depression that we had. It is that bad. But, is the “sky falling”? Well, it depends on whether you are the 25% unemployed or the 75% employed — as in the last Great Depression.
Wait for the year 2009 to get underway (by mid-year, at least, I would say) and you’ll see the “Great Depression” really taking hold.
It will affect all of us, to be sure...