Don't Panic

It's not going to be a Great Depression according to Erza Lavent of Canada's National Post. In his opinion piece, we are facing difficulties but it is NOTHING like the 1930s.

And nor will it be.

I think this quote from his column sums it up, but do please read the whole thing.

...If 8% unemployment is considered a Great Depression, then Canada has been in a Great Depression for most of the last 30 years.

The IMF predicts that U. S. GDP will dip by 0.7% in 2009. Again, not good news. But a Great Depression? The U. S. economy shrank 12% in 1930, another 16% in 1931, a whopping 23% in 1932 and another 4% in 1933. That's a Great Depression. A 0.7% dip is America taking its foot off the gas for a moment.