Most public figures, save for folks like Ambrose Evans-Pritchard, do everything but call our present financial/economic debacle what it is, a depression. Folks like George Soros and Paul Volcker instead utter comments like, well, I can't recall anything of this magnitude since... the thirties. Do tell? Things look like, act like, smell like, behave like.... a very different animal than a recession, even a bad one. Folks, when the stock market gets done doing its anvil dropped off the Empire State Building act, most people's 401ks will be decimated as opposed to badly wounded, which is their present condition. Spending is going to, at best, slow to a crawl, but more likely it will come to a screeching halt in the manner of something heavy and moving at high velocity hitting a steel reinforced brick wall. Unemployment has nowhere to go but up as retail America, the nation's biggest employer disappears. I'm truly sorry, but it's a *&$^@ Great(er) Depression! GOT IT?
Oh, and P.S. It's too late to save the big banks now, so don't worry about whatever the government is or is not going to do. They had their chance and the time to do something has passed.