Its not a new great depression folks, its not a good depression, not even an okay depression... Recession is here, long live the recession. We NEED this recession. "Yeah right" you say "I need a recession like I need a hole in the head". Well I can't see why you need a hole in the head but you do need this recession.
We're in this trouble because the idiots in finance believed their own press. They've gotten too big for their britches and need to be taken down a peg, they need to lose some money and some of them need to learn how to do legitimate work. Unfortunately we've all become part of the "financial system" as its never been easier to own stock in companies. I own stock in a couple companies directly and more through my 401k fund. I know I'm losing money as I write this but I'm actually glad.
Companies will go out of business in this environment and thats good. The companies that die will be the weak and sick. This is the natural order like the herds of animals in winter the weak and sick die, the strong survive and become stronger. Once the recession works itself out my investments will come back better than they were before.
Or rather they will if our government doesn't screw it out. With the 700B bailout they are essentially rewarding the idiots who got us into this trouble. They say companies are 'too big to fail' but what they really mean is "I have too much invested in that company to let it fail, I need to bail me out". Make no mistakes, the jackasses in Washington are writing money for themselves and their cronies...