Today's employment report, showing that employers cut 533,000 jobs in November, 320,000 in October, and 403,000 in September -- for a total of over 1.2 million over the last three months -- begs the question of whether the meltdown we're experiencing should be called a Depression.
We are falling off a cliff. To put these numbers into some perspective, the November losses alone are the worst in 34 years.
So that's what one dude has to say. Then there's this gem from Andrew Leonard's interview with Nobel Prize winning Paul Krugman:
How bad do you think this [economic meltdown] is going to get?
Again, we don't understand anything about this. So.....maybe they're all wrong.